Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SF | ||
Entity Registrant Name | STIFEL FINANCIAL CORP | ||
Entity Central Index Key | 720,672 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 68,147,490 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 2.2 | ||
Entity Current Reporting Status | Yes |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and cash equivalents | $ 912,932 | $ 811,019 | |
Cash segregated for regulatory purposes | 73,235 | 227,727 | |
Receivables: | |||
Brokerage clients, net | 1,415,936 | 1,599,218 | |
Brokers, dealers, and clearing organizations | 1,024,752 | 601,831 | |
Securities purchased under agreements to resell | [1] | 248,588 | 160,423 |
Financial instruments owned, at fair value | 925,045 | 749,443 | |
Available-for-sale securities, at fair value | 3,181,313 | 1,629,907 | |
Held-to-maturity securities, at amortized cost | [2] | 3,038,405 | 1,855,399 |
Loans held for sale, at lower of cost or market | 228,588 | 189,921 | |
Bank loans, net | 5,591,190 | 3,143,515 | |
Investments, at fair value | 133,563 | 181,017 | |
Fixed assets, net | 172,828 | 181,966 | |
Goodwill | 962,282 | 915,602 | |
Intangible assets, net | 116,304 | 63,177 | |
Loans and advances to financial advisors and other employees, net | 396,318 | 401,293 | |
Deferred tax assets, net | 225,453 | 285,127 | |
Other assets | 482,624 | 329,466 | |
Total Assets | 19,129,356 | 13,326,051 | |
Payables: | |||
Brokerage clients | 842,014 | 1,000,422 | |
Brokers, dealers, and clearing organizations | 523,107 | 438,031 | |
Drafts | 94,451 | 183,857 | |
Securities sold under agreements to repurchase | [3] | 268,546 | 278,674 |
Bank deposits | 11,527,483 | 6,638,356 | |
Financial instruments sold, but not yet purchased, at fair value | 699,032 | 521,744 | |
Accrued compensation | 295,354 | 363,791 | |
Accounts payable and accrued expenses | 400,570 | 349,040 | |
Federal Home Loan Bank advances | 500,000 | 148,000 | |
Borrowings | 377,000 | 89,084 | |
Senior notes | 795,891 | 740,136 | |
Debentures to Stifel Financial Capital Trusts | 67,500 | 82,500 | |
Total liabilities | 16,390,948 | 10,833,635 | |
Shareholders’ Equity: | |||
Preferred stock − $1 par value; authorized 3,000,000 shares; 6,000 issued | 150,000 | ||
Common stock − $0.15 par value; authorized 97,000,000 shares; issued 69,507,842 shares, respectively | 10,426 | 10,426 | |
Additional paid-in-capital | 1,840,551 | 1,820,772 | |
Retained earnings | 876,958 | 805,685 | |
Accumulated other comprehensive loss | (39,042) | (39,533) | |
Total Shareholders’ Equity | 2,838,893 | 2,597,350 | |
Treasury stock, at cost, 2,866,492 and 2,483,071 shares, respectively | (100,485) | (104,934) | |
Total Shareholders’ Equity | 2,738,408 | 2,492,416 | |
Total Liabilities and Shareholders’ Equity | $ 19,129,356 | $ 13,326,051 | |
[1] | Collateral received includes securities received by our company 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 pledged as collateral was $248.5 million and $160.3 million at December 31, 2016 and 2015, respectively. | ||
[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. | ||
[3] | Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $299.3 million and $285.7 million at December 31, 2016 and 2015, respectively. |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 6,000 | 6,000 |
Common stock, par value | $ 0.15 | $ 0.15 |
Common stock, shares authorized | 97,000,000 | 97,000,000 |
Common stock, shares issued | 69,507,842 | 69,507,842 |
Treasury stock, shares | 2,866,492 | 2,483,071 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenues: | ||||
Commissions | $ 729,989 | $ 749,536 | $ 674,418 | |
Principal transactions | 475,428 | 389,319 | 409,823 | |
Investment banking | 513,034 | 503,052 | 578,689 | |
Asset management and service fees | 582,789 | 493,761 | 386,001 | |
Interest | 294,332 | 179,101 | 185,969 | |
Other income | 46,798 | 62,224 | 14,785 | |
Total revenues | 2,642,370 | 2,376,993 | 2,249,685 | |
Interest expense | 66,874 | 45,399 | 41,261 | |
Net revenues | [1] | 2,575,496 | 2,331,594 | 2,208,424 |
Non-interest expenses: | ||||
Compensation and benefits | 1,726,016 | 1,568,862 | 1,403,932 | |
Occupancy and equipment rental | 231,324 | 207,465 | 169,040 | |
Communications and office supplies | 139,644 | 130,678 | 106,926 | |
Commissions and floor brokerage | 44,315 | 42,518 | 36,555 | |
Other operating expenses | 291,615 | 240,504 | 201,177 | |
Total non-interest expenses | 2,432,914 | 2,190,027 | 1,917,630 | |
Income from continuing operations before income tax expense | 142,582 | 141,567 | 290,794 | |
Provision for income taxes | 61,062 | 49,231 | 111,664 | |
Income from continuing operations | 81,520 | 92,336 | 179,130 | |
Discontinued operations: | ||||
Loss from discontinued operations, net of tax | (3,063) | |||
Net income | 81,520 | 92,336 | 176,067 | |
Preferred dividends | 3,906 | |||
Net Income available to common shareholders | $ 77,614 | $ 92,336 | $ 176,067 | |
Earnings per basic common share | ||||
Income from continuing operations | $ 1.16 | $ 1.35 | $ 2.69 | |
Income from discontinued operations | (0.04) | |||
Earnings per basic common share | 1.16 | 1.35 | 2.65 | |
Earnings per diluted common share | ||||
Income from continuing operations | 1 | 1.18 | 2.35 | |
Income from discontinued operations | (0.04) | |||
Earnings per diluted common share | $ 1 | $ 1.18 | $ 2.31 | |
Weighted-average number of common shares outstanding: | ||||
Basic | 66,871 | 68,543 | 66,472 | |
Diluted | 77,563 | 78,554 | 76,376 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2016, 2015, and 2014. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 81,520 | $ 92,336 | $ 176,067 | |
Other comprehensive income: | ||||
Changes in unrealized gains/(losses) on available-for-sale securities | [1],[2] | 5,803 | 1,389 | 1,838 |
Changes in unrealized gains on cash flow hedging instruments, net of tax | [1],[3] | 7,288 | 1,088 | 2,141 |
Foreign currency translation adjustment, net of tax | [1] | (12,600) | (3,679) | (7,280) |
Total other comprehensive income/(loss), net of tax | [1] | 491 | (1,202) | (3,301) |
Comprehensive income | $ 82,011 | $ 91,134 | $ 172,766 | |
[1] | Net of taxes of $0.3 million, $0.7 million, and $2.1 million for the years ended December 31, 2016, 2015, and 2014, respectively. | |||
[2] | There were no reclassifications to earnings of realized gains for the year ended December 31, 2016. Amounts are net of reclassifications to earnings of realized gains of $2.1 million and $2.3 million for the years ended December 31, 2015 and 2014, respectively. | |||
[3] | Amounts are net of reclassifications to earnings of losses of $5.4 million, $3.8 million, and $6.1 million for the years ended December 31, 2016, 2015, and 2014, respectively. |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Changes in unrealized gains (losses) on available-for-sale securities, tax | $ 0.3 | $ 0.7 | $ 2.1 |
Reclassifications to earnings of realized gains on available-for-sale securities | 0 | 2.1 | 2.3 |
Reclassifications to earnings of losses on cash flow hedging instruments | $ 5.4 | $ 3.8 | $ 6.1 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Treasury Stock at Cost [Member] | |
Balance at Dec. 31, 2013 | $ 2,058,849 | $ 9,562 | $ 1,544,143 | $ 540,238 | $ (35,030) | $ (64) | ||
Balance, Shares at Dec. 31, 2013 | 63,744 | |||||||
Net income | 176,067 | 176,067 | ||||||
Unrealized gain on securities, net of tax | 1,838 | 1,838 | ||||||
Unrealized gain on cash flow hedging activities, net of tax | 2,141 | 2,141 | ||||||
Foreign currency translation adjustment, net of tax | (7,280) | [1] | (7,280) | |||||
Issuance of stock for employee benefit plans | (67,265) | $ 324 | (67,653) | 64 | ||||
Issuance of stock for employee benefit plans, Shares | 2,158 | |||||||
Stock option exercises | 316 | $ 4 | 312 | |||||
Stock option exercises, Shares | 33 | |||||||
Unit amortization | 118,271 | 118,271 | ||||||
Excess tax benefit (deficit) from stock-based compensation | 19,858 | 19,858 | ||||||
Issuance of common stock for acquisitions | 19,243 | $ 60 | 19,183 | |||||
Issuance of common stock for acquisitions, Shares | 401 | |||||||
Balance at Dec. 31, 2014 | 2,322,038 | $ 9,950 | 1,634,114 | 716,305 | (38,331) | |||
Balance, Shares at Dec. 31, 2014 | 66,336 | |||||||
Net income | 92,336 | 92,336 | ||||||
Unrealized gain on securities, net of tax | 1,389 | 1,389 | ||||||
Unrealized gain on cash flow hedging activities, net of tax | 1,088 | 1,088 | ||||||
Foreign currency translation adjustment, net of tax | (3,679) | [1] | (3,679) | |||||
Issuance of stock for employee benefit plans | (66,000) | $ 263 | (75,126) | (2,956) | 11,819 | |||
Issuance of stock for employee benefit plans, Shares | 1,754 | |||||||
Stock option exercises | 660 | $ 3 | (342) | 999 | ||||
Stock option exercises, Shares | 17 | |||||||
Unit amortization | 167,848 | 167,848 | ||||||
Excess tax benefit (deficit) from stock-based compensation | 14,741 | 14,741 | ||||||
Purchase of treasury stock | (117,752) | (117,752) | ||||||
Issuance of common stock for acquisitions | 79,747 | $ 210 | 79,537 | |||||
Issuance of common stock for acquisitions, Shares | 1,400 | |||||||
Balance at Dec. 31, 2015 | 2,492,416 | $ 10,426 | 1,820,772 | 805,685 | (39,533) | (104,934) | ||
Balance, Shares at Dec. 31, 2015 | 69,507 | |||||||
Net income | 81,520 | 81,520 | ||||||
Unrealized gain on securities, net of tax | 5,803 | 5,803 | ||||||
Unrealized gain on cash flow hedging activities, net of tax | 7,288 | 7,288 | ||||||
Foreign currency translation adjustment, net of tax | (12,600) | [1] | (12,600) | |||||
Issuance of stock for employee benefit plans | (61,900) | (158,569) | (6,341) | 103,010 | ||||
Stock option exercises | $ 543 | (822) | 1,365 | |||||
Stock option exercises, Shares | 31 | |||||||
Unit amortization | $ 189,746 | 189,746 | ||||||
Excess tax benefit (deficit) from stock-based compensation | (4,904) | (4,904) | ||||||
Purchase of treasury stock | (113,462) | (113,462) | ||||||
Preferred offering | 145,051 | $ 150,000 | (4,949) | |||||
Preferred offering, Shares | 6 | |||||||
Dividend on preferred stock | (3,906) | (3,906) | ||||||
Issuance of common stock for acquisitions | 12,813 | (723) | 13,536 | |||||
Balance at Dec. 31, 2016 | $ 2,738,408 | $ 150,000 | $ 10,426 | $ 1,840,551 | $ 876,958 | $ (39,042) | $ (100,485) | |
Balance, Shares at Dec. 31, 2016 | 6 | 69,507 | ||||||
[1] | Net of taxes of $0.3 million, $0.7 million, and $2.1 million for the years ended December 31, 2016, 2015, and 2014, respectively. |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | |||
Net income | $ 81,520 | $ 92,336 | $ 176,067 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 43,147 | 36,715 | 29,280 |
Amortization of loans and advances to financial advisors and other employees | 94,754 | 53,913 | 64,735 |
Amortization of premium on investment portfolio | 12,258 | 2,750 | 5,847 |
Provision for loan losses and allowance for loans and advances to financial advisors and other employees | 17,793 | 14,694 | 9,713 |
Amortization of intangible assets | 14,427 | 10,423 | 12,366 |
Deferred income taxes | 46,062 | (5,732) | (8,602) |
Tax deficit/(excess tax benefits) from stock-based compensation | 4,904 | (14,741) | (19,858) |
Stock-based compensation | 186,303 | 165,641 | 94,006 |
Losses on sale of investments | 5,563 | 9,255 | 22 |
Gain on extinguishment of Stifel Financial Capital Trust | (5,607) | ||
Other, net | 4,676 | (13,159) | (9,778) |
Decrease/(increase) in operating assets, net of assets acquired: | |||
Cash segregated for regulatory purposes | 153,834 | (178,081) | (45,343) |
Receivables: | |||
Brokerage clients, net | 177,300 | (1,003,257) | 58,917 |
Brokers, dealers, and clearing organizations | (439,601) | 82,960 | (263,391) |
Securities purchased under agreements to resell | (88,165) | (105,345) | 169,997 |
Financial instruments owned, including those pledged | (175,602) | 90,716 | 26,280 |
Loans originated as held for sale | (2,658,254) | (1,855,714) | (1,132,671) |
Proceeds from mortgages held for sale | 2,624,950 | 1,814,168 | 1,112,318 |
Loans and advances to financial advisors and other employees | (92,830) | (187,234) | (79,216) |
Other assets | (158,875) | 100,670 | (2,509) |
Increase/(decrease) in operating liabilities, net of liabilities assumed: | |||
Brokerage clients | (158,408) | 678,926 | 2,554 |
Brokers, dealers, and clearing organizations | (62,105) | 98,301 | (8,198) |
Drafts | (89,406) | 108,659 | 488 |
Financial instruments sold, but not yet purchased | 177,288 | (65,521) | 106,051 |
Other liabilities and accrued expenses | (65,101) | (258,172) | (48,806) |
Net cash provided by/(used in) operating activities | (349,175) | (326,829) | 250,269 |
Cash Flows From Investing Activities: | |||
Maturities, calls, sales, and principal paydowns of available-for-sale securities | 403,951 | 866,899 | 698,895 |
Calls and principal paydowns of held-to-maturity securities | 251,439 | 126,258 | 96,618 |
Sale or maturity of investments | 40,175 | 65,320 | 60,428 |
Sale of other real estate owned | 131 | ||
Sale of bank foreclosed assets | 75 | ||
Disposition of business, net | 21,340 | ||
Increase in bank loans, net | (2,462,405) | (517,563) | (668,354) |
Payments for: | |||
Purchase of available-for-sale securities | (1,961,419) | (991,954) | (416,851) |
Purchase of held-to-maturity securities | (1,437,725) | (802,668) | (7,959) |
Purchase of investments | (9,278) | (45,151) | (48,834) |
Purchase of fixed assets | (28,211) | (69,822) | (26,632) |
Acquisitions, net of cash acquired | (72,383) | (604,659) | (80,378) |
Net cash used in investing activities | (5,254,516) | (1,973,265) | (392,936) |
Cash Flows from Financing Activities: | |||
Proceeds from/(repayments of) short-term borrowings, net | 287,916 | (126,637) | (55,700) |
Proceeds from issuance of senior notes, net | 201,632 | 297,042 | 295,638 |
Proceeds from advances from the Federal Home Loan Bank, net | 352,000 | 148,000 | |
Issuance of preferred stock, net of issuance costs | 145,051 | ||
Increase/(decrease) in securities sold under agreements to repurchase | (10,128) | 239,494 | (224,629) |
Increase in bank deposits, net | 4,889,127 | 1,848,275 | 126,758 |
Increase/(decrease) in securities loaned | 146,838 | 325,707 | (35,914) |
(Tax deficit)/excess tax benefits from stock-based compensation | (4,904) | 14,741 | 19,858 |
Proceeds from stock option exercises | 543 | 660 | 317 |
Repurchase of common stock | (113,462) | (117,752) | |
Cash dividends on preferred stock | (3,906) | ||
Extinguishment of Stifel Financial Capital Trust | (9,393) | ||
Repayment of Senior Notes | (150,000) | (175,000) | |
Contingent consideration | (13,110) | (29,598) | |
Extinguishment of subordinated debt | (3,131) | ||
Net cash provided by financing activities | 5,718,204 | 2,424,932 | 123,197 |
Effect of exchange rate changes on cash | (12,600) | (3,601) | (7,308) |
Increase/(decrease) in cash and cash equivalents | 101,913 | 121,237 | (26,778) |
Cash and cash equivalents at beginning of year | 811,019 | 689,782 | 716,560 |
Cash and cash equivalents at end of year | 912,932 | 811,019 | 689,782 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 62,145 | 41,801 | 40,471 |
Cash paid for income taxes, net of refunds | 22,946 | 59,356 | 107,009 |
Noncash investing and financing activities: | |||
Unit grants, net of forfeitures | 190,211 | 267,769 | 190,003 |
Issuance of common stock for acquisitions | $ 12,813 | 79,747 | $ 19,243 |
Shares surrendered into treasury | $ 223 |
Nature Of Operations And Basis
Nature Of Operations And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature Of Operations And Basis Of Presentation | NOTE 1 – Nature of Operations 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. We have offices throughout the United States, with a growing presence in Europe. Our major geographic area of concentration is throughout the United States, with a growing presence in the United Kingdom and Europe. 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 (“KBW”), and Stifel Bank & Trust (“Stifel Bank”). 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. We also 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. In determining whether to consolidate these entities, we evaluate whether the entity is a voting interest entity or a variable interest entity (“VIE”). When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation. Voting Interest Entity – Voting interest entities are entities that have (i) total equity investment at risk sufficient to fund expected future operations independently, and (ii) equity holders who have the obligation to absorb losses or receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities when we determine that there is a controlling financial interest, usually ownership of all, or a majority of, the voting interest. Variable Interest Entity – VIEs are entities that lack one or more of the characteristics of a voting interest entity. We are required to consolidate certain VIEs in which we have the power to direct the activities of the entity and the obligation to absorb significant losses or receive significant benefits. In other cases, we consolidate VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is defined as the entity that has a variable interest, or a combination of variable interests, that maintains control and receives benefits or will absorb losses that are not pro rata with its ownership interests. The determination as to whether an entity is a VIE is based on the structure and nature of the entity. We also consider other characteristics, such as the ability to influence the decision-making relative to the entity’s activities and how the entity is financed. With the exception of entities eligible for the deferral codified in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2010-10, “Consolidation: Amendments for Certain Investment Funds” (“ASU 2010-10”) (generally asset managers and investment companies), ASC 810 states that a controlling financial interest in an entity is present when an enterprise has a variable interest, or combination of variable interests, that have both 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. Entities meeting the deferral provision defined by ASU 2010-10 are evaluated under the historical VIE guidance. Under the historical guidance, a controlling financial interest in an entity is present when an enterprise has a variable interest, or combination of variable interests, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. We determine whether we are the primary beneficiary of a VIE by first performing a qualitative 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. Where a qualitative analysis is not conclusive, we perform a quantitative analysis. We reassess our initial evaluation of an entity as a VIE and our initial determination of whether we are the primary beneficiary of a VIE upon the occurrence of certain reconsideration events. See Note 28 for additional information on VIEs. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 2 – Summary of Significant 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 money market mutual funds, deposits with banks, certificates of deposit, and federal funds sold. Cash and cash equivalents also include balances that Stifel Bank maintains 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, 2016. 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. Brokerage client receivables, primarily 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,” 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 6 for additional information on how we value our financial instruments. Available-for-Sale and Held-to-Maturity Securities Securities available for sale 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 agency, commercial, and non-agency mortgage-backed securities, asset-backed securities, consisting of collateralized loan obligation securities and ARS, and corporate fixed income securities. We evaluate all securities in an unrealized loss position quarterly to assess whether the impairment is other-than-temporary on a quarterly basis. Our other-than-temporary impairment (“OTTI”) assessment is a subjective process requiring the use of judgments and assumptions. Accordingly, we consider a number of qualitative and quantitative criteria in our assessment, including the extent and duration of the impairment, recent events specific to the issuer and/or industry to which the issuer belongs, the payment structure of the security, external credit ratings and the failure of the issuer to make scheduled interest or principal payments, the value of underlying collateral, current market conditions, and our company’s ability and intent to hold the investment until its value recovers or the securities mature. We may determine that the decline in fair value of an investment is other-than-temporary if our analysis of these factors indicates that we will not recover our investment in the securities. If we determine that impairment on our debt securities is other-than-temporary and we have made the decision to sell the security or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, we recognize the entire portion of the impairment in earnings. If we have not made a decision to sell the security and we do not expect that we will be required to sell the security prior to recovery of the amortized cost basis, we recognize only the credit component of OTTI in other operating expenses in the consolidated statements of operations. The remaining unrealized loss due to factors other than credit, or the non-credit component, is recorded in accumulated other comprehensive loss. We determine the credit component based on the difference between the security’s amortized cost basis and the present value of its expected future cash flows, discounted based on the purchase yield. The non-credit component represents the difference between the security’s fair value and the present value of expected future cash flows. We estimate the portion of loss attributable to credit using a discounted cash flow model. Key assumptions used in estimating the expected cash flows include default rates, loss severity, and prepayment rates. Assumptions used can vary widely based on the collateral underlying the securities and are influenced by factors such as collateral type, loan interest rate, geographical location of the borrower, and borrower characteristics. Unrealized gains and losses on our available-for-sale securities are reported, net of taxes, in accumulated other comprehensive loss 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 loss 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 and Allowance for Loan Losses 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 Bank. 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. We regularly review the loan portfolio and have established an allowance for loan losses for inherent losses estimated to have occurred in the loan portfolio through a provision for loan losses charged to other operating expenses in the consolidated statements of operations. In providing for the allowance for loan losses, we consider historical loss experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. 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. We consider a loan a trouble debt restructuring when an existing borrower is granted concessionary rates or terms, which would not otherwise be offered. The concessions granted do not reflect current market conditions for a new loan of similar risk to another borrower in similar financial circumstances. 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 (“non-accrual status”) and any accrued and unpaid interest income is reversed. Loans placed on non-accrual 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. 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. 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 an accelerated 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. Depreciation expense is recorded in occupancy and equipment rental expense in the consolidated statements of operations. Office equipment, leasehold improvements, and property are stated at cost net of accumulated depreciation and amortization in the consolidated statements of financial condition. Office equipment is 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 for impairment at the reporting unit level, which is generally at the level of or one level below our company’s business segments. For both the annual and interim tests, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the two-step impairment test is not required. However, if we conclude otherwise, we are then required to perform the first step of the two-step impairment test. Goodwill impairment is determined by comparing the estimated fair value of a reporting unit with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. If the estimated fair value is below carrying value, however, further analysis is required to determine the amount of the impairment. Additionally, if the carrying value of a reporting unit is zero or a negative value and it is determined that it is more likely than not the goodwill is impaired, further analysis is required. The estimated fair values of the reporting units are derived based on valuation techniques we believe market participants would use for each of the reporting units. We have elected July 31 as our annual impairment testing date. No indicators of impairment were identified. 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. If the individual leaves before the term of the loan expires or fails to meet certain performance standards, the individual is required to repay the balance. In determining the allowance for doubtful receivables from former employees, management considers the facts and circumstances surrounding each receivable, including the amount of the unforgiven balance, the reasons for the terminated employment relationship, and the former employees’ overall financial situation. Derivative Instruments and Hedging Activities We recognize all of our derivative instruments at fair value as either assets or liabilities in the consolidated statements of financial condition. 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. 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. For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive loss, net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. We do not use derivatives for trading or speculative purposes and, at December 31, 2016, all of our derivatives are designated as cash flow hedges. See Note 15 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 of doing business. Investment banking revenues, which include underwriting fees, management fees, advisory fees, placement fees, and sales credits earned in connection with the distribution of the underwritten securities, are recorded when services for the transactions are completed under the terms of each engagement. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. Investment banking revenues are presented net of related unreimbursed expenses. We have not recognized any incentive income that is subject to contingent repayments. Asset management and service fees are recorded when earned, based on the period-end assets in the accounts, and consist of customer account service fees, per account fees (such as IRA fees), and wrap fees, net of external manager costs on managed accounts. 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. Operating Leases We lease office space and equipment under operating leases. We recognize rent expense related to these operating leases on a straight-line basis over the lease term. The lease term commences on the earlier of the date when we become legally obligated for the rent payments or the date on which we take possession of the property. For tenant improvement allowances and rent holidays, we record a deferred rent liability in accounts payable and accrued expenses in the consolidated statements of financial condition and amortize the deferred rent over the lease term as a reduction to occupancy and equipment rental expense in the consolidated statements of operations. 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 24 for further information regarding income taxes. 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. In accordance with FASB Accounting Standards Codification Topic 830, “Foreign Currency Matters,” Recently Issued Accounting Guidance Financial Instruments – Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments − Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” For trade receivables, loans, and held-to-maturity debt securities, the current probable loss recognition methodology is being replaced by an expected credit loss model. For available-for-sale debt securities, the recognition model on credit losses is generally unchanged, except the losses will be presented as an adjustable allowance. The guidance is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our company), including interim periods within that reporting period. Early adoption is permitted for annual periods beginning after December 15, 2018. We are currently evaluating the effect that the new guidance will have on our consolidated financial statements. Revenue Recognition In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing” that amends the revenue guidance in ASU 2014-09 on identifying performance obligations. The effective date of the new guidance will coincide with ASU 2014-09 during the first quarter of 2018. In March 2016, the FASB issued ASU No. 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)” (“ASU 2016-08”) that amends the principal versus agent guidance in ASU 2014-09. ASU 2016-08 clarifies that the analysis must focus on whet |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 3 – Acquisitions ISM Capital LLP On May 3, 2016, the Company completed the acquisition of ISM Capital LLP (“ISM”), an independent investment bank focused on international debt capital markets. The acquisition of ISM adds to the Company’s debt capital markets origination, sales, and research capabilities in Europe, including an end-to-end platform for convertible securities and other equity-linked debt instruments. The acquisition was funded with cash from operations and our common stock, issued out of treasury. 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 $6.9 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, non-compete, and customer backlog with aggregate acquisition-date fair values of $2.3 million. The allocation of the purchase price is preliminary and will be finalized upon completion of the analysis of the fair values of the net assets of ISM at closing and the identified intangible assets. The final goodwill and intangible assets recorded in the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of ISM’s business and the addition of an end-to-end platform for convertible securities and other equity-linked debt instruments to our debt capital markets capabilities in Europe. Goodwill is not expected to be deductible for federal income tax purposes. We recognized a liability for estimated earn-out payments. These payments will be based on ISM’s performance over a three-year period. The liability for earn-out payments was $3.7 million at December 31, 2016. 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 Securities and Exchange Commission (the “SEC”). The results of operations of ISM have been included in our results prospectively from the date of acquisition. Eaton Partners On January 4, 2016, we completed the acquisition of Eaton Partners, LLC (“Eaton Partners”), a global fund placement and advisory firm. Eaton Partners will retain its brand name and will be run as a Stifel company. The acquisition was funded with cash from operations and our common stock, issued out of treasury. The acquisition was accounted for under the acquisition method of accounting in accordance with Topic 805. 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 $72.0 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, trade name, non-compete, and customer backlog with aggregate acquisition-date fair values of $32.3 million. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of Eaton’s business and from the relationships Eaton has established with private equity firms, hedge funds, high net worth family offices, and institutional investors. Goodwill is expected to be deductible for federal income tax purposes. We recognized a liability for estimated earn-out payments. These payments will be based on Eaton Partner’s performance over a four-year period. The liability for earn-out payments was $27.3 million at December 31, 2016. 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 Eaton have been included in our results prospectively from the date of acquisition. Barclays Wealth and Investment Management, Americas On December 4, 2015, we completed the purchase of the Barclays Wealth and Investment Management, Americas (“Barclays”), franchise in the U.S. The Company paid purchase consideration that was funded with cash from operations. As part of that transaction, Stifel Bank, a wholly owned subsidiary of the Company, acquired approximately $600.0 million of bank loans, at fair value, from Barclays. The fair values for those loans were estimated using discounted cash flow analyses using interest rates currently being offered for loans with similar terms. The acquisition was accounted for under the acquisition method of accounting in accordance with Topic 805. 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 $24.8 million of goodwill in the consolidated statement of financial condition, which has been allocated to our company’s Global Wealth Management segment. Identifiable intangible assets purchased by our company consisted of customer relationships, with acquisition-date fair value of $7.3 million. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of the hired financial advisors and the conversion of the customer accounts to the Stifel platform. Goodwill is expected to be deductible for federal income tax purposes. In addition, deferred consideration is payable based on certain revenue generated by Stifel in accordance with the distribution agreement. The deferred consideration of $15.2 million has been recognized as a liability and is included in accounts payable and accrued expenses in the consolidated statements of financial condition at December 31, 2016. During 2016, the Company’s Board of Directors removed the continuing service requirements associated with restricted stock units that were granted to certain employees of Barclays in December 2015. As a result, the awards were expensed at date of modification resulting in a charge of $58.6 million during 2016. The fair value of the awards is based upon the closing price of our company’s common stock on the date of the grant of the awards. These charges are included in compensation and benefits in the consolidated statements of operations for the year ended December 31, 2016. Sterne Agee Group, Inc. On June 5, 2015, we completed the purchase of all of the outstanding shares of common stock of Sterne Agee Group, Inc. (“Sterne Agee”), a financial services firm that offers comprehensive wealth management and investment services to a diverse client base including corporations, municipalities, and individual investors. The purchase was completed pursuant to the merger agreement dated February 23, 2015. On July 1, 2016, the Company completed the sale of Sterne Agee’s legacy independent brokerage and clearing businesses pursuant to two separate stock purchase agreements dated June 24, 2016. The acquisition was accounted for under the acquisition method of accounting in accordance with Topic 805. 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 $60.8 million of goodwill and intangible assets in the consolidated statement of financial condition, which has been allocated to our company’s Global Wealth Management and Institutional Group segments. Identifiable intangible assets purchased by our company consisted of customer relationships with acquisition-date fair value of $29.3 million. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of Sterne Agee’s business and the reputation and expertise of Sterne Agee in the financial services sector. On June 5, 2015, certain employees were granted restricted stock units of our company as retention. The fair value of the awards issued as retention was $23.8 million. The fair value of the awards is based upon the closing price of our company’s common stock on the date of grant. There are no continuing service requirements associated with these restricted stock units, and accordingly, they were expensed at date of grant. This charge is included in compensation and benefits in the consolidated statements of operations for the year ended December 31, 2015. In addition, we paid $33.8 million in the form of notes to associates for retention. These notes will be 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. Prior to the closing date, Sterne Agee had established adequate reserves for various claims that were included in the opening balance sheet. During the third quarter of 2015, one legal matter was settled and paid, and the excess reserves associated with the Canyon Ridge matter were distributed to Sterne Agee Group, Inc. shareholders. Under the terms of the agreements governing the acquisition, we have withheld a portion of the purchase price of Sterne Agee Group, Inc. pending the resolution of currently existing or subsequently arising liabilities relating to the operation of the Sterne Agee Group Inc. business prior to the closing of the acquisition. Based upon currently available information and review with counsel, we believe the amounts which we are allowed to withhold will be adequate to fully indemnify us from any losses related to the pre-closing operations of Sterne Agee Group, Inc. 1919 Investment Counsel & Trust Co., National Association (“1919 Investment Counsel”) On November 7, 2014, we completed the acquisition of 1919 Investment Counsel, an asset management firm and trust company that provides customized investment advisory and trust services, on a discretionary basis, to individuals, families, and institutions throughout the country. On November 7, 2014, certain employees were granted restricted stock or restricted stock units of our company as retention. The fair value of the awards issued as retention was $11.2 million. There are no continuing service requirements associated with these restricted stock units, and accordingly, they were expensed at date of grant. This charge is included in compensation and benefits in the consolidated statements of operations for the year ended December 31, 2014. In addition, we paid $10.8 million in the form of notes to associates for retention. These notes will be 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. Oriel Securities (“Oriel”) On July 31, 2014, we completed the acquisition of Oriel, a London-based stockbroking and investment banking firm. The combination of our company and Oriel has created a significant middle-market investment banking group in London, with broad research coverage across most sectors of the economy, equity and debt sales and trading, and investment banking services. On July 31, 2014, certain employees were granted restricted stock or restricted stock units of our company as retention. The fair value of the awards issued as retention was $6.8 million. There are no continuing service requirements associated with these restricted stock units, and accordingly, they were expensed at date of grant. This charge is included in compensation and benefits in the consolidated statements of operations for the year ended December 31, 2014. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 4 – Discontinued Operations (in thousands) Year Ended December 31, 2016 2015 2014 Net revenues $ — $ — $ (121 ) Restructuring expense — — 217 Operating expenses — — 3,924 Total non-interest expenses — — 4,141 Loss from discontinued operations before income tax expense — — (4,262 ) Income tax benefit — — (1,199 ) Loss from discontinued operations, net of tax $ — $ — $ (3,063 ) |
Receivables From And Payables T
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | 12 Months Ended |
Dec. 31, 2016 | |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | |
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | NOTE 5 – Receivables From and Payables to Brokers, Dealers, and Clearing Organizations Amounts receivable from brokers, dealers, and clearing organizations at December 31, 2016 and 2015, included (in thousands) December 31, 2016 2015 Deposits paid for securities borrowed $ 382,691 $ 318,105 Receivables from clearing organizations 568,373 260,077 Securities failed to deliver 73,688 23,649 $ 1,024,752 $ 601,831 Amounts payable to brokers, dealers, and clearing organizations at December 31, 2016 and 2015, included (in thousands) December 31, 2016 2015 Deposits received from securities loaned $ 478,814 $ 329,670 Payable to clearing organizations 16,411 92,008 Securities failed to receive 27,882 16,353 $ 523,107 $ 438,031 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, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 6 – Fair Value 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 equity securities listed in active markets, corporate fixed income securities, and U.S. government securities. 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, mortgage-backed securities, corporate fixed income securities infrequently traded, state and municipal securities, and asset-backed securities, which primarily includes collateralized loan obligations. We have identified Level 3 financial instruments to include certain equity and corporate fixed income securities with unobservable pricing inputs and certain non-agency mortgage-backed securities. 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 that are valued based on quoted prices in active markets are reported in Level 1. Corporate equity securities with unobservable pricing inputs are reported in Level 3. ARS are 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. Direct investments in private companies may be valued using the market approach and were valued based on an assessment of each underlying investment, incorporating evaluation of additional significant third-party financing, changes in valuations of comparable peer companies, the business environment of the companies, market indices, assumptions relating to appropriate risk adjustments for nonperformance, and legal restrictions on disposition, among other factors. The fair value derived from the methods used are evaluated and weighted, as appropriate, considering the reasonableness of the range of values indicated. Under the market approach, fair value may be determined by reference to multiples of market-comparable companies or transactions, including earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. For securities utilizing the market comparable companies valuation technique, a significant increase (decrease) in the EBITDA multiple in isolation could result in a significantly higher (lower) fair value measurement. Investments in Funds That Are Measured at Net Asset Value Per Share 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 adopted ASU No. 2015-07 in January 2016, and, as required, disclosures in the paragraphs and tables below are limited to only those investments in funds that are measured at NAV. In accordance with ASU No. 2015-07, previously reported amounts have been conformed to the current presentation. The Company’s investments in funds measured at NAV include private company investments, partnership interests, mutual funds, private equity funds, and money market 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 tables below present the fair value of our investments in, and unfunded commitments to, funds that are measured at NAV (in thousands): December 31, 2016 December 31, 2015 Fair value of investments Unfunded commitments Fair value of investments Unfunded commitments Private company investments $ 18,763 $ 8,526 $ 34,385 $ 14,178 Partnership interests 15,798 1,822 22,502 2,018 Mutual funds 11,301 — 20,399 — Private equity funds 9,310 2,020 12,970 9,352 Money market funds 35,637 — 77,097 — Total $ 90,809 $ 12,368 $ 167,353 $ 25,548 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, corporate fixed income securities, and equity 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, mortgage-backed securities not actively traded, corporate fixed income securities, and state and municipal securities. Derivatives Derivatives are valued using quoted market prices for identical instruments when available or pricing models based on the net present value of estimated future cash flows. The valuation models used require market observable inputs, including contractual terms, market prices, yield curves, credit curves, and measures of volatility. We manage credit risk for our derivative positions on a counterparty-by-counterparty basis and calculate credit valuation adjustments, included in the fair value of these instruments, on the basis of our relationships at the counterparty portfolio/master netting agreement level. These credit valuation adjustments are determined by applying a credit spread for the counterparty to the total expected exposure of the derivative after considering collateral and other master netting arrangements. We have classified our interest rate swaps as Level 2. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016, are presented below (in thousands) December 31, 2016 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 9,951 $ 9,951 $ — $ — U.S. government agency securities 89,833 — 89,833 — Mortgage-backed securities: Agency 305,774 — 305,774 — Non-agency 28,402 — 27,320 1,082 Corporate securities: Fixed income securities 299,946 1,944 297,729 273 Equity securities 32,044 31,444 — 600 State and municipal securities 159,095 — 159,095 — Total financial instruments owned 925,045 43,339 879,751 1,955 Available-for-sale securities: U.S. government agency securities 4,197 300 3,897 — State and municipal securities 72,490 — 72,490 — Mortgage-backed securities: Agency 338,732 — 338,732 — Commercial 72,773 — 72,773 — Non-agency 1,892 — 1,892 — Corporate fixed income securities 823,511 — 823,511 — Asset-backed securities 1,867,718 — 1,867,718 — Total available-for-sale securities 3,181,313 300 3,181,013 — Investments: Corporate equity securities 27,247 23,414 — 3,833 Auction rate securities: Equity securities 48,689 — — 48,689 Municipal securities 832 — — 832 Other 1,623 — 383 1,240 Investments measured at NAV 55,172 Total investments 133,563 23,414 383 54,594 Cash equivalents measured at NAV 35,637 Derivative contracts (1) 10,390 — 10,390 — $ 4,285,948 $ 67,053 $ 4,071,537 $ 56,549 (1) Included in other assets in the consolidated statements of financial condition. December 31, 2016 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 362,536 $ 362,536 $ — $ — U.S. government agency securities 20,549 — 20,549 — Mortgage-backed securities: Agency 94,552 — 94,552 — Non-agency 1 — 1 — Corporate securities: Fixed income securities 202,968 980 201,988 — Equity securities 18,395 18,395 — — State and municipal securities 31 — 31 — Total financial instruments sold, but not yet purchased 699,032 381,911 317,121 — Derivative contracts (2) 1,823 — 1,823 — $ 700,855 $ 381,911 $ 318,944 $ — (2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2015, are presented below (in thousands) December 31, 2015 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 45,167 $ 45,167 $ — $ — U.S. government agency securities 116,949 — 116,949 — Mortgage-backed securities: Agency 205,473 — 205,473 — Non-agency 33,319 — 31,843 1,476 Corporate securities: Fixed income securities 203,910 13,203 190,707 — Equity securities 31,642 29,388 1,635 619 State and municipal securities 112,983 — 112,983 — Total financial instruments owned 749,443 87,758 659,590 2,095 Available-for-sale securities: U.S. government agency securities 1,698 — 1,698 — State and municipal securities 74,167 — 74,167 — Mortgage-backed securities: Agency 304,893 — 304,893 — Commercial 11,310 — 11,310 — Non-agency 2,518 — 2,518 — Corporate fixed income securities 319,408 — 319,408 — Asset-backed securities 915,913 — 915,913 — Total available-for-sale securities 1,629,907 — 1,629,907 — Investments: Corporate equity securities 30,737 26,436 1,359 2,942 U.S. government securities 102 102 — — Auction rate securities: Equity securities 55,710 — 5,268 50,442 Municipal securities 1,315 — — 1,315 Other 2,897 4 2,873 20 Investments measured at NAV 90,256 Total investments 181,017 26,542 9,500 54,719 Cash equivalents measured at NAV 77,097 $ 2,637,464 $ 114,300 $ 2,298,997 $ 56,814 December 31, 2015 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 186,030 $ 186,030 $ — $ — Agency mortgage-backed securities: 50,830 — 50,830 — Corporate securities: Fixed income securities 255,700 3,601 252,099 — Equity securities 29,184 22,894 6,290 — Total financial instruments sold, but not yet purchased 521,744 212,525 309,219 — Derivative contracts (2) 3,591 — 3,591 — $ 525,335 $ 212,525 $ 312,810 $ — (2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. The following tables summarize the changes in fair value associated with Level 3 financial instruments during the years ended December 31, 2016 and 2015 (in thousands) Year Ended December 31, 2016 Financial instruments owned Mortgage- Backed Securities – Non-Agency Corporate Fixed Income Securities Equity Securities Balance at December 31, 2015 $ 1,476 $ — $ 619 Unrealized gains/(losses): Included in changes in net assets (1) (18 ) — (279 ) Included in OCI (2) — — — Realized gains/(losses) (1) 54 — — Purchases — 292 253 Sales — — — Redemptions (430 ) (19 ) — Transfers: Into Level 3 — — 7 Out of Level 3 — — — Net change (394 ) 273 (19 ) Balance at December 31, 2016 $ 1,082 $ 273 $ 600 Year Ended December 31, 2016 Investments Corporate Equity Securities Auction Rate Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2015 $ 2,942 $ 50,442 $ 1,315 $ 20 Unrealized gains/(losses): Included in changes in net assets (1) (361 ) 547 67 — Included in OCI (2) — — — — Realized gains (1) 2,453 — — — Purchases 3,593 50 — 3,782 Sales — — — — Redemptions (4,794 ) (2,350 ) (550 ) — Transfers: Into Level 3 — — — 465 Out of Level 3 — — — (3,027 ) Net change 891 (1,753 ) (483 ) 1,220 Balance at December 31, 2016 $ 3,833 $ 48,689 $ 832 $ 1,240 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. (2) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition. Year Ended December 31, 2015 Financial instruments owned Available- for-sale securities Mortgage- Backed Securities – Non-Agency Corporate Fixed Income Securities Equity Securities Asset- Backed Securities Balance at December 31, 2014 $ 806 $ 1,993 $ 1,144 $ 44,045 Unrealized gains/(losses): Included in changes in net assets (1) (241 ) 84 — — Included in OCI (2) — — — 342 Realized gains/(losses) (1) 127 53 — (2,136 ) Purchases — 11,643 — — Sales — (13,773 ) (525 ) (42,251 ) Redemptions (332 ) — — — Transfers: Into Level 3 1,116 — — — Out of Level 3 — — — — Net change 670 (1,993 ) (525 ) (44,045 ) Balance at December 31, 2015 $ 1,476 $ — $ 619 $ — Year Ended December 31, 2015 Investments Corporate Equity Securities Auction Rate Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2014 $ 7,550 $ 46,197 $ 1,326 $ 2,026 Unrealized gains/(losses): Included in changes in net assets (1) 1,410 (413 ) (11 ) (938 ) Included in OCI (2) — — — — Realized gains (1) — — — — Purchases — 15,176 — — Sales — — — — Redemptions — (5,250 ) — — Transfers: Into Level 3 182 — — — Out of Level 3 (6,200 ) (5,268 ) — (1,068 ) Net change (4,608 ) 4,245 (11 ) (2,006 ) Balance at December 31, 2015 $ 2,942 $ 50,442 $ 1,315 $ 20 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. (2) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition. The results included in the table above are only a component of the overall investment strategies of our company. The table above does not present Level 1 or Level 2 valued assets or liabilities. The changes to our company’s Level 3 classified instruments during the year ended December 31, 2016, were principally a result of redemptions of corporate equity securities, ARS redemptions, and transfers out of Level 3, offset by purchases of corporate equity securities and other investments, and realized and unrealized gains, net. The changes in unrealized gains/(losses) recorded in earnings for the year ended December 31, 2016, relating to Level 3 assets still held at December 31, 2016, were immaterial. The following table summarizes quantitative information related to the significant unobservable inputs utilized in our company’s Level 3 recurring fair value measurements as of December 31, 2016. Valuation technique Unobservable input Range Weighted average Investments: Corporate equity securities Market comparable companies Tangible book value multiple 1.41 - 2.28 1.95 Auction rate securities: Equity securities Discounted cash flow Discount rate 2.0% - 12.6% 6.5% Workout period 1-3 years 2.5 years Municipal securities Discounted cash flow Discount rate 2.2% - 10.6% 4.9% Workout period 1-4 years 1.9 years 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. The discount rate was calculated using credit spreads of the underlying collateral or similar securities. The workout period was based on an assessment of publicly available information on efforts to re-establish functioning markets for these securities and our company’s own redemption experience. 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. Transfers Within the Fair Value Hierarchy We assess our financial instruments on a quarterly basis to determine the appropriate classification within the fair value hierarchy. Transfers between fair value classifications occur when there are changes in pricing observability levels. Transfers of financial instruments among the levels are deemed to occur at the beginning of the reporting period. There were $1.9 million of transfers of financial assets from Level 2 to Level 1 during the year ended December 31, 2016. There were $8.6 million of transfers of financial assets from Level 1 to Level 2 during the year ended December 31, 2016, primarily related to corporate fixed income securities for which there were low volumes of recent trade activity observed. There were $0.5 million of transfers of financial assets into Level 3 during the year ended December 31, 2016. There were $3.0 million of transfers of financial assets out of Level 3 during the year ended December 31, 2016, primarily related to other investments that were reclassified to NAV at December 31, 2016. Fair Value of Financial Instruments The following reflects the fair value of financial instruments as of December 31, 2016 and 2015, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands) December 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 912,932 $ 912,932 $ 811,019 $ 811,019 Cash segregated for regulatory purposes 73,235 73,235 227,727 227,727 Securities purchased under agreements to resell 248,588 248,588 160,423 160,423 Financial instruments owned 925,045 925,045 749,443 749,443 Available-for-sale securities 3,181,313 3,181,313 1,629,907 1,629,907 Held-to-maturity securities 3,038,405 3,040,554 1,855,399 1,874,998 Loans held for sale 228,588 228,588 189,921 189,921 Bank loans 5,591,190 5,633,804 3,143,515 3,188,402 Investments 133,563 133,563 181,017 181,017 Derivative contracts (1) 10,390 10,390 — — Financial liabilities: Securities sold under agreements to repurchase $ 268,546 $ 268,546 $ 278,674 $ 278,674 Bank deposits 11,527,483 11,092,185 6,638,356 6,627,818 Financial instruments sold, but not yet purchased 699,032 699,032 521,744 521,744 Derivative contracts (2) 1,823 1,823 3,591 3,591 Borrowings 377,000 377,000 89,084 89,084 Federal Home Loan Bank advances 500,000 500,000 148,000 148,000 Senior notes 795,891 799,632 740,136 736,135 Debentures to Stifel Financial Capital Trusts 67,500 52,525 82,500 72,371 (1) (2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. The following table presents the estimated fair values of financial instruments not measured at fair value on a recurring basis for the periods indicated (in thousands) December 31, 2016 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 877,295 $ 877,295 $ — $ — Cash segregated for regulatory purposes 73,235 73,235 — — Securities purchased under agreements to resell 248,588 227,983 20,605 — Held-to-maturity securities 3,040,554 — 2,830,869 209,685 Loans held for sale 228,588 — 228,588 — Bank loans 5,633,804 — 5,633,804 — Financial liabilities: Securities sold under agreements to repurchase $ 268,546 $ 149,881 $ 118,665 $ — Bank deposits 11,092,185 — 11,092,185 — Borrowings 377,000 377,000 — — Federal Home Loan Bank advances 500,000 500,000 — — Senior notes 799,632 799,632 — — Debentures to Stifel Financial Capital Trusts 52,525 — — 52,525 December 31, 2015 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 733,922 $ 733,922 $ — $ — Cash segregated for regulatory purposes 227,727 227,727 — — Securities purchased under agreements to resell 160,423 160,423 — — Held-to-maturity securities 1,874,998 — 1,317,582 557,416 Loans held for sale 189,921 — 189,921 — Bank loans 3,188,402 — 3,188,402 — Financial liabilities: Securities sold under agreements to repurchase $ 278,674 $ 278,674 $ — $ — Bank deposits 6,627,818 — 6,627,818 — Borrowings 89,084 — 89,084 — Federal Home Loan Bank advances 148,000 148,000 — — Senior notes 736,135 736,135 — — Debentures to Stifel Financial Capital Trusts 72,371 — — 72,371 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, 2016 and 2015. 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, 2016 and 2015 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 agency, commercial, and non-agency mortgage-backed securities, asset-backed securities, consisting of collateralized loan obligation securities and ARS, and corporate fixed income securities. 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. Loans Held for Sale Loans held for sale consist of fixed-rate and adjustable-rate residential real estate loans intended for sale. Loans held for sale are stated at lower of cost or fair value. Fair value is determined based on prevailing market prices for loans with similar characteristics or on sale contract prices. 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 would be made under current conditions and considering liquidity spreads applicable to each loan portfolio based on the secondary market. 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, 2016 and 2015 approximate fair value due to the short-term nature. Bank Deposits The fair value for demand deposits is equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The carrying amounts of variable-rate money-market and savings accounts approximate their fair values at the reporting date as these are short-term in nature. The fair value of other interest-bearing deposits, including certificates of deposit, was calculated by discounting the future cash flows using discount rates based on the expected current market rates for similar products with similar remaining terms. Borrowings The carrying amount of borrowings approximates fair value due to the relative short-term nature of such borrowings. In addition, Stifel Bank’s Federal Home Loan Bank advances reflect terms that approximate current market rates for similar borrowings. 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 the coupon achieved in our 4.250% senior notes due 2024. 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, 2016 | |
Trading Securities Balance Sheet Reported Amounts [Abstract] | |
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased | NOTE 7 – Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased The components of financial instruments owned and financial instruments sold, but not yet purchased, at December 31, 2016 and 2015, are as follows (in thousands) December 31, 2016 2015 Financial instruments owned: U.S. government securities $ 9,951 $ 45,167 U.S. government agency securities 89,833 116,949 Mortgage-backed securities: Agency 305,774 205,473 Non-agency 28,402 33,319 Corporate securities: Fixed income securities 299,946 203,910 Equity securities 32,044 31,642 State and municipal securities 159,095 112,983 $ 925,045 $ 749,443 Financial instruments sold, but not yet purchased: U.S. government securities $ 362,536 $ 186,030 U.S. government agency securities 20,549 — Mortgage-backed securities: Agency 94,552 50,830 Non-agency 1 — Corporate securities: Fixed income securities 202,968 255,700 Equity securities 18,395 29,184 State and municipal securities 31 — $ 699,032 $ 521,744 At December 31, 2016 and 2015, financial instruments owned in the amount of $992.9 million and $508.5 million, respectively, were pledged as collateral (on a settlement-date basis) for our repurchase agreements and short-term borrowings. Financial instruments owned on a settlement-date basis were $1.3 billion at December 31, 2016. 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, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Available-For-Sale And Held-To-Maturity Securities | NOTE 8 – Available-for-Sale 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, 2016 and 2015 (in thousands) December 31, 2016 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 4,213 $ 2 $ (18 ) $ 4,197 State and municipal securities 76,066 — (3,576 ) 72,490 Mortgage-backed securities: Agency 340,738 298 (2,304 ) 338,732 Commercial 77,417 59 (4,703 ) 72,773 Non-agency 2,032 — (140 ) 1,892 Corporate fixed income securities 830,695 1,418 (8,602 ) 823,511 Asset-backed securities 1,858,929 9,857 (1,068 ) 1,867,718 $ 3,190,090 $ 11,634 $ (20,411 ) $ 3,181,313 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,567,758 $ 14,537 $ (17,037 ) $ 1,565,258 Commercial 59,581 1,786 — 61,367 Non-agency 688 — (13 ) 675 Asset-backed securities 1,370,300 6,242 (3,396 ) 1,373,146 Corporate fixed income securities 40,078 30 — 40,108 $ 3,038,405 $ 22,595 $ (20,446 ) $ 3,040,554 December 31, 2015 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 1,700 $ 1 $ (3 ) $ 1,698 State and municipal securities 75,953 28 (1,814 ) 74,167 Mortgage-backed securities: Agency 306,309 125 (1,541 ) 304,893 Commercial 11,177 134 (1 ) 11,310 Non-agency 2,679 2 (163 ) 2,518 Corporate fixed income securities 321,017 743 (2,352 ) 319,408 Asset-backed securities 922,563 774 (7,424 ) 915,913 $ 1,641,398 $ 1,807 $ (13,298 ) $ 1,629,907 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,257,808 $ 23,346 $ (3,105 ) $ 1,278,049 Commercial 59,521 1,832 — 61,353 Non-agency 929 — (15 ) 914 Asset-backed securities 496,996 2,076 (4,139 ) 494,933 Corporate fixed income securities 40,145 - (396 ) 39,749 $ 1,855,399 $ 27,254 $ (7,655 ) $ 1,874,998 (1) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss. (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. For the year ended December 31, 2016, there were no sales of available-for-sale securities. For the years ended December 31, 2015 and 2014, we received proceeds of $641.6 million and $300.3 million, respectively, from the sale of available-for-sale securities, which resulted in net realized gains of $3.2 million and $3.7 million, respectively. During the years ended December 31, 2016, 2015, and 2014, unrealized gains, net of deferred tax expense, of $5.8 million, $1.4 million, and $1.8 million, respectively, were recorded in accumulated other comprehensive loss in the consolidated statements of financial condition. The table below summarizes the amortized cost and fair values of debt securities by contractual maturity (in thousands) December 31, 2016 Available-for-sale securities Held-to-maturity securities Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debt securities Within one year $ 23,947 $ 23,952 $ — $ — After one year through three years 271,872 272,292 40,078 40,108 After three years through five years 409,576 405,986 — — After five years through ten years 840,487 840,590 141,576 141,973 After ten years 1,224,021 1,225,096 1,228,724 1,231,173 Mortgage-backed securities Within one year 9 9 — — After three years through five years — — 59,581 61,367 After five years through ten years 58,967 55,245 170,493 169,498 After ten years 361,211 358,143 1,397,953 1,396,435 $ 3,190,090 $ 3,181,313 $ 3,038,405 $ 3,040,554 The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at December 31, 2016, are as follows (in thousands) Within 1 Year 1-5 Years 5-10 Years After 10 Years Total Available-for-sale: (1) U.S. government agency securities $ 1,351 $ 2,846 $ — $ — $ 4,197 State and municipal securities 301 375 16,821 54,993 72,490 Mortgage-backed securities: Agency — — 480 338,252 338,732 Commercial — — 54,764 18,009 72,773 Non-agency 8 — — 1,884 1,892 Corporate fixed income securities 22,301 675,058 126,152 — 823,511 Asset-backed securities — — 697,616 1,170,102 1,867,718 $ 23,961 $ 678,279 $ 895,833 $ 1,583,240 $ 3,181,313 Held-to-maturity: Mortgage-backed securities: Agency $ — $ — $ 170,493 $ 1,397,265 $ 1,567,758 Commercial — 59,581 — — 59,581 Non-agency — — — 688 688 Asset-backed securities — — 141,576 1,228,724 1,370,300 Corporate fixed income securities — 40,078 — — 40,078 $ — $ 99,659 $ 312,069 $ 2,626,677 $ 3,038,405 (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, 2016 and 2015, securities of $2.0 billion and $1.1 billion, 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, 2016 and 2015, securities of $1.7 billion and $1.1 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, 2016 (in thousands) Less than 12 months 12 months or more Total Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Available-for-sale securities U.S. government securities $ (18 ) $ 3,497 — — $ (18 ) $ 3,497 State and municipal securities (372 ) 12,297 (3,204 ) 60,192 (3,576 ) 72,489 Mortgage-backed securities: Agency (876 ) 120,004 (1,428 ) 185,415 (2,304 ) 305,419 Commercial (4,703 ) 71,001 — — (4,703 ) 71,001 Non-agency — — (140 ) 1,838 (140 ) 1,838 Corporate fixed income securities (8,602 ) 566,692 — — (8,602 ) 566,692 Asset-backed securities (1,068 ) 261,341 — — (1,068 ) 261,341 $ (15,639 ) $ 1,034,832 $ (4,772 ) $ 247,445 $ (20,411 ) $ 1,282,277 Held-to-maturity securities Mortgage-backed securities: Agency $ (17,017 ) $ 895,258 $ (20 ) $ 1,415 $ (17,037 ) $ 896,673 Non-agency — — (13 ) 675 (13 ) 675 Asset-backed securities (534 ) 294,656 (2,862 ) 52,169 (3,396 ) 346,825 $ (17,551 ) $ 1,189,914 $ (2,895 ) $ 54,259 $ (20,446 ) $ 1,244,173 At December 31, 2016, the amortized cost of 146 securities classified as available for sale exceeded their fair value by $20.4 million, of which $4.8 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, 2016, was $1.3 billion, which was 40.3% of our available-for-sale portfolio. At December 31, 2016, the carrying value of 57 securities held to maturity exceeded their fair value by $20.4 million, of which $2.9 million related to securities held to maturity that have been in a loss position for 12 months or longer. As discussed in more detail below, we conduct periodic reviews of all securities with unrealized losses to assess whether the impairment is other-than-temporary. Other-Than-Temporary Impairment We evaluate all securities in an unrealized loss position quarterly to assess whether the impairment is other-than-temporary. Our OTTI assessment is a subjective process requiring the use of judgments and assumptions. There was no credit-related OTTI recognized during the years ended December 31, 2016, 2015, and 2014. We believe the gross unrealized losses of $40.9 million related to our investment portfolio, as of December 31, 2016, are attributable to changes in market interest rates. We, therefore, do not expect to incur any credit losses related to these securities. In addition, we have no intent to sell these securities with unrealized losses, and it is not more likely than not that we will be required to sell these securities prior to recovery of the amortized cost. No OTTI charge was recorded during the year ended December 31, 2016, related to these securities. Accordingly, we have concluded that the impairment on these securities is not other-than-temporary. |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Bank Loans | NOTE 9 – Bank Loans The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at December 31, 2016 and 2015 (in thousands, except percentages) December 31, 2016 December 31, 2015 Balance Percent Balance Percent Residential real estate $ 2,161,400 38.4 % $ 429,132 13.5 % Commercial and industrial 1,710,399 30.3 1,216,656 38.2 Securities-based loans 1,614,033 28.6 1,388,953 43.7 Commercial real estate 78,711 1.4 92,623 2.9 Consumer 45,391 0.8 36,846 1.2 Home equity lines of credit 15,008 0.3 12,475 0.4 Construction and land 12,623 0.2 3,899 0.1 Gross bank loans 5,637,565 100.0 % 3,180,584 100.0 % Unamortized loan premium/(discount), net 858 (5,296 ) Loans in process (49 ) (419 ) Unamortized loan fees, net (2,021 ) (1,567 ) Allowance for loan losses (45,163 ) (29,787 ) Bank loans, net $ 5,591,190 $ 3,143,515 At December 31, 2016 and 2015, Stifel Bank had loans outstanding to its executive officers, directors, and their affiliates in the amount of $3.7 million and $2.0 million, respectively, and loans outstanding to other Stifel Financial Corp. executive officers, directors, and their affiliates in the amount of $5.6 million and $7.2 million, respectively. At December 31, 2016 and 2015, we had loans held for sale of $228.6 million and $189.9 million, respectively. For the years ended December 31, 2016, 2015, and 2014, we recognized gains of $16.0 At December 31, 2016 and 2015, residential and commercial real estate loans of $2.3 billion and $207.5 million, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings. During the year ended December 31, 2015, the Bank reclassified $227.6 million of residential mortgages to held for sale. During the year ended December 31, 2015, Stifel Bank sold $184.4 million in unpaid principal balance. As these loans carried a significant portion of the unamortized loan discount at the time of sale, we recognized a $14.7 million gain, which is reflected in other income on the consolidated statements of operations. The following table details activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2016 and 2015 (in thousands) Year Ended December 31, 2016 Beginning Balance Provision Charge- offs Recoveries Ending Balance Commercial and industrial $ 24,748 $ 10,646 $ (267 ) $ — $ 35,127 Securities-based loans 1,607 1,487 — — 3,094 Residential real estate 1,241 1,430 (13 ) 2 2,660 Commercial real estate 264 1,090 — 9 1,363 Home equity lines of credit 290 81 — — 371 Construction and land 78 154 — — 232 Consumer 105 38 (16 ) 2 129 Qualitative 1,454 733 — — 2,187 $ 29,787 $ 15,659 $ (296 ) $ 13 $ 45,163 Year Ended December 31, 2015 Beginning Balance Provision Charge- offs Recoveries Ending Balance Commercial and industrial $ 16,609 $ 8,139 $ — $ — $ 24,748 Securities-based loans 1,099 508 — — 1,607 Residential real estate 787 544 (144 ) 54 1,241 Home equity lines of credit 267 15 — 8 290 Commercial real estate 232 (30 ) — 62 264 Consumer 156 (58 ) — 7 105 Construction and land — 78 — — 78 Qualitative 1,581 (127 ) — — 1,454 $ 20,731 $ 9,069 $ (144 ) $ 131 $ 29,787 The following table presents the unpaid principal balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at December 31, 2016 (in thousands) Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Residential real estate $ 24 $ 2,636 $ 2,660 $ 178 $ 2,161,222 $ 2,161,400 Commercial and industrial 2,392 32,735 35,127 16,815 1,693,584 1,710,399 Securities-based loans — 3,094 3,094 — 1,614,033 1,614,033 Commercial real estate 722 641 1,363 9,522 69,189 78,711 Consumer 6 123 129 6 45,385 45,391 Home equity lines of credit 231 140 371 413 14,595 15,008 Construction and land — 232 232 — 12,623 12,623 Qualitative — 2,187 2,187 — — — $ 3,375 $ 41,788 $ 45,163 $ 26,934 $ 5,610,631 $ 5,637,565 The following table presents the unpaid principal balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at December 31, 2015 (in thousands) Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Securities-based loans $ — $ 1,607 $ 1,607 $ — $ 1,388,953 $ 1,388,953 Commercial and industrial — 24,748 24,748 — 1,216,656 1,216,656 Residential real estate 24 1,217 1,241 182 428,950 429,132 Commercial real estate — 264 264 — 92,623 92,623 Consumer 14 91 105 14 36,832 36,846 Home equity lines of credit 149 141 290 323 12,152 12,475 Construction and land — 78 78 — 3,899 3,899 Qualitative — 1,454 1,454 — — — $ 187 $ 29,600 $ 29,787 $ 519 $ 3,180,065 $ 3,180,584 In determining the amount of our allowance, we rely on an analysis of our loan portfolio, our experience, and our evaluation of general economic conditions. If our assumptions prove to be incorrect, our current allowance may not be sufficient to cover future loan losses and we may experience significant increases to our provision. There are two components of the allowance for loan losses: the inherent allowance component and the specific allowance component. The inherent allowance component of the allowance for loan losses is used to estimate the probable losses inherent in the loan portfolio and includes non-homogeneous loans that have not been identified as impaired and portfolios of smaller balance homogeneous loans. Our company maintains methodologies by loan product for calculating an allowance for loan losses that estimates the inherent losses in the loan portfolio. Qualitative and environmental factors, such as economic and business conditions, nature and volume of the portfolio and lending terms, and volume and severity of past due loans may also be considered in the calculations. The allowance for loan losses is maintained at a level reasonable to ensure that it can adequately absorb the estimated probable losses inherent in the portfolio. The specific allowance component of the allowance for loan losses is used to estimate probable losses for non-homogeneous exposures, including loans modified in a Troubled Debt Restructuring (TDR), which have been specifically identified for impairment analysis by our company and determined to be impaired. At December 31, 2016, we had $26.9 million of non-accrual loans, net of discounts, which included $9.7 million in troubled debt restructurings, for which there was a specific allowance of $3.4 million. At December 31, 2015, we had $0.9 million of non-accrual loans, net of discounts, which included $0.2 million in troubled debt restructurings, for which there was a specific allowance of $0.2 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, 2016 and 2015, were insignificant to the consolidated financial statements. The tables below present loans that were individually evaluated for impairment by portfolio segment at December 31, 2016 and 2015, including the average recorded investment balance (in thousands) December 31, 2016 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 16,815 $ — $ 16,815 $ 16,815 $ 2,392 $ 22,559 Commercial real estate 10,503 — 9,522 9,522 722 9,080 Consumer 833 — 6 6 6 9 Home equity lines of credit 413 — 413 413 231 413 Residential real estate 178 — 178 178 24 181 Construction and land — — — — — — Total $ 28,742 $ — $ 26,934 $ 26,934 $ 3,375 $ 32,242 December 31, 2015 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Consumer $ 944 $ — $ 15 $ 15 $ 15 $ 23 Residential real estate 776 524 182 706 24 752 Home equity lines of credit 342 19 323 342 149 342 Commercial real estate — — — — — — Commercial and industrial — — — — — — Construction and land — — — — — — Total $ 2,062 $ 543 $ 520 $ 1,063 $ 188 $ 1,117 The following table presents the aging of the recorded investment in past due loans at December 31, 2016 and 2015, by portfolio segment (in thousands) December 31, 2016 30-89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Residential real estate $ 1,923 $ — $ 1,923 $ 2,159,477 2,161,400 Commercial and industrial — — — 1,710,399 1,710,399 Securities-based loans — — — 1,614,033 1,614,033 Commercial real estate 9,522 — 9,522 69,189 78,711 Consumer — 2 2 45,389 45,391 Home equity lines of credit 78 196 274 14,734 15,008 Construction and land — — — 12,623 12,623 Total $ 11,523 $ 198 $ 11,721 $ 5,625,844 $ 5,637,565 December 31, 2016 * Non-accrual Restructured (1) Total Commercial and industrial $ 16,815 $ — $ 16,815 Commercial real estate — 9,522 9,522 Home equity lines of credit 413 — 413 Residential real estate — 178 178 Consumer 6 — 6 Construction and land — — — Total $ 17,234 $ 9,700 $ 26,934 (1) * There were no loans past due 90 days and still accruing interest at December 31, 2016. December 31, 2015 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Securities-based loans $ — $ — $ — $ 1,388,953 1,388,953 Commercial and industrial — — — 1,216,656 1,216,656 Residential real estate 3,310 450 3,760 425,372 429,132 Commercial real estate — — — 92,623 92,623 Consumer 7 7 14 36,832 36,846 Home equity lines of credit 323 19 342 12,133 12,475 Construction and land — — — 3,899 3,899 Total $ 3,640 $ 476 $ 4,116 $ 3,176,468 $ 3,180,584 December 31, 2015 * Non-accrual Restructured Total Commercial and industrial $ — $ — $ — Consumer 15 — 15 Residential real estate 380 326 706 Commercial real estate — — — Home equity lines of credit 342 — 342 Construction and land — — — Total $ 737 $ 326 $ 1,063 * There were no loans past due 90 days and still accruing interest at December 31, 2015. Credit quality indicators As of December 31, 2016, 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/or 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 (non-accrual 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 portfolios. 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, 2016 and 2015, 97.9 % and 97.2% 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. Our 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 we 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. Doubtful loans are considered impaired. Substandard loans are regularly reviewed for impairment. 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. 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. Consumer. Consumer loans allow customers to purchase non-investment goods and services. Real Estate . Real estate loans include commercial real estate, residential real estate non-conforming loans, residential real estate conforming loans, and home equity lines of credit. The allowance methodology 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. Based on the most recent analysis performed, the risk category of our loan portfolio was as follows: (in thousands) December 31, 2016 Pass Special Mention Substandard Doubtful Total Residential real estate $ 2,161,223 $ — $ 177 $ — $ 2,161,400 Commercial and industrial 1,652,211 27,905 30,283 — 1,710,399 Securities-based loans 1,614,033 — — — 1,614,033 Commercial real estate 69,189 — 9,522 — 78,711 Consumer 45,385 — 6 — 45,391 Home equity lines of credit 14,595 — 413 — 15,008 Construction and land 12,623 — — — 12,623 Total $ 5,569,259 $ 27,905 $ 40,401 $ — $ 5,637,565 December 31, 2015 Pass Special Mention Substandard Doubtful Total Securities-based loans $ 1,388,939 $ — $ 14 $ — 1,388,953 Commercial and industrial 1,191,030 11,320 14,306 — 1,216,656 Residential real estate 427,950 1,182 — — 429,132 Commercial real estate 92,623 — — — 92,623 Consumer 36,846 — — — 36,846 Home equity lines of credit 12,456 — 19 — 12,475 Construction and land 3,899 — — — 3,899 Total $ 3,153,743 $ 12,502 $ 14,339 $ — $ 3,180,584 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Fixed Assets | NOTE 10 – Fixed Assets The following is a summary of fixed assets as of December 31, 2016 and 2015 (in thousands) December 31, 2016 2015 Furniture and equipment $ 254,705 $ 238,075 Building and leasehold improvements 160,369 146,954 Property on operating leases 21,064 21,064 436,138 406,093 Less accumulated depreciation and amortization (263,310 ) (224,127 ) $ 172,828 $ 181,966 For the years ended December 31, 2016, 2015, and 2014, depreciation and amortization totaled $43.1 million, $36.7 million, and $29.3 million, respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | NOTE 11 – Goodwill and Intangible Assets Our annual goodwill impairment testing was completed as of July 31, 2016, with no impairment identified. 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, 2015 Net Additions Write-off December 31, 2016 Goodwill Global Wealth Management $ 295,384 $ (24,605 ) $ — $ 270,779 Institutional Group 620,218 73,885 (2,600 ) 691,503 $ 915,602 $ 49,280 $ (2,600 ) $ 962,282 December 31, 2015 Net Additions Amortization December 31, 2016 Intangible assets Global Wealth Management $ 30,027 $ 21,230 $ (6,026 ) $ 45,231 Institutional Group 33,150 46,324 (8,401 ) 71,073 $ 63,177 $ 67,554 $ (14,427 ) $ 116,304 The adjustments to goodwill and intangible assets during the year ended December 31, 2016, are primarily attributable to the acquisitions of ISM, which closed on May 3, 2016, Eaton Partners, which closed on January 4, 2016, and Barclays, which closed on December 4, 2015. The allocation of the purchase price for the ISM acquisition is preliminary and will be finalized upon completion of the analysis of the fair values of the net assets as of the acquisition date and the identified intangible assets. The final goodwill recorded on the consolidated statements of financial condition may differ from the preliminary estimate reflected herein. Goodwill for certain of our acquisitions is deductible for tax purposes. Goodwill and intangible assets were also impacted by the completion of the purchase price allocation for the Sterne Agee, Barclays, and Eaton acquisitions and the write-off of goodwill and intangibles related to certain Sterne businesses that were disposed of on July 1, 2016. Amortizable intangible assets consist of acquired customer relationships, trade name, investment banking backlog, and non-compete agreements that are amortized over their contractual or determined useful lives. Intangible assets subject to amortization as of December 31, 2016 and 2015, were as follows (in thousands) December 31, 2016 December 31, 2015 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 141,621 $ 46,209 $ 78,580 $ 37,322 Trade name 24,713 8,670 24,456 6,969 Investment banking backlog 1,345 379 7,440 7,388 Non-compete agreements 2,578 813 2,517 255 $ 170,257 $ 56,071 $ 112,993 $ 51,934 Amortization expense related to intangible assets was $14.4 million, $10.4 million, and $12.3 million for the years ended December 31, 2016, 2015, and 2014, respectively. The weighted-average remaining lives of the following intangible assets at December 31, 2016, are: customer relationships, 9.5 years; trade name, 9.9 years; and non-compete agreements, 3.7 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, 2016, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year 2017 $ 11,506 2018 10,873 2019 10,285 2020 10,068 2021 9,506 Thereafter 61,948 $ 114,186 |
Borrowings and Federal Home Loa
Borrowings and Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2016 | |
Short Term Debt Other Disclosures [Abstract] | |
Borrowings and Federal Home Loan Bank Advances | NOTE 12 – 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, advances from the Federal Home Loan Bank, and securities lending arrangements. 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. The following table details the components of borrowings (in thousands) December 31, 2016 2015 Borrowings on secured lines of credit $ 377,000 $ 30,000 Term loans — 59,084 $ 377,000 $ 89,084 Our uncommitted secured lines of credit at December 31, 2016, totaled $1.0 billion with six 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 $525.7 million during the year ended December 31, 2016. There are no compensating balance requirements under these arrangements. Any borrowings on secured lines of credit are day-to-day and are generally utilized to finance certain fixed income securities. At December 31, 2016, our uncommitted secured lines of credit were collateralized by company-owned securities valued at $511.1 million. Our committed bank line financing at December 31, 2016, consisted of a $100.0 million revolving credit facility. The credit facility expires in December 2017. The applicable interest rate under the revolving credit facility is calculated as a per annum rate equal to the London Interbank Offered Rate (“LIBOR”) plus 2.00%, as defined in the revolving credit facility. At December 31, 2016, we had no advances on our revolving credit facility and were in compliance with all covenants. The Federal Home Loan advances of $500.0 million as of December 31, 2016, are floating-rate advances. The weighted average interest rates on these advances during the year ended December 31, 2016, was 1.15%. The advances are secured by Stifel Bank’s residential mortgage loan portfolio and investment portfolio. The interest rates reset on a daily basis. Stifel Bank has the option to prepay these advances without penalty on the interest reset date. As of December 31, 2015, a subsidiary of the Parent was a party to two Term Loans (“Term Loans”). The Term Loans were paid off in July 2016. |
Senior Notes
Senior Notes | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Senior Notes | NOTE 13 – Senior Notes The following table summarizes our senior notes as of December 31, 2016 and 2015 (in thousands) December 31, 2016 2015 4.250% senior notes, due 2024 (1) $ 500,000 $ 300,000 3.50% senior notes, due 2020 (2) 300,000 300,000 5.375% senior notes, due 2022 (3) — 150,000 800,000 750,000 Debt issuance costs, net (4,109 ) (9,864 ) $ 795,891 $ 740,136 ( 1) In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.250% 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 December 2015, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 3.50% senior notes due December 2020. 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. (3) In December 2012, we sold in a registered underwritten public offering, $150.0 million in aggregate principal amount of 5.375% senior notes due December 2022. Interest on these senior notes was payable quarterly in arrears. The notes were redeemed in August 2016. Our senior notes mature as follows, based upon contractual terms (in thousands) 2017 $ — 2018 — 2019 — 2020 300,000 2021 — Thereafter 500,000 $ 800,000 |
Bank Deposits
Bank Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | |
Bank Deposits | NOTE 14 – Bank Deposits Deposits consist of money market and savings accounts, certificates of deposit, and demand deposits. Deposits at December 31, 2016 and 2015, were as follows (in thousands) December 31, 2016 2015 Money market and savings accounts $ 11,264,285 $ 6,429,780 Demand deposits (interest-bearing) 253,545 185,275 Certificates of deposit 3,901 15,087 Demand deposits (non-interest-bearing) 5,752 8,214 $ 11,527,483 $ 6,638,356 The weighted-average interest rate on deposits was 0.09% and 0.17% at December 31, 2016 and 2015, respectively. Scheduled maturities of certificates of deposit at December 31, 2016 and 2015, were as follows (in thousands) December 31, 2016 2015 Certificates of deposit, less than $100: Within one year $ 1,213 $ 4,863 One to three years 855 2,356 Three to five years — 145 Over five years — — $ 2,068 $ 7,364 Certificates of deposit, $100 and greater: Within one year $ 877 $ 5,464 One to three years 956 1,975 Three to five years — 284 Over five years — — 1,833 7,723 $ 3,901 $ 15,087 At December 31, 2016 and 2015, the amount of deposits includes related party deposits, primarily brokerage customers’ deposits from Stifel of $11.5 billion and $6.6 billion, respectively, and interest-bearing and time deposits of executive officers, directors, and their affiliates of $0.5 million and $0.3 million, respectively. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities | NOTE 15 – Derivative Instruments and Hedging Activities We use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps generally involve the exchange of fixed and variable rate interest payments between two parties, based on a common notional principal amount and maturity date with no exchange of underlying principal amounts. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for our company making fixed payments. 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 table provides the notional values and fair values of our derivative instruments as of December 31, 2016 and 2015 (in thousands) December 31, 2016 Asset Derivatives Notional Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments under Topic 815: Cash flow interest rate contracts $ 790,000 Other assets $ 10,390 December 31, 2016 Liability Derivatives Notional Value Balance Sheet Location Fair Value Cash flow interest rate contracts $ 121,442 Accounts payable and accrued expenses $ 1,823 December 31, 2015 Asset Derivatives Notional Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments under Topic 815: Cash flow interest rate contracts $ — Other assets $ — December 31, 2015 Liability Derivatives Notional Value Balance Sheet Location Fair Value Cash flow interest rate contracts $ 179,110 Accounts payable and accrued expenses $ 3,591 Cash Flow Hedges We have entered into interest rate swap agreements that effectively modify our exposure to interest rate risk by converting floating rate debt to a fixed rate debt. The swaps have an average remaining life of 3.4 years. Any unrealized gains or losses related to cash flow hedging instruments are reclassified from accumulated other comprehensive loss into earnings in the same period the hedged forecasted transaction affects earnings and are recorded in interest expense in the consolidated statements of operations. The ineffective portion of the cash flow hedging instruments is recorded in other income or other operating expense in the consolidated statements of operations. The loss recognized during the year ended December 31, 2016, related to ineffectiveness was insignificant. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on our variable rate deposits. During the next twelve months, we estimate that $2.1 million will be reclassified as an increase to interest expense. The following table shows the effect of our company’s derivative instruments in the consolidated statements of operations for the years ended December 31, 2016, 2015, and 2014 (in thousands) Year Ended December 31, 2016 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Loss Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ 6,383 Interest Expense $ 5,444 Interest Expense $ 30 Year Ended December 31, 2015 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Loss Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ (2,137 ) Interest expense $ 3,824 N/A $ — Year Ended December 31, 2014 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Loss Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ (2,576 ) Interest expense $ 6,068 N/A $ — We maintain a risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings caused by interest rate volatility. Our goal is to manage sensitivity to changes in rates by hedging the maturity characteristics of variable rate affiliated deposits, thereby limiting the impact on earnings. By using derivative instruments, we are exposed to credit and market risk on those derivative positions. We manage the market risk associated with interest rate contracts by establishing and monitoring limits as to the types and degree of risk that may be undertaken. Credit risk is equal to the extent of the fair value gain in a derivative if the counterparty fails to perform. When the fair value of a derivative contract is positive, this generally indicates that the counterparty owes our company and, therefore, creates a repayment risk for our company. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, have no repayment risk. See Note 6 in the notes to our consolidated financial statements for further discussion on how we determine the fair value of our financial instruments. We minimize the credit (or repayment) risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by senior management. Credit Risk-Related Contingency Features We have agreements with our derivative counterparties containing provisions where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. We have agreements with certain of our derivative counterparties that contain provisions where if our shareholders’ equity declines below a specified threshold or if we fail to maintain a specified minimum shareholders’ equity, then we could be declared in default on our derivative obligations. Certain of our agreements with our derivative counterparties contain provisions where if a specified event or condition occurs that materially changes our creditworthiness in an adverse manner, we may be required to fully collateralize our obligations under the derivative instrument. Regulatory Capital-Related Contingency Features Certain of our derivative instruments contain provisions that require us to maintain our capital adequacy requirements. If we were to lose our status as “adequately capitalized,” we would be in violation of those provisions, and the counterparties of the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. As of December 31, 2016, the fair value of derivatives in a liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $1.8 million (termination value). We have minimum collateral posting thresholds with certain of our derivative counterparties and have posted cash collateral of $12.0 million against our obligations under these agreements. If we had breached any of these provisions at December 31, 2016, we would have been required to settle our obligations under the agreements at the termination value. Counterparty Risk In the event of counterparty default, our economic loss may be higher than the uncollateralized exposure of our derivatives if we were not able to replace the defaulted derivatives in a timely fashion. We monitor the risk that our uncollateralized exposure to each of our counterparties for interest rate swaps will increase under certain adverse market conditions by performing periodic market stress tests. These tests evaluate the potential additional uncollateralized exposure we would have to each of these derivative counterparties assuming changes in the level of market rates over a brief time period. |
Debentures To Stifel Financial
Debentures To Stifel Financial Capital Trusts | 12 Months Ended |
Dec. 31, 2016 | |
Junior Subordinated Debenture Owed To Unconsolidated Subsidiary Trust [Abstract] | |
Debentures To Stifel Financial Capital Trusts | NOTE 16 – Debentures to Stifel Financial Capital Trusts The following table summarizes our debentures to Stifel Financial Capital Trusts as of December 31, 2016 and 2015 (in thousands) December 31, 2016 2015 Debenture to Stifel Financial Capital Trust II (1) $ 20,000 $ 35,000 Debenture to Stifel Financial Capital Trust III (2) 35,000 35,000 Debenture to Stifel Financial Capital Trust IV (3) 12,500 12,500 $ 67,500 $ 82,500 (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 by our company, and in turn, the Trust II would call the debenture beginning September 30, 2010. 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 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 by our company, and in turn, Trust III would call the debenture beginning June 6, 2012. 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 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 by our company, and in turn, Trust IV would call the debenture beginning September 6, 2012. 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 plus 1.85% per annum. |
Disclosures About Offsetting As
Disclosures About Offsetting Assets And Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Offsetting [Abstract] | |
Disclosures About Offsetting Assets And Liabilities | NOTE 17 – Disclosures About Offsetting Assets and Liabilities The following table provides information about financial assets and derivative assets that are subject to offset as of December 31, 2016 and 2015 (in thousands) Gross amounts not offset in the Statement of Financial Condition Gross Amounts of Recognized Assets Gross Amounts Offset in the of Financial Condition Net Amounts Presented in the Statement of Financial Condition Amounts available for offset Available collateral Net Amount As of December 31, 2016: Securities borrowing (1) $ 382,691 $ — $ 382,691 $ (291,793 ) $ (68,776 ) $ 22,122 Reverse repurchase agreements (2) 248,588 — 248,588 (216,542 ) (32,046 ) — Cash flow interest rate contracts 10,390 — 10,390 — — 10,390 $ 641,669 $ — $ 641,669 $ (508,335 ) $ (100,822 ) $ 32,512 As of December 31, 2015: Securities borrowing (1) $ 318,105 $ — $ 318,105 $ (182,399 ) $ (123,309 ) $ 12,397 Reverse repurchase agreements (2) 160,423 — 160,423 (160,423 ) — — $ 478,528 $ — $ 478,528 $ (342,822 ) $ (123,309 ) $ 12,397 (1) Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 5 in the notes to consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations. (2) Collateral received includes securities received by our company 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 pledged as collateral was $248.5 million and $160.3 million at December 31, 2016 and 2015, respectively. The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of December 31, 2016 and 2015 (in thousands) Gross amounts not offset in the Statement of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts Presented in the Statement of Financial Condition Amounts available for offset Collateral Pledged Net Amount As of December 31, 2016: Securities lending (3) $ (478,814 ) $ — $ (478,814 ) $ 291,793 $ 175,849 $ (11,172 ) Repurchase agreements (4) (268,546 ) — (268,546 ) 216,542 52,004 — Cash flow interest rate contracts (1,823 ) — (1,823 ) — 1,823 — $ (749,183 ) $ — $ (749,183 ) $ 508,335 $ 229,676 $ (11,172 ) As of December 31, 2015: Securities lending (3) $ (329,670 ) $ — $ (329,670 ) $ 182,399 $ 132,784 $ (14,487 ) Repurchase agreements (4) (278,674 ) — (278,674 ) 160,423 118,251 — Cash flow interest rate contracts (3,591 ) — (3,591 ) — 3,591 — $ (611,935 ) $ — $ (611,935 ) $ 342,822 $ 254,626 $ (14,487 ) (3) Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 5 in the notes to consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations. (4) Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $299.3 million and $285.7 million at December 31, 2016 and 2015, respectively. |
Commitments, Guarantees, And Co
Commitments, Guarantees, And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Guarantees, And Contingencies | NOTE 18 – Commitments, Guarantees, 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, 2016, had no material effect on the consolidated financial statements. 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 Bank has commitments to extend credit in the form of commitments to originate loans, standby letters of credit, and lines of credit. See Note 23 in the notes to consolidated financial statements for further details. We have committed capital to certain entities, and these commitments generally have no specified call dates. We had $12.4 million of commitments outstanding at December 31, 2016, of which $8.5 million relate to commitments to certain strategic relationships with Business Development Corporations. 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, 2016 and 2015, we did not have significant concentrations of credit risk with any one customer or counterparty, or any group of customers or counterparties. Operating Leases Future minimum commitments under non-cancelable operating leases at December 31, 2016, are as follows (in thousands) 2017 $ 91,214 2018 83,599 2019 78,407 2020 64,331 2021 47,411 Thereafter 153,446 $ 518,408 Certain leases contain provisions for renewal options and escalation clauses based on increases in certain costs incurred by the lessor. We amortize office lease incentives and rent escalation on a straight-line basis over the life of the lease. Rent expense for the years ended December 31, 2016, 2015, and 2014, was $108.7 million, $93.6 million, and $78.6 million, net of sublease income. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2016 | |
Loss Contingency Information About Litigation Matters [Abstract] | |
Legal Proceedings | NOTE 19 – Legal 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 the 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 established reserves for potential losses that are probable and reasonably estimable in connection with 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 is reasonably estimable. 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 matters 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 reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve 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. Our results of operations and financial condition for the year ended December 31, 2016 reflect both: (1) a provision for income taxes of $8.9 million as a result of the non-deductibility of a portion of the previously disclosed settlement with the SEC; and (2) an increase in our legal reserves by $31.8 million for previously disclosed legal matters. SEC/Wisconsin Lawsuit A civil lawsuit was filed against our company by the SEC in connection with our role in the sale of collateralized debt obligations (“CDOs”) investments to five Southeastern Wisconsin school districts (the “school districts”) in U.S. District Court for the Eastern District of Wisconsin on August 10, 2011. The SEC asserted claims under Section 15c(1)(A), Section 10b and Rule 10b-5 of the Exchange Act and Sections 17a(1), 17a(2), and 17a(3) of the Securities Act. The claims were based upon both alleged misrepresentations and omissions in connection with the sale of the CDOs to the school districts, as well as the allegedly unsuitable nature of the CDOs. During the fourth quarter of 2016, a settlement among the parties was approved by the Commission that resulted in the court entering a final judgment on December 6, 2016, pursuant to which Stifel was enjoined from violating Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933 and ordering civil penalties, disgorgement, and prejudgment interest of approximately $24.5 million. EDC Bond Issuance Matter We were named, along with other parties, in a lawsuit filed in Wisconsin state court asserting various claims by LDF Acquisition LLC (“LDF”), a special purpose vehicle created by Saybrook Tax Exempt Investors LLC (collectively “Saybrook”) in which, among other things, Saybrook sought repayment from the Lac Du Flambeau Band of Lake Superior Chippewa Indians and its Lake of the Torches Economic Development Corporation (the “Tribal Parties”), two different law firms and Stifel and Stifel Financial Corp. (together with Stifel, the “Stifel Parties”) for the proceeds from a $50.0 million 2008 bond offering (“the Bonds”) in which the Tribal Parties issued the Bonds, the two law firms advised the Tribal Parties and Saybrook, respectively, and Stifel acted as the initial purchaser. The various parties to this lawsuit asserted numerous claims, cross claims, and counter claims against each other. In late December, 2016, the court ruled that Stifel had provided implied warranties to Saybrook in connection with the bond offering. A jury trial commenced on January 30, 2017 and in early February 2017, Saybrook, the Tribal Parties and the Stifel Parties reached a settlement among themselves. Shortly thereafter, Saybrook, the Tribal Parties, and the Stifel Parties reached a settlement with the law firm parties, which resolved all outstanding litigation related to this matter. Broyles, et al. v. Cantor Fitzgerald & Co. et al. Matter In December 2013, Stone & Youngberg, LLC (“Stone & Youngberg”) was named in an Amended Complaint filed in U.S. District Court for the Middle District of Louisiana alleging fraud on the part of Stone & Youngberg in connection with the 2007 formation of the Collybus CDO, which was manufactured by Cantor Fitzgerald & Co. (“Cantor”) and purchased by Commonwealth Advisors (“CA”) on behalf of several CA funds, as well as in connection with, among other things, Stone & Youngberg’s facilitation of subsequent trades of Collybus CDO securities by CA on behalf of the CA funds during 2007 and 2008. In the Amended Complaint, plaintiffs allege that they lost over $200.0 million during the financial crisis through mismanagement of the CA funds. In addition to the claims asserted against Stone & Youngberg, the Amended Complaint seeks to hold our company and Stifel liable for Stone & Youngberg’s alleged wrongdoing under theories of successor and alter ego liability, arising out of our company’s purchase of the membership interests of Stone & Youngberg in 2011 and the subsequent operation of that business. The original Complaint named Cantor, CA, and CA’s CEO, Walter Morales. The CA funds filed a Chapter 11 bankruptcy petition which stayed the original lawsuit until the reorganization plan was entered by the court in the fall of 2013. Shortly thereafter, the CA funds filed their first Amended Complaint, which is the first complaint that asserted claims against Stone & Youngberg, our company or Stifel. The action is now proceeding under a Fourth Amended Complaint. On September 29, 2016, the court postponed the trial for an extended, but undefined, period to consider various motions and other matters that will impact, among other things, the ultimate trial date and the issues to be tried. While there can be no assurance of success, Stone & Youngberg intends to vigorously defend the claims against it, and our company and Stifel intend to vigorously defend the claims seeking to hold us responsible for Stone & Youngberg’s alleged liability. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | NOTE 20 – 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, 2016, Stifel had net capital of $228.8 million, which was 15.3% of aggregate debit items and $198.8 million in excess of its minimum required net capital. At December 31, 2016, all of our other broker-dealer subsidiaries’ net capital exceeded the minimum net capital required under the SEC rule. Our international subsidiaries are subject to the regulatory supervision and requirements of the Financial Conduct Authority (“FCA”) in the United Kingdom. At December 31, 2016, our international subsidiaries’ capital and reserves were in excess of the financial resources requirement under the rules of the FCA. Our company, as a bank holding company, and Stifel Bank 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 Stifel Bank’s financial results. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, our company and Stifel Bank 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 Stifel Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Effective January 1, 2015, our company and Stifel Bank became subject to Basel III. Under the Basel III rules, the quantity and quality of regulatory capital increases, 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 Stifel Bank. Various aspects of Basel III will be subject to multi-year transition periods through December 31, 2018. Our company and Stifel Bank are required to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations) 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 Stifel Bank 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 Stifel Bank are each categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” our company and Stifel Bank must maintain total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the tables below (in thousands, except ratios) Stifel Financial Corp. – Federal Reserve Capital Amounts December 31, 2016 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,610,744 18.0 % $ 402,644 4.5 % $ 581,597 6.5 % Tier 1 capital 1,813,556 20.3 536,859 6.0 715,812 8.0 Total capital 1,858,737 20.8 715,812 8.0 894,765 10.0 Tier 1 leverage 1,813,556 10.2 710,464 4.0 888,080 5.0 Stifel Bank – Federal Reserve Capital Amounts December 31, 2016 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 945,748 16.0 % $ 265,306 4.5 % $ 383,220 6.5 % Tier 1 capital 945,748 16.0 353,742 6.0 471,656 8.0 Total capital 991,668 16.8 471,656 8.0 589,570 10.0 Tier 1 leverage 945,748 7.1 534,215 4.0 667,768 5.0 |
Interest Income And Interest Ex
Interest Income And Interest Expense | 12 Months Ended |
Dec. 31, 2016 | |
Banking And Thrift Interest [Abstract] | |
Interest Income And Interest Expense | NOTE 21 – Interest Income and Interest Expense The components of interest income and interest expense are as follows (in thousands) Year Ended December 31, 2016 2015 2014 Interest income: Bank loans, net of unearned income $ 131,808 $ 79,816 $ 71,167 Investment securities 108,992 53,787 71,526 Margin balances 32,147 22,421 19,095 Other 21,385 23,077 24,181 $ 294,332 $ 179,101 $ 185,969 Interest expense: Senior notes $ 36,845 $ 25,695 $ 26,617 Bank deposits 7,331 7,262 7,845 Federal Home Loan Bank advances 6,777 551 81 Other 15,921 11,891 6,718 $ 66,874 $ 45,399 $ 41,261 |
Employee Incentive, Deferred Co
Employee Incentive, Deferred Compensation, And Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | |
Employee Incentive, Deferred Compensation, And Retirement Plans | NOTE 22 – Employee Incentive, Deferred Compensation, and Retirement Plans We maintain several incentive stock award plans that provide for the granting of stock options, stock appreciation rights, restricted stock, performance award, stock units, and debentures to our employees. We are permitted to issue new shares under all stock award plans approved by shareholders or to reissue our treasury shares. Awards under our company’s incentive stock award plans are granted at market value at the date of grant. The awards generally vest ratably over a one- to eight-year vesting period. All 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 these plans, we are authorized to grant an additional 6.0 million shares at December 31, 2016. Stock-based compensation expense included in compensation and benefits expense in the consolidated statements of operations for our company’s incentive stock award plans was $190.1 million, $142.1 million, and $111.6 million for the years ended December 31, 2016, 2015, and 2014, respectively. The tax provision related to stock-based compensation recognized in shareholders’ equity was $4.9 million for the year ended December 31, 2016, and a benefit of $14.7 million and $19.9 million for the years ended December 31, 2015 and 2014, respectively. During 2016, the Company’s Board of Directors removed the continuing service requirements associated with restricted stock units that were granted to certain employees of Barclays in December 2015. As a result of the modification, the awards were expensed at date of modification, resulting in a charge of $58.6 million during 2016. The fair value of the awards is based upon the closing price of our company’s common stock on the date of the grant of the awards. These charges are included in compensation and benefits in the consolidated statements of operations for the year ended December 31, 2016. On June 5, 2015, certain employees were granted restricted stock units of our company as retention. The fair value of the awards issued as retention was $23.8 million. The fair value of the awards is based upon the closing price of our company’s common stock on the date of grant. There are no continuing service requirements associated with these restricted stock units, and accordingly, they were expensed at date of grant. This charge is included in compensation and benefits in the consolidated statements of operations for the year ended December 31, 2015. Stock Options We have substantially eliminated the use of stock options as a form of compensation. During the year ended December 31, 2016, no options were granted. A summary of option activity under the plans as of December 31, 2016, and changes during the year then ended is presented below (in thousands, except exercise price and contractual terms): Options Weighted-average exercise price Weighted-average remaining contractual term Aggregate intrinsic value Outstanding December 31, 2015 86 $ 38.69 Granted — — Exercised 31 17.37 Forfeited — — Expired 41 54.54 Outstanding December 31, 2016 14 $ 39.15 1.22 $ 246 At December 31, 2016, all outstanding options were exercisable. The total intrinsic value of options exercised during the years ended December 31, 2016 and 2015 were not material. The total intrinsic value of options exercised during the year ended December 31, 2014, was $1.6 million. Cash proceeds from the exercise of stock options were not material for the year ended December 31, 2016 and 2015. Cash proceeds were $0.3 million for the year ended December 31, 2014. Tax benefits realized from the exercise of stock options for the years ended December 31, 2016, 2015, and 2014, were $0.1 million, $0.6 million, and $0.5 million, respectively. Stock Units A stock unit represents the right to receive a share of common stock from our company at a designated time in the future without cash payment by the employee 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 eight years and are distributable, if vested, at future specified dates. Our company began granting Performance-based Restricted Stock Units (“PRSUs”) to its executive officers in 2016. Under the terms of the grants, the number of PRSUs that will vest and convert to shares will be based on our 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. The number of shares converted has the potential to range from 0% to 200% based on how our company performs during the performance period. Compensation expense is amortized on a straight-line basis over the service period based on the fair value of the award on the grant date. The Company’s pre-determined performance objectives must be met for the awards to vest. Employees forfeit unvested share units upon termination of employment with a corresponding reversal of compensation expense. At December 31, 2016, the total number of stock units outstanding was 21.8 million, of which 16.3 million were unvested. At December 31, 2016, the total number of PRSU’s was 0.5 million, of which all were unvested. A summary of unvested stock unit activity under the plans as of December 31, 2015, and changes during the year then ended is presented below (in thousands, except weighted-average fair value) Stock Units Weighted-average grant date fair value Unvested December 31, 2015 12,274 $ 41.78 Granted 7,947 35.97 Vested (3,368 ) 39.83 Cancelled (577 ) 38.00 Unvested December 31, 2016 16,276 $ 39.40 At December 31, 2016, there was unrecognized compensation cost for stock units of approximately $379.1 million, which is expected to be recognized over a weighted-average period of 3.2 years. The fair value of stock units that vested during the year ended December 31, 2016, was $134.1 million. Deferred Compensation Plans The Wealth Accumulation Plan (the “Plan”) is provided to certain revenue producers, officers, and key administrative employees, whereby a certain percentage of their incentive compensation is deferred as defined by the Plan into company stock units and debentures. Participants may elect to defer a portion of their incentive compensation. Deferred awards generally vest over a one- to eight-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 4% of their gross commissions. They have the option to: 1) defer 5% of their gross commissions into company stock units and may elect to defer an additional 1% of gross commissions into company stock units with a 25% matching contribution, or 2) defer up to 2% in mutual funds, which earn a return based on the performance of index mutual funds as designated by our company or a fixed income option. The mutual fund deferral option does not include a company match. Financial advisors have no ownership in the mutual funds. Included in the investments in the consolidated statements of financial condition are investments in mutual funds of $11.3 million and $15.5 million at December 31, 2016 and 2015, respectively, that were purchased by our company to economically hedge, on an after-tax basis, its liability to the financial advisors who choose to base the performance of their return on the index mutual fund option. At December 31, 2016 and 2015, the deferred compensation liability related to the mutual fund option of $8.6 million and $12.4 million, respectively, is included in accrued compensation in the consolidated statements of financial condition. In addition, certain financial advisors, upon joining our 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. Employee Profit Sharing Plan Eligible employees of our company who have met certain service requirements may participate in the Stifel Financial Corp. Profit Sharing 401(k) Plan (the “Plan”). Employees are permitted within limitations imposed by tax law to make pre-tax contributions to the Plan. We may match certain employee contributions or make additional contributions to the Plan at our discretion. Our contributions to the Profit Sharing Plan were $6.5 million, $7.7 million, and $4.9 million for the years ended December 31, 2016, 2015, and 2014, respectively. |
Off-Balance Sheet Credit Risk
Off-Balance Sheet Credit Risk | 12 Months Ended |
Dec. 31, 2016 | |
Concentration Risks Types No Concentration Percentage [Abstract] | |
Off-Balance Sheet Credit Risk | NOTE 23 – Off-Balance 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 three 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, 2016 and 2015, the fair value of securities accepted as collateral where we are permitted to sell or repledge the securities was $2.5 billion and $2.4 billion, respectively, and the fair value of the collateral that had been sold or repledged was $268.5 million and $278.7 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 15 in the notes to consolidated financial statements. In the ordinary course of business, Stifel Bank 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, 2016 and 2015, Stifel Bank had outstanding commitments to originate loans aggregating $205.8 million and $130.5 million, respectively. The commitments extended over varying periods of time, with all commitments at December 31, 2016, scheduled to be disbursed in the following three months. Through Stifel Bank, 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 Bank 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 Bank 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, 2016 and 2015, Stifel Bank had outstanding letters of credit totaling $88.9 million and $38.7 million, respectively. A majority of the standby letters of credit commitments at December 31, 2016, 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 Bank uses the same credit policies in granting lines of credit as it does for on-balance sheet instruments. At December 31, 2016 and 2015, Stifel Bank had granted unused lines of credit to commercial and consumer borrowers aggregating $492.5 million and $403.2 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |
Income Taxes | NOTE 24 – Income Taxes The provision for income taxes consists of the following (in thousands) Year Ended December 31, 2016 2015 2014 Current taxes: Federal $ 7,927 $ 43,962 $ 100,262 State 5,818 9,672 21,835 Foreign 1,255 1,329 (1,831 ) 15,000 54,963 120,266 Deferred taxes: Federal 39,127 (9,396 ) (275 ) State 6,261 3,056 (8,064 ) Foreign 674 608 (263 ) 46,062 (5,732 ) (8,602 ) Provision for income taxes $ 61,062 $ 49,231 $ 111,664 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, 2016 2015 2014 Statutory rate $ 49,904 $ 49,548 $ 101,778 State income taxes, net of federal income tax 7,688 7,908 14,860 Change in valuation allowance (229 ) 535 (2,433 ) Provision to return (204 ) 904 (2,956 ) Investment in subsidiary — (4,800 ) — Change in uncertain tax position 41 (3,903 ) 276 Non-deductible litigation expense 7,700 — — Foreign tax rate difference (1,810 ) (106 ) 90 Other, net (2,028 ) (855 ) 49 $ 61,062 $ 49,231 $ 111,664 Tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities (in thousands) December 31, 2016 2015 Deferred tax assets: Deferred compensation $ 181,575 $ 173,759 Net operating loss carryforwards 40,266 48,831 Accrued expenses 35,443 65,451 Unrealized loss on investments — 27,769 Depreciation 12,550 10,055 Receivable reserves 22,870 16,343 Total deferred tax assets 292,704 342,208 Valuation allowance (8,768 ) (12,738 ) 283,936 329,470 Deferred tax liabilities: Goodwill and other intangibles (49,481 ) (33,437 ) Change in accounting method — (625 ) Prepaid expenses (4,557 ) (4,211 ) Unrealized gain on investments (1,459 ) — Other (2,986 ) (6,070 ) (58,483 ) (44,343 ) Net deferred tax asset $ 225,453 $ 285,127 Our net deferred tax asset at December 31, 2016, includes net operating loss carryforwards of $312.2 million that expire between 2020 and 2035. 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 decreased by $4.0 million as an inactive foreign entity was formally dissolved. We believe the realization of the remaining net deferred tax asset of $225.5 million is more likely than not based on the ability to carry back losses against prior year taxable income and expectations of future taxable income. The current tax payable, included in accounts payable and accrued expenses, is a payable of $16.0 million and a receivable of $1.0 million as of December 31, 2016 and 2015, respectively. We have recorded income tax expense at U.S. tax rates on all profits, except for undistributed profits of our foreign subsidiaries that are considered indefinitely reinvested. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not feasible. If management’s intentions or U.S. tax laws change in the future, there may be a significant impact on the provision for income taxes to record a change in the tax liability in the period the change occurs. Uncertain Tax Positions As of December 31, 2016 and 2015, we had $1.8 million and $2.7 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, 2016 and 2015, we had accrued interest and penalties of $0.7 million and $0.8 million, respectively, before benefit of federal tax deduction, included in accounts payable and accrued expenses on our consolidated statements of financial condition. The amount of interest and penalties recognized on our consolidated statements of operations for the years ended December 31, 2016, 2015, and 2014, was not significant. The following table summarizes the activity related to our company’s unrecognized tax benefits from January 1, 2014 to December 31, 2016 (in thousands) Year Ended December 31, 2016 2015 2014 Beginning balance $ 2,717 $ 5,510 $ 5,158 Increase related to prior year tax positions 5 1,206 627 Decrease related to prior year tax positions (31 ) (33 ) (443 ) Increase related to current year tax positions — — 294 Decrease related to settlements with taxing authorities (42 ) (4,815 ) (126 ) Decrease related to lapsing of statute of limitations — — — Increase/(decrease) related to business acquisitions (849 ) 849 — Ending balance $ 1,800 $ 2,717 $ 5,510 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 2012. We are not subject to certain state and local, or non-U.S. income tax examinations for taxable years before 2008. 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, 2016 | |
Segment Reporting Information Profit Loss [Abstract] | |
Segment Reporting | NOTE 25 – Segment Reporting We currently operate through the following three reporting segments: Global Wealth Management, Institutional Group, and various corporate activities combined in the Other segment. Our Global Wealth Management segment consists of two operating segments, the Private Client Group and Stifel Bank. 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 Stifel Bank. Stifel Bank segment provides 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, compensation expense associated with the expensing of restricted stock awards with no continuing service requirements in conjunction with recent acquisitions, amortization of stock-based awards for certain administrative employees, 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, 2016, 2015, and 2014, is as follows (in thousands) Year Ended December 31, 2016 2015 2014 Net revenues: (1) Global Wealth Management $ 1,563,410 $ 1,377,313 $ 1,232,651 Institutional Group 1,014,164 975,594 997,071 Other (2,078 ) (21,313 ) (21,298 ) $ 2,575,496 $ 2,331,594 $ 2,208,424 Income/(loss) before income taxes: Global Wealth Management $ 430,318 $ 382,126 $ 346,978 Institutional Group 164,143 141,042 165,546 Other (451,879 ) (381,601 ) (221,730 ) $ 142,582 $ 141,567 $ 290,794 (1) No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2016, 2015, and 2014. The following table presents our company’s total assets on a segment basis at December 31, 2016 and 2015 (in thousands) December 31, 2016 2015 Global Wealth Management $ 16,065,503 $ 10,519,575 Institutional Group 2,657,183 2,193,781 Other 406,670 612,695 $ 19,129,356 $ 13,326,051 We have operations in the United States, United Kingdom, and Europe. Our company’s foreign operations are conducted through its wholly owned subsidiary, SNEL. 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, 2016, 2015, and 2014, were as follows (in thousands): Year Ended December 31, 2016 2015 2014 United States $ 2,433,674 $ 2,195,538 $ 2,082,876 United Kingdom 132,622 125,552 113,943 Other European 9,200 10,504 11,605 $ 2,575,496 $ 2,331,594 $ 2,208,424 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 26 – 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, 2016, 2015, and 2014 (in thousands, except per share data) Year Ended December 31, 2016 2015 2014 Income from continuing operations $ 81,520 $ 92,336 $ 179,130 Loss from discontinued operations, net of tax — — (3,063 ) Net income 81,520 92,336 176,067 Preferred dividends 3,906 — — Net income available to common shareholders $ 77,614 $ 92,336 $ 176,067 Shares for basic and diluted calculation: Average shares used in basic computation 66,871 68,543 66,472 Dilutive effect of stock options and units (1) 10,692 10,011 9,904 Average shares used in diluted computation 77,563 78,554 76,376 Earnings per basic common share: Income from continuing operations $ 1.16 $ 1.35 $ 2.69 Loss from discontinued operations — — (0.04 ) Earnings per basic common share $ 1.16 $ 1.35 $ 2.65 Earnings per diluted common share: Income from continuing operations $ 1.00 $ 1.18 $ 2.35 Loss from discontinued operations — — (0.04 ) Earnings per basic common share $ 1.00 $ 1.18 $ 2.31 (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 stock options and units. For the years ended December 31, 2016, 2015, and 2014, the anti-dilutive effect from restricted stock units was immaterial. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 27 – Shareholders’ 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, 2016, the maximum number of shares that may yet be purchased under this plan was 7.4 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, 2016, we repurchased $ 113.5 117.7 Issuance of Common Stock from Treasury During the year ended December 31, 2016, we issued 0.3 million shares of common stock from treasury, in aggregate, as part of the purchase consideration for our acquisitions of Eaton Partners, which closed on January 4, 2016, and ISM, which closed on May 3, 2016. Share issuances out of treasury during the year ended December 31, 2016, was primarily a result of the vesting and exercise transactions under our incentive stock award plans and shares issued as part of the purchase consideration for various acquisitions. Issuance of Common Stock On June 5, 2015, we issued 1.4 million shares related to the purchase of Sterne Agee Group, Inc. See Note 3 in the notes to consolidated financial statements for additional information regarding the acquisition. Share issuances during the years ended December 31, 2015 and 2014, were primarily a result of the vesting and exercise transactions under our incentive stock award plans and shares issued as part of the purchase consideration for various acquisitions. Issuance of Preferred Stock On July, 11, 2016, our company issued $150.0 million of perpetual 6.25% Non-Cumulative Perpetual Preferred Stock, Series A, $1.00 par value, with a liquidation preference of $25,000 per share (equivalent to $25 liquidation preference per depositary share). When, as, and if declared by the board of directors of the company, dividends will be payable at an annual rate of 6.25%, payable quarterly, in arrears. We may redeem the Series A preferred stock at our option, subject to regulatory approval, on or after July 15, 2021, or following a regulatory capital treatment event, as defined. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | |
Variable Interest Entities | NOTE 28 – Variable Interest Entities Our company’s involvement with VIEs is limited to entities used as investment vehicles and private equity funds, the establishment of Stifel Financial Capital Trusts, and our issuance of a convertible promissory note. 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 partnerships and LLCs have assets of $167.1 million at December 31, 2016. 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. Management fee revenue earned by our company was insignificant during the years ended December 31, 2016, 2015, and 2014. In addition, our direct investment interest in these entities is insignificant at December 31, 2016 and 2015. Thomas Weisel Capital Management LLC, a subsidiary of our company, acts as the general partner of a series of investment funds in venture capital and fund of funds and manages investment funds that are active buyers of secondary interests in private equity funds, as well as portfolios of direct interests in venture-backed companies. These partnerships have combined assets of $316.1 million at December 31, 2016. We hold variable interests in these funds as a result of our company’s rights to receive management fees. Our company’s investment in and additional capital commitments to the private equity funds are also considered variable interests. The additional capital commitments are subject to call at a later date and are limited in amount. Our exposure to loss is limited to our investments in, advances and commitments to, and receivables due from these funds, and that exposure is insignificant at December 31, 2016. Management fee revenue earned by our company was insignificant during the years ended December 31, 2016, 2015, and 2014. For the entities noted above that were determined to be VIEs, we have concluded that we are not the primary beneficiary, and therefore, we are not required to consolidate these entities. Additionally, for certain other entities, we reviewed other relevant accounting guidance, which states the general partner in a limited partnership is presumed to control that limited partnership. The presumption may be overcome if the limited partners have either: (1) the substantive ability to dissolve the limited partnership or otherwise remove the general partner without cause, or (2) substantive participating rights, which provide the limited partners with the ability to effectively participate in significant decisions that would be expected to be made in the ordinary course of the limited partnership’s business and thereby preclude the general partner from exercising unilateral control over the partnership. If the criteria are not met, the consolidation of the partnership or limited liability company is required. Based on our evaluation of these entities, we determined that these entities do not require consolidation. 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. Interest in FSI Group, LLC (“FSI”) We have provided financing of $18.0 million in the form of a convertible promissory note to FSI, a limited liability company specializing in investing in banks, thrifts, insurance companies, and other financial services firms. In February 2013, the convertible promissory note was amended and restated. The convertible promissory note matures in April 2018; however, FSI has three five-year extension options. The note is convertible at our election into a 49.9% interest in FSI only after the last extension option. The convertible promissory note has a minimum coupon rate equal to 8% per annum plus additional interest related to certain defined cash flows of the business, not to exceed 18% per annum. As we do not hold the power to direct the activities of FSI nor to absorb a majority of the expected losses, or receive a majority of the expected benefits, it was determined that we are not required to consolidate this entity. Our company’s exposure to loss is limited to the carrying value of the note with FSI at December 31, 2016, of $18.0 million, which is included in other assets in the consolidated statements of financial condition. Our company had no liabilities related to this entity at December 31, 2016. We have the discretion to make additional capital contributions. We have not provided financial or other support to FSI that we were not previously contractually required to provide as of December 31, 2016. Our company’s involvement with FSI has not had a material effect on our consolidated financial position, operations, or cash flows. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 29 – Subsequent Events We evaluate subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | NOTE 30 – Quarterly Financial Information (Unaudited) Year Ended December 31, 2016 (in thousands, except per share amounts) 1 st 2 nd 3 rd 4 th Operating revenues $ 571,299 $ 603,627 $ 586,488 $ 586,665 Interest income 62,786 65,780 74,881 90,844 Total revenues 634,085 669,407 661,369 677,509 Interest expense 14,111 17,262 19,383 16,118 Net revenues 619,974 652,145 641,986 661,391 Total non-interest expenses 576,061 636,352 614,004 606,497 Income before income tax expense 43,913 15,793 27,982 54,894 Provision for income taxes 16,858 6,022 10,168 28,014 Net income 27,055 9,771 17,814 26,880 Preferred dividends — — 1,563 2,343 Net income available to common shareholders $ 27,055 $ 9,771 $ 16,251 $ 24,537 Earnings per common share Basic $ 0.40 $ 0.15 $ 0.24 $ 0.37 Diluted $ 0.36 $ 0.13 $ 0.21 $ 0.31 Weighted-average number of common shares outstanding: Basic 67,579 66,792 66,482 66,636 Diluted 76,086 75,982 77,544 79,539 Year Ended December 31, 2015 (in thousands, except per share amounts) 1 st 2 nd 3 rd 4 th Operating revenues $ 531,265 $ 563,998 $ 557,995 $ 545,132 Interest income 42,736 43,851 43,376 48,639 Total revenues 574,001 607,849 601,371 593,771 Interest expense 13,019 10,098 9,796 12,485 Net revenues 560,982 597,751 591,575 581,286 Total non-interest expenses 490,916 559,680 569,227 570,204 Income before income tax expense 70,066 38,071 22,348 11,082 Provision for income taxes 26,969 17,183 5,169 (90 ) Net income $ 43,097 $ 20,888 $ 17,179 $ 11,172 Earnings per common share Basic $ 0.62 $ 0.31 $ 0.25 $ 0.16 Diluted $ 0.56 $ 0.27 $ 0.22 $ 0.14 Weighted-average number of common shares outstanding: Basic 68,006 68,370 69,633 68,150 Diluted 77,359 77,856 79,759 79,355 |
Nature of Operations and Basi39
Nature of Operations and Basis Of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [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. We have offices throughout the United States, with a growing presence in Europe. Our major geographic area of concentration is throughout the United States, with a growing presence in the United Kingdom and Europe. 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 (“KBW”), and Stifel Bank & Trust (“Stifel Bank”). 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. We also 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. In determining whether to consolidate these entities, we evaluate whether the entity is a voting interest entity or a variable interest entity (“VIE”). When we do not have a controlling interest in an entity, but we exert significant influence over the entity, we apply the equity method of accounting. All material intercompany balances and transactions have been eliminated in consolidation. |
Voting Interest Entity | Voting Interest Entity – Voting interest entities are entities that have (i) total equity investment at risk sufficient to fund expected future operations independently, and (ii) equity holders who have the obligation to absorb losses or receive residual returns and the right to make decisions about the entity’s activities. We consolidate voting interest entities when we determine that there is a controlling financial interest, usually ownership of all, or a majority of, the voting interest. |
Variable Interest Entity | Variable Interest Entity – VIEs are entities that lack one or more of the characteristics of a voting interest entity. We are required to consolidate certain VIEs in which we have the power to direct the activities of the entity and the obligation to absorb significant losses or receive significant benefits. In other cases, we consolidate VIEs when we are deemed to be the primary beneficiary. The primary beneficiary is defined as the entity that has a variable interest, or a combination of variable interests, that maintains control and receives benefits or will absorb losses that are not pro rata with its ownership interests. The determination as to whether an entity is a VIE is based on the structure and nature of the entity. We also consider other characteristics, such as the ability to influence the decision-making relative to the entity’s activities and how the entity is financed. With the exception of entities eligible for the deferral codified in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2010-10, “Consolidation: Amendments for Certain Investment Funds” (“ASU 2010-10”) (generally asset managers and investment companies), ASC 810 states that a controlling financial interest in an entity is present when an enterprise has a variable interest, or combination of variable interests, that have both 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. Entities meeting the deferral provision defined by ASU 2010-10 are evaluated under the historical VIE guidance. Under the historical guidance, a controlling financial interest in an entity is present when an enterprise has a variable interest, or combination of variable interests, that will absorb a majority of the entity’s expected losses, receive a majority of the entity’s expected residual returns, or both. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. We determine whether we are the primary beneficiary of a VIE by first performing a qualitative 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. Where a qualitative analysis is not conclusive, we perform a quantitative analysis. We reassess our initial evaluation of an entity as a VIE and our initial determination of whether we are the primary beneficiary of a VIE upon the occurrence of certain reconsideration events. See Note 28 for additional information on VIEs. |
Summary Of Significant Accoun40
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
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 money market mutual funds, deposits with banks, certificates of deposit, and federal funds sold. Cash and cash equivalents also include balances that Stifel Bank maintains 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, 2016. |
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. Brokerage client receivables, primarily 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,” 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 6 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 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 agency, commercial, and non-agency mortgage-backed securities, asset-backed securities, consisting of collateralized loan obligation securities and ARS, and corporate fixed income securities. We evaluate all securities in an unrealized loss position quarterly to assess whether the impairment is other-than-temporary on a quarterly basis. Our other-than-temporary impairment (“OTTI”) assessment is a subjective process requiring the use of judgments and assumptions. Accordingly, we consider a number of qualitative and quantitative criteria in our assessment, including the extent and duration of the impairment, recent events specific to the issuer and/or industry to which the issuer belongs, the payment structure of the security, external credit ratings and the failure of the issuer to make scheduled interest or principal payments, the value of underlying collateral, current market conditions, and our company’s ability and intent to hold the investment until its value recovers or the securities mature. We may determine that the decline in fair value of an investment is other-than-temporary if our analysis of these factors indicates that we will not recover our investment in the securities. If we determine that impairment on our debt securities is other-than-temporary and we have made the decision to sell the security or it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis, we recognize the entire portion of the impairment in earnings. If we have not made a decision to sell the security and we do not expect that we will be required to sell the security prior to recovery of the amortized cost basis, we recognize only the credit component of OTTI in other operating expenses in the consolidated statements of operations. The remaining unrealized loss due to factors other than credit, or the non-credit component, is recorded in accumulated other comprehensive loss. We determine the credit component based on the difference between the security’s amortized cost basis and the present value of its expected future cash flows, discounted based on the purchase yield. The non-credit component represents the difference between the security’s fair value and the present value of expected future cash flows. We estimate the portion of loss attributable to credit using a discounted cash flow model. Key assumptions used in estimating the expected cash flows include default rates, loss severity, and prepayment rates. Assumptions used can vary widely based on the collateral underlying the securities and are influenced by factors such as collateral type, loan interest rate, geographical location of the borrower, and borrower characteristics. Unrealized gains and losses on our available-for-sale securities are reported, net of taxes, in accumulated other comprehensive loss 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 loss 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 and Allowance for Loan Losses 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 Bank. 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. We regularly review the loan portfolio and have established an allowance for loan losses for inherent losses estimated to have occurred in the loan portfolio through a provision for loan losses charged to other operating expenses in the consolidated statements of operations. In providing for the allowance for loan losses, we consider historical loss experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. 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. We consider a loan a trouble debt restructuring when an existing borrower is granted concessionary rates or terms, which would not otherwise be offered. The concessions granted do not reflect current market conditions for a new loan of similar risk to another borrower in similar financial circumstances. 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 (“non-accrual status”) and any accrued and unpaid interest income is reversed. Loans placed on non-accrual 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. 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. |
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 an accelerated 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. Depreciation expense is recorded in occupancy and equipment rental expense in the consolidated statements of operations. Office equipment, leasehold improvements, and property are stated at cost net of accumulated depreciation and amortization in the consolidated statements of financial condition. Office equipment is 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 for impairment at the reporting unit level, which is generally at the level of or one level below our company’s business segments. For both the annual and interim tests, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then performing the two-step impairment test is not required. However, if we conclude otherwise, we are then required to perform the first step of the two-step impairment test. Goodwill impairment is determined by comparing the estimated fair value of a reporting unit with its respective carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. If the estimated fair value is below carrying value, however, further analysis is required to determine the amount of the impairment. Additionally, if the carrying value of a reporting unit is zero or a negative value and it is determined that it is more likely than not the goodwill is impaired, further analysis is required. The estimated fair values of the reporting units are derived based on valuation techniques we believe market participants would use for each of the reporting units. We have elected July 31 as our annual impairment testing date. No indicators of impairment were identified. 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. If the individual leaves before the term of the loan expires or fails to meet certain performance standards, the individual is required to repay the balance. In determining the allowance for doubtful receivables from former employees, management considers the facts and circumstances surrounding each receivable, including the amount of the unforgiven balance, the reasons for the terminated employment relationship, and the former employees’ overall financial situation. |
Derivative Instruments And Hedging Activities | Derivative Instruments and Hedging Activities We recognize all of our derivative instruments at fair value as either assets or liabilities in the consolidated statements of financial condition. 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. 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. For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive loss, net of tax, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, is recognized in current earnings during the period of change. We do not use derivatives for trading or speculative purposes and, at December 31, 2016, all of our derivatives are designated as cash flow hedges. See Note 15 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, which include underwriting fees, management fees, advisory fees, placement fees, and sales credits earned in connection with the distribution of the underwritten securities, are recorded when services for the transactions are completed under the terms of each engagement. Expenses associated with such transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded. Investment banking revenues are presented net of related unreimbursed expenses. We have not recognized any incentive income that is subject to contingent repayments. Asset management and service fees are recorded when earned, based on the period-end assets in the accounts, and consist of customer account service fees, per account fees (such as IRA fees), and wrap fees, net of external manager costs on managed accounts. 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. |
Direct Financing And Operating Leases | Operating Leases We lease office space and equipment under operating leases. We recognize rent expense related to these operating leases on a straight-line basis over the lease term. The lease term commences on the earlier of the date when we become legally obligated for the rent payments or the date on which we take possession of the property. For tenant improvement allowances and rent holidays, we record a deferred rent liability in accounts payable and accrued expenses in the consolidated statements of financial condition and amortize the deferred rent over the lease term as a reduction to occupancy and equipment rental expense in the consolidated statements of operations. |
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 24 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. In accordance with FASB Accounting Standards Codification Topic 830, “Foreign Currency Matters,” |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance Financial Instruments – Credit Losses In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments − Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” For trade receivables, loans, and held-to-maturity debt securities, the current probable loss recognition methodology is being replaced by an expected credit loss model. For available-for-sale debt securities, the recognition model on credit losses is generally unchanged, except the losses will be presented as an adjustable allowance. The guidance is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our company), including interim periods within that reporting period. Early adoption is permitted for annual periods beginning after December 15, 2018. We are currently evaluating the effect that the new guidance will have on our consolidated financial statements. Revenue Recognition In April 2016, the FASB issued ASU No. 2016-10, “Identifying Performance Obligations and Licensing” that amends the revenue guidance in ASU 2014-09 on identifying performance obligations. The effective date of the new guidance will coincide with ASU 2014-09 during the first quarter of 2018. In March 2016, the FASB issued ASU No. 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net)” (“ASU 2016-08”) that amends the principal versus agent guidance in ASU 2014-09. ASU 2016-08 clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer. ASU 2016-08 also provides additional guidance about how to apply the control principle when services are provided and when goods or services are combined with other goods or services. The effective date of the standard for the Company will coincide with ASU 2014-09 during the first quarter of 2018. In May 2014, the FASB issued ASU No. 2014-09, “Revenue From Contracts With Customers (Topic 606),” (“ASU 2014-09”) that supersedes current revenue recognition guidance, including most industry-specific guidance. ASU 2014-09 requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. The guidance also requires additional disclosures regarding the nature, amount, timing, and uncertainty of revenue that is recognized. The FASB has approved a one-year deferral of this standard, and this pronouncement is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and is to be applied using one of two retrospective application methods, with early application not permitted. In 2016, we began analyzing the impact of the standard on our contract portfolio by reviewing our current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard to our revenue contracts. In addition, we are in the early phases of identifying appropriate changes to our business processes, systems, and controls to support recognition and disclosure under the new standard. We have been closely monitoring FASB activity related to the new standard. During the second half of 2016, we began developing a plan regarding the evaluation of the potential changes from adopting the new standard on our future financial reporting and disclosures. We also made progress on our contract reviews and detailed policy drafting. Based on our evaluation, we expect to adopt the requirements of the new standard in the first quarter of 2018 and anticipate using the modified retrospective approach. Share-Based Payments In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) that requires an entity to record all excess tax benefits and tax deficiencies as an income tax benefit or expense in the income statement. ASU 2016-09 will also require an entity to elect an accounting policy to either estimate the number of forfeitures or account for forfeitures when they occur. The guidance is effective for fiscal years beginning after December 15, 2016 (January 1, 2017 for our company). We are currently evaluating the effect that the new guidance will have on our consolidated financial statements. Leases In February 2016, the FASB issued ASU No. 2016-02, “Leases” that requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. Lessors will continue to classify leases as operating, direct financing, or sales-type leases. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. The guidance is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for our company). Early adoption is permitted. We are currently evaluating the transition method that will be elected and the effect that the new guidance will have on our consolidated financial statements. Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” that will change the income statement impact of equity investments held by an entity, and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The guidance is effective for fiscal years beginning after December 15, 2017 (January 1, 2018 for our company). We are currently evaluating the effect that the new guidance will have on our consolidated financial statements. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Disclosures for Investments in Certain Entities That Calculate Net Asset Value Per Share In May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value Per Share (or Its Equivalent).” The guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The guidance became effective for us on January 1, 2016. See Note 6 – Fair Value Measurements. Interest − Imputation of Interest In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The guidance in ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for fiscal years beginning after December 15, 2015 (January 1, 2016 for our company) and is required to be applied retrospectively to all periods presented beginning in the year of adoption. Upon the adoption of ASU 2015-03 by our company on January 1, 2016, the impact was a reduction in both other assets and senior notes of $9.9 million. In accordance with ASU No. 2015-03, previously reported amounts have been conformed to the current presentation, as reflected in the consolidated statements of financial condition. The impact as of December 31, 2015, was a reduction to both total assets and total liabilities of $9.9 million. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Components Of Discontinued Operations | (in thousands) Year Ended December 31, 2016 2015 2014 Net revenues $ — $ — $ (121 ) Restructuring expense — — 217 Operating expenses — — 3,924 Total non-interest expenses — — 4,141 Loss from discontinued operations before income tax expense — — (4,262 ) Income tax benefit — — (1,199 ) Loss from discontinued operations, net of tax $ — $ — $ (3,063 ) |
Receivables From And Payables42
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015, included (in thousands) December 31, 2016 2015 Deposits paid for securities borrowed $ 382,691 $ 318,105 Receivables from clearing organizations 568,373 260,077 Securities failed to deliver 73,688 23,649 $ 1,024,752 $ 601,831 |
Amounts Payable To Brokers, Dealers, And Clearing Organizations | Amounts payable to brokers, dealers, and clearing organizations at December 31, 2016 and 2015, included (in thousands) December 31, 2016 2015 Deposits received from securities loaned $ 478,814 $ 329,670 Payable to clearing organizations 16,411 92,008 Securities failed to receive 27,882 16,353 $ 523,107 $ 438,031 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value | December 31, 2016 December 31, 2015 Fair value of investments Unfunded commitments Fair value of investments Unfunded commitments Private company investments $ 18,763 $ 8,526 $ 34,385 $ 14,178 Partnership interests 15,798 1,822 22,502 2,018 Mutual funds 11,301 — 20,399 — Private equity funds 9,310 2,020 12,970 9,352 Money market funds 35,637 — 77,097 — Total $ 90,809 $ 12,368 $ 167,353 $ 25,548 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | December 31, 2016 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 9,951 $ 9,951 $ — $ — U.S. government agency securities 89,833 — 89,833 — Mortgage-backed securities: Agency 305,774 — 305,774 — Non-agency 28,402 — 27,320 1,082 Corporate securities: Fixed income securities 299,946 1,944 297,729 273 Equity securities 32,044 31,444 — 600 State and municipal securities 159,095 — 159,095 — Total financial instruments owned 925,045 43,339 879,751 1,955 Available-for-sale securities: U.S. government agency securities 4,197 300 3,897 — State and municipal securities 72,490 — 72,490 — Mortgage-backed securities: Agency 338,732 — 338,732 — Commercial 72,773 — 72,773 — Non-agency 1,892 — 1,892 — Corporate fixed income securities 823,511 — 823,511 — Asset-backed securities 1,867,718 — 1,867,718 — Total available-for-sale securities 3,181,313 300 3,181,013 — Investments: Corporate equity securities 27,247 23,414 — 3,833 Auction rate securities: Equity securities 48,689 — — 48,689 Municipal securities 832 — — 832 Other 1,623 — 383 1,240 Investments measured at NAV 55,172 Total investments 133,563 23,414 383 54,594 Cash equivalents measured at NAV 35,637 Derivative contracts (1) 10,390 — 10,390 — $ 4,285,948 $ 67,053 $ 4,071,537 $ 56,549 (1) Included in other assets in the consolidated statements of financial condition. December 31, 2016 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 362,536 $ 362,536 $ — $ — U.S. government agency securities 20,549 — 20,549 — Mortgage-backed securities: Agency 94,552 — 94,552 — Non-agency 1 — 1 — Corporate securities: Fixed income securities 202,968 980 201,988 — Equity securities 18,395 18,395 — — State and municipal securities 31 — 31 — Total financial instruments sold, but not yet purchased 699,032 381,911 317,121 — Derivative contracts (2) 1,823 — 1,823 — $ 700,855 $ 381,911 $ 318,944 $ — (2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2015, are presented below (in thousands) December 31, 2015 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 45,167 $ 45,167 $ — $ — U.S. government agency securities 116,949 — 116,949 — Mortgage-backed securities: Agency 205,473 — 205,473 — Non-agency 33,319 — 31,843 1,476 Corporate securities: Fixed income securities 203,910 13,203 190,707 — Equity securities 31,642 29,388 1,635 619 State and municipal securities 112,983 — 112,983 — Total financial instruments owned 749,443 87,758 659,590 2,095 Available-for-sale securities: U.S. government agency securities 1,698 — 1,698 — State and municipal securities 74,167 — 74,167 — Mortgage-backed securities: Agency 304,893 — 304,893 — Commercial 11,310 — 11,310 — Non-agency 2,518 — 2,518 — Corporate fixed income securities 319,408 — 319,408 — Asset-backed securities 915,913 — 915,913 — Total available-for-sale securities 1,629,907 — 1,629,907 — Investments: Corporate equity securities 30,737 26,436 1,359 2,942 U.S. government securities 102 102 — — Auction rate securities: Equity securities 55,710 — 5,268 50,442 Municipal securities 1,315 — — 1,315 Other 2,897 4 2,873 20 Investments measured at NAV 90,256 Total investments 181,017 26,542 9,500 54,719 Cash equivalents measured at NAV 77,097 $ 2,637,464 $ 114,300 $ 2,298,997 $ 56,814 December 31, 2015 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 186,030 $ 186,030 $ — $ — Agency mortgage-backed securities: 50,830 — 50,830 — Corporate securities: Fixed income securities 255,700 3,601 252,099 — Equity securities 29,184 22,894 6,290 — Total financial instruments sold, but not yet purchased 521,744 212,525 309,219 — Derivative contracts (2) 3,591 — 3,591 — $ 525,335 $ 212,525 $ 312,810 $ — (2) Included in accounts payable and accrued expenses in the consolidated statements of financial condition. |
Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments | Year Ended December 31, 2016 Financial instruments owned Mortgage- Backed Securities – Non-Agency Corporate Fixed Income Securities Equity Securities Balance at December 31, 2015 $ 1,476 $ — $ 619 Unrealized gains/(losses): Included in changes in net assets (1) (18 ) — (279 ) Included in OCI (2) — — — Realized gains/(losses) (1) 54 — — Purchases — 292 253 Sales — — — Redemptions (430 ) (19 ) — Transfers: Into Level 3 — — 7 Out of Level 3 — — — Net change (394 ) 273 (19 ) Balance at December 31, 2016 $ 1,082 $ 273 $ 600 Year Ended December 31, 2016 Investments Corporate Equity Securities Auction Rate Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2015 $ 2,942 $ 50,442 $ 1,315 $ 20 Unrealized gains/(losses): Included in changes in net assets (1) (361 ) 547 67 — Included in OCI (2) — — — — Realized gains (1) 2,453 — — — Purchases 3,593 50 — 3,782 Sales — — — — Redemptions (4,794 ) (2,350 ) (550 ) — Transfers: Into Level 3 — — — 465 Out of Level 3 — — — (3,027 ) Net change 891 (1,753 ) (483 ) 1,220 Balance at December 31, 2016 $ 3,833 $ 48,689 $ 832 $ 1,240 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. (2) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition. Year Ended December 31, 2015 Financial instruments owned Available- for-sale securities Mortgage- Backed Securities – Non-Agency Corporate Fixed Income Securities Equity Securities Asset- Backed Securities Balance at December 31, 2014 $ 806 $ 1,993 $ 1,144 $ 44,045 Unrealized gains/(losses): Included in changes in net assets (1) (241 ) 84 — — Included in OCI (2) — — — 342 Realized gains/(losses) (1) 127 53 — (2,136 ) Purchases — 11,643 — — Sales — (13,773 ) (525 ) (42,251 ) Redemptions (332 ) — — — Transfers: Into Level 3 1,116 — — — Out of Level 3 — — — — Net change 670 (1,993 ) (525 ) (44,045 ) Balance at December 31, 2015 $ 1,476 $ — $ 619 $ — Year Ended December 31, 2015 Investments Corporate Equity Securities Auction Rate Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2014 $ 7,550 $ 46,197 $ 1,326 $ 2,026 Unrealized gains/(losses): Included in changes in net assets (1) 1,410 (413 ) (11 ) (938 ) Included in OCI (2) — — — — Realized gains (1) — — — — Purchases — 15,176 — — Sales — — — — Redemptions — (5,250 ) — — Transfers: Into Level 3 182 — — — Out of Level 3 (6,200 ) (5,268 ) — (1,068 ) Net change (4,608 ) 4,245 (11 ) (2,006 ) Balance at December 31, 2015 $ 2,942 $ 50,442 $ 1,315 $ 20 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. (2) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition. |
Quantitative Information Related To The Significant Unobservable Inputs Utilized In Level 3 Recurring Fair Value Measurements | Valuation technique Unobservable input Range Weighted average Investments: Corporate equity securities Market comparable companies Tangible book value multiple 1.41 - 2.28 1.95 Auction rate securities: Equity securities Discounted cash flow Discount rate 2.0% - 12.6% 6.5% Workout period 1-3 years 2.5 years Municipal securities Discounted cash flow Discount rate 2.2% - 10.6% 4.9% Workout period 1-4 years 1.9 years |
Schedule Of Fair Value Of Financial Instruments | December 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 912,932 $ 912,932 $ 811,019 $ 811,019 Cash segregated for regulatory purposes 73,235 73,235 227,727 227,727 Securities purchased under agreements to resell 248,588 248,588 160,423 160,423 Financial instruments owned 925,045 925,045 749,443 749,443 Available-for-sale securities 3,181,313 3,181,313 1,629,907 1,629,907 Held-to-maturity securities 3,038,405 3,040,554 1,855,399 1,874,998 Loans held for sale 228,588 228,588 189,921 189,921 Bank loans 5,591,190 5,633,804 3,143,515 3,188,402 Investments 133,563 133,563 181,017 181,017 Derivative contracts (1) 10,390 10,390 — — Financial liabilities: Securities sold under agreements to repurchase $ 268,546 $ 268,546 $ 278,674 $ 278,674 Bank deposits 11,527,483 11,092,185 6,638,356 6,627,818 Financial instruments sold, but not yet purchased 699,032 699,032 521,744 521,744 Derivative contracts (2) 1,823 1,823 3,591 3,591 Borrowings 377,000 377,000 89,084 89,084 Federal Home Loan Bank advances 500,000 500,000 148,000 148,000 Senior notes 795,891 799,632 740,136 736,135 Debentures to Stifel Financial Capital Trusts 67,500 52,525 82,500 72,371 (1) (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 | December 31, 2016 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 877,295 $ 877,295 $ — $ — Cash segregated for regulatory purposes 73,235 73,235 — — Securities purchased under agreements to resell 248,588 227,983 20,605 — Held-to-maturity securities 3,040,554 — 2,830,869 209,685 Loans held for sale 228,588 — 228,588 — Bank loans 5,633,804 — 5,633,804 — Financial liabilities: Securities sold under agreements to repurchase $ 268,546 $ 149,881 $ 118,665 $ — Bank deposits 11,092,185 — 11,092,185 — Borrowings 377,000 377,000 — — Federal Home Loan Bank advances 500,000 500,000 — — Senior notes 799,632 799,632 — — Debentures to Stifel Financial Capital Trusts 52,525 — — 52,525 December 31, 2015 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 733,922 $ 733,922 $ — $ — Cash segregated for regulatory purposes 227,727 227,727 — — Securities purchased under agreements to resell 160,423 160,423 — — Held-to-maturity securities 1,874,998 — 1,317,582 557,416 Loans held for sale 189,921 — 189,921 — Bank loans 3,188,402 — 3,188,402 — Financial liabilities: Securities sold under agreements to repurchase $ 278,674 $ 278,674 $ — $ — Bank deposits 6,627,818 — 6,627,818 — Borrowings 89,084 — 89,084 — Federal Home Loan Bank advances 148,000 148,000 — — Senior notes 736,135 736,135 — — Debentures to Stifel Financial Capital Trusts 72,371 — — 72,371 |
Financial Instruments Owned A44
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Trading Securities Balance Sheet Reported Amounts [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, 2016 and 2015, are as follows (in thousands) December 31, 2016 2015 Financial instruments owned: U.S. government securities $ 9,951 $ 45,167 U.S. government agency securities 89,833 116,949 Mortgage-backed securities: Agency 305,774 205,473 Non-agency 28,402 33,319 Corporate securities: Fixed income securities 299,946 203,910 Equity securities 32,044 31,642 State and municipal securities 159,095 112,983 $ 925,045 $ 749,443 Financial instruments sold, but not yet purchased: U.S. government securities $ 362,536 $ 186,030 U.S. government agency securities 20,549 — Mortgage-backed securities: Agency 94,552 50,830 Non-agency 1 — Corporate securities: Fixed income securities 202,968 255,700 Equity securities 18,395 29,184 State and municipal securities 31 — $ 699,032 $ 521,744 |
Available-For-Sale And Held-T45
Available-For-Sale And Held-To-Maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands) December 31, 2016 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 4,213 $ 2 $ (18 ) $ 4,197 State and municipal securities 76,066 — (3,576 ) 72,490 Mortgage-backed securities: Agency 340,738 298 (2,304 ) 338,732 Commercial 77,417 59 (4,703 ) 72,773 Non-agency 2,032 — (140 ) 1,892 Corporate fixed income securities 830,695 1,418 (8,602 ) 823,511 Asset-backed securities 1,858,929 9,857 (1,068 ) 1,867,718 $ 3,190,090 $ 11,634 $ (20,411 ) $ 3,181,313 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,567,758 $ 14,537 $ (17,037 ) $ 1,565,258 Commercial 59,581 1,786 — 61,367 Non-agency 688 — (13 ) 675 Asset-backed securities 1,370,300 6,242 (3,396 ) 1,373,146 Corporate fixed income securities 40,078 30 — 40,108 $ 3,038,405 $ 22,595 $ (20,446 ) $ 3,040,554 December 31, 2015 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 1,700 $ 1 $ (3 ) $ 1,698 State and municipal securities 75,953 28 (1,814 ) 74,167 Mortgage-backed securities: Agency 306,309 125 (1,541 ) 304,893 Commercial 11,177 134 (1 ) 11,310 Non-agency 2,679 2 (163 ) 2,518 Corporate fixed income securities 321,017 743 (2,352 ) 319,408 Asset-backed securities 922,563 774 (7,424 ) 915,913 $ 1,641,398 $ 1,807 $ (13,298 ) $ 1,629,907 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,257,808 $ 23,346 $ (3,105 ) $ 1,278,049 Commercial 59,521 1,832 — 61,353 Non-agency 929 — (15 ) 914 Asset-backed securities 496,996 2,076 (4,139 ) 494,933 Corporate fixed income securities 40,145 - (396 ) 39,749 $ 1,855,399 $ 27,254 $ (7,655 ) $ 1,874,998 (1) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss. (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 debt securities by contractual maturity (in thousands) December 31, 2016 Available-for-sale securities Held-to-maturity securities Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debt securities Within one year $ 23,947 $ 23,952 $ — $ — After one year through three years 271,872 272,292 40,078 40,108 After three years through five years 409,576 405,986 — — After five years through ten years 840,487 840,590 141,576 141,973 After ten years 1,224,021 1,225,096 1,228,724 1,231,173 Mortgage-backed securities Within one year 9 9 — — After three years through five years — — 59,581 61,367 After five years through ten years 58,967 55,245 170,493 169,498 After ten years 361,211 358,143 1,397,953 1,396,435 $ 3,190,090 $ 3,181,313 $ 3,038,405 $ 3,040,554 |
Contractual Maturities | The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at December 31, 2016, are as follows (in thousands) Within 1 Year 1-5 Years 5-10 Years After 10 Years Total Available-for-sale: (1) U.S. government agency securities $ 1,351 $ 2,846 $ — $ — $ 4,197 State and municipal securities 301 375 16,821 54,993 72,490 Mortgage-backed securities: Agency — — 480 338,252 338,732 Commercial — — 54,764 18,009 72,773 Non-agency 8 — — 1,884 1,892 Corporate fixed income securities 22,301 675,058 126,152 — 823,511 Asset-backed securities — — 697,616 1,170,102 1,867,718 $ 23,961 $ 678,279 $ 895,833 $ 1,583,240 $ 3,181,313 Held-to-maturity: Mortgage-backed securities: Agency $ — $ — $ 170,493 $ 1,397,265 $ 1,567,758 Commercial — 59,581 — — 59,581 Non-agency — — — 688 688 Asset-backed securities — — 141,576 1,228,724 1,370,300 Corporate fixed income securities — 40,078 — — 40,078 $ — $ 99,659 $ 312,069 $ 2,626,677 $ 3,038,405 (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 The 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, 2016 (in thousands) Less than 12 months 12 months or more Total Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Available-for-sale securities U.S. government securities $ (18 ) $ 3,497 — — $ (18 ) $ 3,497 State and municipal securities (372 ) 12,297 (3,204 ) 60,192 (3,576 ) 72,489 Mortgage-backed securities: Agency (876 ) 120,004 (1,428 ) 185,415 (2,304 ) 305,419 Commercial (4,703 ) 71,001 — — (4,703 ) 71,001 Non-agency — — (140 ) 1,838 (140 ) 1,838 Corporate fixed income securities (8,602 ) 566,692 — — (8,602 ) 566,692 Asset-backed securities (1,068 ) 261,341 — — (1,068 ) 261,341 $ (15,639 ) $ 1,034,832 $ (4,772 ) $ 247,445 $ (20,411 ) $ 1,282,277 Held-to-maturity securities Mortgage-backed securities: Agency $ (17,017 ) $ 895,258 $ (20 ) $ 1,415 $ (17,037 ) $ 896,673 Non-agency — — (13 ) 675 (13 ) 675 Asset-backed securities (534 ) 294,656 (2,862 ) 52,169 (3,396 ) 346,825 $ (17,551 ) $ 1,189,914 $ (2,895 ) $ 54,259 $ (20,446 ) $ 1,244,173 |
Bank Loans (Tables)
Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio | December 31, 2016 December 31, 2015 Balance Percent Balance Percent Residential real estate $ 2,161,400 38.4 % $ 429,132 13.5 % Commercial and industrial 1,710,399 30.3 1,216,656 38.2 Securities-based loans 1,614,033 28.6 1,388,953 43.7 Commercial real estate 78,711 1.4 92,623 2.9 Consumer 45,391 0.8 36,846 1.2 Home equity lines of credit 15,008 0.3 12,475 0.4 Construction and land 12,623 0.2 3,899 0.1 Gross bank loans 5,637,565 100.0 % 3,180,584 100.0 % Unamortized loan premium/(discount), net 858 (5,296 ) Loans in process (49 ) (419 ) Unamortized loan fees, net (2,021 ) (1,567 ) Allowance for loan losses (45,163 ) (29,787 ) Bank loans, net $ 5,591,190 $ 3,143,515 |
Activity In The Allowance For Loan Losses By Portfolio Segment | Year Ended December 31, 2016 Beginning Balance Provision Charge- offs Recoveries Ending Balance Commercial and industrial $ 24,748 $ 10,646 $ (267 ) $ — $ 35,127 Securities-based loans 1,607 1,487 — — 3,094 Residential real estate 1,241 1,430 (13 ) 2 2,660 Commercial real estate 264 1,090 — 9 1,363 Home equity lines of credit 290 81 — — 371 Construction and land 78 154 — — 232 Consumer 105 38 (16 ) 2 129 Qualitative 1,454 733 — — 2,187 $ 29,787 $ 15,659 $ (296 ) $ 13 $ 45,163 Year Ended December 31, 2015 Beginning Balance Provision Charge- offs Recoveries Ending Balance Commercial and industrial $ 16,609 $ 8,139 $ — $ — $ 24,748 Securities-based loans 1,099 508 — — 1,607 Residential real estate 787 544 (144 ) 54 1,241 Home equity lines of credit 267 15 — 8 290 Commercial real estate 232 (30 ) — 62 264 Consumer 156 (58 ) — 7 105 Construction and land — 78 — — 78 Qualitative 1,581 (127 ) — — 1,454 $ 20,731 $ 9,069 $ (144 ) $ 131 $ 29,787 |
Recorded Balance Of Loans And Amount Of Allowance Allocated Based Upon Impairment Method By Portfolio Segment | Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Residential real estate $ 24 $ 2,636 $ 2,660 $ 178 $ 2,161,222 $ 2,161,400 Commercial and industrial 2,392 32,735 35,127 16,815 1,693,584 1,710,399 Securities-based loans — 3,094 3,094 — 1,614,033 1,614,033 Commercial real estate 722 641 1,363 9,522 69,189 78,711 Consumer 6 123 129 6 45,385 45,391 Home equity lines of credit 231 140 371 413 14,595 15,008 Construction and land — 232 232 — 12,623 12,623 Qualitative — 2,187 2,187 — — — $ 3,375 $ 41,788 $ 45,163 $ 26,934 $ 5,610,631 $ 5,637,565 Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Securities-based loans $ — $ 1,607 $ 1,607 $ — $ 1,388,953 $ 1,388,953 Commercial and industrial — 24,748 24,748 — 1,216,656 1,216,656 Residential real estate 24 1,217 1,241 182 428,950 429,132 Commercial real estate — 264 264 — 92,623 92,623 Consumer 14 91 105 14 36,832 36,846 Home equity lines of credit 149 141 290 323 12,152 12,475 Construction and land — 78 78 — 3,899 3,899 Qualitative — 1,454 1,454 — — — $ 187 $ 29,600 $ 29,787 $ 519 $ 3,180,065 $ 3,180,584 |
Loans That Were Individually Evaluated For Impairment By Portfolio Segment | December 31, 2016 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 16,815 $ — $ 16,815 $ 16,815 $ 2,392 $ 22,559 Commercial real estate 10,503 — 9,522 9,522 722 9,080 Consumer 833 — 6 6 6 9 Home equity lines of credit 413 — 413 413 231 413 Residential real estate 178 — 178 178 24 181 Construction and land — — — — — — Total $ 28,742 $ — $ 26,934 $ 26,934 $ 3,375 $ 32,242 December 31, 2015 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Consumer $ 944 $ — $ 15 $ 15 $ 15 $ 23 Residential real estate 776 524 182 706 24 752 Home equity lines of credit 342 19 323 342 149 342 Commercial real estate — — — — — — Commercial and industrial — — — — — — Construction and land — — — — — — Total $ 2,062 $ 543 $ 520 $ 1,063 $ 188 $ 1,117 |
Aging Of The Recorded Investment In Past Due Loans | December 31, 2016 30-89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Residential real estate $ 1,923 $ — $ 1,923 $ 2,159,477 2,161,400 Commercial and industrial — — — 1,710,399 1,710,399 Securities-based loans — — — 1,614,033 1,614,033 Commercial real estate 9,522 — 9,522 69,189 78,711 Consumer — 2 2 45,389 45,391 Home equity lines of credit 78 196 274 14,734 15,008 Construction and land — — — 12,623 12,623 Total $ 11,523 $ 198 $ 11,721 $ 5,625,844 $ 5,637,565 December 31, 2016 * Non-accrual Restructured (1) Total Commercial and industrial $ 16,815 $ — $ 16,815 Commercial real estate — 9,522 9,522 Home equity lines of credit 413 — 413 Residential real estate — 178 178 Consumer 6 — 6 Construction and land — — — Total $ 17,234 $ 9,700 $ 26,934 (1) * There were no loans past due 90 days and still accruing interest at December 31, 2016. December 31, 2015 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Securities-based loans $ — $ — $ — $ 1,388,953 1,388,953 Commercial and industrial — — — 1,216,656 1,216,656 Residential real estate 3,310 450 3,760 425,372 429,132 Commercial real estate — — — 92,623 92,623 Consumer 7 7 14 36,832 36,846 Home equity lines of credit 323 19 342 12,133 12,475 Construction and land — — — 3,899 3,899 Total $ 3,640 $ 476 $ 4,116 $ 3,176,468 $ 3,180,584 December 31, 2015 * Non-accrual Restructured Total Commercial and industrial $ — $ — $ — Consumer 15 — 15 Residential real estate 380 326 706 Commercial real estate — — — Home equity lines of credit 342 — 342 Construction and land — — — Total $ 737 $ 326 $ 1,063 * There were no loans past due 90 days and still accruing interest at December 31, 2015. |
Risk Category Of Loan Portfolio | December 31, 2016 Pass Special Mention Substandard Doubtful Total Residential real estate $ 2,161,223 $ — $ 177 $ — $ 2,161,400 Commercial and industrial 1,652,211 27,905 30,283 — 1,710,399 Securities-based loans 1,614,033 — — — 1,614,033 Commercial real estate 69,189 — 9,522 — 78,711 Consumer 45,385 — 6 — 45,391 Home equity lines of credit 14,595 — 413 — 15,008 Construction and land 12,623 — — — 12,623 Total $ 5,569,259 $ 27,905 $ 40,401 $ — $ 5,637,565 December 31, 2015 Pass Special Mention Substandard Doubtful Total Securities-based loans $ 1,388,939 $ — $ 14 $ — 1,388,953 Commercial and industrial 1,191,030 11,320 14,306 — 1,216,656 Residential real estate 427,950 1,182 — — 429,132 Commercial real estate 92,623 — — — 92,623 Consumer 36,846 — — — 36,846 Home equity lines of credit 12,456 — 19 — 12,475 Construction and land 3,899 — — — 3,899 Total $ 3,153,743 $ 12,502 $ 14,339 $ — $ 3,180,584 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Summary Of Fixed Assets | The following is a summary of fixed assets as of December 31, 2016 and 2015 (in thousands) December 31, 2016 2015 Furniture and equipment $ 254,705 $ 238,075 Building and leasehold improvements 160,369 146,954 Property on operating leases 21,064 21,064 436,138 406,093 Less accumulated depreciation and amortization (263,310 ) (224,127 ) $ 172,828 $ 181,966 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2015 Net Additions Write-off December 31, 2016 Goodwill Global Wealth Management $ 295,384 $ (24,605 ) $ — $ 270,779 Institutional Group 620,218 73,885 (2,600 ) 691,503 $ 915,602 $ 49,280 $ (2,600 ) $ 962,282 December 31, 2015 Net Additions Amortization December 31, 2016 Intangible assets Global Wealth Management $ 30,027 $ 21,230 $ (6,026 ) $ 45,231 Institutional Group 33,150 46,324 (8,401 ) 71,073 $ 63,177 $ 67,554 $ (14,427 ) $ 116,304 |
Intangible Assets Subject To Amortization | Intangible assets subject to amortization as of December 31, 2016 and 2015, were as follows (in thousands) December 31, 2016 December 31, 2015 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 141,621 $ 46,209 $ 78,580 $ 37,322 Trade name 24,713 8,670 24,456 6,969 Investment banking backlog 1,345 379 7,440 7,388 Non-compete agreements 2,578 813 2,517 255 $ 170,257 $ 56,071 $ 112,993 $ 51,934 |
Amortization Expense In Future Periods | As of December 31, 2016, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year 2017 $ 11,506 2018 10,873 2019 10,285 2020 10,068 2021 9,506 Thereafter 61,948 $ 114,186 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Short Term Debt Other Disclosures [Abstract] | |
Components Of Borrowings | The following table details the components of borrowings (in thousands) December 31, 2016 2015 Borrowings on secured lines of credit $ 377,000 $ 30,000 Term loans — 59,084 $ 377,000 $ 89,084 |
Senior Notes (Tables)
Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Corporate Debt | The following table summarizes our senior notes as of December 31, 2016 and 2015 (in thousands) December 31, 2016 2015 4.250% senior notes, due 2024 (1) $ 500,000 $ 300,000 3.50% senior notes, due 2020 (2) 300,000 300,000 5.375% senior notes, due 2022 (3) — 150,000 800,000 750,000 Debt issuance costs, net (4,109 ) (9,864 ) $ 795,891 $ 740,136 ( 1) In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.250% 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 December 2015, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 3.50% senior notes due December 2020. 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. (3) In December 2012, we sold in a registered underwritten public offering, $150.0 million in aggregate principal amount of 5.375% senior notes due December 2022. Interest on these senior notes was payable quarterly in arrears. The notes were redeemed in August 2016. |
Schedule Of Corporate Date Maturity | Our senior notes mature as follows, based upon contractual terms (in thousands) 2017 $ — 2018 — 2019 — 2020 300,000 2021 — Thereafter 500,000 $ 800,000 |
Bank Deposits (Tables)
Bank Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | |
Schedule Of Deposits | Deposits consist of money market and savings accounts, certificates of deposit, and demand deposits. Deposits at December 31, 2016 and 2015, were as follows (in thousands) December 31, 2016 2015 Money market and savings accounts $ 11,264,285 $ 6,429,780 Demand deposits (interest-bearing) 253,545 185,275 Certificates of deposit 3,901 15,087 Demand deposits (non-interest-bearing) 5,752 8,214 $ 11,527,483 $ 6,638,356 |
Schedule Of Maturities Of Certificates Of Deposit | Scheduled maturities of certificates of deposit at December 31, 2016 and 2015, were as follows (in thousands) December 31, 2016 2015 Certificates of deposit, less than $100: Within one year $ 1,213 $ 4,863 One to three years 855 2,356 Three to five years — 145 Over five years — — $ 2,068 $ 7,364 Certificates of deposit, $100 and greater: Within one year $ 877 $ 5,464 One to three years 956 1,975 Three to five years — 284 Over five years — — 1,833 7,723 $ 3,901 $ 15,087 |
Derivative Instruments And He52
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Schedule Of Notional Values And Fair Values Of Derivative Instruments | The following table provides the notional values and fair values of our derivative instruments as of December 31, 2016 and 2015 (in thousands) December 31, 2016 Asset Derivatives Notional Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments under Topic 815: Cash flow interest rate contracts $ 790,000 Other assets $ 10,390 December 31, 2016 Liability Derivatives Notional Value Balance Sheet Location Fair Value Cash flow interest rate contracts $ 121,442 Accounts payable and accrued expenses $ 1,823 December 31, 2015 Asset Derivatives Notional Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments under Topic 815: Cash flow interest rate contracts $ — Other assets $ — December 31, 2015 Liability Derivatives Notional Value Balance Sheet Location Fair Value Cash flow interest rate contracts $ 179,110 Accounts payable and accrued expenses $ 3,591 |
Schedule Of Derivative Instruments In Consolidated Statements Of Operations | The following table shows the effect of our company’s derivative instruments in the consolidated statements of operations for the years ended December 31, 2016, 2015, and 2014 (in thousands) Year Ended December 31, 2016 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Loss Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ 6,383 Interest Expense $ 5,444 Interest Expense $ 30 Year Ended December 31, 2015 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Loss Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ (2,137 ) Interest expense $ 3,824 N/A $ — Year Ended December 31, 2014 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Loss Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Loss Recognized Due to Ineffectiveness Cash flow interest rate contracts $ (2,576 ) Interest expense $ 6,068 N/A $ — |
Debentures To Stifel Financia53
Debentures To Stifel Financial Capital Trusts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands) December 31, 2016 2015 Debenture to Stifel Financial Capital Trust II (1) $ 20,000 $ 35,000 Debenture to Stifel Financial Capital Trust III (2) 35,000 35,000 Debenture to Stifel Financial Capital Trust IV (3) 12,500 12,500 $ 67,500 $ 82,500 (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 by our company, and in turn, the Trust II would call the debenture beginning September 30, 2010. 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 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 by our company, and in turn, Trust III would call the debenture beginning June 6, 2012. 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 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 by our company, and in turn, Trust IV would call the debenture beginning September 6, 2012. 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 plus 1.85% per annum. |
Disclosures About Offsetting 54
Disclosures About Offsetting Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (in thousands) Gross amounts not offset in the Statement of Financial Condition Gross Amounts of Recognized Assets Gross Amounts Offset in the of Financial Condition Net Amounts Presented in the Statement of Financial Condition Amounts available for offset Available collateral Net Amount As of December 31, 2016: Securities borrowing (1) $ 382,691 $ — $ 382,691 $ (291,793 ) $ (68,776 ) $ 22,122 Reverse repurchase agreements (2) 248,588 — 248,588 (216,542 ) (32,046 ) — Cash flow interest rate contracts 10,390 — 10,390 — — 10,390 $ 641,669 $ — $ 641,669 $ (508,335 ) $ (100,822 ) $ 32,512 As of December 31, 2015: Securities borrowing (1) $ 318,105 $ — $ 318,105 $ (182,399 ) $ (123,309 ) $ 12,397 Reverse repurchase agreements (2) 160,423 — 160,423 (160,423 ) — — $ 478,528 $ — $ 478,528 $ (342,822 ) $ (123,309 ) $ 12,397 (1) Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 5 in the notes to consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations. (2) Collateral received includes securities received by our company 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 pledged as collateral was $248.5 million and $160.3 million at December 31, 2016 and 2015, 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, 2016 and 2015 (in thousands) Gross amounts not offset in the Statement of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Condition Net Amounts Presented in the Statement of Financial Condition Amounts available for offset Collateral Pledged Net Amount As of December 31, 2016: Securities lending (3) $ (478,814 ) $ — $ (478,814 ) $ 291,793 $ 175,849 $ (11,172 ) Repurchase agreements (4) (268,546 ) — (268,546 ) 216,542 52,004 — Cash flow interest rate contracts (1,823 ) — (1,823 ) — 1,823 — $ (749,183 ) $ — $ (749,183 ) $ 508,335 $ 229,676 $ (11,172 ) As of December 31, 2015: Securities lending (3) $ (329,670 ) $ — $ (329,670 ) $ 182,399 $ 132,784 $ (14,487 ) Repurchase agreements (4) (278,674 ) — (278,674 ) 160,423 118,251 — Cash flow interest rate contracts (3,591 ) — (3,591 ) — 3,591 — $ (611,935 ) $ — $ (611,935 ) $ 342,822 $ 254,626 $ (14,487 ) (3) Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 5 in the notes to consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations. (4) Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $299.3 million and $285.7 million at December 31, 2016 and 2015, respectively. |
Commitments, Guarantees And Con
Commitments, Guarantees And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Commitments Under Non-Cancelable Operating Leases | Future minimum commitments under non-cancelable operating leases at December 31, 2016, are as follows (in thousands) 2017 $ 91,214 2018 83,599 2019 78,407 2020 64,331 2021 47,411 Thereafter 153,446 $ 518,408 |
Regulatory Capital Requiremen56
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Regulatory Capital Requirements [Abstract] | |
Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios | Stifel Financial Corp. – Federal Reserve Capital Amounts December 31, 2016 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,610,744 18.0 % $ 402,644 4.5 % $ 581,597 6.5 % Tier 1 capital 1,813,556 20.3 536,859 6.0 715,812 8.0 Total capital 1,858,737 20.8 715,812 8.0 894,765 10.0 Tier 1 leverage 1,813,556 10.2 710,464 4.0 888,080 5.0 Stifel Bank – Federal Reserve Capital Amounts December 31, 2016 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 945,748 16.0 % $ 265,306 4.5 % $ 383,220 6.5 % Tier 1 capital 945,748 16.0 353,742 6.0 471,656 8.0 Total capital 991,668 16.8 471,656 8.0 589,570 10.0 Tier 1 leverage 945,748 7.1 534,215 4.0 667,768 5.0 |
Interest Income And Interest 57
Interest Income And Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Interest income: Bank loans, net of unearned income $ 131,808 $ 79,816 $ 71,167 Investment securities 108,992 53,787 71,526 Margin balances 32,147 22,421 19,095 Other 21,385 23,077 24,181 $ 294,332 $ 179,101 $ 185,969 Interest expense: Senior notes $ 36,845 $ 25,695 $ 26,617 Bank deposits 7,331 7,262 7,845 Federal Home Loan Bank advances 6,777 551 81 Other 15,921 11,891 6,718 $ 66,874 $ 45,399 $ 41,261 |
Employee Incentive, Deferred 58
Employee Incentive, Deferred Compensation, And Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | |
Stock Option Activity | Options Weighted-average exercise price Weighted-average remaining contractual term Aggregate intrinsic value Outstanding December 31, 2015 86 $ 38.69 Granted — — Exercised 31 17.37 Forfeited — — Expired 41 54.54 Outstanding December 31, 2016 14 $ 39.15 1.22 $ 246 |
Unvested Stock Unit Activity | Stock Units Weighted-average grant date fair value Unvested December 31, 2015 12,274 $ 41.78 Granted 7,947 35.97 Vested (3,368 ) 39.83 Cancelled (577 ) 38.00 Unvested December 31, 2016 16,276 $ 39.40 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Current taxes: Federal $ 7,927 $ 43,962 $ 100,262 State 5,818 9,672 21,835 Foreign 1,255 1,329 (1,831 ) 15,000 54,963 120,266 Deferred taxes: Federal 39,127 (9,396 ) (275 ) State 6,261 3,056 (8,064 ) Foreign 674 608 (263 ) 46,062 (5,732 ) (8,602 ) Provision for income taxes $ 61,062 $ 49,231 $ 111,664 |
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, 2016 2015 2014 Statutory rate $ 49,904 $ 49,548 $ 101,778 State income taxes, net of federal income tax 7,688 7,908 14,860 Change in valuation allowance (229 ) 535 (2,433 ) Provision to return (204 ) 904 (2,956 ) Investment in subsidiary — (4,800 ) — Change in uncertain tax position 41 (3,903 ) 276 Non-deductible litigation expense 7,700 — — Foreign tax rate difference (1,810 ) (106 ) 90 Other, net (2,028 ) (855 ) 49 $ 61,062 $ 49,231 $ 111,664 |
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, 2016 2015 Deferred tax assets: Deferred compensation $ 181,575 $ 173,759 Net operating loss carryforwards 40,266 48,831 Accrued expenses 35,443 65,451 Unrealized loss on investments — 27,769 Depreciation 12,550 10,055 Receivable reserves 22,870 16,343 Total deferred tax assets 292,704 342,208 Valuation allowance (8,768 ) (12,738 ) 283,936 329,470 Deferred tax liabilities: Goodwill and other intangibles (49,481 ) (33,437 ) Change in accounting method — (625 ) Prepaid expenses (4,557 ) (4,211 ) Unrealized gain on investments (1,459 ) — Other (2,986 ) (6,070 ) (58,483 ) (44,343 ) Net deferred tax asset $ 225,453 $ 285,127 |
Unrecognized Tax Benefits | The following table summarizes the activity related to our company’s unrecognized tax benefits from January 1, 2014 to December 31, 2016 (in thousands) Year Ended December 31, 2016 2015 2014 Beginning balance $ 2,717 $ 5,510 $ 5,158 Increase related to prior year tax positions 5 1,206 627 Decrease related to prior year tax positions (31 ) (33 ) (443 ) Increase related to current year tax positions — — 294 Decrease related to settlements with taxing authorities (42 ) (4,815 ) (126 ) Decrease related to lapsing of statute of limitations — — — Increase/(decrease) related to business acquisitions (849 ) 849 — Ending balance $ 1,800 $ 2,717 $ 5,510 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Information, Segment | Information concerning operations in these segments of business for the years ended December 31, 2016, 2015, and 2014, is as follows (in thousands) Year Ended December 31, 2016 2015 2014 Net revenues: (1) Global Wealth Management $ 1,563,410 $ 1,377,313 $ 1,232,651 Institutional Group 1,014,164 975,594 997,071 Other (2,078 ) (21,313 ) (21,298 ) $ 2,575,496 $ 2,331,594 $ 2,208,424 Income/(loss) before income taxes: Global Wealth Management $ 430,318 $ 382,126 $ 346,978 Institutional Group 164,143 141,042 165,546 Other (451,879 ) (381,601 ) (221,730 ) $ 142,582 $ 141,567 $ 290,794 (1) No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2016, 2015, and 2014. |
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, 2016 and 2015 (in thousands) December 31, 2016 2015 Global Wealth Management $ 16,065,503 $ 10,519,575 Institutional Group 2,657,183 2,193,781 Other 406,670 612,695 $ 19,129,356 $ 13,326,051 |
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, 2016, 2015, and 2014, were as follows (in thousands): Year Ended December 31, 2016 2015 2014 United States $ 2,433,674 $ 2,195,538 $ 2,082,876 United Kingdom 132,622 125,552 113,943 Other European 9,200 10,504 11,605 $ 2,575,496 $ 2,331,594 $ 2,208,424 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015, and 2014 (in thousands, except per share data) Year Ended December 31, 2016 2015 2014 Income from continuing operations $ 81,520 $ 92,336 $ 179,130 Loss from discontinued operations, net of tax — — (3,063 ) Net income 81,520 92,336 176,067 Preferred dividends 3,906 — — Net income available to common shareholders $ 77,614 $ 92,336 $ 176,067 Shares for basic and diluted calculation: Average shares used in basic computation 66,871 68,543 66,472 Dilutive effect of stock options and units (1) 10,692 10,011 9,904 Average shares used in diluted computation 77,563 78,554 76,376 Earnings per basic common share: Income from continuing operations $ 1.16 $ 1.35 $ 2.69 Loss from discontinued operations — — (0.04 ) Earnings per basic common share $ 1.16 $ 1.35 $ 2.65 Earnings per diluted common share: Income from continuing operations $ 1.00 $ 1.18 $ 2.35 Loss from discontinued operations — — (0.04 ) Earnings per basic common share $ 1.00 $ 1.18 $ 2.31 |
Quarterly Financial Informati62
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Year Ended December 31, 2016 (in thousands, except per share amounts) 1 st 2 nd 3 rd 4 th Operating revenues $ 571,299 $ 603,627 $ 586,488 $ 586,665 Interest income 62,786 65,780 74,881 90,844 Total revenues 634,085 669,407 661,369 677,509 Interest expense 14,111 17,262 19,383 16,118 Net revenues 619,974 652,145 641,986 661,391 Total non-interest expenses 576,061 636,352 614,004 606,497 Income before income tax expense 43,913 15,793 27,982 54,894 Provision for income taxes 16,858 6,022 10,168 28,014 Net income 27,055 9,771 17,814 26,880 Preferred dividends — — 1,563 2,343 Net income available to common shareholders $ 27,055 $ 9,771 $ 16,251 $ 24,537 Earnings per common share Basic $ 0.40 $ 0.15 $ 0.24 $ 0.37 Diluted $ 0.36 $ 0.13 $ 0.21 $ 0.31 Weighted-average number of common shares outstanding: Basic 67,579 66,792 66,482 66,636 Diluted 76,086 75,982 77,544 79,539 Year Ended December 31, 2015 (in thousands, except per share amounts) 1 st 2 nd 3 rd 4 th Operating revenues $ 531,265 $ 563,998 $ 557,995 $ 545,132 Interest income 42,736 43,851 43,376 48,639 Total revenues 574,001 607,849 601,371 593,771 Interest expense 13,019 10,098 9,796 12,485 Net revenues 560,982 597,751 591,575 581,286 Total non-interest expenses 490,916 559,680 569,227 570,204 Income before income tax expense 70,066 38,071 22,348 11,082 Provision for income taxes 26,969 17,183 5,169 (90 ) Net income $ 43,097 $ 20,888 $ 17,179 $ 11,172 Earnings per common share Basic $ 0.62 $ 0.31 $ 0.25 $ 0.16 Diluted $ 0.56 $ 0.27 $ 0.22 $ 0.14 Weighted-average number of common shares outstanding: Basic 68,006 68,370 69,633 68,150 Diluted 77,359 77,856 79,759 79,355 |
Summary Of Significant Accoun63
Summary Of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 01, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Loan impairment threshold period | 90 days | ||
Threshold of reporting unit goodwill carrying value for further analysis | $ 0 | ||
Prospective Adoption Of New Accounting Pronouncements [Abstract] | |||
Impact of reduction in both other assets and senior notes | $ 9,900,000 | ||
Impact of reduction in both total assets and liabilities | $ 9,900,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | May 03, 2016 | Jan. 04, 2016 | Jun. 05, 2015 | Nov. 07, 2014 | Jul. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 04, 2015 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 962,282 | $ 915,602 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Restricted stock units, charges at the date of modification | 58,600 | |||||||
ISM Capital LLP [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 6,900 | |||||||
Identifiable intangible assets | $ 2,300 | |||||||
Period of contingent consideration | 3 years | |||||||
Liability for earn-out payments | 3,700 | |||||||
Eaton Partners [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 72,000 | |||||||
Identifiable intangible assets | $ 32,300 | |||||||
Period of contingent consideration | 4 years | |||||||
Liability for earn-out payments | $ 27,300 | |||||||
Barclays Wealth and Investment Management, Americas [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 24,800 | |||||||
Deferred consideration, recognized as a liability | 15,200 | |||||||
Barclays Wealth and Investment Management, Americas [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Identifiable intangible assets | 7,300 | |||||||
Barclays Wealth and Investment Management, Americas [Member] | Stifel Bank [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Loans acquired in acquisition | $ 600,000 | |||||||
Sterne Agee Group, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill and intangible assets | $ 60,800 | |||||||
Fair value of awards issued as retention | 23,800 | |||||||
Employee retention compensation paid in notes | $ 33,800 | |||||||
Sterne Agee Group, Inc. [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Individual compensation and benefits useful period | 5 years | |||||||
Sterne Agee Group, Inc. [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Individual compensation and benefits useful period | 10 years | |||||||
Sterne Agee Group, Inc. [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Identifiable intangible assets | $ 29,300 | |||||||
1919 Investment Counsel And Trust Company NA [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of awards issued as retention | $ 11,200 | |||||||
Employee retention compensation paid in notes | $ 10,800 | |||||||
1919 Investment Counsel And Trust Company NA [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Individual compensation and benefits useful period | 5 years | |||||||
1919 Investment Counsel And Trust Company NA [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Individual compensation and benefits useful period | 10 years | |||||||
Oriel Securities [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of awards issued as retention | $ 6,800 |
Discontinued Operations (Detail
Discontinued Operations (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Net revenues | $ (121) |
Restructuring expense | 217 |
Operating expenses | 3,924 |
Total non-interest expenses | 4,141 |
Loss from discontinued operations before income tax expense | (4,262) |
Income tax benefit | (1,199) |
Loss from discontinued operations, net of tax | $ (3,063) |
Receivables From And Payables66
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Receivable From Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Deposits paid for securities borrowed | $ 382,691 | $ 318,105 |
Receivables from clearing organizations | 568,373 | 260,077 |
Securities failed to deliver | 73,688 | 23,649 |
Receivables from brokers, dealers and clearing organizations, Total | $ 1,024,752 | $ 601,831 |
Receivables From And Payables67
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Payable To Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Deposits received from securities loaned | $ 478,814 | $ 329,670 |
Payable to clearing organizations | 16,411 | 92,008 |
Securities failed to receive | 27,882 | 16,353 |
Payables to broker, dealers and clearing organizations, Total | $ 523,107 | $ 438,031 |
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, 2016 | Dec. 31, 2015 |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 90,809 | $ 167,353 |
Unfunded commitments | 12,368 | 25,548 |
Private Company Investments [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 18,763 | 34,385 |
Unfunded commitments | 8,526 | 14,178 |
Partnership Interests [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 15,798 | 22,502 |
Unfunded commitments | 1,822 | 2,018 |
Mutual Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 11,301 | 20,399 |
Private Equity Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 9,310 | 12,970 |
Unfunded commitments | 2,020 | 9,352 |
Money Market Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 35,637 | $ 77,097 |
Fair Value Of Financial Instr69
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | $ 925,045 | $ 749,443 |
Available-for-sale securities | 3,181,313 | 1,629,907 |
Investments | 133,563 | 181,017 |
Cash equivalents measured at NAV | 35,637 | 77,097 |
Derivative contracts, Assets | 10,390 | |
Total Assets | 4,285,948 | 2,637,464 |
Financial instruments sold, but not yet purchased, at fair value | 699,032 | 521,744 |
Derivative contracts, Liabilities | 1,823 | 3,591 |
Total Liabilities | 700,855 | 525,335 |
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 89,833 | 116,949 |
Available-for-sale securities | 4,197 | 1,698 |
Financial instruments sold, but not yet purchased, at fair value | 20,549 | |
Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 299,946 | 203,910 |
Available-for-sale securities | 823,511 | 319,408 |
Financial instruments sold, but not yet purchased, at fair value | 202,968 | 255,700 |
Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 32,044 | 31,642 |
Investments | 27,247 | 30,737 |
Financial instruments sold, but not yet purchased, at fair value | 18,395 | 29,184 |
State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 159,095 | 112,983 |
Available-for-sale securities | 72,490 | 74,167 |
Financial instruments sold, but not yet purchased, at fair value | 31 | |
Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,867,718 | 915,913 |
Investments In Funds Measured At NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 55,172 | 90,256 |
Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 48,689 | 55,710 |
Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 832 | 1,315 |
Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,623 | 2,897 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 9,951 | 45,167 |
Investments | 102 | |
Financial instruments sold, but not yet purchased, at fair value | 362,536 | 186,030 |
Mortgage Backed Securities [Member] | U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 50,830 | |
Mortgage Backed Securities [Member] | Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 305,774 | 205,473 |
Available-for-sale securities | 338,732 | 304,893 |
Financial instruments sold, but not yet purchased, at fair value | 94,552 | |
Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 28,402 | 33,319 |
Available-for-sale securities | 1,892 | 2,518 |
Financial instruments sold, but not yet purchased, at fair value | 1 | |
Mortgage Backed Securities [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 72,773 | 11,310 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 43,339 | 87,758 |
Available-for-sale securities | 300 | |
Investments | 23,414 | 26,542 |
Total Assets | 67,053 | 114,300 |
Financial instruments sold, but not yet purchased, at fair value | 381,911 | 212,525 |
Total Liabilities | 381,911 | 212,525 |
Level 1 [Member] | U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 300 | |
Level 1 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1,944 | 13,203 |
Financial instruments sold, but not yet purchased, at fair value | 980 | 3,601 |
Level 1 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 31,444 | 29,388 |
Investments | 23,414 | 26,436 |
Financial instruments sold, but not yet purchased, at fair value | 18,395 | 22,894 |
Level 1 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 4 | |
Level 1 [Member] | U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 9,951 | 45,167 |
Investments | 102 | |
Financial instruments sold, but not yet purchased, at fair value | 362,536 | 186,030 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 879,751 | 659,590 |
Available-for-sale securities | 3,181,013 | 1,629,907 |
Investments | 383 | 9,500 |
Derivative contracts, Assets | 10,390 | |
Total Assets | 4,071,537 | 2,298,997 |
Financial instruments sold, but not yet purchased, at fair value | 317,121 | 309,219 |
Derivative contracts, Liabilities | 1,823 | 3,591 |
Total Liabilities | 318,944 | 312,810 |
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 | 89,833 | 116,949 |
Available-for-sale securities | 3,897 | 1,698 |
Financial instruments sold, but not yet purchased, at fair value | 20,549 | |
Level 2 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 297,729 | 190,707 |
Available-for-sale securities | 823,511 | 319,408 |
Financial instruments sold, but not yet purchased, at fair value | 201,988 | 252,099 |
Level 2 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1,635 | |
Investments | 1,359 | |
Financial instruments sold, but not yet purchased, at fair value | 6,290 | |
Level 2 [Member] | State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 159,095 | 112,983 |
Available-for-sale securities | 72,490 | 74,167 |
Financial instruments sold, but not yet purchased, at fair value | 31 | |
Level 2 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,867,718 | 915,913 |
Level 2 [Member] | Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 5,268 | |
Level 2 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 383 | 2,873 |
Level 2 [Member] | Mortgage Backed Securities [Member] | U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments sold, but not yet purchased, at fair value | 50,830 | |
Level 2 [Member] | Mortgage Backed Securities [Member] | Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 305,774 | 205,473 |
Available-for-sale securities | 338,732 | 304,893 |
Financial instruments sold, but not yet purchased, at fair value | 94,552 | |
Level 2 [Member] | Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 27,320 | 31,843 |
Available-for-sale securities | 1,892 | 2,518 |
Financial instruments sold, but not yet purchased, at fair value | 1 | |
Level 2 [Member] | Mortgage Backed Securities [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 72,773 | 11,310 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1,955 | 2,095 |
Investments | 54,594 | 54,719 |
Total Assets | 56,549 | 56,814 |
Level 3 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 273 | |
Level 3 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 600 | 619 |
Investments | 3,833 | 2,942 |
Level 3 [Member] | Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 48,689 | 50,442 |
Level 3 [Member] | Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 832 | 1,315 |
Level 3 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,240 | 20 |
Level 3 [Member] | Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | $ 1,082 | $ 1,476 |
Fair Value Of Financial Instr70
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, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Transfers, Into Level 3 | $ 500 | |
Transfers, Out of Level 3 | (3,000) | |
Non-Agency [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 1,476 | $ 806 |
Unrealized gains/(losses), Included in changes in net assets | (18) | (241) |
Realized gains/(losses) | 54 | 127 |
Redemptions | (430) | (332) |
Transfers, Into Level 3 | 1,116 | |
Net change | (394) | 670 |
Ending Balance | 1,082 | 1,476 |
Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 1,993 | |
Unrealized gains/(losses), Included in changes in net assets | 84 | |
Realized gains/(losses) | 53 | |
Purchases | 292 | 11,643 |
Sales | (13,773) | |
Redemptions | (19) | |
Net change | 273 | (1,993) |
Ending Balance | 273 | |
Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 619 | 1,144 |
Unrealized gains/(losses), Included in changes in net assets | (279) | |
Purchases | 253 | |
Sales | (525) | |
Transfers, Into Level 3 | 7 | |
Net change | (19) | (525) |
Ending Balance | 600 | 619 |
Corporate Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 2,942 | 7,550 |
Unrealized gains/(losses), Included in changes in net assets | (361) | 1,410 |
Realized gains/(losses) | 2,453 | |
Purchases | 3,593 | |
Redemptions | (4,794) | |
Transfers, Into Level 3 | 182 | |
Transfers, Out of Level 3 | (6,200) | |
Net change | 891 | (4,608) |
Ending Balance | 3,833 | 2,942 |
Equity Auction Rate Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 50,442 | 46,197 |
Unrealized gains/(losses), Included in changes in net assets | 547 | (413) |
Purchases | 50 | 15,176 |
Redemptions | (2,350) | (5,250) |
Transfers, Out of Level 3 | (5,268) | |
Net change | (1,753) | 4,245 |
Ending Balance | 48,689 | 50,442 |
Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 1,315 | 1,326 |
Unrealized gains/(losses), Included in changes in net assets | 67 | (11) |
Redemptions | (550) | |
Net change | (483) | (11) |
Ending Balance | 832 | 1,315 |
Other Investment [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 20 | 2,026 |
Unrealized gains/(losses), Included in changes in net assets | (938) | |
Purchases | 3,782 | |
Transfers, Into Level 3 | 465 | |
Transfers, Out of Level 3 | (3,027) | (1,068) |
Net change | 1,220 | (2,006) |
Ending Balance | $ 1,240 | 20 |
Asset-Backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 44,045 | |
Unrealized gains/(losses), Included in OCI, Assets | 342 | |
Realized gains/(losses) | (2,136) | |
Sales | (42,251) | |
Net change | $ (44,045) |
Fair Value Of Financial Instr71
Fair Value Of Financial Instruments (Quantitative Information related To The Significant Unobservable Inputs Utilized In Company's Level 3 Recurring Fair Value Measurements) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Market Comparable Companies [Member] | Corporate Equity Securities [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Tangible book value multiple, weighted average | 1.95 |
Market Comparable Companies [Member] | Corporate Equity Securities [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Tangible book value multiple range | 1.41 |
Market Comparable Companies [Member] | Corporate Equity Securities [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Tangible book value multiple range | 2.28 |
Discounted Cash Flow [Member] | Auction Rate Equity Securities [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Workout period range, low end | 1 year |
Workout period range, high end | 3 years |
Discount rate, weighted average | 6.50% |
Weighted average workout period | 2 years 6 months |
Discounted Cash Flow [Member] | Auction Rate Equity Securities [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 2.00% |
Discounted Cash Flow [Member] | Auction Rate Equity Securities [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 12.60% |
Discounted Cash Flow [Member] | Auction Rate Municipal Securities [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Workout period range, low end | 1 year |
Workout period range, high end | 4 years |
Discount rate, weighted average | 4.90% |
Weighted average workout period | 1 year 10 months 24 days |
Discounted Cash Flow [Member] | Auction Rate Municipal Securities [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 2.20% |
Discounted Cash Flow [Member] | Auction Rate Municipal Securities [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 10.60% |
Fair Value Of Financial Instr72
Fair Value Of Financial Instruments (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Fair Value Disclosures [Abstract] | |
Transfers of financial assets from Level 2 to Level 1 | $ 1.9 |
Transfers of financial assets from Level 1 to Level 2 | 8.6 |
Transfers, Into Level 3, Assets | 0.5 |
Transfers, Out of Level 3, Assets | $ 3 |
Stated interest rate | 4.25% |
Maturity date | Dec. 31, 2024 |
Fair Value Of Financial Instr73
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities purchased under agreements to resell | [1] | $ 248,588 | $ 160,423 |
Financial instruments owned | 925,045 | 749,443 | |
Available-for-sale securities | 3,181,313 | 1,629,907 | |
Held-to-maturity securities | [2] | 3,040,554 | 1,874,998 |
Investments, at fair value | 133,563 | 181,017 | |
Derivative contracts | 10,390 | ||
Securities sold under agreements to repurchase | [3] | 268,546 | 278,674 |
Bank deposits | 11,527,483 | 6,638,356 | |
Financial instruments sold, but not yet purchased, at fair value | 699,032 | 521,744 | |
Derivative contracts | 1,823 | 3,591 | |
Borrowings | 377,000 | 89,084 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 912,932 | 811,019 | |
Cash segregated for regulatory purposes | 73,235 | 227,727 | |
Securities purchased under agreements to resell | 248,588 | 160,423 | |
Financial instruments owned | 925,045 | 749,443 | |
Available-for-sale securities | 3,181,313 | 1,629,907 | |
Held-to-maturity securities | 3,038,405 | 1,855,399 | |
Loans held for sale | 228,588 | 189,921 | |
Bank loans | 5,591,190 | 3,143,515 | |
Investments, at fair value | 133,563 | 181,017 | |
Derivative contracts | [4] | 10,390 | |
Securities sold under agreements to repurchase | 268,546 | 278,674 | |
Bank deposits | 11,527,483 | 6,638,356 | |
Financial instruments sold, but not yet purchased, at fair value | 699,032 | 521,744 | |
Derivative contracts | [5] | 1,823 | 3,591 |
Borrowings | 377,000 | 89,084 | |
Federal Home Loan Bank advances | 500,000 | 148,000 | |
Senior notes | 795,891 | 740,136 | |
Debentures to Stifel Financial Capital Trusts | 67,500 | 82,500 | |
Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 912,932 | 811,019 | |
Cash segregated for regulatory purposes | 73,235 | 227,727 | |
Securities purchased under agreements to resell | 248,588 | 160,423 | |
Financial instruments owned | 925,045 | 749,443 | |
Available-for-sale securities | 3,181,313 | 1,629,907 | |
Held-to-maturity securities | 3,040,554 | 1,874,998 | |
Loans held for sale | 228,588 | 189,921 | |
Bank loans | 5,633,804 | 3,188,402 | |
Investments, at fair value | 133,563 | 181,017 | |
Derivative contracts | [4] | 10,390 | |
Securities sold under agreements to repurchase | 268,546 | 278,674 | |
Bank deposits | 11,092,185 | 6,627,818 | |
Financial instruments sold, but not yet purchased, at fair value | 699,032 | 521,744 | |
Derivative contracts | [5] | 1,823 | 3,591 |
Borrowings | 377,000 | 89,084 | |
Federal Home Loan Bank advances | 500,000 | 148,000 | |
Senior notes | 799,632 | 736,135 | |
Debentures to Stifel Financial Capital Trusts | $ 52,525 | $ 72,371 | |
[1] | Collateral received includes securities received by our company 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 pledged as collateral was $248.5 million and $160.3 million at December 31, 2016 and 2015, respectively. | ||
[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. | ||
[3] | Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $299.3 million and $285.7 million at December 31, 2016 and 2015, respectively. | ||
[4] | Included in other assets in the consolidated statements of financial condition. | ||
[5] | Included in accounts payable and accrued expenses in the consolidated statements of financial condition. |
Fair Value Of Financial Instr74
Fair Value Of Financial Instruments (Estimated Fair Values Of Financial Instruments Not Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities purchased under agreements to resell | [1] | $ 248,588 | $ 160,423 |
Held-to-maturity securities | [2] | 3,040,554 | 1,874,998 |
Securities sold under agreements to repurchase | [3] | 268,546 | 278,674 |
Bank deposits | 11,527,483 | 6,638,356 | |
Borrowings | 377,000 | 89,084 | |
Senior notes | 795,891 | 740,136 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 877,295 | 733,922 | |
Cash segregated for regulatory purposes | 73,235 | 227,727 | |
Securities purchased under agreements to resell | 248,588 | 160,423 | |
Held-to-maturity securities | 3,040,554 | 1,874,998 | |
Loans held for sale | 228,588 | 189,921 | |
Bank loans | 5,633,804 | 3,188,402 | |
Securities sold under agreements to repurchase | 268,546 | 278,674 | |
Bank deposits | 11,092,185 | 6,627,818 | |
Borrowings | 377,000 | 89,084 | |
Federal Home Loan Bank advances | 500,000 | 148,000 | |
Senior notes | 799,632 | 736,135 | |
Debentures to Stifel Financial Capital Trusts | 52,525 | 72,371 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 877,295 | 733,922 | |
Cash segregated for regulatory purposes | 73,235 | 227,727 | |
Securities purchased under agreements to resell | 227,983 | 160,423 | |
Securities sold under agreements to repurchase | 149,881 | 278,674 | |
Borrowings | 377,000 | ||
Federal Home Loan Bank advances | 500,000 | 148,000 | |
Senior notes | 799,632 | 736,135 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities purchased under agreements to resell | 20,605 | ||
Held-to-maturity securities | 2,830,869 | 1,317,582 | |
Loans held for sale | 228,588 | 189,921 | |
Bank loans | 5,633,804 | 3,188,402 | |
Securities sold under agreements to repurchase | 118,665 | ||
Bank deposits | 11,092,185 | 6,627,818 | |
Borrowings | 89,084 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Held-to-maturity securities | 209,685 | 557,416 | |
Debentures to Stifel Financial Capital Trusts | $ 52,525 | $ 72,371 | |
[1] | Collateral received includes securities received by our company 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 pledged as collateral was $248.5 million and $160.3 million at December 31, 2016 and 2015, respectively. | ||
[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. | ||
[3] | Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $299.3 million and $285.7 million at December 31, 2016 and 2015, respectively. |
Financial Instruments Owned A75
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Components Of Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | $ 925,045 | $ 749,443 |
U S Government Corporations And Agencies Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 89,833 | 116,949 |
Corporate Fixed Income Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 299,946 | 203,910 |
Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 32,044 | 31,642 |
State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 159,095 | 112,983 |
U.S. Government Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 9,951 | 45,167 |
Mortgage Backed Securities [Member] | Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 305,774 | 205,473 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 28,402 | 33,319 |
Securities Sold, But Not yet Purchased [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 699,032 | 521,744 |
Securities Sold, But Not yet Purchased [Member] | U S Government Corporations And Agencies Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 20,549 | |
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 | 202,968 | 255,700 |
Securities Sold, But Not yet Purchased [Member] | Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities | 18,395 | 29,184 |
Securities Sold, But Not yet Purchased [Member] | State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
State and municipal securities | 31 | |
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 | 362,536 | 186,030 |
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 | 94,552 | 50,830 |
Securities Sold, But Not yet Purchased [Member] | Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 1 | |
Securities Owned | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 925,045 | 749,443 |
Securities Owned | U S Government Corporations And Agencies Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 89,833 | 116,949 |
Securities Owned | Corporate Fixed Income Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fixed income securities | 299,946 | 203,910 |
Securities Owned | Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities | 32,044 | 31,642 |
Securities Owned | State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
State and municipal securities | 159,095 | 112,983 |
Securities Owned | U.S. Government Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 9,951 | 45,167 |
Securities Owned | Mortgage Backed Securities [Member] | Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 305,774 | 205,473 |
Securities Owned | Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | $ 28,402 | $ 33,319 |
Financial Instruments Owned A76
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 2,000 | $ 1,100 |
Financial instruments owned | 1,300 | |
Securities Owned | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 992.9 | $ 508.5 |
Available-For-Sale And Held-T77
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Amortized Cost And Fair Values Of The Available For Sale Securities And Held To Maturity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | $ 3,190,090 | $ 1,641,398 | |
Available for sale securities, unrealized gains | [1] | 11,634 | 1,807 |
Available-for-sale Securities, Gross unrealized losses | [1] | (20,411) | (13,298) |
Available-for-sale securities | 3,181,313 | 1,629,907 | |
Held-to-maturity Securities, Amortized cost | [2] | 3,038,405 | 1,855,399 |
Held-to-maturity Securities, Gross unrealized gains | [1],[2] | 22,595 | 27,254 |
Held-to-maturity Securities, Gross unrealized losses | [1],[2] | (20,446) | (7,655) |
Held-to-maturity securities, Estimated fair value | [2] | 3,040,554 | 1,874,998 |
U.S. Government Agency Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 4,213 | 1,700 | |
Available for sale securities, unrealized gains | [1] | 2 | 1 |
Available-for-sale Securities, Gross unrealized losses | [1] | (18) | (3) |
Available-for-sale securities | 4,197 | 1,698 | |
State And Municipal Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 76,066 | 75,953 | |
Available for sale securities, unrealized gains | [1] | 28 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (3,576) | (1,814) |
Available-for-sale securities | 72,490 | 74,167 | |
Corporate Fixed Income Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 830,695 | 321,017 | |
Available for sale securities, unrealized gains | [1] | 1,418 | 743 |
Available-for-sale Securities, Gross unrealized losses | [1] | (8,602) | (2,352) |
Available-for-sale securities | 823,511 | 319,408 | |
Held-to-maturity Securities, Amortized cost | [2] | 40,078 | 40,145 |
Held-to-maturity Securities, Gross unrealized gains | [1],[2] | 30 | |
Held-to-maturity Securities, Gross unrealized losses | [1],[2] | (396) | |
Held-to-maturity securities, Estimated fair value | [2] | 40,108 | 39,749 |
Asset-Backed Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 1,858,929 | 922,563 | |
Available for sale securities, unrealized gains | [1] | 9,857 | 774 |
Available-for-sale Securities, Gross unrealized losses | [1] | (1,068) | (7,424) |
Available-for-sale securities | 1,867,718 | 915,913 | |
Held-to-maturity Securities, Amortized cost | [2] | 1,370,300 | 496,996 |
Held-to-maturity Securities, Gross unrealized gains | [1],[2] | 6,242 | 2,076 |
Held-to-maturity Securities, Gross unrealized losses | [1],[2] | (3,396) | (4,139) |
Held-to-maturity securities, Estimated fair value | [2] | 1,373,146 | 494,933 |
Mortgage Backed Securities [Member] | Agency [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 340,738 | 306,309 | |
Available for sale securities, unrealized gains | [1] | 298 | 125 |
Available-for-sale Securities, Gross unrealized losses | [1] | (2,304) | (1,541) |
Available-for-sale securities | 338,732 | 304,893 | |
Held-to-maturity Securities, Amortized cost | [2] | 1,567,758 | 1,257,808 |
Held-to-maturity Securities, Gross unrealized gains | [1],[2] | 14,537 | 23,346 |
Held-to-maturity Securities, Gross unrealized losses | [1],[2] | (17,037) | (3,105) |
Held-to-maturity securities, Estimated fair value | [2] | 1,565,258 | 1,278,049 |
Mortgage Backed Securities [Member] | Commercial [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 77,417 | 11,177 | |
Available for sale securities, unrealized gains | [1] | 59 | 134 |
Available-for-sale Securities, Gross unrealized losses | [1] | (4,703) | (1) |
Available-for-sale securities | 72,773 | 11,310 | |
Held-to-maturity Securities, Amortized cost | [2] | 59,581 | 59,521 |
Held-to-maturity Securities, Gross unrealized gains | [1],[2] | 1,786 | 1,832 |
Held-to-maturity securities, Estimated fair value | [2] | 61,367 | 61,353 |
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 | 2,032 | 2,679 | |
Available for sale securities, unrealized gains | [1] | 2 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (140) | (163) |
Available-for-sale securities | 1,892 | 2,518 | |
Held-to-maturity Securities, Amortized cost | [2] | 688 | 929 |
Held-to-maturity Securities, Gross unrealized losses | [1],[2] | (13) | (15) |
Held-to-maturity securities, Estimated fair value | [2] | $ 675 | $ 914 |
[1] | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss. | ||
[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. |
Available-For-Sale And Held-T78
Available-For-Sale And Held-To-Maturity Securities (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||
Proceeds from sale of available-for-sale securities | $ 0 | $ 641,600,000 | $ 300,300,000 | |
Net realized gains resulting from sale of available-for-sale securities | 3,200,000 | 3,700,000 | ||
Unrealized gains (losses) recorded in accumulated other comprehensive income | [1],[2] | 5,803,000 | 1,389,000 | $ 1,838,000 |
Financial instruments pledged as collateral | 2,000,000,000 | 1,100,000,000 | ||
Trading securities pledged | $ 1,700,000,000 | 1,100,000,000 | ||
Number of available for sale securities whose amortized costs exceeded their fair values | security | 146 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 20,411,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 4,772,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,282,277,000 | |||
Percentage of available-for-sale portfolio | 40.30% | |||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 57 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 20,446,000 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 2,895,000 | |||
Credit-related OTTI | 0 | 0 | ||
Gross unrealized losses related to investment portfolio | [3] | 20,411,000 | $ 13,298,000 | |
OTTI on all other securities | 0 | |||
Available-for-sale and Held-to-maturity Securities [Member] | ||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ||||
Gross unrealized losses related to investment portfolio | $ 40,900,000 | |||
[1] | Net of taxes of $0.3 million, $0.7 million, and $2.1 million for the years ended December 31, 2016, 2015, and 2014, respectively. | |||
[2] | There were no reclassifications to earnings of realized gains for the year ended December 31, 2016. Amounts are net of reclassifications to earnings of realized gains of $2.1 million and $2.3 million for the years ended December 31, 2015 and 2014, respectively. | |||
[3] | Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss. |
Available-For-Sale And Held-T79
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Amortized Cost And Fair Values Of Debt Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, Amortized Cost | $ 3,190,090 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 23,961 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 895,833 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 1,583,240 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 3,181,313 | |
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 312,069 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 2,626,677 | ||
Held-to-maturity Securities, Amortized cost | [2] | 3,038,405 | $ 1,855,399 |
Held-to-maturity Securities, debt maturities, Fair Value | [2] | 3,040,554 | $ 1,874,998 |
Excluding Mortgage Backed Securities [Member] | |||
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, within one year, Amortized Cost | 23,947 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Amortized Cost | 271,872 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Amortized Cost | 409,576 | ||
Available-for-sale Securities, debt maturities, after five through ten years, Amortized Cost | 840,487 | ||
Availably-for-sale Securities, debt maturities, after ten years, Amortized Cost | 1,224,021 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | 23,952 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Fair Value | 272,292 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Fair Value | 405,986 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 840,590 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 1,225,096 | ||
Held-to-maturity Securities, debt maturities, after one year through three years, Amortized Cost | 40,078 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 141,576 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,228,724 | ||
Held-to-maturity Securities, debt maturities, after one year through three years, Fair Value | 40,108 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Fair Value | 141,973 | ||
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | 1,231,173 | ||
Mortgage Backed Securities [Member] | |||
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, within one year, Amortized Cost | 9 | ||
Available-for-sale Securities, debt maturities, after five through ten years, Amortized Cost | 58,967 | ||
Availably-for-sale Securities, debt maturities, after ten years, Amortized Cost | 361,211 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | 9 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 55,245 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 358,143 | ||
Held-to-maturity Securities, debt maturities, after three year through five years, Amortized Cost | 59,581 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 170,493 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,397,953 | ||
Held-to-maturity Securities, debt maturities, after three year through five years, Fair Value | 61,367 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Fair Value | 169,498 | ||
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | $ 1,396,435 | ||
[1] | Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. | ||
[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. |
Available-For-Sale And Held-T80
Available-For-Sale And Held-To-Maturity Securities (Contractual Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | $ 23,961 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 678,279 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 895,833 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 1,583,240 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 3,181,313 | |
Held-to-maturity Securities, debt maturities, after one year through five, Amortized Cost | 99,659 | ||
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 312,069 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 2,626,677 | ||
Held-to-maturity Securities, Amortized cost | [2] | 3,038,405 | $ 1,855,399 |
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] | 1,351 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 2,846 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 4,197 | |
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] | 301 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 375 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 16,821 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 54,993 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 72,490 | |
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] | 22,301 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 675,058 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 126,152 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 823,511 | |
Held-to-maturity Securities, debt maturities, after one year through five, Amortized Cost | 40,078 | ||
Held-to-maturity Securities, Amortized cost | [2] | 40,078 | 40,145 |
Asset-Backed Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 697,616 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 1,170,102 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 1,867,718 | |
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 141,576 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,228,724 | ||
Held-to-maturity Securities, Amortized cost | [2] | 1,370,300 | 496,996 |
Mortgage 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 | 9 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 55,245 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 358,143 | ||
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 170,493 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,397,953 | ||
Mortgage Backed Securities [Member] | Agency [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 480 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 338,252 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 338,732 | |
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 170,493 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,397,265 | ||
Held-to-maturity Securities, Amortized cost | [2] | 1,567,758 | 1,257,808 |
Mortgage Backed Securities [Member] | Commercial [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 54,764 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 18,009 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 72,773 | |
Held-to-maturity Securities, debt maturities, after one year through five, Amortized Cost | 59,581 | ||
Held-to-maturity Securities, Amortized cost | [2] | 59,581 | 59,521 |
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] | 8 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 1,884 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 1,892 | |
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 688 | ||
Held-to-maturity Securities, Amortized cost | [2] | $ 688 | $ 929 |
[1] | Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. | ||
[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. |
Available-For-Sale And Held-T81
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Gross Unrealized Losses And The Estimated Fair Value By Length Of Time In A Loss Position) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | $ (15,639) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 1,034,832 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (4,772) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 247,445 |
Available-for-sale Securities, Gross unrealized losses, Total | (20,411) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,282,277 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (17,551) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,189,914 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (2,895) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 54,259 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (20,446) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,244,173 |
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 | (18) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 3,497 |
Available-for-sale Securities, Gross unrealized losses, Total | (18) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 3,497 |
State And Municipal 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 | (372) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 12,297 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (3,204) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 60,192 |
Available-for-sale Securities, Gross unrealized losses, Total | (3,576) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 72,489 |
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 | (8,602) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 566,692 |
Available-for-sale Securities, Gross unrealized losses, Total | (8,602) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 566,692 |
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 | (1,068) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 261,341 |
Available-for-sale Securities, Gross unrealized losses, Total | (1,068) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 261,341 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (534) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 294,656 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (2,862) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 52,169 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (3,396) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 346,825 |
Mortgage Backed Securities [Member] | Agency [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | (876) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 120,004 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (1,428) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 185,415 |
Available-for-sale Securities, Gross unrealized losses, Total | (2,304) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 305,419 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (17,017) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 895,258 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (20) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,415 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (17,037) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 896,673 |
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 | (4,703) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 71,001 |
Available-for-sale Securities, Gross unrealized losses, Total | (4,703) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 71,001 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (140) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 1,838 |
Available-for-sale Securities, Gross unrealized losses, Total | (140) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,838 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (13) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 675 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (13) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 675 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 5,637,565 | $ 3,180,584 | |
Unamortized loan premium/(discount), net | 858 | (5,296) | |
Loans in process | (49) | (419) | |
Unamortized loan fees, net | (2,021) | (1,567) | |
Allowance for loan losses | (45,163) | (29,787) | $ (20,731) |
Bank loans, net | $ 5,591,190 | $ 3,143,515 | |
Gross bank loans, Percent | 100.00% | 100.00% | |
Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 2,161,400 | $ 429,132 | |
Allowance for loan losses | $ (2,660) | $ (1,241) | (787) |
Gross bank loans, Percent | 38.40% | 13.50% | |
Commercial And Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 1,710,399 | $ 1,216,656 | |
Allowance for loan losses | $ (35,127) | $ (24,748) | (16,609) |
Gross bank loans, Percent | 30.30% | 38.20% | |
Securities-Based Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 1,614,033 | $ 1,388,953 | |
Allowance for loan losses | $ (3,094) | $ (1,607) | (1,099) |
Gross bank loans, Percent | 28.60% | 43.70% | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 78,711 | $ 92,623 | |
Allowance for loan losses | $ (1,363) | $ (264) | (232) |
Gross bank loans, Percent | 1.40% | 2.90% | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 45,391 | $ 36,846 | |
Allowance for loan losses | $ (129) | $ (105) | (156) |
Gross bank loans, Percent | 0.80% | 1.20% | |
Home Equity Lines Of Credit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 15,008 | $ 12,475 | |
Allowance for loan losses | $ (371) | $ (290) | $ (267) |
Gross bank loans, Percent | 0.30% | 0.40% | |
Construction And Land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross bank loans | $ 12,623 | $ 3,899 | |
Allowance for loan losses | $ (232) | $ (78) | |
Gross bank loans, Percent | 0.20% | 0.10% |
Bank Loans (Narrative) (Details
Bank Loans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale, at lower of cost or market | $ 228,588 | $ 189,921 | |
Gains (losses) recognized from sale of loans | 16,000 | 12,700 | $ 8,100 |
Nonaccrual loans more than 90 days past due | 26,900 | 900 | |
Troubled debt restructurings | 9,700 | 200 | |
Specific allowance | $ 3,375 | $ 188 | |
Collateralized loan portfolio | 97.90% | 97.20% | |
Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans pledged as collateral | $ 2,300,000 | ||
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans pledged as collateral | 207,500 | ||
Specific allowance | 722 | ||
Residential Mortgages [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gains (losses) recognized from sale of loans | $ 14,700 | ||
Reclassification of loans held for sale | 227,600 | ||
Principal balance of loans sold | 184,400 | ||
Specific allowance | 24 | 24 | |
Stifel Bank [Member] | Executive Officers Directors and Their Affiliates [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans outstanding amount | 3,700 | 2,000 | |
Stifel Financial Corp. [Member] | Executive Officers Directors and Their Affiliates [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans outstanding amount | $ 5,600 | $ 7,200 |
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, 2016 | Dec. 31, 2015 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | $ 29,787 | $ 20,731 |
Provision | 15,659 | 9,069 |
Charge-offs | (296) | (144) |
Recoveries | 13 | 131 |
Ending Balance | 45,163 | 29,787 |
Commercial And Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 24,748 | 16,609 |
Provision | 10,646 | 8,139 |
Charge-offs | (267) | |
Ending Balance | 35,127 | 24,748 |
Securities-Based Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 1,607 | 1,099 |
Provision | 1,487 | 508 |
Ending Balance | 3,094 | 1,607 |
Residential Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 1,241 | 787 |
Provision | 1,430 | 544 |
Charge-offs | (13) | (144) |
Recoveries | 2 | 54 |
Ending Balance | 2,660 | 1,241 |
Qualitative [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 1,454 | 1,581 |
Provision | 733 | (127) |
Ending Balance | 2,187 | 1,454 |
Consumer [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 105 | 156 |
Provision | 38 | (58) |
Charge-offs | (16) | |
Recoveries | 2 | 7 |
Ending Balance | 129 | 105 |
Commercial Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 264 | 232 |
Provision | 1,090 | (30) |
Recoveries | 9 | 62 |
Ending Balance | 1,363 | 264 |
Construction And Land [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 78 | |
Provision | 154 | 78 |
Ending Balance | 232 | 78 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 290 | 267 |
Provision | 81 | 15 |
Recoveries | 8 | |
Ending Balance | $ 371 | $ 290 |
Bank Loans (Recorded Balances O
Bank Loans (Recorded Balances Of Loans and Amount Of Allowance Allocated Based Upon Impairment Method by Portfolio Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 3,375 | $ 187 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 41,788 | 29,600 | |
Allowance for Loan Losses, Total | 45,163 | 29,787 | $ 20,731 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 26,934 | 519 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 5,610,631 | 3,180,065 | |
Recorded Investment in Loans, Total | 5,637,565 | 3,180,584 | |
Commercial And Industrial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | 2,392 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 32,735 | 24,748 | |
Allowance for Loan Losses, Total | 35,127 | 24,748 | 16,609 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 16,815 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,693,584 | 1,216,656 | |
Recorded Investment in Loans, Total | 1,710,399 | 1,216,656 | |
Securities-Based Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 3,094 | 1,607 | |
Allowance for Loan Losses, Total | 3,094 | 1,607 | 1,099 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,614,033 | 1,388,953 | |
Recorded Investment in Loans, Total | 1,614,033 | 1,388,953 | |
Consumer [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | 6 | 14 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 123 | 91 | |
Allowance for Loan Losses, Total | 129 | 105 | 156 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 6 | 14 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 45,385 | 36,832 | |
Recorded Investment in Loans, Total | 45,391 | 36,846 | |
Residential Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | 24 | 24 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,636 | 1,217 | |
Allowance for Loan Losses, Total | 2,660 | 1,241 | 787 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 178 | 182 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,161,222 | 428,950 | |
Recorded Investment in Loans, Total | 2,161,400 | 429,132 | |
Commercial Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | 722 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 641 | 264 | |
Allowance for Loan Losses, Total | 1,363 | 264 | 232 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 9,522 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 69,189 | 92,623 | |
Recorded Investment in Loans, Total | 78,711 | 92,623 | |
Home Equity Lines Of Credit [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Individually Evaluated for Impairment | 231 | 149 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 140 | 141 | |
Allowance for Loan Losses, Total | 371 | 290 | 267 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 413 | 323 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 14,595 | 12,152 | |
Recorded Investment in Loans, Total | 15,008 | 12,475 | |
Construction And Land [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 232 | 78 | |
Allowance for Loan Losses, Total | 232 | 78 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 12,623 | 3,899 | |
Recorded Investment in Loans, Total | 12,623 | 3,899 | |
Qualitative [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,187 | 1,454 | |
Allowance for Loan Losses, Total | $ 2,187 | $ 1,454 | $ 1,581 |
Bank Loans (Loans That Were Ind
Bank Loans (Loans That Were Individually Evaluated For Impairment By Portfolio Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 28,742 | $ 2,062 |
Recorded Investment with No Allowance | 543 | |
Recorded Investment with Allowance | 26,934 | 520 |
Total Recorded Investment | 26,934 | 1,063 |
Related Allowance | 3,375 | 188 |
Average Recorded Investment | 32,242 | 1,117 |
Commercial And Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 16,815 | |
Recorded Investment with Allowance | 16,815 | |
Total Recorded Investment | 16,815 | |
Related Allowance | 2,392 | |
Average Recorded Investment | 22,559 | |
Consumer [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 833 | 944 |
Recorded Investment with Allowance | 6 | 15 |
Total Recorded Investment | 6 | 15 |
Related Allowance | 6 | 15 |
Average Recorded Investment | 9 | 23 |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 178 | 776 |
Recorded Investment with No Allowance | 524 | |
Recorded Investment with Allowance | 178 | 182 |
Total Recorded Investment | 178 | 706 |
Related Allowance | 24 | 24 |
Average Recorded Investment | 181 | 752 |
Commercial Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 10,503 | |
Recorded Investment with Allowance | 9,522 | |
Total Recorded Investment | 9,522 | |
Related Allowance | 722 | |
Average Recorded Investment | 9,080 | |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 413 | 342 |
Recorded Investment with No Allowance | 19 | |
Recorded Investment with Allowance | 413 | 323 |
Total Recorded Investment | 413 | 342 |
Related Allowance | 231 | 149 |
Average Recorded Investment | $ 413 | $ 342 |
Bank Loans (Aging Of The Record
Bank Loans (Aging Of The Recorded Investment In Past Due Loans) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | $ 11,721,000 | $ 4,116,000 | |||
Current Balance | 5,625,844,000 | 3,176,468,000 | |||
Recorded Investment in Loans, Total | 5,637,565,000 | 3,180,584,000 | |||
Non-accrual | 17,234,000 | [1] | 737,000 | [2] | |
Restructured | 9,700,000 | [1],[3] | 326,000 | [2] | |
Total | 26,934,000 | [1] | 1,063,000 | [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 | 11,523,000 | 3,640,000 | |||
90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 198,000 | 476,000 | |||
Commercial And Industrial [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 1,710,399,000 | 1,216,656,000 | |||
Recorded Investment in Loans, Total | 1,710,399,000 | 1,216,656,000 | |||
Non-accrual | [1] | 16,815,000 | |||
Total | [1] | 16,815,000 | |||
Securities-Based Loans [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 1,614,033,000 | 1,388,953,000 | |||
Recorded Investment in Loans, Total | 1,614,033,000 | 1,388,953,000 | |||
Consumer [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 2,000 | 14,000 | |||
Current Balance | 45,389,000 | 36,832,000 | |||
Recorded Investment in Loans, Total | 45,391,000 | 36,846,000 | |||
Non-accrual | 6,000 | [1] | 15,000 | [2] | |
Total | 6,000 | [1] | 15,000 | [2] | |
Consumer [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 7,000 | ||||
Consumer [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 2,000 | 7,000 | |||
Residential Real Estate [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 1,923,000 | 3,760,000 | |||
Current Balance | 2,159,477,000 | 425,372,000 | |||
Recorded Investment in Loans, Total | 2,161,400,000 | 429,132,000 | |||
Non-accrual | [2] | 380,000 | |||
Restructured | 178,000 | [1],[3] | 326,000 | [2] | |
Total | 178,000 | [1] | 706,000 | [2] | |
Residential Real Estate [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 1,923,000 | 3,310,000 | |||
Residential Real Estate [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 450,000 | ||||
Commercial Real Estate [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 9,522,000 | ||||
Current Balance | 69,189,000 | 92,623,000 | |||
Recorded Investment in Loans, Total | 78,711,000 | 92,623,000 | |||
Restructured | [1],[3] | 9,522,000 | |||
Total | [1] | 9,522,000 | |||
Commercial Real Estate [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 9,522,000 | ||||
Home Equity Lines Of Credit [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 274,000 | 342,000 | |||
Current Balance | 14,734,000 | 12,133,000 | |||
Recorded Investment in Loans, Total | 15,008,000 | 12,475,000 | |||
Non-accrual | 413,000 | [1] | 342,000 | [2] | |
Total | 413,000 | [1] | 342,000 | [2] | |
Home Equity Lines Of Credit [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 78,000 | 323,000 | |||
Home Equity Lines Of Credit [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 196,000 | 19,000 | |||
Construction And Land [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 12,623,000 | 3,899,000 | |||
Recorded Investment in Loans, Total | $ 12,623,000 | $ 3,899,000 | |||
[1] | There were no loans past due 90 days and still accruing interest at December 31, 2016. | ||||
[2] | There were no loans past due 90 days and still accruing interest at December 31, 2015. | ||||
[3] | On non-accrual status. |
Bank Loans (Risk Category Of Lo
Bank Loans (Risk Category Of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 5,637,565 | $ 3,180,584 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 5,569,259 | 3,153,743 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 27,905 | 12,502 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 40,401 | 14,339 |
Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,710,399 | 1,216,656 |
Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,652,211 | 1,191,030 |
Commercial And Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 27,905 | 11,320 |
Commercial And Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 30,283 | 14,306 |
Securities-Based Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,614,033 | 1,388,953 |
Securities-Based Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,614,033 | 1,388,939 |
Securities-Based Loans [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 14 | |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 45,391 | 36,846 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 45,385 | 36,846 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 6 | |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,161,400 | 429,132 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,161,223 | 427,950 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,182 | |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 177 | |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 78,711 | 92,623 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 69,189 | 92,623 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 9,522 | |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 15,008 | 12,475 |
Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 14,595 | 12,456 |
Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 413 | 19 |
Construction And Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 12,623 | 3,899 |
Construction And Land [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 12,623 | $ 3,899 |
Fixed Assets (Summary Of Fixed
Fixed Assets (Summary Of Fixed Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Abstract] | ||
Furniture and equipment | $ 254,705 | $ 238,075 |
Building and leasehold improvements | 160,369 | 146,954 |
Property on operating leases | 21,064 | 21,064 |
Fixed assets, gross | 436,138 | 406,093 |
Less accumulated depreciation and amortization | (263,310) | (224,127) |
Fixed assets, net | $ 172,828 | $ 181,966 |
Fixed Assets (Narrative) (Detai
Fixed Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization | $ 43,147 | $ 36,715 | $ 29,280 |
Goodwill And Intangible Asset91
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | Jul. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Indicators of impairment | $ 0 | |||
Amortization of intangible assets | $ 14,427,000 | $ 10,423,000 | $ 12,366,000 | |
Customer Relationships [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Weighted-average remaining lives of intangible assets | 9 years 4 months 24 days | |||
Trade Name [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Weighted-average remaining lives of intangible assets | 9 years 10 months 24 days | |||
Non-Compete Agreements [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Weighted-average remaining lives of intangible assets | 3 years 8 months 12 days |
Goodwill And Intangible Asset92
Goodwill And Intangible Assets (Carrying Amount Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Beginning balance | $ 915,602 | ||
Goodwill, Net Additions | 49,280 | ||
Goodwill, Write-off | (2,600) | ||
Goodwill, Ending balance | 962,282 | $ 915,602 | |
Intangible assets, Beginning balance | 63,177 | ||
Intangible assets, Net Additions | 67,554 | ||
Intangible assets, Amortization | (14,427) | (10,423) | $ (12,366) |
Intangible assets, Ending balance | 116,304 | 63,177 | |
Global Wealth Management [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Beginning balance | 295,384 | ||
Goodwill, Net Additions | (24,605) | ||
Goodwill, Ending balance | 270,779 | 295,384 | |
Intangible assets, Beginning balance | 30,027 | ||
Intangible assets, Net Additions | 21,230 | ||
Intangible assets, Amortization | (6,026) | ||
Intangible assets, Ending balance | 45,231 | 30,027 | |
Institutional Group [Member] | |||
Schedule of Goodwill and Intangible Assets [Line Items] | |||
Goodwill, Beginning balance | 620,218 | ||
Goodwill, Net Additions | 73,885 | ||
Goodwill, Write-off | (2,600) | ||
Goodwill, Ending balance | 691,503 | 620,218 | |
Intangible assets, Beginning balance | 33,150 | ||
Intangible assets, Net Additions | 46,324 | ||
Intangible assets, Amortization | (8,401) | ||
Intangible assets, Ending balance | $ 71,073 | $ 33,150 |
Goodwill And Intangible Asset93
Goodwill And Intangible Assets (Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 170,257 | $ 112,993 |
Accumulated Amortization | 56,071 | 51,934 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 141,621 | 78,580 |
Accumulated Amortization | 46,209 | 37,322 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 24,713 | 24,456 |
Accumulated Amortization | 8,670 | 6,969 |
Investment Banking Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,345 | 7,440 |
Accumulated Amortization | 379 | 7,388 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 2,578 | 2,517 |
Accumulated Amortization | $ 813 | $ 255 |
Goodwill And Intangible Asset94
Goodwill And Intangible Assets (Amortization Expense In Future Periods) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,017 | $ 11,506 |
2,018 | 10,873 |
2,019 | 10,285 |
2,020 | 10,068 |
2,021 | 9,506 |
Thereafter | 61,948 |
Future amortization expense total | $ 114,186 |
Borrowings - Components of Borr
Borrowings - Components of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Borrowings | $ 377,000 | $ 89,084 |
Borrowings on secured lines of credit [Member] | ||
Short-term Debt [Line Items] | ||
Borrowings | $ 377,000 | 30,000 |
Term Loans [Member] | ||
Short-term Debt [Line Items] | ||
Borrowings | $ 59,084 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | |
Short-term Debt [Line Items] | ||
Uncommitted secured lines of credit | $ 1,000,000,000 | |
Number of banks | item | 6 | |
Daily borrowings under our uncommitted secured lines | $ 525,700,000 | |
Compensating balances | 0 | |
Trading securities pledged | 1,700,000,000 | $ 1,100,000,000 |
Federal home loan advances, floating-rate | 500,000,000 | |
Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Committed revolving credit facility | $ 100,000,000 | |
Revolving credit facility expiration date | 2017-12 | |
LIBOR rate | 2.00% | |
Outstanding on our revolving credit facility | $ 0 | |
Company Owned Securities [Member] | ||
Short-term Debt [Line Items] | ||
Trading securities pledged | $ 511,100,000 | |
Federal Home Loan Bank advances [Member] | ||
Short-term Debt [Line Items] | ||
Weighted average interest rate on borrowings | 1.15% | |
Term Loans [Member] | ||
Short-term Debt [Line Items] | ||
Term loans paid-off date | 2016-07 |
Senior Notes (Schedule Of Corpo
Senior Notes (Schedule Of Corporate Debt) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2014 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | $ 800,000 | $ 750,000 | ||||
Debt issuance costs, net | (4,109) | (9,864) | ||||
Long-term Debt | $ 795,891 | 740,136 | ||||
Stated interest rate | 4.25% | |||||
Debt instrument, maturity date | Dec. 31, 2024 | |||||
Senior notes 4.250% due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [1] | $ 500,000 | 300,000 | |||
Long-term Debt | $ 300,000 | |||||
Stated interest rate | 4.25% | 4.25% | ||||
Due date | 2,024 | |||||
Debt instrument, maturity date | Jul. 31, 2014 | |||||
Redemption price, percentage of principal amount | 100.00% | |||||
Additional issuance of long-term debt | $ 200,000 | |||||
Senior notes 3.50% due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [2] | $ 300,000 | 300,000 | |||
Long-term Debt | $ 300,000 | |||||
Stated interest rate | 3.50% | 3.50% | ||||
Due date | 2,020 | |||||
Debt instrument, maturity date | Dec. 31, 2015 | |||||
Redemption price, percentage of principal amount | 100.00% | |||||
Senior notes 5.375%, due 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [3] | $ 150,000 | ||||
Long-term Debt | $ 150,000 | |||||
Stated interest rate | 5.375% | 5.375% | ||||
Due date | 2,022 | |||||
Debt instrument, maturity date | Dec. 31, 2012 | |||||
[1] | In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.250% 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 December 2015, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 3.50% senior notes due December 2020. 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. | |||||
[3] | In December 2012, we sold in a registered underwritten public offering, $150.0 million in aggregate principal amount of 5.375% senior notes due December 2022. Interest on these senior notes was payable quarterly in arrears. The notes were redeemed in August 2016. |
Senior Notes (Schedule Of Cor98
Senior Notes (Schedule Of Corporate Debt Principal Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 795,891 | $ 740,136 |
Non Recourse Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,020 | 300,000 | |
Thereafter | 500,000 | |
Long-term Debt | $ 800,000 |
Bank Deposits (Schedule Of Depo
Bank Deposits (Schedule Of Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | ||
Money market and savings accounts | $ 11,264,285 | $ 6,429,780 |
Demand deposits (interest-bearing) | 253,545 | 185,275 |
Certificates of deposit | 3,901 | 15,087 |
Demand deposits (non-interest-bearing) | 5,752 | 8,214 |
Bank deposits | $ 11,527,483 | $ 6,638,356 |
Bank Deposits (Narrative) (Deta
Bank Deposits (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Bank Deposits [Line Items] | ||
Weighted average interest rate on deposits | 0.09% | 0.17% |
Brokerage Customers Deposits [Member] | ||
Bank Deposits [Line Items] | ||
Deposits of related parties | $ 11,500 | $ 6,600 |
Stifel Nicolaus [Member] | ||
Bank Deposits [Line Items] | ||
Interest bearing and time deposits of executive officers, directors, and affiliates | $ 0.5 | $ 0.3 |
Bank Deposits (Scheduled Maturi
Bank Deposits (Scheduled Maturities Of Certificates Of Deposit) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | ||
Within one year | $ 1,213 | $ 4,863 |
One to three years | 855 | 2,356 |
Three to five years | 145 | |
Certificates of deposit, less than $100 | 2,068 | 7,364 |
Within one year | 877 | 5,464 |
One to three years | 956 | 1,975 |
Three to five years | 284 | |
Certificates of deposit, $100 and greater | 1,833 | 7,723 |
Total certificates of deposit | $ 3,901 | $ 15,087 |
Derivative Instruments And H102
Derivative Instruments And Hedging Activities (Schedule Of Notional Values And Fair Values Of Derivative Instruments) (Details) - Cash Flow Interest Rate Contracts [Member] - Designated As Hedging Instrument [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Notional Value | $ 790,000,000 | |
Liability Derivatives, Notional Value | 121,442,000 | $ 179,110,000 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 10,390,000 | |
Accounts Payable and Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | $ 1,823,000 | $ 3,591,000 |
Derivative Instruments And H103
Derivative Instruments And Hedging Activities (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Average remaining life of interest rate swap agreements | 3 years 4 months 24 days |
Estimated derivatives to be reclassified as increase to interest expense | $ 2.1 |
Fair value of derivative net liability position | 1.8 |
Derivative counterparty posted collateral against obligation | $ 12 |
Derivative Instruments And H104
Derivative Instruments And Hedging Activities (Schedule Of Derivative Instruments In Consolidated Statements Of Operations) (Details) - Cash Flow Interest Rate Contracts [Member] - Interest Expense [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) Recognized in OCI (Effectiveness) | $ 6,383 | $ (2,137) | $ (2,576) |
Loss Reclassified From OCI Into Income | 5,444 | $ 3,824 | $ 6,068 |
Loss Recognized Due to Ineffectiveness | $ 30 |
Debentures To Stifel Financi105
Debentures To Stifel Financial Capital Trusts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 28, 2008 | Mar. 30, 2007 | Aug. 12, 2005 | |||
Debt Instrument [Line Items] | |||||||
Debenture to Stifel Financial Capital Trust | $ 67,500 | $ 82,500 | |||||
Stated interest rate | 4.25% | ||||||
Maturity date | Dec. 31, 2024 | ||||||
Stifel Financial Capital Trust II [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debenture to Stifel Financial Capital Trust | $ 20,000 | [1] | 35,000 | [1] | $ 35,000 | ||
Stated interest rate | 6.38% | ||||||
Maturity date | Sep. 30, 2035 | ||||||
Earliest call date | Sep. 30, 2010 | ||||||
Interest rate terms, spread over reference rate | 1.70% | ||||||
Reference rate | Three-month LIBOR 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. 6, 2037 | ||||||
Earliest call date | Jun. 6, 2012 | ||||||
Interest rate terms, spread over reference rate | 1.85% | ||||||
Reference rate | Three-month LIBOR plus 1.85% per annum | ||||||
Stifel Financial Capital Trust IV [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debenture to Stifel Financial Capital Trust | $ 12,500 | [3] | $ 12,500 | [3] | $ 35,000 | ||
Stated interest rate | 6.78% | ||||||
Maturity date | Sep. 6, 2037 | ||||||
Earliest call date | Sep. 6, 2012 | ||||||
Interest rate terms, spread over reference rate | 1.85% | ||||||
Reference rate | Three-month LIBOR 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 by our company, and in turn, the Trust II would call the debenture beginning September 30, 2010. 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 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 by our company, and in turn, Trust III would call the debenture beginning June 6, 2012. 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 plus 1.85% per annum. | ||||||
[3] | On June 28, 2007, we completed a private placement of $35.0 million of 6.78% Cumulative Trust Preferred Securities. The trust preferred securities were offered by Stifel Financial Capital Trust IV (the “Trust IV”), a non-consolidated wholly owned subsidiary of our company. The trust preferred securities mature on September 6, 2037, but may be redeemed by our company, and in turn, Trust IV would call the debenture beginning September 6, 2012. Trust IV requires quarterly distributions of interest to the holders of the trust preferred securities. Distributions are payable at a floating interest rate equal to three-month LIBOR plus 1.85% per annum. |
Disclosures About Offsetting106
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Offsetting [Abstract] | |||
Gross amounts of recognized assets, Securities borrowing | [1] | $ 382,691 | $ 318,105 |
Net amounts presented in the Statement of Financial Condition, Securities borrowing | [1] | 382,691 | 318,105 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities borrowing | [1] | (291,793) | (182,399) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities borrowing | [1] | (68,776) | (123,309) |
Securities borrowed, Net amount | [1] | 22,122 | 12,397 |
Gross amounts of recognized assets, Reverse repurchase agreements | [2] | 248,588 | 160,423 |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | 248,588 | 160,423 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | [2] | (216,542) | (160,423) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities purchased under agreements to resell | [2] | (32,046) | |
Gross amounts of recognized assets, Cash flow interest rate contracts | 10,390 | ||
Net amounts presented in the Statement of Financial Condition, Cash flow interest rate contracts | 10,390 | ||
Cash flow interest rate contracts, Net amount | 10,390 | ||
Gross amounts of recognized assets | 641,669 | 478,528 | |
Net amounts presented in the Statements of Financial Condition | 641,669 | 478,528 | |
Gross amounts not offset in the Statement of Financial Position | (508,335) | (342,822) | |
Gross amounts not offset in the Statement of Financial Position, Collateral received | (100,822) | (123,309) | |
Net amount | $ 32,512 | $ 12,397 | |
[1] | Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 5 in the notes to consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations. | ||
[2] | Collateral received includes securities received by our company 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 pledged as collateral was $248.5 million and $160.3 million at December 31, 2016 and 2015, respectively. |
Disclosures About Offsetting107
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Offsetting Assets [Line Items] | |||
Fair value of securities pledged as collateral | [1] | $ 32,046 | |
Securities Pledged As Collateral [Member] | |||
Offsetting Assets [Line Items] | |||
Fair value of securities pledged as collateral | $ 248,500 | $ 160,300 | |
[1] | Collateral received includes securities received by our company 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 pledged as collateral was $248.5 million and $160.3 million at December 31, 2016 and 2015, respectively. |
Disclosures About Offsetting108
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Offsetting [Abstract] | |||
Gross amounts of recognized liabilities, Securities lending | [1] | $ (478,814) | $ (329,670) |
Net amounts presented in the Statement of Financial Condition, Securities lending | [1] | (478,814) | (329,670) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities lending | [1] | 291,793 | 182,399 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities lending | [1] | 175,849 | 132,784 |
Securities lending, Net amount | [1] | (11,172) | (14,487) |
Gross amounts of recognized liabilities, Securities purchased under agreements to resell | [2] | (268,546) | (278,674) |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | (268,546) | (278,674) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | [2] | 216,542 | 160,423 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities purchased under agreements to resell | [2] | 52,004 | 118,251 |
Gross amount of recognized liabilities, Cash flow interest rate contracts | (1,823) | (3,591) | |
Net amounts presented in the Statement of Financial Condition, Cash flow interest rate contracts | (1,823) | (3,591) | |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Cash flow interest rate contracts | 1,800 | ||
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Cash flow interest rate contracts | 1,823 | 3,591 | |
Gross amounts of recognized liabilities | (749,183) | (611,935) | |
Net amounts presented in the Statement of Financial Condition | (749,183) | (611,935) | |
Gross amounts not offset in the Statement of Financial Position, Financial instruments | 508,335 | 342,822 | |
Gross amounts not offset in the Statement of Financial Condition, Collateral pledged | 229,676 | 254,626 | |
Net amount | $ (11,172) | $ (14,487) | |
[1] | Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 5 in the notes to consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations. | ||
[2] | Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $299.3 million and $285.7 million at December 31, 2016 and 2015, respectively. |
Disclosures About Offsetting109
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Offsetting Liabilities [Line Items] | |||
Fair value of securities pledged as collateral to counter party | [1] | $ 52,004 | $ 118,251 |
U.S. Government Agency Securities And U.S. Government Securities And Corporate Fixed Income Securities [Member] | Securities Pledged As Collateral [Member] | |||
Offsetting Liabilities [Line Items] | |||
Fair value of securities pledged as collateral to counter party | $ 299,300 | $ 285,700 | |
[1] | Collateral pledged includes the fair value of securities pledged by our company to the counter party. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counter party includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $299.3 million and $285.7 million at December 31, 2016 and 2015, respectively. |
Commitments, Guarantees, And110
Commitments, Guarantees, And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Outstanding committed capital to certain entities | $ 12.4 | ||
Rent expense | 108.7 | $ 93.6 | $ 78.6 |
Business Development Corporations [Member] | |||
Loss Contingencies [Line Items] | |||
Outstanding committed capital to certain entities | $ 8.5 |
Commitments, Guarantees, And111
Commitments, Guarantees, And Contingencies (Future Minimum Commitments Under Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,017 | $ 91,214 |
2,018 | 83,599 |
2,019 | 78,407 |
2,020 | 64,331 |
2,021 | 47,411 |
Thereafter | 153,446 |
Future minimum commitments under non-cancelable operating leases | $ 518,408 |
Legal Proceedings (Narrative) (
Legal Proceedings (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||||||||||
Provision for income taxes | $ 28,014 | $ 10,168 | $ 6,022 | $ 16,858 | $ (90) | $ 5,169 | $ 17,183 | $ 26,969 | $ 61,062 | $ 49,231 | $ 111,664 |
Bond [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency, damages sought, value | 50,000 | ||||||||||
Stifel Nicolaus [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Provision for income taxes | 8,900 | ||||||||||
Increase in legal reserves | 31,800 | ||||||||||
SEC/Wisconsin Lawsuit [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Litigation settlement amount | $ 24,500 | ||||||||||
Stone & Youngberg [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency, damages sought, value | $ 200,000 |
Regulatory Capital Requireme113
Regulatory Capital Requirements (Narrative) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Stifel Financial Corp. [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Net capital under the alternative method | $ 1 |
Aggregate debit balances | 2.00% |
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 | 15.30% |
Net capital | $ 228.8 |
Excess of minimum required net capital | $ 198.8 |
Regulatory Capital Requireme114
Regulatory Capital Requirements (Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Stifel Financial Corp. [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Common equity tier 1, Actual Amount | $ 1,813,556 |
Common equity tier 1, Actual Ratio | 20.30% |
Common equity tier 1, For Capital Adequacy Purposes Amount | $ 536,859 |
Common equity tier 1, For Capital Adequacy Purposes Ratio | 6.00% |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 715,812 |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% |
Total capital, Actual Amount | $ 1,858,737 |
Total capital, Actual Ratio | 20.80% |
Total capital, For Capital Adequacy Purposes Amount | $ 715,812 |
Total capital, For Capital Adequacy Purposes Ratio | 8.00% |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 894,765 |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 1,813,556 |
Tier 1 leverage, Actual Ratio | 10.20% |
Tier 1 leverage, For Capital Adequacy Purposes Amount | $ 710,464 |
Tier 1 leverage, For Capital Adequacy Purposes Ratio | 4.00% |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 888,080 |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% |
Stifel Financial Corp. [Member] | Common Stock [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Common equity tier 1, Actual Amount | $ 1,610,744 |
Common equity tier 1, Actual Ratio | 18.00% |
Common equity tier 1, For Capital Adequacy Purposes Amount | $ 402,644 |
Common equity tier 1, For Capital Adequacy Purposes Ratio | 4.50% |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 581,597 |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% |
Stifel Bank [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Common equity tier 1, Actual Amount | $ 945,748 |
Common equity tier 1, Actual Ratio | 16.00% |
Common equity tier 1, For Capital Adequacy Purposes Amount | $ 353,742 |
Common equity tier 1, For Capital Adequacy Purposes Ratio | 6.00% |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 471,656 |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% |
Total capital, Actual Amount | $ 991,668 |
Total capital, Actual Ratio | 16.80% |
Total capital, For Capital Adequacy Purposes Amount | $ 471,656 |
Total capital, For Capital Adequacy Purposes Ratio | 8.00% |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 589,570 |
Total capital, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 945,748 |
Tier 1 leverage, Actual Ratio | 7.10% |
Tier 1 leverage, For Capital Adequacy Purposes Amount | $ 534,215 |
Tier 1 leverage, For Capital Adequacy Purposes Ratio | 4.00% |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 667,768 |
Tier 1 leverage, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% |
Stifel Bank [Member] | Common Stock [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Common equity tier 1, Actual Amount | $ 945,748 |
Common equity tier 1, Actual Ratio | 16.00% |
Common equity tier 1, For Capital Adequacy Purposes Amount | $ 265,306 |
Common equity tier 1, For Capital Adequacy Purposes Ratio | 4.50% |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 383,220 |
Common equity tier 1, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% |
Interest Income And Interest115
Interest Income And Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Income Expense Net [Abstract] | |||||||||||
Bank loans, net of unearned income | $ 131,808 | $ 79,816 | $ 71,167 | ||||||||
Investment securities | 108,992 | 53,787 | 71,526 | ||||||||
Margin balances | 32,147 | 22,421 | 19,095 | ||||||||
Other | 21,385 | 23,077 | 24,181 | ||||||||
Total interest income | 294,332 | 179,101 | 185,969 | ||||||||
Senior notes | 36,845 | 25,695 | 26,617 | ||||||||
Bank deposits | 7,331 | 7,262 | 7,845 | ||||||||
Federal Home Loan Bank advances | 6,777 | 551 | 81 | ||||||||
Other | 15,921 | 11,891 | 6,718 | ||||||||
Total interest expense | $ 16,118 | $ 19,383 | $ 17,262 | $ 14,111 | $ 12,485 | $ 9,796 | $ 10,098 | $ 13,019 | $ 66,874 | $ 45,399 | $ 41,261 |
Employee Incentive, Deferred116
Employee Incentive, Deferred Compensation, And Retirement Plans (Details) - USD ($) $ in Thousands | Jun. 05, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized to grant | 6,000,000 | |||
Stock-based compensation | $ 186,303 | $ 165,641 | $ 94,006 | |
Tax benefit (provision) related to stock-based compensation recognized in shareholders' equity | (4,904) | 14,741 | 19,858 | |
Issuance of common stock for acquisitions | $ 12,813 | 79,747 | 19,243 | |
Options granted during the period | 0 | |||
Total intrinsic value of options exercised | 1,600 | |||
Cash proceeds from the exercise of stock options | 300 | |||
Tax benefits realized from the exercise of stock options | $ 100 | 600 | 500 | |
Investments, at fair value | 133,563 | 181,017 | ||
Deferred compensation liability | 8,600 | 12,400 | ||
Contributions to the Profit Sharing Plan | $ 6,500 | 7,700 | 4,900 | |
Mutual Funds [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of earnings deferred into mutual funds | 2.00% | |||
Investments, at fair value | $ 11,300 | 15,500 | ||
Incentive Stock Award Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 190,100 | 142,100 | 111,600 | |
Tax benefit (provision) related to stock-based compensation recognized in shareholders' equity | (4,900) | $ 14,700 | $ 19,900 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units, charges at the date of modification | $ 58,600 | |||
Issuance of common stock for acquisitions | $ 23,800 | |||
Total number of stock units outstanding | 21,800,000 | |||
Unvested stock units outstanding | 16,276,000 | 12,274,000 | ||
Unrecognized compensation expense related to non-vested options | $ 379,100 | |||
Weighted-average period, compensation cost expected to recognized, in years | 3 years 2 months 12 days | |||
Fair value of stock units vested | $ 134,100 | |||
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 | 4 years | |||
Total number of stock units outstanding | 500,000 | |||
Unvested stock units outstanding | 500,000 | |||
SWAP Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Elective deferrals vested percentage | 100.00% | |||
Percentage of earnings deferred into company stock units | 4.00% | |||
Percentage of earnings deferred into company stock units, Company match | 25.00% | |||
Percentage of earnings deferred into company stock units, Additional elective deferral | 1.00% | |||
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] | Incentive Stock Award Plans [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 shares vesting percentage | 0.00% | |||
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 | |||
Maximum [Member] | Incentive Stock Award Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 8 years | |||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 8 years | |||
Maximum [Member] | Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Potential shares vesting percentage | 200.00% | |||
Maximum [Member] | SWAP Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vesting period in years | 8 years |
Employee Incentive, Deferred117
Employee Incentive, Deferred Compensation, And Retirement Plans (Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding Options, Beginning balance | shares | 86 |
Exercised, Options | shares | 31 |
Expired, Options | shares | 41 |
Outstanding Options, Ending balance | shares | 14 |
Outstanding, Weighted-average exercise price, Beginning balance | $ / shares | $ 38.69 |
Exercised, Weighted-average exercise price | $ / shares | 17.37 |
Expired, Weighted-average exercise price | $ / shares | 54.54 |
Outstanding, Weighted-average exercise price, Ending balance | $ / shares | $ 39.15 |
Outstanding, Weighted-average remaining contractual term | 1 year 2 months 19 days |
Outstanding, Aggregate intrinsic value | $ | $ 246 |
Employee Incentive, Deferred118
Employee Incentive, Deferred Compensation, And Retirement Plans (Schedule Of Unvested Restricted Stock Units Roll Forward) (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested, Beginning balance | shares | 12,274 |
Granted | shares | 7,947 |
Vested | shares | (3,368) |
Cancelled | shares | (577) |
Unvested, Ending balance | shares | 16,276 |
Unvested, Weighted-average grant date fair value, Beginning balance | $ / shares | $ 41.78 |
Granted, Weighted-average grant date fair value | $ / shares | 35.97 |
Vested, Weighted-average grant date fair value | $ / shares | 39.83 |
Cancelled, Weighted-average grant date fair value | $ / shares | 38 |
Unvested, Weighted-average grant date fair value, Ending balance | $ / shares | $ 39.40 |
Off-Balance Sheet Credit Risk (
Off-Balance Sheet Credit Risk (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
General settlement period of securities transactions | 3 days | |
Fair value of securities accepted as collateral permitted to sell or repledge | $ 2,500 | $ 2,400 |
Fair value of collateral securities sold or repledged | 268.5 | 278.7 |
Outstanding commitments to originate loans | 205.8 | 130.5 |
Letters of credit outstanding | 88.9 | 38.7 |
Unused Lines Of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Unused lines of credit to commercial and consumer borrowers | $ 492.5 | $ 403.2 |
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 | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||||||||||
Current taxes: Federal | $ 7,927 | $ 43,962 | $ 100,262 | ||||||||
Current taxes: State | 5,818 | 9,672 | 21,835 | ||||||||
Current taxes: Foreign | 1,255 | 1,329 | (1,831) | ||||||||
Current taxes: Total | 15,000 | 54,963 | 120,266 | ||||||||
Deferred taxes: Federal | 39,127 | (9,396) | (275) | ||||||||
Deferred taxes: State | 6,261 | 3,056 | (8,064) | ||||||||
Deferred taxes: Foreign | 674 | 608 | (263) | ||||||||
Deferred Income Tax Expense (Benefit), Total | 46,062 | (5,732) | (8,602) | ||||||||
Provision for income taxes | $ 28,014 | $ 10,168 | $ 6,022 | $ 16,858 | $ (90) | $ 5,169 | $ 17,183 | $ 26,969 | $ 61,062 | $ 49,231 | $ 111,664 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Statutory Federal Income Tax With The Company's Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||||||||||
Statutory rate | $ 49,904 | $ 49,548 | $ 101,778 | ||||||||
State income taxes, net of federal income tax | 7,688 | 7,908 | 14,860 | ||||||||
Change in valuation allowance | (229) | 535 | (2,433) | ||||||||
Provision to return | (204) | 904 | (2,956) | ||||||||
Investment in subsidiary | (4,800) | ||||||||||
Change in uncertain tax position | 41 | (3,903) | 276 | ||||||||
Non-deductible litigation expense | 7,700 | ||||||||||
Foreign tax rate difference | (1,810) | (106) | 90 | ||||||||
Other, net | (2,028) | (855) | 49 | ||||||||
Provision for income taxes | $ 28,014 | $ 10,168 | $ 6,022 | $ 16,858 | $ (90) | $ 5,169 | $ 17,183 | $ 26,969 | $ 61,062 | $ 49,231 | $ 111,664 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | ||
Deferred compensation | $ 181,575 | $ 173,759 |
Net operating loss carryforwards | 40,266 | 48,831 |
Accrued expenses | 35,443 | 65,451 |
Unrealized loss on investments | 27,769 | |
Depreciation | 12,550 | 10,055 |
Receivable reserves | 22,870 | 16,343 |
Total deferred tax assets | 292,704 | 342,208 |
Valuation allowance | (8,768) | (12,738) |
Deferred tax assets | 283,936 | 329,470 |
Goodwill and other intangibles | (49,481) | (33,437) |
Change in accounting method | (625) | |
Prepaid expenses | (4,557) | (4,211) |
Unrealized gain on investments | (1,459) | |
Other | (2,986) | (6,070) |
Total deferred tax liabilities | (58,483) | (44,343) |
Net deferred tax asset | $ 225,453 | $ 285,127 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | ||||
Net operating loss carryforward | $ 312,200 | |||
Valuation allowance decrease | 4,000 | |||
Deferred tax assets, net | 225,453 | $ 285,127 | ||
Current taxes payable | 16,000 | 16,000 | ||
Current taxes receivable | 1,000 | 1,000 | ||
Unrecognized tax benefits | 1,800 | 2,717 | $ 5,510 | $ 5,158 |
Unrecognized tax benefits, accrued interest and penalties | $ 700 | $ 800 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
Beginning balance | $ 2,717 | $ 5,510 | $ 5,158 |
Increase related to prior year tax positions | 5 | 1,206 | 627 |
Decrease related to prior year tax positions | (31) | (33) | (443) |
Increase related to current year tax positions | 294 | ||
Decrease related to settlements with taxing authorities | (42) | (4,815) | (126) |
Increase/(decrease) related to business acquisitions | (849) | 849 | |
Ending balance | $ 1,800 | $ 2,717 | $ 5,510 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Operating Information, Segment) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Number of reporting segments | Segment | 3 | ||||||||||||||
Net revenues | $ 661,391 | $ 641,986 | $ 652,145 | $ 619,974 | $ 581,286 | $ 591,575 | $ 597,751 | $ 560,982 | $ 2,575,496 | [1] | $ 2,331,594 | [1] | $ 2,208,424 | [1] | |
Income/(loss) before income taxes | $ 142,582 | $ 141,567 | $ 290,794 | ||||||||||||
Net revenues accounted for by individual client, maximum percentage | 10.00% | 10.00% | 10.00% | ||||||||||||
Global Wealth Management [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Number of operating segments | Segment | 2 | ||||||||||||||
Net revenues | [1] | $ 1,563,410 | $ 1,377,313 | $ 1,232,651 | |||||||||||
Income/(loss) before income taxes | 430,318 | 382,126 | 346,978 | ||||||||||||
Institutional Group [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net revenues | [1] | 1,014,164 | 975,594 | 997,071 | |||||||||||
Income/(loss) before income taxes | 164,143 | 141,042 | 165,546 | ||||||||||||
Other [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net revenues | [1] | (2,078) | (21,313) | (21,298) | |||||||||||
Income/(loss) before income taxes | $ (451,879) | $ (381,601) | $ (221,730) | ||||||||||||
[1] | No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2016, 2015, and 2014. |
Segment Reporting (Schedule 126
Segment Reporting (Schedule Of Information Of Total Assets On Segment Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 19,129,356 | $ 13,326,051 |
Global Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 16,065,503 | 10,519,575 |
Institutional Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,657,183 | 2,193,781 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 406,670 | $ 612,695 |
Segment Reporting (Schedule 127
Segment Reporting (Schedule Of Net Revenues Earned On Major Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total net revenues | $ 661,391 | $ 641,986 | $ 652,145 | $ 619,974 | $ 581,286 | $ 591,575 | $ 597,751 | $ 560,982 | $ 2,575,496 | [1] | $ 2,331,594 | [1] | $ 2,208,424 | [1] |
United States [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total net revenues | 2,433,674 | 2,195,538 | 2,082,876 | |||||||||||
United Kingdom [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total net revenues | 132,622 | 125,552 | 113,943 | |||||||||||
Other European [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Total net revenues | $ 9,200 | $ 10,504 | $ 11,605 | |||||||||||
[1] | No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2016, 2015, and 2014. |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Share ) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 81,520 | $ 92,336 | $ 179,130 | ||||||||
Loss from discontinued operations, net of tax | (3,063) | ||||||||||
Net income | $ 26,880 | $ 17,814 | $ 9,771 | $ 27,055 | $ 11,172 | $ 17,179 | $ 20,888 | $ 43,097 | 81,520 | 92,336 | 176,067 |
Preferred dividends | 2,343 | 1,563 | 3,906 | ||||||||
Net Income available to common shareholders | $ 24,537 | $ 16,251 | $ 9,771 | $ 27,055 | $ 77,614 | $ 92,336 | $ 176,067 | ||||
Average shares used in basic computation | 66,636 | 66,482 | 66,792 | 67,579 | 68,150 | 69,633 | 68,370 | 68,006 | 66,871 | 68,543 | 66,472 |
Dilutive effect of stock options and units | 10,692 | 10,011 | 9,904 | ||||||||
Average shares used in diluted computation | 79,539 | 77,544 | 75,982 | 76,086 | 79,355 | 79,759 | 77,856 | 77,359 | 77,563 | 78,554 | 76,376 |
Income from continuing operations | $ 1.16 | $ 1.35 | $ 2.69 | ||||||||
Loss from discontinued operations | (0.04) | ||||||||||
Earnings per basic common share | $ 0.37 | $ 0.24 | $ 0.15 | $ 0.40 | $ 0.16 | $ 0.25 | $ 0.31 | $ 0.62 | 1.16 | 1.35 | 2.65 |
Income from continuing operations | 1 | 1.18 | 2.35 | ||||||||
Loss from discontinued operations | (0.04) | ||||||||||
Earnings per diluted common share | $ 0.31 | $ 0.21 | $ 0.13 | $ 0.36 | $ 0.14 | $ 0.22 | $ 0.27 | $ 0.56 | $ 1 | $ 1.18 | $ 2.31 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 11, 2016 | Jun. 05, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||||
Number of shares authorized to be repurchased | 7,400,000 | |||
Purchase of treasury stock | $ 113,462 | $ 117,752 | ||
Treasury Stock, Shares, Acquired | 3,400,000 | 2,700,000 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 33.22 | $ 43.91 | ||
Issuance of preferred stock | $ 145,051 | |||
Preferred stock, par value | $ 1 | $ 1 | ||
Non-Cumulative Perpetual Preferred Stock, Series A [Member] | ||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||||
Issuance of preferred stock | $ 150,000 | |||
Preferred stock, dividend rate percentage | 6.25% | |||
Preferred stock, par value | $ 1 | |||
Preferred stock liquidation preference per depositary share | 25 | |||
Preferred stock, liquidation preference per share | $ 25,000 | |||
Eaton Partners and ISM [Member] | ||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||||
Stock Issued During Period Shares Acquisitions | 300,000 | |||
Sterne Agee Group, Inc. [Member] | ||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||||
Stock Issued During Period Shares Acquisitions | 1,400,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | |
Variable Interest Entity [Line Items] | ||
Assets in partnership | $ 167,100,000 | |
Convertible promissory note to FSI | $ 18,000,000 | |
Number of extension options | item | 3 | |
Extension options, period | 5 years | |
Potential ownership interest upon conversion of notes issued to FSI | 49.90% | |
Convertible promissory note minimum coupon rate | 8.00% | |
Maximum rate of interest related to certain defined cash flows | 18.00% | |
Liabilities related to VIE | $ 16,390,948,000 | $ 10,833,635,000 |
Weisel Capital Management LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets in partnership | 316,100,000 | |
Stifel Financial Corp. [Member] | ||
Variable Interest Entity [Line Items] | ||
Loss exposure | 18,000,000 | |
FSI Group, LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Liabilities related to VIE | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) | 12 Months Ended |
Dec. 31, 2016item | |
Subsequent Events [Abstract] | |
Number of types of subsequent events | 2 |
Quarterly Financial Informat132
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Operating revenues | $ 586,665 | $ 586,488 | $ 603,627 | $ 571,299 | $ 545,132 | $ 557,995 | $ 563,998 | $ 531,265 | ||||||
Interest income | 90,844 | 74,881 | 65,780 | 62,786 | 48,639 | 43,376 | 43,851 | 42,736 | $ 294,332 | $ 179,101 | $ 185,969 | |||
Total revenues | 677,509 | 661,369 | 669,407 | 634,085 | 593,771 | 601,371 | 607,849 | 574,001 | 2,642,370 | 2,376,993 | 2,249,685 | |||
Interest expense | 16,118 | 19,383 | 17,262 | 14,111 | 12,485 | 9,796 | 10,098 | 13,019 | 66,874 | 45,399 | 41,261 | |||
Net revenues | 661,391 | 641,986 | 652,145 | 619,974 | 581,286 | 591,575 | 597,751 | 560,982 | 2,575,496 | [1] | 2,331,594 | [1] | 2,208,424 | [1] |
Total non-interest expenses | 606,497 | 614,004 | 636,352 | 576,061 | 570,204 | 569,227 | 559,680 | 490,916 | 2,432,914 | 2,190,027 | 1,917,630 | |||
Income from continuing operations before income tax expense | 54,894 | 27,982 | 15,793 | 43,913 | 11,082 | 22,348 | 38,071 | 70,066 | 142,582 | 141,567 | 290,794 | |||
Provision for income taxes | 28,014 | 10,168 | 6,022 | 16,858 | (90) | 5,169 | 17,183 | 26,969 | 61,062 | 49,231 | 111,664 | |||
Net income | 26,880 | 17,814 | 9,771 | 27,055 | $ 11,172 | $ 17,179 | $ 20,888 | $ 43,097 | 81,520 | 92,336 | 176,067 | |||
Preferred dividends | 2,343 | 1,563 | 3,906 | |||||||||||
Net Income available to common shareholders | $ 24,537 | $ 16,251 | $ 9,771 | $ 27,055 | $ 77,614 | $ 92,336 | $ 176,067 | |||||||
Earnings per common share | ||||||||||||||
Basic | $ 0.37 | $ 0.24 | $ 0.15 | $ 0.40 | $ 0.16 | $ 0.25 | $ 0.31 | $ 0.62 | $ 1.16 | $ 1.35 | $ 2.65 | |||
Diluted | $ 0.31 | $ 0.21 | $ 0.13 | $ 0.36 | $ 0.14 | $ 0.22 | $ 0.27 | $ 0.56 | $ 1 | $ 1.18 | $ 2.31 | |||
Weighted-average number of common shares outstanding: | ||||||||||||||
Basic | 66,636 | 66,482 | 66,792 | 67,579 | 68,150 | 69,633 | 68,370 | 68,006 | 66,871 | 68,543 | 66,472 | |||
Diluted | 79,539 | 77,544 | 75,982 | 76,086 | 79,355 | 79,759 | 77,856 | 77,359 | 77,563 | 78,554 | 76,376 | |||
[1] | No individual client accounted for more than 10 percent of total net revenues for the years ended December 31, 2016, 2015, and 2014. |