Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
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 | 71,558,109 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and cash equivalents | $ 450,343 | $ 696,283 | |
Cash segregated for regulatory purposes | 26,611 | 90,802 | |
Receivables: | |||
Brokerage clients, net | 1,440,242 | 1,384,096 | |
Brokers, dealers, and clearing organizations | 544,950 | 459,107 | |
Securities purchased under agreements to resell | [1] | 669,002 | 512,220 |
Financial instruments owned, at fair value | 1,181,047 | 1,143,684 | |
Available-for-sale securities, at fair value | 3,712,801 | 3,773,508 | |
Held-to-maturity securities, at amortized cost | [2] | 3,846,526 | 3,698,098 |
Loans held for sale, at lower of cost or market | 261,467 | 226,068 | |
Bank loans, net | 7,076,282 | 6,947,759 | |
Investments, at fair value | 98,920 | 111,379 | |
Fixed assets, net | 153,307 | 155,120 | |
Goodwill | 984,288 | 968,834 | |
Intangible assets, net | 118,969 | 109,627 | |
Loans and advances to financial advisors and other employees, net | 363,967 | 378,124 | |
Deferred tax assets, net | 94,160 | 105,152 | |
Other assets | 692,460 | 624,092 | |
Total Assets | 21,715,342 | 21,383,953 | |
Payables: | |||
Brokerage clients | 798,929 | 828,206 | |
Brokers, dealers, and clearing organizations | 504,595 | 276,302 | |
Drafts | 76,171 | 107,043 | |
Securities sold under agreements to repurchase | [3] | 346,202 | 233,704 |
Bank deposits | 13,329,623 | 13,411,935 | |
Financial instruments sold, but not yet purchased, at fair value | 959,535 | 778,863 | |
Accrued compensation | 238,723 | 493,973 | |
Accounts payable and accrued expenses | 318,329 | 308,911 | |
Federal Home Loan Bank advances | 827,000 | 745,000 | |
Borrowings | 316,000 | 256,000 | |
Senior notes | 1,015,195 | 1,014,940 | |
Debentures to Stifel Financial Capital Trusts | 67,500 | 67,500 | |
Total liabilities | 18,797,802 | 18,522,377 | |
Shareholders’ Equity: | |||
Preferred stock - $1 par value; authorized 3,000,000 shares; 6,000 shares issued | 149,968 | 150,000 | |
Common stock - $0.15 par value; authorized 97,000,000 shares; issued 72,459,911 and 71,636,986 shares, respectively | 10,869 | 10,746 | |
Additional paid-in-capital | 1,719,710 | 1,733,348 | |
Retained earnings | 1,103,013 | 1,033,526 | |
Accumulated other comprehensive loss | (36,415) | (26,736) | |
Stockholders' Equity before adjustment for Treasury Stock | 2,947,145 | 2,900,884 | |
Treasury stock, at cost, 549,246 and 772,302 shares, respectively | (29,605) | (39,308) | |
Total Shareholders’ Equity | 2,917,540 | 2,861,576 | |
Total Liabilities and Shareholders’ Equity | $ 21,715,342 | $ 21,383,953 | |
[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 $667.0 million and $509.4 million at March 31, 2018 and December 31, 2017, 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 $360.9 million and $241.4 million at March 31, 2018 and December 31, 2017, respectively. |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
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 | 72,459,911 | 71,636,986 |
Treasury stock, shares | 549,246 | 772,302 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Revenues: | |||
Commissions | $ 165,775 | $ 175,274 | |
Principal transactions | 97,782 | 116,857 | |
Investment banking | 176,362 | 126,852 | |
Asset management and service fees | 195,801 | 162,739 | |
Interest | 137,734 | 100,953 | |
Other income | 3,357 | 8,752 | |
Total revenues | 776,811 | 691,427 | |
Interest expense | 26,453 | 15,896 | |
Net revenues | [1] | 750,358 | 675,531 |
Non-interest expenses: | |||
Compensation and benefits | 457,893 | 436,387 | |
Occupancy and equipment rental | 57,595 | 52,545 | |
Communications and office supplies | 33,499 | 33,844 | |
Commissions and floor brokerage | 9,365 | 10,723 | |
Other operating expenses | 72,452 | 63,013 | |
Total non-interest expenses | 630,804 | 596,512 | |
Income from operations before income tax expense | 119,554 | 79,019 | |
Provision for income taxes | 30,793 | 13,507 | |
Net income | 88,761 | 65,512 | |
Preferred dividends | 2,344 | 2,344 | |
Net income available to common shareholders | $ 86,417 | $ 63,168 | |
Earnings per common share: | |||
Basic | $ 1.20 | $ 0.92 | |
Diluted | $ 1.06 | $ 0.78 | |
Weighted-average number of common shares outstanding: | |||
Basic | 71,999 | 68,386 | |
Diluted | 81,789 | 80,695 | |
Cash dividends declared per common share | $ 0.12 | $ 0 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2018 or 2017. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 88,761 | $ 65,512 | |
Other comprehensive income/(loss), net of tax: | |||
Changes in unrealized gains/(losses) on available-for-sale securities | [1],[2],[3] | (13,071) | 3,777 |
Amortization of losses of securities transferred to held-to-maturity from available-for-sale | [1],[2] | 524 | |
Changes in unrealized gains on cash flow hedging instruments | [1],[2],[4] | 2,706 | 1,033 |
Foreign currency translation adjustment | [1],[2] | 3,736 | 2,294 |
Total other comprehensive income/(loss), net of tax | [1],[2] | (6,629) | 7,628 |
Comprehensive income | $ 82,132 | $ 73,140 | |
[1] | Net of tax benefit of $2.3 million and tax expense of $4.8 million for the three months ended March 31, 2018 and 2017, respectively. | ||
[2] | The adoption of ASU 2018-02 on January 1, 2018 resulted in a reclassification of $3.0 million to retained earnings related to cash flow hedges and investment portfolio credit risk. See Note 2 for further details. | ||
[3] | There were no reclassifications to earnings during the three months ended March 31, 2018 and 2017, respectively. | ||
[4] | Amounts are net of reclassifications to earnings of gains of $0.5 million and losses of $0.9 million for the three months ended March 31, 2018 and 2017, respectively. |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Parenthetical) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Other comprehensive income/(loss), tax | $ 2.3 | $ 4.8 |
Reclassifications to earnings on available-for-sale securities | 0 | 0 |
Reclassifications to earnings of gains/(losses) on cash flow hedging instruments | 0.5 | $ (0.9) |
ASU 2018-02 [Member] | ||
Reclassification to retained earnings related to cash flow hedges and investment portfolio credit risk | $ 3 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows From Operating Activities: | ||
Net income | $ 88,761 | $ 65,512 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 6,664 | 9,022 |
Amortization of loans and advances to financial advisors and other employees | 19,141 | 23,611 |
Amortization of premium on investment portfolio | 5,646 | 3,830 |
Provision for loan losses and allowance for loans and advances to financial advisors and other employees | 2,658 | 6,259 |
Amortization of intangible assets | 2,738 | 2,981 |
Deferred income taxes | 16,487 | 19,873 |
Stock-based compensation | 27,072 | 27,915 |
(Gains)/losses on sale of investments | 2,884 | (2,459) |
Other, net | (3,871) | 999 |
Receivables: | ||
Brokerage clients | (56,146) | 83,353 |
Brokers, dealers, and clearing organizations | (85,843) | 469,038 |
Securities purchased under agreements to resell | (156,782) | (70,260) |
Financial instruments owned, including those pledged | (37,363) | (131,791) |
Loans originated as held for sale | (404,200) | (349,044) |
Proceeds from mortgages held for sale | 373,919 | 361,435 |
Loans and advances to financial advisors and other employees | (5,599) | (21,873) |
Other assets | (69,119) | (87,104) |
Increase/(decrease) in operating liabilities, net of liabilities assumed: | ||
Brokerage clients | (29,277) | (96,616) |
Brokers, dealers, and clearing organizations | 18,703 | 74,655 |
Drafts | (30,872) | (11,022) |
Financial instruments sold, but not yet purchased | 180,672 | 55,426 |
Other liabilities and accrued expenses | (238,121) | (170,766) |
Net cash provided by/(used in) operating activities | (371,848) | 262,974 |
Cash Flows From Investing Activities: | ||
Maturities and principal paydowns of available-for-sale securities | 129,926 | 198,407 |
Calls and principal paydowns of held-to-maturity securities | 230,172 | 67,473 |
Sale or maturity of investments | 9,575 | 2,411 |
Increase in bank loans, net | (130,566) | (269,337) |
Payments for: | ||
Purchase of available-for-sale securities | (92,145) | (391,585) |
Purchase of held-to-maturity securities | (379,490) | (219,500) |
Purchase of investments | (150) | |
Purchase of fixed assets | (4,586) | (8,014) |
Acquisitions, net of cash received | (29,209) | (9,070) |
Net cash used in investing activities | (266,323) | (629,365) |
Cash Flows From Financing Activities: | ||
Proceeds from/(repayments of) borrowings, net | 60,000 | (178,000) |
Proceeds from Federal Home Loan Bank advances, net | 82,000 | 290,000 |
Payment of contingent consideration | (7,900) | (8,356) |
Increase/(decrease) in securities sold under agreements to repurchase | 112,498 | (48,819) |
Increase/(decrease) in bank deposits, net | (82,312) | 173,478 |
Increase/(decrease) in securities loaned | 209,590 | (106,474) |
Tax payments related to shares withheld for stock-based compensation plans | (36,534) | (82,954) |
Proceeds from stock option exercises | 774 | |
Repurchase of common stock | (2,839) | |
Cash dividends on preferred stock | (2,344) | (2,344) |
Cash dividends paid to common stock and equity-award holders | (8,629) | |
Net cash provided by financing activities | 324,304 | 36,531 |
Effect of exchange rate changes on cash | 3,736 | 2,294 |
Decrease in cash and cash equivalents | (310,131) | (327,566) |
Cash and cash equivalents at beginning of period | 787,085 | 986,167 |
Cash and cash equivalents at end of period | 476,954 | 658,601 |
Supplemental disclosure of cash flow information: | ||
(Refunds, net of taxes paid for income taxes)/cash paid for income taxes, net of refunds | (21,076) | 3,573 |
Cash paid for interest | 25,368 | 16,093 |
Noncash financing activities: | ||
Unit grants, net of forfeitures | $ 90,678 | 35,273 |
Issuance of common stock for acquisitions | $ 9,352 |
Cash, Cash Equivalents, and Cas
Cash, Cash Equivalents, and Cash Restricted for Regulatory Purposes for Periods Presented in Consolidated Statement of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Cash Flows [Abstract] | ||||
Cash and cash equivalents | $ 450,343 | $ 696,283 | $ 658,387 | |
Cash segregated for regulatory purposes | 26,611 | 90,802 | 214 | |
Total cash, cash equivalents, and cash segregated for regulatory purposes | $ 476,954 | $ 787,085 | $ 658,601 | $ 986,167 |
Nature of Operations, Basis of
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies | NOTE 1 – Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies 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 and 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. On March 19, 2018, the Company completed the acquisition of Ziegler Wealth Management (“Ziegler”), a privately held investment bank, capital markets and proprietary investments firm that has 55 private client advisors in five states that manage approximately $5 billion in client assets. Ziegler provides its clients with capital raising, strategic advisory services, equity and fixed income sales & trading and research. The acquisition was funded with cash from operations. See Note 8 in the notes to consolidated financial statements for more details. 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 Ziegler have been included in our results prospectively from the date of acquisition. Basis of Presentation The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel”), Keefe, Bruyette & Woods, Inc., and Stifel Bank & Trust (“Stifel Bank”). All material intercompany balances and transactions have been eliminated. Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries. We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have omitted certain information and footnote disclosures we normally include in our annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles. In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments, except as otherwise noted) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2017 on file with the SEC. 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. Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see Note 2, Summary of Significant Accounting Policies, in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2017. During the three months ended March 31, 2018, other than the following, there were no significant changes made to the Company’s significant accounting policies. The accounting policy changes are attributable to the adoption of the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (the “new revenue standard” or “ASU 2014-09”) on January 1, 2018. These revenue recognition policy updates are applied prospectively in our consolidated financial statements from January 1, 2018. Reported financial information for the historical comparable period was not revised and continues to be reported under the accounting standards in effect during the historical periods. The new revenue standard primarily impacts the following revenue recognition and presentation accounting policies of our company: Investment Banking Revenues Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Advisory expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses are expensed as incurred. Underwriting expenses are recognized as non-interest expense in the consolidated statements of operations and any expense reimbursements are recognized as investment banking revenues. See Note 2, New Accounting Pronouncements, and Note 17, Revenues from Contracts with Customers, for further information. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Prospective Adoption Of New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | NOTE 2 – New Accounting Pronouncements Recently Adopted Accounting Guidance Comprehensive Income In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” that provides for the reclassification from accumulated other comprehensive income to retained earnings for stranded effects resulting from the Tax Cuts and Jobs Act of 2017. The accounting update is effective for the fiscal year beginning after December 15, 2018 (January 1, 2019 for our company) and early adoption is permitted. We early adopted the guidance in the update on January 1, 2018. The adoption of the accounting update resulted in a reclassification adjustment of $3.0 million related to cash flow hedges and investment portfolio credit risk in our consolidated financial statements. Statement of Cash Flows In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flow - Restricted Cash,” which adds or clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The accounting update is effective for the fiscal year beginning after December 15, 2017. We adopted the guidance in the update on January 1, 2018. The adoption of the accounting update did not have a material impact on our consolidated statement of cash flows. Upon adoption of the accounting update, we recorded a decrease of $73.0 million in net cash provided by operating activities for the three months ended March 31, 2017 related to reclassifying the changes in our cash segregated for regulatory purposes and restricted cash balance from operating activities to the cash and cash equivalent balances within the consolidated statements of cash flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” which amends and clarifies the current guidance to reduce diversity in practice of the classification of certain cash receipts and payments in the consolidated statements of cash flows. The accounting update is effective for the fiscal year beginning after December 31, 2017. We adopted the guidance in the update on January 1, 2018. The adoption of the accounting update did not have a material impact on our consolidated statements of cash flows. Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 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 accounting update also amends certain disclosure requirements associated with the fair value of financial instruments. The accounting update is effective for fiscal years beginning after December 15, 2017. We adopted the guidance in the update on January 1, 2018. The adoption of the accounting update did not have a material impact on our consolidated financial statements. Revenue Recognition Effective January 1, 2018, the Company adopted ASU 2014-09, which provides accounting guidance on the recognition of revenues from contracts and requires gross presentation of certain costs that were previously offset against revenue. This change was applied prospectively from January 1, 2018 and there is no impact on our previously presented results. The adoption of the new revenue standard resulted in a reduction of beginning retained earnings of $3.9 million after-tax as a cumulative effect of adoption of an accounting change. The impact of adoption is primarily related to investment banking revenues that were previously recognized in prior periods, which are now being deferred under the new revenue standard. With the adoption of the new revenue recognition standard on January 1, 2018, capital raising and advisory fee revenues are no longer presented net of the related out-of-pocket deal expenses. As a result, capital raising and advisory fee revenues and other operating expenses are higher in the first quarter of 2018 by an identical $8.6 million, with no impact to net income. The scope of the accounting update does not apply to revenue associated with financial instruments, and as a result, will not have an impact on the elements of our consolidated statements of operations most closely associated with financial instruments, including principal transaction revenues, interest income, and interest expense. The new revenue standard primarily impacts the following of our revenue recognition and presentation accounting policies: Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Advisory expenses had historically been deferred until reimbursed by the client, the related fee revenue was recognized or the engagement was otherwise concluded. Under the new revenue standard, expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue has been recognized. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. Underwriting expenses had historically been recorded net of client reimbursements and/or netted against revenues. Under the new revenue standard, all investment banking expenses will be recognized as non-interest expense in the consolidated statements of operations and any expense reimbursements will be recognized as investment banking revenues (i.e., expenses are no longer recorded net of client reimbursements and are not netted against revenues). Recently Issued Accounting Guidance Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which amends the hedge accounting recognition and presentation requirements. The accounting update improves the transparency and understandability of information conveyed to financial statement users by better aligning companies’ hedging relationship to their existing risk management strategies, simplifies the application of hedge accounting and increases transparency regarding the scope and results of hedging program. The accounting update is effective for the fiscal year beginning after December 15, 2018 (January 1, 2019 for our company) and early adoption is permitted. The Company will not early adopt this accounting update. We are currently evaluating the impact of the accounting update, but the adoption is not expected to have a material impact on our consolidated financial statements. Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” which shortens the amortization period for the premium on certain callable debt securities to the earliest call date. The amendments are applicable to any purchased individual debt security with an explicit and non-contingent call feature that is callable at a fixed price on a preset date. The accounting update is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for our company) under a modified retrospective approach and early adoption is permitted. We are evaluating the impact the adoption of this new guidance will have on our consolidated financial statements. Goodwill Impairment Testing In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the accounting update, the annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The accounting update is effective for annual or any interim impairment tests in fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) and early adoption is permitted. We are currently evaluating the impact of the accounting update, but the adoption is not expected to have a material impact on our consolidated financial statements. Financial Instruments – Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments − Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This accounting update impacts the impairment model for certain financial assets measured at amortized cost by requiring a current expected credit loss (“CECL”) methodology to estimate expected credit losses over the entire life of the financial asset, recorded at inception or purchase. CECL will replace the loss model currently applicable to bank loans, held-to-maturity securities, and other receivables carried at amortized cost. The accounting update also eliminates the concept of other-than-temporary impairment for available-for-sale securities. Impairments on available-for-sale securities will be required to be recognized in earnings through an allowance, when the fair value is less than amortized cost and a credit loss exists or the securities are expected to be sold before recovery of amortized cost. Under the accounting update, there may be an ability to determine there are no expected credit losses in certain circumstances, e.g., based on collateral arrangements for lending and financing transactions or based on the credit quality of the borrower or issuer. Overall, the amendments in this accounting update are expected to accelerate the recognition of credit losses for portfolios where CECL models will be applied. The accounting update is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) with early adoption permitted as of January 1, 2019. We are currently evaluating the impact of the accounting update, but the adoption is not expected to have a material impact on our consolidated financial statements. Leases In February 2016, the FASB issued ASU 2016-02, “Leases” that requires for leases longer than one year, a lessee recognize in the statements of financial condition a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. The accounting update also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. In addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements. The accounting update is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for our company) under a modified retrospective approach and early adoption is permitted. The Company’s implementation efforts include reviewing existing leases and service contracts, which may include embedded leases. Upon adoption, our company expects a gross up on its consolidated statements of financial condition upon recognition of the right-of-use assets and lease liabilities and does not expect the amount of the gross up to have a material impact on its financial condition. |
Receivables From And Payables T
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | 3 Months Ended |
Mar. 31, 2018 | |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | |
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | NOTE 3 – Receivables From and Payables to Brokers, Dealers, and Clearing Organizations Amounts receivable from brokers, dealers, and clearing organizations at March 31, 2018 and December 31, 2017, included (in thousands) March 31, 2018 December 31, 2017 Receivables from clearing organizations $ 357,333 $ 270,285 Deposits paid for securities borrowed 135,779 132,776 Securities failed to deliver 51,838 56,046 $ 544,950 $ 459,107 Amounts payable to brokers, dealers, and clearing organizations at March 31, 2018 and December 31, 2017, included (in thousands) March 31, 2018 December 31, 2017 Deposits received from securities loaned $ 429,372 $ 219,782 Securities failed to receive 56,261 29,297 Payable to clearing organizations 18,962 27,223 $ 504,595 $ 276,302 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 | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 4 – 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, U.S. government securities, and U.S. government agency 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, sovereign debt, corporate fixed income and equity securities infrequently traded, state and municipal securities, and asset-backed securities, which primarily include collateralized loan obligations. We have identified Level 3 financial instruments to include certain equity 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 are valued based on quoted prices in active markets and reported in Level 1. No 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 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): March 31, 2018 Fair value of investments Unfunded commitments Money market funds $ 17,397 $ — Mutual funds 11,770 — Private equity funds 7,530 1,813 Partnership interests 4,981 1,330 Total $ 41,678 $ 3,143 December 31, 2017 Fair value of investments Unfunded commitments Money market funds $ 77,441 $ — Mutual funds 11,748 — Private equity funds 7,677 1,825 Partnership interests 5,124 1,330 Total $ 101,990 $ 3,155 Financial Instruments Sold, But Not Yet Purchased Financial instruments sold, but not purchased, recorded at fair value based on quoted prices in active markets and other observable market data include highly liquid instruments with quoted prices, such as U.S. government securities and equity 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 and equity 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 March 31, 2018, are presented below (in thousands) March 31, 2018 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 21,087 $ 21,087 $ — $ — U.S. government agency securities 111,921 — 111,921 — Mortgage-backed securities: Agency 361,747 — 361,747 — Non-agency 29,081 — 29,080 1 Asset-backed securities 85,987 — 85,630 357 Corporate securities: Fixed income securities 364,917 616 364,072 229 Equity securities 39,090 38,662 108 320 Sovereign debt 19,341 — 19,341 — State and municipal securities 147,876 — 147,876 — Total financial instruments owned 1,181,047 60,365 1,119,775 907 Available-for-sale securities: U.S. government agency securities 5,026 515 4,511 — State and municipal securities 69,865 69,865 Mortgage-backed securities: Agency 283,703 — 283,703 — Commercial 70,449 — 70,449 — Non-agency 1,441 — 1,441 — Corporate fixed income securities 1,281,095 — 1,281,095 — Asset-backed securities 2,001,222 — 2,001,222 — Total available-for-sale securities 3,712,801 515 3,712,286 — Investments: Corporate equity securities 47,287 47,287 — — Auction rate securities: Equity securities 25,287 — — 25,287 Municipal securities 847 — — 847 Other 1,218 — 361 857 Investments in funds measured at NAV 24,281 Total investments 98,920 47,287 361 26,991 Cash equivalents measured at NAV 17,397 Derivative contracts (1) 11,606 — 11,606 — $ 5,021,771 $ 108,167 $ 4,844,028 $ 27,898 (1) March 31, 2018 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 527,073 $ 527,073 $ — $ — U.S. government agency securities 20,618 — 20,618 — Mortgage-backed securities: Agency 144,169 — 144,169 — Corporate securities: Fixed income securities 223,865 — 223,865 — Equity securities 20,235 20,219 16 — Sovereign debt 23,575 — 23,575 — Total financial instruments sold, but not yet purchased $ 959,535 $ 547,292 $ 412,243 $ — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2017, are presented below (in thousands) December 31, 2017 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 13,466 $ 13,466 $ — $ — U.S. government agency securities 147,223 — 147,223 — Mortgage-backed securities: Agency 302,445 — 302,445 — Non-agency 29,356 — 29,355 1 Asset-backed securities 76,752 — 76,395 357 Corporate securities: Fixed income securities 325,471 362 324,867 242 Equity securities 46,802 46,411 138 253 Sovereign debt 32,470 — 32,470 — State and municipal securities 169,699 — 169,699 — Total financial instruments owned 1,143,684 60,239 1,082,592 853 Available-for-sale securities: U.S. government agency securities 4,983 516 4,467 — State and municipal securities 70,559 — 70,559 — Mortgage-backed securities: Agency 305,530 — 305,530 — Commercial 72,488 — 72,488 — Non-agency 1,568 — 1,568 — Corporate fixed income securities 1,211,442 — 1,211,442 — Asset-backed securities 2,106,938 — 2,106,938 — Total available-for-sale securities 3,773,508 516 3,772,992 — Investments: Corporate equity securities 49,978 49,978 — — Auction rate securities: Equity securities 34,789 — — 34,789 Municipal securities 846 — — 846 Other 1,217 — 360 857 Investments measured at NAV 24,549 Total investments 111,379 49,978 360 36,492 Cash equivalents measured at NAV 77,441 Derivative contracts (1) 7,995 — 7,995 — $ 5,114,007 $ 110,733 $ 4,863,939 $ 37,345 (1) December 31, 2017 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 442,402 $ 442,402 $ — $ — U.S. government agency securities 10,348 — 10,348 — Mortgage-backed securities: Agency 86,612 — 86,612 — Corporate securities: Fixed income securities 180,755 — 180,755 — Equity securities 38,510 38,070 440 — Sovereign debt 20,236 — 20,236 — Total financial instruments sold, but not yet purchased $ 778,863 $ 480,472 $ 298,391 $ — The following table summarizes the changes in fair value associated with Level 3 financial instruments during the three months ended March 31, 2018 (in thousands) Three Months Ended March 31, 2018 Financial instruments owned Investments Mortgage- Backed Securities – Non-Agency Asset-Backed Securities Fixed Income Securities Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2017 $ 1 $ 357 $ 242 $ 253 $ 34,789 $ 846 $ 857 Unrealized gains/(losses): Included in changes in net assets (1) — — — 67 73 1 — Realized gains/(losses) (1) — — — — — — — Purchases — — — — — — — Sales — — — — — — — Redemptions — — (13 ) — (9,575 ) — — Transfers: Into Level 3 — — — — — — — Out of Level 3 — — — — — — — Net change — — (13 ) 67 (9,502 ) 1 — Balance at March 31, 2018 $ 1 $ 357 $ 229 $ 320 $ 25,287 $ 847 $ 857 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. 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 in unrealized gains/(losses) recorded in earnings for the three months ended March 31, 2018, relating to Level 3 assets still held at March 31, 2018, 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 March 31, 2018. Valuation technique Unobservable input Range Weighted average Investments: Auction rate securities: Equity securities Discounted cash flow Discount rate 1.5% - 10.2% 6.2% Workout period 2-3 years 2.6 years Municipal securities Discounted cash flow Discount rate 0.6% to 9.0% 3.2% 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 $0.3 million transfers of financial assets from Level 2 to Level 1 during the three months ended March 31, 2018. There were $0.2 million of transfers of financial assets from Level 1 to Level 2 during the three months ended March 31, 2018, respectively, primarily related to corporate fixed income securities for which there were low volumes of recent trade activity observed. There were no transfers into or out of Level 3 during the three months ended March 31, 2018. Fair Value of Financial Instruments The following reflects the fair value of financial instruments as of March 31, 2018 and December 31, 2017, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands) March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 450,343 $ 450,343 $ 696,283 $ 696,283 Cash segregated for regulatory purposes 26,611 26,611 90,802 90,802 Securities purchased under agreements to resell 669,002 669,002 512,220 512,220 Financial instruments owned 1,181,047 1,181,047 1,143,684 1,143,684 Available-for-sale securities 3,712,801 3,712,801 3,773,508 3,773,508 Held-to-maturity securities 3,846,526 3,825,399 3,698,098 3,710,478 Loans held for sale 261,467 261,467 226,068 226,068 Bank loans 7,076,282 7,005,857 6,947,759 6,953,328 Investments 98,920 98,920 111,379 111,379 Derivative contracts (1) 11,606 11,606 7,995 7,995 Financial liabilities: Securities sold under agreements to repurchase $ 346,202 $ 346,202 $ 233,704 $ 233,704 Bank deposits 13,329,623 12,570,404 13,411,935 12,702,746 Financial instruments sold, but not yet purchased 959,535 959,535 778,863 778,863 Federal Home Loan Bank advances 827,000 827,000 745,000 745,000 Borrowings 316,000 316,000 256,000 256,000 Senior notes 1,015,195 1,028,534 1,014,940 1,044,768 Debentures to Stifel Financial Capital Trusts 67,500 57,718 67,500 64,962 (1) The following table presents the estimated fair values of financial instruments not measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 (in thousands) March 31, 2018 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 432,946 $ 432,946 $ — $ — Cash segregated for regulatory purposes 26,611 26,611 — — Securities purchased under agreements to resell 669,002 602,359 66,643 — Held-to-maturity securities 3,825,399 — 3,664,272 161,127 Loans held for sale 261,467 — 261,467 — Bank loans 7,005,857 — 7,005,857 — Financial liabilities: Securities sold under agreements to repurchase $ 346,202 $ 94,608 $ 251,594 $ — Bank deposits 12,570,404 — 12,570,404 — Federal Home Loan Bank advances 827,000 827,000 — — Borrowings 316,000 316,000 — — Senior notes 1,028,534 1,028,534 — — Debentures to Stifel Financial Capital Trusts 57,718 — — 57,718 December 31, 2017 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 618,842 $ 618,842 $ — $ — Cash segregated for regulatory purposes 90,802 90,802 — — Securities purchased under agreements to resell 512,220 428,740 83,480 — Held-to-maturity securities 3,710,478 — 3,517,781 192,697 Loans held for sale 226,068 — 226,068 — Bank loans 6,953,328 — 6,953,328 — Financial liabilities: Securities sold under agreements to repurchase $ 233,704 $ 92,278 $ 141,426 $ — Bank deposits 12,702,746 — 12,702,746 — Federal Home Loan Bank advances 745,000 745,000 — — Borrowings 256,000 256,000 — — Senior notes 1,044,768 1,044,768 — — Debentures to Stifel Financial Capital Trusts 64,962 — — 64,962 The following, as supplemented by the discussion above, describes the valuation techniques used in estimating the fair value of our financial instruments as of March 31, 2018 and December 31, 2017. 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 March 31, 2018 and December 31, 2017 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 mortgage-backed securities, asset-backed securities, consisting of collateralized loan obligation securities 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 mortgage loans intended for sale. Loans held for sale are stated at lower of cost or market value. Market value is determined based on prevailing market prices for loans with similar characteristics or on sale contract prices. Bank Loans The fair values of mortgage loans and commercial loans were estimated using a discounted cash flow method, a form of the income approach. Discount rates were determined considering rates at which similar portfolios of loans, with similar remaining maturities, would be made and considering liquidity spreads applicable to each loan portfolio based on the secondary market. 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 March 31, 2018 and December 31, 2017 approximate fair value due to the short-term nature. Bank Deposits The fair value of interest-bearing deposits, including certificates of deposits, demand deposits, savings, and checking accounts, was calculated by discounting the future cash flows using discount rates based on the replacement cost of funding of similar structures and terms. Borrowings The carrying amount of borrowings approximates fair value due to the relative short-term nature of such borrowings. In addition, Stifel Bank’s FHLB 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 | 3 Months Ended |
Mar. 31, 2018 | |
Trading Securities Balance Sheet Reported Amounts [Abstract] | |
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased | NOTE 5 – 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 March 31, 2018 and December 31, 2017 are as follows (in thousands) March 31, 2018 December 31, 2017 Financial instruments owned: U.S. government securities $ 21,087 $ 13,466 U.S. government agency securities 111,921 147,223 Mortgage-backed securities: Agency 361,747 302,445 Non-agency 29,081 29,356 Asset-backed securities 85,987 76,752 Corporate securities: Fixed income securities 364,917 325,471 Equity securities 39,090 46,802 Sovereign debt 19,341 32,470 State and municipal securities 147,876 169,699 $ 1,181,047 $ 1,143,684 Financial instruments sold, but not yet purchased: U.S. government securities $ 527,073 $ 442,402 U.S. government agency securities 20,618 10,348 Mortgage-backed securities: Agency 144,169 86,612 Corporate securities: Fixed income securities 223,865 180,755 Equity securities 20,235 38,510 Sovereign debt 23,575 20,236 $ 959,535 $ 778,863 At March 31, 2018 and December 31, 2017, financial instruments owned in the amount of $846.2 million and $810.3 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings. Our financial instruments owned are presented on a trade-date basis in the consolidated statements of financial condition. Financial instruments sold, but not yet purchased, represent obligations of our company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices in future periods. We are obligated to acquire the securities sold short at prevailing market prices in future periods, which may exceed the amount reflected in the consolidated statements of financial condition. |
Available-For-Sale And Held-To-
Available-For-Sale And Held-To-Maturity Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Available-For-Sale And Held-To-Maturity Securities | NOTE 6 – 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 March 31, 2018 and December 31, 2017 (in thousands) March 31, 2018 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 5,082 $ — $ (56 ) $ 5,026 State and municipal securities 74,127 — (4,262 ) 69,865 Mortgage-backed securities: Agency 288,644 3 (4,944 ) 283,703 Commercial 75,259 16 (4,826 ) 70,449 Non-agency 1,431 10 — 1,441 Corporate fixed income securities 1,303,493 908 (23,306 ) 1,281,095 Asset-backed securities 1,986,886 15,483 (1,147 ) 2,001,222 $ 3,734,922 $ 16,420 $ (38,541 ) $ 3,712,801 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,282,781 $ 1,559 $ (31,106 ) $ 1,253,234 Commercial 58,698 197 — 58,895 Asset-backed securities 2,505,047 11,021 (2,798 ) 2,513,270 $ 3,846,526 $ 12,777 $ (33,904 ) $ 3,825,399 December 31, 2017 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 5,022 $ — $ (39 ) $ 4,983 State and municipal securities 74,691 — (4,132 ) 70,559 Mortgage-backed securities: Agency 308,409 102 (2,981 ) 305,530 Commercial 75,548 28 (3,088 ) 72,488 Non-agency 1,568 — — 1,568 Corporate fixed income securities 1,213,262 3,832 (5,652 ) 1,211,442 Asset-backed securities 2,098,958 12,877 (4,897 ) 2,106,938 $ 3,777,458 $ 16,839 $ (20,789 ) $ 3,773,508 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,334,833 $ 13,621 $ (16,208 ) $ 1,332,246 Commercial 58,971 1,313 — 60,284 Asset-backed securities 2,264,283 15,526 (1,862 ) 2,277,947 Corporate fixed income securities 40,011 27 (37 ) 40,001 $ 3,698,098 $ 30,487 $ (18,107 ) $ 3,710,478 (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. There were no sales of available-for-sale securities during the three months ended March 31, 2018 and 2017. During the three months ended March 31, 2018, unrealized losses, net of deferred taxes, of $13.1 million were recorded in accumulated other comprehensive loss in the consolidated statements of financial condition. During the three months ended March 31, 2017, unrealized gains, net of deferred taxes, of $3.8 million 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. Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2018 Available-for-sale securities Held-to-maturity securities Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debt securities Within one year $ 186,449 $ 186,128 $ — $ — After one year through three years 318,811 313,695 — — After three years through five years 280,569 273,083 — — After five years through ten years 903,515 894,658 571,991 574,299 After ten years 1,680,244 1,689,644 1,933,056 1,938,971 Mortgage-backed securities After three years through five years — — 58,698 58,895 After five years through ten years 306 307 134,529 130,499 After ten years 365,028 355,286 1,148,252 1,122,735 $ 3,734,922 $ 3,712,801 $ 3,846,526 $ 3,825,399 The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at March 31, 2018, 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 $ 1,172 $ 3,854 $ — $ — $ 5,026 State and municipal securities 359 — 18,559 50,947 69,865 Mortgage-backed securities: Agency — — 307 283,396 283,703 Commercial — — — 70,449 70,449 Non-agency — — — 1,441 1,441 Corporate fixed income securities 184,597 582,924 513,574 — 1,281,095 Asset-backed securities — — 362,525 1,638,697 2,001,222 $ 186,128 $ 586,778 $ 894,965 $ 2,044,930 $ 3,712,801 Held-to-maturity: Mortgage-backed securities: Agency $ — $ — $ 134,529 $ 1,148,252 $ 1,282,781 Commercial — 58,698 — — 58,698 Asset-backed securities — — 571,991 1,933,056 2,505,047 $ — $ 58,698 $ 706,520 $ 3,081,308 $ 3,846,526 (1) Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. At March 31, 2018 and December 31, 2017, securities of $2.1 billion and $2.2 billion, respectively, were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. At March 31, 2018 and December 31, 2017, securities of $2.1 billion and $2.0 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 March 31, 2018 (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 $ (56 ) $ 5,026 $ — $ — $ (56 ) $ 5,026 State and municipal securities (120 ) 2,732 (4,142 ) 67,133 (4,262 ) 69,865 Mortgage-backed securities: Agency (2,307 ) 102,145 (2,637 ) 159,001 (4,944 ) 261,146 Commercial — — (4,826 ) 69,245 (4,826 ) 69,245 Corporate fixed income securities (16,980 ) 885,475 (6,326 ) 182,272 (23,306 ) 1,067,747 Asset-backed securities (1,147 ) 91,881 — — (1,147 ) 91,881 $ (20,610 ) $ 1,087,259 $ (17,931 ) $ 477,651 $ (38,541 ) $ 1,564,910 Held-to-maturity securities Mortgage-backed securities: Agency $ (2,948 ) $ 293,200 $ (28,158 ) $ 655,692 $ (31,106 ) $ 948,892 Asset-backed securities (451 ) 181,393 (2,347 ) 42,425 (2,798 ) 223,818 $ (3,399 ) $ 474,593 $ (30,505 ) $ 698,117 $ (33,904 ) $ 1,172,710 At March 31, 2018, the amortized cost of 226 securities classified as available for sale exceeded their fair value by $38.5 million, of which $17.9 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 March 31, 2018, was $1.6 billion, which was 42.1% of our available-for-sale portfolio. At March 31, 2018, the carrying value of 62 securities held to maturity exceeded their fair value by $33.9 million, of which $30.5 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 other-than-temporary impairment (“OTTI”) assessment is a subjective process requiring the use of judgments and assumptions. There was no credit-related OTTI recognized during the three months ended March 31, 2018 and 2017. We believe the gross unrealized losses of $72.4 million related to our investment portfolio, as of March 31, 2018, are attributable to issuer-specific credit spreads and changes in market interest rates and asset spreads. 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. Accordingly, we have concluded that the impairment on these securities is not other-than-temporary. |
Bank Loans
Bank Loans | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Bank Loans | NOTE 7 – Bank Loans Our loan portfolio consists primarily of the following segments: 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 related to real estate loans considers several factors, including, but not limited to, loan-to-value ratio, FICO score, home price index, delinquency status, credit limits, and utilization rates. 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, including the liquidity and trading volume of the collateral, position concentration and other borrower specific factors such as personal guarantees. Consumer. Consumer loans allow customers to purchase non-investment goods and services. Construction and land. Short-term loans used to finance the development of a real estate project. The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at March 31, 2018 and December 31, 2017 (in thousands, except percentages) March 31, 2018 December 31, 2017 Balance Percent Balance Percent Residential real estate $ 2,634,069 36.8 % $ 2,593,576 37.0 % Commercial and industrial 2,553,671 35.7 2,437,938 34.8 Securities-based loans 1,809,281 25.3 1,819,206 25.9 Commercial real estate 101,591 1.4 116,258 1.7 Consumer 24,699 0.3 24,508 0.3 Home equity lines of credit 15,013 0.2 15,039 0.2 Construction and land 16,337 0.3 7,896 0.1 Gross bank loans 7,154,661 100.0 % 7,014,421 100.0 % Unamortized loan premium, net 362 788 Loans in process (10,928 ) (856 ) Unamortized loan fees, net 1,684 872 Allowance for loan losses (69,497 ) (67,466 ) Bank loans, net $ 7,076,282 $ 6,947,759 At March 31, 2018 and December 31, 2017, Stifel Bank had loans outstanding to its executive officers, directors, and their affiliates in the amount of $4.0 million and $4.0 million, respectively, and loans outstanding to other Stifel Financial Corp. executive officers, directors, and their affiliates in the amount of $12.3 million and $8.4 million, respectively. At March 31, 2018 and December 31, 2017, we had loans held for sale of $261.5 million and $226.1 million, respectively. For the three months ended March 31, 2018 and 2017, we recognized gains of $2.5 million and $2.9 million, respectively, from the sale of originated loans, net of fees and costs. The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2018 (in thousands) Three Months Ended March 31, 2018 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 54,474 $ 1,971 $ (12 ) $ — $ 56,433 Residential real estate 8,430 349 — — 8,779 Securities-based loans 2,088 (194 ) — — 1,894 Commercial real estate 1,520 (200 ) — — 1,320 Home equity lines of credit 162 1 — 1 164 Construction and land 100 99 — — 199 Consumer 16 — (2 ) 1 15 Qualitative 676 17 — — 693 $ 67,466 $ 2,043 $ (14 ) $ 2 $ 69,497 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at March 31, 2018 (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 $ 8,755 $ 8,779 $ 170 $ 2,633,899 $ 2,634,069 Commercial and industrial 9,063 47,370 56,433 23,638 2,530,033 2,553,671 Securities-based loans — 1,894 1,894 — 1,809,281 1,809,281 Commercial real estate — 1,320 1,320 — 101,591 101,591 Consumer 2 13 15 2 24,697 24,699 Home equity lines of credit 20 144 164 184 14,829 15,013 Construction and land — 199 199 — 16,337 16,337 Qualitative — 693 693 — — — $ 9,109 $ 60,388 $ 69,497 $ 23,994 $ 7,130,667 $ 7,154,661 The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2017 (in thousands) Three Months Ended March 31, 2017 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 35,127 $ 3,662 $ — $ — $ 38,789 Securities-based loans 3,094 299 — — 3,393 Consumer 129 (22 ) — — 107 Residential real estate 2,660 1,530 — — 4,190 Commercial real estate 1,363 255 — — 1,618 Home equity lines of credit 371 (85 ) (1 ) — 285 Construction and land 232 205 — — 437 Qualitative 2,187 292 — — 2,479 $ 45,163 $ 6,136 $ (1 ) $ — $ 51,298 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at December 31, 2017 (in thousands) Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Residential real estate $ 24 $ 8,406 $ 8,430 $ 171 $ 2,593,405 $ 2,593,576 Commercial and industrial 9,059 45,415 54,474 28,856 2,409,082 2,437,938 Securities-based loans — 2,088 2,088 — 1,819,206 1,819,206 Commercial real estate — 1,520 1,520 — 116,258 116,258 Consumer 2 14 16 2 24,506 24,508 Home equity lines of credit 20 142 162 184 14,855 15,039 Construction and land — 100 100 — 7,896 7,896 Qualitative — 676 676 — — — $ 9,105 $ 58,361 $ 67,466 $ 29,213 $ 6,985,208 $ 7,014,421 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. The 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 the Company and determined to be impaired. At March 31, 2018, we had $24.0 million of impaired loans, net of discounts, which included $9.1 million in troubled debt restructurings. The specific allowance on impaired loans at March 31, 2018 was $9.1 million. At December 31, 2017, we had $29.2 million of impaired loans, net of discounts, which included $9.1 million in troubled debt restructurings. The specific allowance on impaired loans at December 31, 2017 was $9.1 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 three months ended March 31, 2018 and 2017, were insignificant to the consolidated financial statements. The tables below present loans that were individually evaluated for impairment by portfolio segment at March 31, 2018 and December 31, 2017, including the average recorded investment balance for the year to date period presented (in thousands) March 31, 2018 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 23,638 $ — $ 23,638 $ 23,638 $ 9,063 $ 23,601 Consumer 675 — 2 2 2 2 Residential real estate 170 — 170 170 24 171 Home equity lines of credit 184 — 184 184 20 184 Total $ 24,667 $ — $ 23,994 $ 23,994 $ 9,109 $ 23,958 December 31, 2017 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 28,856 $ 5,211 $ 23,645 $ 28,856 $ 9,059 $ 30,277 Consumer 677 — 2 2 2 5 Home equity lines of credit 184 — 184 184 20 300 Residential real estate 171 — 171 171 24 174 Total $ 29,888 $ 5,211 $ 24,002 $ 29,213 $ 9,105 $ 30,756 The following table presents the aging of the recorded investment in past due loans at March 31, 2018 and December 31, 2017 by portfolio segment (in thousands) As of March 31, 2018 30 – 89 Days Past Due 90 or More Days Past Due Total Due Current Balance Total Residential real estate $ 2,330 $ — $ 2,330 $ 2,631,739 $ 2,634,069 Commercial and industrial 11,883 — 11,883 2,541,788 2,553,671 Securities-based loans — — — 1,809,281 1,809,281 Commercial real estate — — — 101,591 101,591 Consumer — — — 24,699 24,699 Home equity lines of credit 159 — 159 14,854 15,013 Construction and land — — — 16,337 16,337 Total $ 14,372 $ — $ 14,372 $ 7,140,289 $ 7,154,661 As of March 31, 2018* Non-Accrual Restructured Total Commercial and industrial $ 14,702 $ 8,936 $ 23,638 Home equity lines of credit 184 — 184 Residential real estate — 170 170 Consumer 2 — 2 Total $ 14,888 $ 9,106 $ 23,994 * There were no loans past due 90 days and still accruing interest at March 31, 2018. As of December 31, 2017 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Residential real estate $ 7,892 $ — $ 7,892 $ 2,585,684 $ 2,593,576 Commercial and industrial 11,883 — 11,883 2,426,055 2,437,938 Securities-based loans — — — 1,819,206 1,819,206 Commercial real estate — — — 116,258 116,258 Consumer 2 — 2 24,506 24,508 Home equity lines of credit 184 — 184 14,855 15,039 Construction and land — — — 7,896 7,896 Total $ 19,961 $ — $ 19,961 $ 6,994,460 $ 7,014,421 As of December 31, 2017* Non-Accrual Restructured Total Commercial and industrial $ 19,904 $ 8,952 $ 28,856 Home equity lines of credit 184 — 184 Residential real estate — 171 171 Consumer 2 — 2 Total $ 20,090 $ 9,123 $ 29,213 * There were no loans past due 90 days and still accruing interest at December 31, 2017. Credit quality indicators Loans meet the definition of Pass when they are performing and do not demonstrate adverse characteristics that are likely to result in a credit loss. A loan is determined to be impaired when principal or interest becomes 90 days past due or when collection becomes uncertain. At the time a loan is determined to be impaired, the accrual of interest and amortization of deferred loan origination fees is discontinued (“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 portfolio. The level of nonperforming assets represents another indicator of the potential for future credit losses. Accordingly, key metrics we track and use in evaluating the credit quality of our loan portfolio include delinquency and nonperforming asset rates, as well as charge-off rates and our internal risk ratings of the loan portfolio. In general, we are a secured lender. At March 31, 2018 and December 31, 2017, 97.4% 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. The Company uses the following definitions for risk ratings: Pass. A credit exposure rated pass has a continued expectation of timely repayment, all obligations of the borrower are current, and the obligor complies with material terms and conditions of the lending agreement. Special Mention. Extensions of credit that have potential weakness that deserve management’s close attention, and if left uncorrected may, at some future date, result in the deterioration of the repayment prospects or collateral position. Substandard. Obligor has a well-defined weakness that jeopardizes the repayment of the debt and has a high probability of payment default with the distinct possibility that the Company will sustain some loss if noted deficiencies are not corrected. Doubtful. Inherent weakness in the exposure makes the collection or repayment in full, based on existing facts, conditions and circumstances, highly improbable, and the amount of loss is uncertain. 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. Based on the most recent analysis performed, the risk category of our loan portfolio was as follows: (in thousands) As of March 31, 2018 Pass Special Substandard Doubtful Total Residential real estate $ 2,633,899 $ — $ 170 $ — $ 2,634,069 Commercial and industrial 2,510,728 19,305 23,638 — 2,553,671 Securities-based loans 1,809,281 — — — 1,809,281 Commercial real estate 101,591 — — — 101,591 Consumer 24,697 — 2 — 24,699 Home equity lines of credit 14,829 — 184 — 15,013 Construction and land 16,337 — — — 16,337 Total $ 7,111,362 $ 19,305 $ 23,994 $ — $ 7,154,661 As of December 31, 2017 Pass Special Substandard Doubtful Total Residential real estate $ 2,593,096 $ 309 $ 171 $ — $ 2,593,576 Commercial and industrial 2,385,152 22,443 30,343 — 2,437,938 Securities-based loans 1,819,206 — — — 1,819,206 Commercial real estate 116,258 — — — 116,258 Consumer 24,506 — 2 — 24,508 Home equity lines of credit 14,855 — 184 — 15,039 Construction and land 7,896 — — — 7,896 Total $ 6,960,969 $ 22,752 $ 30,700 $ — $ 7,014,421 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | NOTE 8 – 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, 2017 Adjustments Write-off March 31, 2018 Goodwill Global Wealth Management $ 276,477 $ 13,912 $ — $ 290,389 Institutional Group 692,357 1,542 — 693,899 $ 968,834 $ 15,454 $ — $ 984,288 December 31, 2017 Net Additions Amortization March 31, 2018 Intangible assets Global Wealth Management $ 44,525 $ 10,800 $ (1,097 ) $ 54,228 Institutional Group 65,102 1,280 (1,641 ) 64,741 $ 109,627 $ 12,080 $ (2,738 ) $ 118,969 On March 19, 2018, the Company completed the acquisition of Ziegler. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 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 $27.5 million of goodwill and intangibles in the consolidated statement of financial condition, which has been allocated to our company’s Global Wealth Management and Institutional Group segments. The allocation of the purchase price of Ziegler is preliminary and will be finalized upon completion of the analysis of the fair values of the net assets of Ziegler as of the acquisition date and the identified intangible assets. The final goodwill recorded on the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments and the recording of identified intangible assets. See Note 1 in the notes to our consolidated financial statements for additional information regarding the acquisition of Ziegler. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of the Ziegler business and of the hired financial advisors and the conversion of the customer accounts to our platform. Goodwill is expected to be deductible for federal income tax purposes. 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 March 31, 2018 and December 31, 2017 were as follows (in thousands) March 31, 2018 December 31, 2017 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 147,101 $ 58,056 $ 146,986 $ 55,809 Trade name 24,713 10,610 24,713 10,228 Investment banking backlog 2,603 1,273 2,598 1,202 Non-compete agreements 1,431 1,058 1,419 968 Estimated Ziegler intangibles (1) 12,000 — — — $ 187,848 $ 70,997 $ 175,716 $ 68,207 (1) Amortization expense related to intangible assets was $2.7 million and $3.0 million for the three months ended March 31, 2018 and 2017, respectively. The weighted-average remaining lives of the following intangible assets at March 31, 2018, are: customer relationships, 10.6 years; trade name, 10.3 years; non-compete agreements, 9.4 years; and Ziegler intangibles, 12 years. As of March 31, 2018, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year Remainder of 2018 $ 9,062 2019 11,541 2020 11,324 2021 10,822 2022 10,080 Thereafter 64,022 $ 116,851 |
Borrowings and Federal Home Loa
Borrowings and Federal Home Loan Bank Advances | 3 Months Ended |
Mar. 31, 2018 | |
Short Term Debt Other Disclosures [Abstract] | |
Borrowings and Federal Home Loan Bank Advances | NOTE 9 – Borrowings and Federal Home Loan Bank Advances Our short-term financing is generally obtained through short-term bank line financing on an uncommitted, secured basis, securities lending arrangements, advances from the Federal Home Loan Bank, term loans, and committed bank line financing on an unsecured basis. We borrow from various banks on a demand basis with company-owned and customer securities pledged as collateral. The value of customer-owned securities used as collateral is not reflected in the consolidated statements of financial condition. Our uncommitted secured lines of credit at March 31, 2018, 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 $391.0 million during the three months ended March 31, 2018. 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 March 31, 2018, our uncommitted secured lines of credit of $316.0 million were collateralized by company-owned securities valued at $357.8 million. The Federal Home Loan advances of $827.0 million as of March 31, 2018 are floating-rate advances. The weighted average interest rates on these advances during the three months ended March 31, 2018 was 1.44%. 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. Our committed bank line financing at March 31, 2018, consisted of a $200.0 million revolving credit facility. The credit facility expires in March 2020. 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 March 31, 2018, we had no advances on our revolving credit facility and were in compliance with all covenants. |
Senior Notes
Senior Notes | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Senior Notes | NOTE 10 – Senior Notes The following table summarizes our senior notes as of March 31, 2018 and December 31, 2017 (in thousands) March 31, 2018 December 31, 2017 4.250% senior notes, due 2024 (1) $ 500,000 $ 500,000 3.50% senior notes, due 2020 (2) 300,000 300,000 5.20% senior notes, due 2047 (3) 225,000 225,000 1,025,000 1,025,000 Debt issuance costs, net (9,805 ) (10,060 ) $ 1,015,195 $ 1,014,940 (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) Our senior notes mature as follows, based upon contractual terms (in thousands) 2018 $ — 2019 — 2020 300,000 2021 — 2022 — Thereafter 725,000 $ 1,025,000 |
Bank Deposits
Bank Deposits | 3 Months Ended |
Mar. 31, 2018 | |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | |
Bank Deposits | NOTE 11 – Bank Deposits Deposits consist of money market and savings accounts, certificates of deposit, and demand deposits. Deposits at March 31, 2018 and December 31, 2017 were as follows (in thousands) March 31, 2018 December 31, 2017 Money market and savings accounts $ 12,834,447 $ 13,219,675 Demand deposits (interest-bearing) 225,617 184,829 Demand deposits (non-interest-bearing) 15,601 5,856 Certificates of deposit 253,958 1,575 $ 13,329,623 $ 13,411,935 The weighted-average interest rate on deposits was 0.25% and 0.10% at March 31, 2018 and December 31, 2017, respectively. At March 31, 2018 and December 31, 2017, the amount of deposits includes related party deposits, primarily interest-bearing and time deposits of executive officers, directors, and their affiliates of $0.2 million and $0.2 million, respectively. Brokerage customers’ deposits were $13.3 billion and $13.4 billion, respectively. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 3 Months Ended |
Mar. 31, 2018 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities | NOTE 12 – 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 March 31, 2018 and December 31, 2017 (in thousands) March 31, 2018 Notional Balance Location Fair Value Asset Derivatives Cash flow interest rate contracts $ 540,000 Other assets $ 11,606 December 31, 2017 Notional Value Balance Location Fair Value Asset Derivatives Cash flow interest rate contracts $ 540,000 Other assets $ 7,995 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 1.8 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 on the accompanying consolidated statements of operations. The ineffective portion of the cash flow hedging instruments is recorded in other income or other operating expense. 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 $5.5 million will be reclassified as interest income. The following table shows the effect of our company’s derivative instruments in the consolidated statements of operations for the three months ended March 31, 2018 and 2017 (in thousands) Three Months Ended March 31, 2018 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain/(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Gain/(Loss) Recognized Due to Ineffectiveness Cash flow interest rate contracts $ (3,818 ) Interest expense $ 533 Interest expense $ — Three Months Ended March 31, 2017 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain/(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Gain/(Loss) Recognized Due to Ineffectiveness Cash flow interest rate contracts $ (764 ) Interest $ (912 ) Interest expense $ — 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 4 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. 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. |
Disclosures About Offsetting As
Disclosures About Offsetting Assets And Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Offsetting [Abstract] | |
Disclosures About Offsetting Assets And Liabilities | NOTE 13 – Disclosures About Offsetting Assets and Liabilities The following table provides information about financial assets and derivative assets that are subject to offset as of March 31, 2018 and December 31, 2017 (in thousands) Gross amounts not offset in the Statement of Financial Condition Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amounts Presented in the of Financial Condition Amounts available for offset Available collateral Net Amount As of March 31, 2018: Securities borrowing (1) $ 135,779 $ — $ 135,779 $ (117,209 ) $ (17,103 ) $ 1,467 Reverse repurchase agreements (2) 669,002 — 669,002 (272,052 ) (394,905 ) 2,045 Cash flow interest rate contracts 11,606 — 11,606 — — 11,606 $ 816,387 $ — $ 816,387 $ (389,261 ) $ (412,008 ) $ 15,118 As of December 31, 2017: Securities borrowing (1) $ 132,776 $ — $ 132,776 $ (78,474 ) $ (37,248 ) $ 17,054 Reverse repurchase agreements (2) 512,220 — 512,220 (233,624 ) (266,008 ) 12,588 Cash flow interest rate contracts 7,995 — 7,995 — — 7,995 $ 652,991 $ — $ 652,991 $ (312,098 ) $ (303,256 ) $ 37,637 (1) Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 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 $667.0 million and $509.4 million at March 31, 2018 and December 31, 2017, respectively. The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of March 31, 2018 and December 31, 2017 (in thousands) Gross amounts not offset in the Statement of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the of Financial Condition Net Amounts Presented in the Statement of Financial Condition Amounts available for offset Collateral Pledged Net Amount As of March 31, 2018: Securities lending (3) $ (429,372 ) $ — $ (429,372 ) $ 117,209 $ 307,128 $ (5,035 ) Repurchase agreements (4) (346,202 ) — (346,202 ) 272,052 74,150 — $ (775,574 ) $ — $ (775,574 ) $ 389,261 $ 381,278 $ (5,035 ) As of December 31, 2017: Securities lending (3) $ (219,782 ) $ — $ (219,782 ) $ 78,474 $ 133,772 $ (7,536 ) Repurchase agreements (4) (233,704 ) — (233,704 ) 233,624 80 — $ (453,486 ) $ — $ (453,486 ) $ 312,098 $ 133,852 $ (7,536 ) (3) Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 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 $360.9 million and $241.4 million at March 31, 2018 and December 31, 2017, respectively. |
Commitments, Guarantees, And Co
Commitments, Guarantees, And Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Guarantees, And Contingencies | NOTE 14 – 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 March 31, 2018, 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 20 in the notes to consolidated financial statements for further details. Concentration of Credit Risk We provide investment, capital-raising, and related services to a diverse group of domestic customers, including governments, corporations, and institutional and individual investors. Our exposure to credit risk associated with the non-performance of customers in fulfilling their contractual obligations pursuant to securities transactions can be directly impacted by volatile securities markets, credit markets, and regulatory changes. This exposure is measured on an individual customer basis and on a group basis for customers that share similar attributes. To reduce the potential for risk concentrations, counterparty credit limits have been implemented for certain products and are continually monitored in light of changing customer and market conditions. As of March 31, 2018 and December 31, 2017, we did not have significant concentrations of credit risk with any one customer or counterparty, or any group of customers or counterparties. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2018 | |
Loss Contingency Information About Litigation Matters [Abstract] | |
Legal Proceedings | NOTE 15 – 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 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 that may result from pending and potential legal actions, investigations, and regulatory proceedings. In many cases, however, it is inherently difficult to determine whether any loss is probable or reasonably possible or to estimate the amount or range of any potential loss, particularly where proceedings may be in relatively early stages or where plaintiffs are seeking substantial or indeterminate damages. Matters frequently need to be more developed before a loss or range of loss can reasonably be estimated. In our opinion, based on currently available information, review with outside legal counsel, and consideration of amounts provided for in our consolidated financial statements with respect to these matters, including the 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. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | NOTE 16 – 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 March 31, 2018, Stifel had net capital of $300.8 million, which was 16.1% of aggregate debit items and $263.4 million in excess of its minimum required net capital. At March 31, 2018, 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 March 31, 2018, 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. Our company and Stifel Bank are subject to Basel III. Under the Basel III rules, the quantity and quality of regulatory capital increased, a capital conservation buffer was established, selected changes were made to the calculation of risk-weighted assets, and a new ratio, common equity Tier 1 was introduced, all of which are applicable to both our company and 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 March 31, 2018 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 $ 1,703,313 16.6 % $ 462,451 4.5 % $ 667,985 6.5 % Tier 1 capital 1,918,692 18.7 % 616,601 6.0 % 822,135 8.0 % Total capital 1,988,189 19.3 % 822,135 8.0 % 1,027,669 10.0 % Tier 1 leverage 1,918,692 9.6 % 799,158 4.0 % 998,947 5.0 % Stifel Bank – Federal Reserve Capital Amounts March 31, 2018 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 $ 1,091,838 14.6 % $ 336,017 4.5 % $ 485,358 6.5 % Tier 1 capital 1,091,838 14.6 % 448,023 6.0 % 597,364 8.0 % Total capital 1,161,810 15.6 % 597,364 8.0 % 746,705 10.0 % Tier 1 leverage 1,091,838 7.2 % 609,112 4.0 % 761,391 5.0 % |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from Contracts with Customers | NOTE 17 – Revenues from Contracts with Customers The following table presents the Company’s total revenues separated between revenues from contracts with customers and other sources of revenues for the three months ended March 31, 2018 (in thousands) Revenues from contracts with customers: Commissions $ 165,775 Investment banking 176,362 Asset management and service fees 195,801 Other 3,718 Total revenue from contracts with customers 541,656 Other sources of revenue: Interest 137,734 Principal transactions 97,782 Other (361 ) Total revenues $ 776,811 Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised goods or services (i.e., the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The following provides detailed information on the recognition of our revenues from contracts with customers: Commissions. We earn commission revenue by executing, settling, and clearing transactions for clients primarily in OTC and listed equity securities, insurance products, and options. Trade execution and clearing and custody services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing and custody services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commission revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. Investment Banking. We provide our clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings, underwriting and distributing public and private debt. Capital raising revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital raising transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within other operating expenses in the consolidated statements of operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as investment banking revenues. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within accounts payable and accrued expenses on the consolidated statements of financial condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at the same time as the associated revenues. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within other operating expenses on the consolidated statements of operations and any expenses reimbursed by our clients are recognized as investment banking revenues. Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to institutional and individual clients. Investment advisory fees are charged based on the value of assets in fee-based accounts and are affected by changes in the balances of client assets due to market fluctuations and levels of net new client assets. Fees are charged either in advance based on fixed rates applied to the value of the customers’ account at the beginning of the period or periodically based on contracted rates and account performance. Contracts can be terminated at any time with no incremental payments due to our company upon termination. If the contract is terminated by the customer fees are prorated for the period and fees charged for the post termination period are refundable to the customer. Disaggregation of Revenue The following tables present the Company’s revenues from contracts with customers disaggregated by major business activity and primary geographic regions for the three months ended March 31, 2018 (in thousands) Reportable Segment Global Wealth Management Institutional Group Total Major business activity : Commissions $ 119,205 $ 46,570 $ 165,775 Investment banking - capital raising 7,688 71,001 78,689 Investment banking - advisory fees — 97,673 97,673 Asset management 195,789 12 195,801 Other 3,718 — 3,718 Total 326,400 215,256 541,656 Primary Geographic Region : United States 326,400 176,350 502,750 Europe — 37,879 37,879 Other — 1,027 1,027 $ 326,400 $ 215,256 $ 541,656 See Note 21 for further break-out of revenues by geography. Information on Remaining Performance Obligations and Revenue Recognized from Past Performance We do not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at March 31, 2018. Investment banking advisory fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price at March 31, 2018. Contract Balances The timing of our revenue recognition may differ from the timing of payment by our customers. We record a receivable when revenue is recognized prior to payment and we have an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, we record deferred revenue until the performance obligations are satisfied. We had receivables related to revenues from contracts with customers of $117.6 million and $96.0 million at March 31, 2018 and December 31, 2017, respectively. We had no significant impairments related to these receivables during the three months ended March 31, 2018. Our deferred revenue primarily relates to retainer fees received in investment banking advisory engagements where the performance obligation has not yet been satisfied. Deferred revenue at March 31, 2018 was $6.9 million. |
Interest Income And Interest Ex
Interest Income And Interest Expense | 3 Months Ended |
Mar. 31, 2018 | |
Banking And Thrift Interest [Abstract] | |
Interest Income And Interest Expense | NOTE 18 – Interest Income and Interest Expense The components of interest income and interest expense are as follows (in thousands) Three Months Ended March 31, 2018 2017 Interest income: Bank loans, net $ 63,635 $ 44,771 Investment securities 54,903 41,666 Margin balances 10,950 8,182 Inventory 4,929 4,236 Other 3,317 2,098 $ 137,734 $ 100,953 Interest expense: Senior notes $ 11,118 $ 8,140 Bank deposits 8,130 1,768 Federal Home Loan Bank advances 3,252 1,719 Other 3,953 4,269 $ 26,453 $ 15,896 |
Employee Incentive, Deferred Co
Employee Incentive, Deferred Compensation, And Retirement Plans | 3 Months Ended |
Mar. 31, 2018 | |
Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | |
Employee Incentive, Deferred Compensation, And Retirement Plans | NOTE 19 – 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 ten-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 5.5 million shares at March 31, 2018. 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 $23.9 million and $31.2 million for the three months ended March 31, 2018 and 2017, respectively. Restricted Stock Units and Restricted Stock Awards A restricted 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 ten years and are distributable, if vested, at future specified dates. Our Company grants Performance-based Restricted Stock Units (“PRSUs”) to its executive officers. Under the terms of the grants, the number of PRSUs that will vest and convert to shares will be based on the Company's achievement of the pre-determined performance objectives during the performance period. Any resulting delivery of shares for PRSUs granted as part of compensation will occur after four years for 80% of the earned award, and in the fifth year for the remaining 20% of the earned award. The number of shares converted has the potential to range from 0% to 200% based on how the Company performs during the performance period. Restricted stock awards are restricted as to sale or disposition. These restrictions lapse over the next one to five years. Compensation expense is amortized 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. Certain restricted share units may continue to vest under certain circumstances as described in the Wealth Accumulation Plan (the "Plan"). At March 31, 2018, the total number of restricted stock units and restricted stock awards outstanding was 16.4 million, of which 12.7 million were unvested. At March 31, 2018, the total number of PRSUs was 0.6 million, of which all were unvested. At March 31, 2018, there was unrecognized compensation cost for stock units of approximately $311.1 million, which is expected to be recognized over a weighted-average period of 3.0 years. Deferred Compensation Plans 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 ten-year period and are distributable upon vesting or at future specified dates. Deferred compensation costs are amortized on a straight-line basis over the vesting period. Elective deferrals are 100% vested. Additionally, the Plan allows Stifel’s financial advisors who achieve certain levels of production the option to defer a certain percentage of their gross commissions. As stipulated by the Plan, the financial advisors will defer 5% of their gross commissions. The mandatory deferral will be split evenly between company restricted stock units and a company fixed-rate cash debenture. They have the option to defer an additional 1% of gross commissions into company stock units with a 25% matching contribution. 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. 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 “401(k) Plan”). Employees are permitted within limitations imposed by tax law to make pre-tax contributions to the 401(k) Plan. We may match certain employee contributions or make additional contributions to the 401(k) Plan at our discretion. Our contributions to the 401(k) Plan were $0.4 million and $0.4 million for the three months ended March 31, 2018 and 2017, respectively. |
Off-Balance Sheet Credit Risk
Off-Balance Sheet Credit Risk | 3 Months Ended |
Mar. 31, 2018 | |
Concentration Risks Types No Concentration Percentage [Abstract] | |
Off-Balance Sheet Credit Risk | NOTE 20 – 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 two business days after trade date. Should a customer or broker fail to deliver cash or securities as agreed, we may be required to purchase or sell securities at unfavorable market prices. We borrow and lend securities to facilitate the settlement process and finance transactions, utilizing customer margin securities held as collateral. We monitor the adequacy of collateral levels on a daily basis. We periodically borrow from banks on a collateralized basis, utilizing firm and customer margin securities in compliance with SEC rules. Should the counterparty fail to return customer securities pledged, we are subject to the risk of acquiring the securities at prevailing market prices in order to satisfy our customer obligations. We control our exposure to credit risk by continually monitoring our counterparties’ positions, and where deemed necessary, we may require a deposit of additional collateral and/or a reduction or diversification of positions. Our company sells securities it does not currently own (short sales) and is obligated to subsequently purchase such securities at prevailing market prices. We are exposed to risk of loss if securities prices increase prior to closing the transactions. We control our exposure to price risk from short sales through daily review and setting position and trading limits. We manage our risks associated with the aforementioned transactions through position and credit limits and the continuous monitoring of collateral. Additional collateral is required from customers and other counterparties when appropriate. We have accepted collateral in connection with resale agreements, securities borrowed transactions, and customer margin loans. Under many agreements, we are permitted to sell or repledge these securities held as collateral and use these securities to enter into securities lending arrangements or to deliver to counterparties to cover short positions. At March 31, 2018 and December 31, 2017, the fair value of securities accepted as collateral where we are permitted to sell or repledge the securities was $2.6 billion and $2.4 billion, respectively, and the fair value of the collateral that had been sold or repledged was $346.2 million and $233.7 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 12 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 March 31, 2018 and December 31, 2017, Stifel Bank had outstanding commitments to originate loans aggregating $214.8 million and $160.2 million, respectively. The commitments extended over varying periods of time, with all commitments at March 31, 2018, 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 March 31, 2018 and December 31, 2017, Stifel Bank had outstanding letters of credit totaling $58.9 million and $82.5 million, respectively. A majority of the standby letters of credit commitments at March 31, 2018, 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 March 31, 2018 and December 31, 2017, Stifel Bank had granted unused lines of credit to commercial and consumer borrowers aggregating $745.1 million and $590.5 million, respectively. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 21 – Segment Reporting We currently operate through the following three business segments: Global Wealth Management, Institutional Group, and various corporate activities combined in the Other segment. Our Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel 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 broker-dealer subsidiaries and to the general public. The Institutional Group segment includes institutional sales and trading. It provides securities brokerage, trading, and research services to institutions, with an emphasis on the sale of equity and fixed income products. This segment also includes the management of and participation in underwritings for both corporate and public finance (exclusive of sales credits generated through the private client group, which are included in the Global Wealth Management segment), merger and acquisition, and financial advisory services. The Other segment includes interest income from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments held, amortization of stock-based awards, and all unallocated overhead cost associated with the execution of orders; processing of securities transactions; custody of client securities; receipt, identification, and delivery of funds and securities; compliance with regulatory and legal requirements; internal financial accounting and controls; and general administration and acquisition charges. Information concerning operations in these segments of business for the three months ended March 31, 2018 and 2017 is as follows (in thousands) Three Months Ended March 31, 2018 2017 Net revenues: (1) Global Wealth Management $ 485,575 $ 442,732 Institutional Group 270,078 237,467 Other (5,295 ) (4,668 ) $ 750,358 $ 675,531 Income/(loss) before income taxes: Global Wealth Management $ 176,771 $ 142,052 Institutional Group 44,570 39,872 Other (101,787 ) (102,905 ) $ 119,554 $ 79,019 (1) No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2018 or 2017. The following table presents our company’s total assets on a segment basis at March 31, 2018 and December 31, 2017 (in thousands) March 31, 2018 December 31, 2017 Global Wealth Management $ 17,950,069 $ 17,717,617 Institutional Group 3,402,714 3,313,304 Other 362,559 353,032 $ 21,715,342 $ 21,383,953 We have operations in the United States, United Kingdom, Europe, and Asia. The 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 are earned for the three months ended March 31, 2018 and 2017, were as follows (in thousands) Three Months Ended March 31, 2018 2017 United States $ 706,068 $ 647,738 United Kingdom 41,558 24,519 Other 2,732 3,274 $ 750,358 $ 675,531 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 22 – 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 three months ended March 31, 2018 and 2017 (in thousands, except per share data) Three Months Ended March 31, 2018 2017 Net income $ 88,761 $ 65,512 Preferred dividends 2,344 2,344 Net income available to common shareholders $ 86,417 $ 63,168 Shares for basic and diluted calculation: Average shares used in basic computation 71,999 68,386 Dilutive effect of stock options and units (1) 9,790 12,309 Average shares used in diluted computation 81,789 80,695 Earnings per common share: Basic $ 1.20 $ 0.92 Diluted $ 1.06 $ 0.78 (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. For the three months ended March 31, 2018 and 2017, the anti-dilutive effect from restricted stock units was immaterial. Cash Dividends During the three months ended March 31, 2018, we declared and paid a cash dividend of $0.12 per common share. There were no dividends declared or paid during the three months ended March 31, 2017. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 23 – 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 March 31, 2018, the maximum number of shares that may yet be purchased under this plan was 7.1 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 three months ended March 31, 2018, we repurchased $2.8 million using existing Board authorizations at an average price of $56.78. There were no share repurchases during the three months ended March 31, 2017. Issuance of Common Stock During the three months ended March 31, 2018, we issued 1.5 million shares, of which 0.3 million shares were reissued from treasury. Share issuances were primarily a result of the vesting and exercise transactions under our incentive stock award plans. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2018 | |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | |
Variable Interest Entities | NOTE 24 – 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 $215.3 million at March 31, 2018. 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 three months ended March 31, 2018 and 2017. In addition, our direct investment interest in these entities is insignificant at March 31, 2018. 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 $285.8 million at March 31, 2018. 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 March 31, 2018. Management fee revenue earned by our company was insignificant during the three months ended March 31, 2018 and 2017. 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 25 – 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. Based on the evaluation, we did not identify any recognized subsequent events that would have required adjustment to the consolidated financial statements. |
Nature of Operations, Basis o34
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 and 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. On March 19, 2018, the Company completed the acquisition of Ziegler Wealth Management (“Ziegler”), a privately held investment bank, capital markets and proprietary investments firm that has 55 private client advisors in five states that manage approximately $5 billion in client assets. Ziegler provides its clients with capital raising, strategic advisory services, equity and fixed income sales & trading and research. The acquisition was funded with cash from operations. See Note 8 in the notes to consolidated financial statements for more details. 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 Ziegler have been included in our results prospectively from the date of acquisition. |
Basis Of Presentation | Basis of Presentation The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel”), Keefe, Bruyette & Woods, Inc., and Stifel Bank & Trust (“Stifel Bank”). All material intercompany balances and transactions have been eliminated. Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries. We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have omitted certain information and footnote disclosures we normally include in our annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles. In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments, except as otherwise noted) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2017 on file with the SEC. 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. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see Note 2, Summary of Significant Accounting Policies, in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2017. During the three months ended March 31, 2018, other than the following, there were no significant changes made to the Company’s significant accounting policies. The accounting policy changes are attributable to the adoption of the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (the “new revenue standard” or “ASU 2014-09”) on January 1, 2018. These revenue recognition policy updates are applied prospectively in our consolidated financial statements from January 1, 2018. Reported financial information for the historical comparable period was not revised and continues to be reported under the accounting standards in effect during the historical periods. The new revenue standard primarily impacts the following revenue recognition and presentation accounting policies of our company: |
Investment Banking Revenues | Investment Banking Revenues Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Advisory expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related expenses are expensed as incurred. Underwriting expenses are recognized as non-interest expense in the consolidated statements of operations and any expense reimbursements are recognized as investment banking revenues. See Note 2, New Accounting Pronouncements, and Note 17, Revenues from Contracts with Customers, for further information. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Comprehensive Income In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” that provides for the reclassification from accumulated other comprehensive income to retained earnings for stranded effects resulting from the Tax Cuts and Jobs Act of 2017. The accounting update is effective for the fiscal year beginning after December 15, 2018 (January 1, 2019 for our company) and early adoption is permitted. We early adopted the guidance in the update on January 1, 2018. The adoption of the accounting update resulted in a reclassification adjustment of $3.0 million related to cash flow hedges and investment portfolio credit risk in our consolidated financial statements. Statement of Cash Flows In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flow - Restricted Cash,” which adds or clarifies guidance on the classification and presentation of restricted cash in the statement of cash flows. The accounting update is effective for the fiscal year beginning after December 15, 2017. We adopted the guidance in the update on January 1, 2018. The adoption of the accounting update did not have a material impact on our consolidated statement of cash flows. Upon adoption of the accounting update, we recorded a decrease of $73.0 million in net cash provided by operating activities for the three months ended March 31, 2017 related to reclassifying the changes in our cash segregated for regulatory purposes and restricted cash balance from operating activities to the cash and cash equivalent balances within the consolidated statements of cash flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments,” which amends and clarifies the current guidance to reduce diversity in practice of the classification of certain cash receipts and payments in the consolidated statements of cash flows. The accounting update is effective for the fiscal year beginning after December 31, 2017. We adopted the guidance in the update on January 1, 2018. The adoption of the accounting update did not have a material impact on our consolidated statements of cash flows. Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 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 accounting update also amends certain disclosure requirements associated with the fair value of financial instruments. The accounting update is effective for fiscal years beginning after December 15, 2017. We adopted the guidance in the update on January 1, 2018. The adoption of the accounting update did not have a material impact on our consolidated financial statements. Revenue Recognition Effective January 1, 2018, the Company adopted ASU 2014-09, which provides accounting guidance on the recognition of revenues from contracts and requires gross presentation of certain costs that were previously offset against revenue. This change was applied prospectively from January 1, 2018 and there is no impact on our previously presented results. The adoption of the new revenue standard resulted in a reduction of beginning retained earnings of $3.9 million after-tax as a cumulative effect of adoption of an accounting change. The impact of adoption is primarily related to investment banking revenues that were previously recognized in prior periods, which are now being deferred under the new revenue standard. With the adoption of the new revenue recognition standard on January 1, 2018, capital raising and advisory fee revenues are no longer presented net of the related out-of-pocket deal expenses. As a result, capital raising and advisory fee revenues and other operating expenses are higher in the first quarter of 2018 by an identical $8.6 million, with no impact to net income. The scope of the accounting update does not apply to revenue associated with financial instruments, and as a result, will not have an impact on the elements of our consolidated statements of operations most closely associated with financial instruments, including principal transaction revenues, interest income, and interest expense. The new revenue standard primarily impacts the following of our revenue recognition and presentation accounting policies: Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Advisory expenses had historically been deferred until reimbursed by the client, the related fee revenue was recognized or the engagement was otherwise concluded. Under the new revenue standard, expenses are deferred only to the extent they are explicitly reimbursable by the client and the related revenue has been recognized. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. Underwriting expenses had historically been recorded net of client reimbursements and/or netted against revenues. Under the new revenue standard, all investment banking expenses will be recognized as non-interest expense in the consolidated statements of operations and any expense reimbursements will be recognized as investment banking revenues (i.e., expenses are no longer recorded net of client reimbursements and are not netted against revenues). |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities,” which amends the hedge accounting recognition and presentation requirements. The accounting update improves the transparency and understandability of information conveyed to financial statement users by better aligning companies’ hedging relationship to their existing risk management strategies, simplifies the application of hedge accounting and increases transparency regarding the scope and results of hedging program. The accounting update is effective for the fiscal year beginning after December 15, 2018 (January 1, 2019 for our company) and early adoption is permitted. The Company will not early adopt this accounting update. We are currently evaluating the impact of the accounting update, but the adoption is not expected to have a material impact on our consolidated financial statements. Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities,” which shortens the amortization period for the premium on certain callable debt securities to the earliest call date. The amendments are applicable to any purchased individual debt security with an explicit and non-contingent call feature that is callable at a fixed price on a preset date. The accounting update is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for our company) under a modified retrospective approach and early adoption is permitted. We are evaluating the impact the adoption of this new guidance will have on our consolidated financial statements. Goodwill Impairment Testing In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the accounting update, the annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The accounting update is effective for annual or any interim impairment tests in fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) and early adoption is permitted. We are currently evaluating the impact of the accounting update, but the adoption is not expected to have a material impact on our consolidated financial statements. Financial Instruments – Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments − Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This accounting update impacts the impairment model for certain financial assets measured at amortized cost by requiring a current expected credit loss (“CECL”) methodology to estimate expected credit losses over the entire life of the financial asset, recorded at inception or purchase. CECL will replace the loss model currently applicable to bank loans, held-to-maturity securities, and other receivables carried at amortized cost. The accounting update also eliminates the concept of other-than-temporary impairment for available-for-sale securities. Impairments on available-for-sale securities will be required to be recognized in earnings through an allowance, when the fair value is less than amortized cost and a credit loss exists or the securities are expected to be sold before recovery of amortized cost. Under the accounting update, there may be an ability to determine there are no expected credit losses in certain circumstances, e.g., based on collateral arrangements for lending and financing transactions or based on the credit quality of the borrower or issuer. Overall, the amendments in this accounting update are expected to accelerate the recognition of credit losses for portfolios where CECL models will be applied. The accounting update is effective for fiscal years beginning after December 15, 2019 (January 1, 2020 for our company) with early adoption permitted as of January 1, 2019. We are currently evaluating the impact of the accounting update, but the adoption is not expected to have a material impact on our consolidated financial statements. Leases In February 2016, the FASB issued ASU 2016-02, “Leases” that requires for leases longer than one year, a lessee recognize in the statements of financial condition a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. The accounting update also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized as a combined expense. In addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements. The accounting update is effective for fiscal years beginning after December 15, 2018 (January 1, 2019 for our company) under a modified retrospective approach and early adoption is permitted. The Company’s implementation efforts include reviewing existing leases and service contracts, which may include embedded leases. Upon adoption, our company expects a gross up on its consolidated statements of financial condition upon recognition of the right-of-use assets and lease liabilities and does not expect the amount of the gross up to have a material impact on its financial condition. |
Revenue Recognition | Commissions. We earn commission revenue by executing, settling, and clearing transactions for clients primarily in OTC and listed equity securities, insurance products, and options. Trade execution and clearing and custody services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing and custody services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commission revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. Investment Banking. We provide our clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings, underwriting and distributing public and private debt. Capital raising revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital raising transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within other operating expenses in the consolidated statements of operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as investment banking revenues. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully broker a specific transaction. Fees received prior to the completion of the transaction are deferred within accounts payable and accrued expenses on the consolidated statements of financial condition. Advisory fees from restructuring engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. A significant portion of the fees we receive for our advisory services are considered variable as they are contingent upon a future event (e.g., completion of a transaction or third party emergence from bankruptcy) and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services are generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. We recognize a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at the same time as the associated revenues. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within other operating expenses on the consolidated statements of operations and any expenses reimbursed by our clients are recognized as investment banking revenues. Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to institutional and individual clients. Investment advisory fees are charged based on the value of assets in fee-based accounts and are affected by changes in the balances of client assets due to market fluctuations and levels of net new client assets. Fees are charged either in advance based on fixed rates applied to the value of the customers’ account at the beginning of the period or periodically based on contracted rates and account performance. Contracts can be terminated at any time with no incremental payments due to our company upon termination. If the contract is terminated by the customer fees are prorated for the period and fees charged for the post termination period are refundable to the customer. |
Receivables From And Payables36
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017, included (in thousands) March 31, 2018 December 31, 2017 Receivables from clearing organizations $ 357,333 $ 270,285 Deposits paid for securities borrowed 135,779 132,776 Securities failed to deliver 51,838 56,046 $ 544,950 $ 459,107 |
Amounts Payable To Brokers, Dealers, And Clearing Organizations | Amounts payable to brokers, dealers, and clearing organizations at March 31, 2018 and December 31, 2017, included (in thousands) March 31, 2018 December 31, 2017 Deposits received from securities loaned $ 429,372 $ 219,782 Securities failed to receive 56,261 29,297 Payable to clearing organizations 18,962 27,223 $ 504,595 $ 276,302 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value | March 31, 2018 Fair value of investments Unfunded commitments Money market funds $ 17,397 $ — Mutual funds 11,770 — Private equity funds 7,530 1,813 Partnership interests 4,981 1,330 Total $ 41,678 $ 3,143 December 31, 2017 Fair value of investments Unfunded commitments Money market funds $ 77,441 $ — Mutual funds 11,748 — Private equity funds 7,677 1,825 Partnership interests 5,124 1,330 Total $ 101,990 $ 3,155 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | March 31, 2018 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 21,087 $ 21,087 $ — $ — U.S. government agency securities 111,921 — 111,921 — Mortgage-backed securities: Agency 361,747 — 361,747 — Non-agency 29,081 — 29,080 1 Asset-backed securities 85,987 — 85,630 357 Corporate securities: Fixed income securities 364,917 616 364,072 229 Equity securities 39,090 38,662 108 320 Sovereign debt 19,341 — 19,341 — State and municipal securities 147,876 — 147,876 — Total financial instruments owned 1,181,047 60,365 1,119,775 907 Available-for-sale securities: U.S. government agency securities 5,026 515 4,511 — State and municipal securities 69,865 69,865 Mortgage-backed securities: Agency 283,703 — 283,703 — Commercial 70,449 — 70,449 — Non-agency 1,441 — 1,441 — Corporate fixed income securities 1,281,095 — 1,281,095 — Asset-backed securities 2,001,222 — 2,001,222 — Total available-for-sale securities 3,712,801 515 3,712,286 — Investments: Corporate equity securities 47,287 47,287 — — Auction rate securities: Equity securities 25,287 — — 25,287 Municipal securities 847 — — 847 Other 1,218 — 361 857 Investments in funds measured at NAV 24,281 Total investments 98,920 47,287 361 26,991 Cash equivalents measured at NAV 17,397 Derivative contracts (1) 11,606 — 11,606 — $ 5,021,771 $ 108,167 $ 4,844,028 $ 27,898 (1) March 31, 2018 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 527,073 $ 527,073 $ — $ — U.S. government agency securities 20,618 — 20,618 — Mortgage-backed securities: Agency 144,169 — 144,169 — Corporate securities: Fixed income securities 223,865 — 223,865 — Equity securities 20,235 20,219 16 — Sovereign debt 23,575 — 23,575 — Total financial instruments sold, but not yet purchased $ 959,535 $ 547,292 $ 412,243 $ — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2017, are presented below (in thousands) December 31, 2017 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 13,466 $ 13,466 $ — $ — U.S. government agency securities 147,223 — 147,223 — Mortgage-backed securities: Agency 302,445 — 302,445 — Non-agency 29,356 — 29,355 1 Asset-backed securities 76,752 — 76,395 357 Corporate securities: Fixed income securities 325,471 362 324,867 242 Equity securities 46,802 46,411 138 253 Sovereign debt 32,470 — 32,470 — State and municipal securities 169,699 — 169,699 — Total financial instruments owned 1,143,684 60,239 1,082,592 853 Available-for-sale securities: U.S. government agency securities 4,983 516 4,467 — State and municipal securities 70,559 — 70,559 — Mortgage-backed securities: Agency 305,530 — 305,530 — Commercial 72,488 — 72,488 — Non-agency 1,568 — 1,568 — Corporate fixed income securities 1,211,442 — 1,211,442 — Asset-backed securities 2,106,938 — 2,106,938 — Total available-for-sale securities 3,773,508 516 3,772,992 — Investments: Corporate equity securities 49,978 49,978 — — Auction rate securities: Equity securities 34,789 — — 34,789 Municipal securities 846 — — 846 Other 1,217 — 360 857 Investments measured at NAV 24,549 Total investments 111,379 49,978 360 36,492 Cash equivalents measured at NAV 77,441 Derivative contracts (1) 7,995 — 7,995 — $ 5,114,007 $ 110,733 $ 4,863,939 $ 37,345 (1) December 31, 2017 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 442,402 $ 442,402 $ — $ — U.S. government agency securities 10,348 — 10,348 — Mortgage-backed securities: Agency 86,612 — 86,612 — Corporate securities: Fixed income securities 180,755 — 180,755 — Equity securities 38,510 38,070 440 — Sovereign debt 20,236 — 20,236 — Total financial instruments sold, but not yet purchased $ 778,863 $ 480,472 $ 298,391 $ — |
Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments | Three Months Ended March 31, 2018 Financial instruments owned Investments Mortgage- Backed Securities – Non-Agency Asset-Backed Securities Fixed Income Securities Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2017 $ 1 $ 357 $ 242 $ 253 $ 34,789 $ 846 $ 857 Unrealized gains/(losses): Included in changes in net assets (1) — — — 67 73 1 — Realized gains/(losses) (1) — — — — — — — Purchases — — — — — — — Sales — — — — — — — Redemptions — — (13 ) — (9,575 ) — — Transfers: Into Level 3 — — — — — — — Out of Level 3 — — — — — — — Net change — — (13 ) 67 (9,502 ) 1 — Balance at March 31, 2018 $ 1 $ 357 $ 229 $ 320 $ 25,287 $ 847 $ 857 (1) Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations. |
Quantitative Information Related To The Significant Unobservable Inputs Utilized In Level 3 Recurring Fair Value Measurements | Valuation technique Unobservable input Range Weighted average Investments: Auction rate securities: Equity securities Discounted cash flow Discount rate 1.5% - 10.2% 6.2% Workout period 2-3 years 2.6 years Municipal securities Discounted cash flow Discount rate 0.6% to 9.0% 3.2% Workout period 1-4 years 1.9 years |
Schedule Of Fair Value Of Financial Instruments | March 31, 2018 December 31, 2017 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 450,343 $ 450,343 $ 696,283 $ 696,283 Cash segregated for regulatory purposes 26,611 26,611 90,802 90,802 Securities purchased under agreements to resell 669,002 669,002 512,220 512,220 Financial instruments owned 1,181,047 1,181,047 1,143,684 1,143,684 Available-for-sale securities 3,712,801 3,712,801 3,773,508 3,773,508 Held-to-maturity securities 3,846,526 3,825,399 3,698,098 3,710,478 Loans held for sale 261,467 261,467 226,068 226,068 Bank loans 7,076,282 7,005,857 6,947,759 6,953,328 Investments 98,920 98,920 111,379 111,379 Derivative contracts (1) 11,606 11,606 7,995 7,995 Financial liabilities: Securities sold under agreements to repurchase $ 346,202 $ 346,202 $ 233,704 $ 233,704 Bank deposits 13,329,623 12,570,404 13,411,935 12,702,746 Financial instruments sold, but not yet purchased 959,535 959,535 778,863 778,863 Federal Home Loan Bank advances 827,000 827,000 745,000 745,000 Borrowings 316,000 316,000 256,000 256,000 Senior notes 1,015,195 1,028,534 1,014,940 1,044,768 Debentures to Stifel Financial Capital Trusts 67,500 57,718 67,500 64,962 (1) |
Estimated Fair Values Of Financial Instruments Not Measured At Fair Value | March 31, 2018 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 432,946 $ 432,946 $ — $ — Cash segregated for regulatory purposes 26,611 26,611 — — Securities purchased under agreements to resell 669,002 602,359 66,643 — Held-to-maturity securities 3,825,399 — 3,664,272 161,127 Loans held for sale 261,467 — 261,467 — Bank loans 7,005,857 — 7,005,857 — Financial liabilities: Securities sold under agreements to repurchase $ 346,202 $ 94,608 $ 251,594 $ — Bank deposits 12,570,404 — 12,570,404 — Federal Home Loan Bank advances 827,000 827,000 — — Borrowings 316,000 316,000 — — Senior notes 1,028,534 1,028,534 — — Debentures to Stifel Financial Capital Trusts 57,718 — — 57,718 December 31, 2017 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 618,842 $ 618,842 $ — $ — Cash segregated for regulatory purposes 90,802 90,802 — — Securities purchased under agreements to resell 512,220 428,740 83,480 — Held-to-maturity securities 3,710,478 — 3,517,781 192,697 Loans held for sale 226,068 — 226,068 — Bank loans 6,953,328 — 6,953,328 — Financial liabilities: Securities sold under agreements to repurchase $ 233,704 $ 92,278 $ 141,426 $ — Bank deposits 12,702,746 — 12,702,746 — Federal Home Loan Bank advances 745,000 745,000 — — Borrowings 256,000 256,000 — — Senior notes 1,044,768 1,044,768 — — Debentures to Stifel Financial Capital Trusts 64,962 — — 64,962 |
Financial Instruments Owned A38
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 are as follows (in thousands) March 31, 2018 December 31, 2017 Financial instruments owned: U.S. government securities $ 21,087 $ 13,466 U.S. government agency securities 111,921 147,223 Mortgage-backed securities: Agency 361,747 302,445 Non-agency 29,081 29,356 Asset-backed securities 85,987 76,752 Corporate securities: Fixed income securities 364,917 325,471 Equity securities 39,090 46,802 Sovereign debt 19,341 32,470 State and municipal securities 147,876 169,699 $ 1,181,047 $ 1,143,684 Financial instruments sold, but not yet purchased: U.S. government securities $ 527,073 $ 442,402 U.S. government agency securities 20,618 10,348 Mortgage-backed securities: Agency 144,169 86,612 Corporate securities: Fixed income securities 223,865 180,755 Equity securities 20,235 38,510 Sovereign debt 23,575 20,236 $ 959,535 $ 778,863 |
Available-For-Sale And Held-T39
Available-For-Sale And Held-To-Maturity Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 (in thousands) The table below summarizes the amortized cost and fair values of debt securities by contractual maturity. Expected maturities may differ significantly from contractual maturities, as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. March 31, 2018 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 5,082 $ — $ (56 ) $ 5,026 State and municipal securities 74,127 — (4,262 ) 69,865 Mortgage-backed securities: Agency 288,644 3 (4,944 ) 283,703 Commercial 75,259 16 (4,826 ) 70,449 Non-agency 1,431 10 — 1,441 Corporate fixed income securities 1,303,493 908 (23,306 ) 1,281,095 Asset-backed securities 1,986,886 15,483 (1,147 ) 2,001,222 $ 3,734,922 $ 16,420 $ (38,541 ) $ 3,712,801 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,282,781 $ 1,559 $ (31,106 ) $ 1,253,234 Commercial 58,698 197 — 58,895 Asset-backed securities 2,505,047 11,021 (2,798 ) 2,513,270 $ 3,846,526 $ 12,777 $ (33,904 ) $ 3,825,399 December 31, 2017 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 5,022 $ — $ (39 ) $ 4,983 State and municipal securities 74,691 — (4,132 ) 70,559 Mortgage-backed securities: Agency 308,409 102 (2,981 ) 305,530 Commercial 75,548 28 (3,088 ) 72,488 Non-agency 1,568 — — 1,568 Corporate fixed income securities 1,213,262 3,832 (5,652 ) 1,211,442 Asset-backed securities 2,098,958 12,877 (4,897 ) 2,106,938 $ 3,777,458 $ 16,839 $ (20,789 ) $ 3,773,508 Held-to-maturity securities (2) Mortgage-backed securities: Agency $ 1,334,833 $ 13,621 $ (16,208 ) $ 1,332,246 Commercial 58,971 1,313 — 60,284 Asset-backed securities 2,264,283 15,526 (1,862 ) 2,277,947 Corporate fixed income securities 40,011 27 (37 ) 40,001 $ 3,698,098 $ 30,487 $ (18,107 ) $ 3,710,478 (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 | March 31, 2018 Available-for-sale securities Held-to-maturity securities Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Debt securities Within one year $ 186,449 $ 186,128 $ — $ — After one year through three years 318,811 313,695 — — After three years through five years 280,569 273,083 — — After five years through ten years 903,515 894,658 571,991 574,299 After ten years 1,680,244 1,689,644 1,933,056 1,938,971 Mortgage-backed securities After three years through five years — — 58,698 58,895 After five years through ten years 306 307 134,529 130,499 After ten years 365,028 355,286 1,148,252 1,122,735 $ 3,734,922 $ 3,712,801 $ 3,846,526 $ 3,825,399 |
Contractual Maturities | The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at March 31, 2018, 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 $ 1,172 $ 3,854 $ — $ — $ 5,026 State and municipal securities 359 — 18,559 50,947 69,865 Mortgage-backed securities: Agency — — 307 283,396 283,703 Commercial — — — 70,449 70,449 Non-agency — — — 1,441 1,441 Corporate fixed income securities 184,597 582,924 513,574 — 1,281,095 Asset-backed securities — — 362,525 1,638,697 2,001,222 $ 186,128 $ 586,778 $ 894,965 $ 2,044,930 $ 3,712,801 Held-to-maturity: Mortgage-backed securities: Agency $ — $ — $ 134,529 $ 1,148,252 $ 1,282,781 Commercial — 58,698 — — 58,698 Asset-backed securities — — 571,991 1,933,056 2,505,047 $ — $ 58,698 $ 706,520 $ 3,081,308 $ 3,846,526 (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 March 31, 2018 (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 $ (56 ) $ 5,026 $ — $ — $ (56 ) $ 5,026 State and municipal securities (120 ) 2,732 (4,142 ) 67,133 (4,262 ) 69,865 Mortgage-backed securities: Agency (2,307 ) 102,145 (2,637 ) 159,001 (4,944 ) 261,146 Commercial — — (4,826 ) 69,245 (4,826 ) 69,245 Corporate fixed income securities (16,980 ) 885,475 (6,326 ) 182,272 (23,306 ) 1,067,747 Asset-backed securities (1,147 ) 91,881 — — (1,147 ) 91,881 $ (20,610 ) $ 1,087,259 $ (17,931 ) $ 477,651 $ (38,541 ) $ 1,564,910 Held-to-maturity securities Mortgage-backed securities: Agency $ (2,948 ) $ 293,200 $ (28,158 ) $ 655,692 $ (31,106 ) $ 948,892 Asset-backed securities (451 ) 181,393 (2,347 ) 42,425 (2,798 ) 223,818 $ (3,399 ) $ 474,593 $ (30,505 ) $ 698,117 $ (33,904 ) $ 1,172,710 |
Bank Loans (Tables)
Bank Loans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio | March 31, 2018 December 31, 2017 Balance Percent Balance Percent Residential real estate $ 2,634,069 36.8 % $ 2,593,576 37.0 % Commercial and industrial 2,553,671 35.7 2,437,938 34.8 Securities-based loans 1,809,281 25.3 1,819,206 25.9 Commercial real estate 101,591 1.4 116,258 1.7 Consumer 24,699 0.3 24,508 0.3 Home equity lines of credit 15,013 0.2 15,039 0.2 Construction and land 16,337 0.3 7,896 0.1 Gross bank loans 7,154,661 100.0 % 7,014,421 100.0 % Unamortized loan premium, net 362 788 Loans in process (10,928 ) (856 ) Unamortized loan fees, net 1,684 872 Allowance for loan losses (69,497 ) (67,466 ) Bank loans, net $ 7,076,282 $ 6,947,759 |
Activity In The Allowance For Loan Losses By Portfolio Segment | Three Months Ended March 31, 2018 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 54,474 $ 1,971 $ (12 ) $ — $ 56,433 Residential real estate 8,430 349 — — 8,779 Securities-based loans 2,088 (194 ) — — 1,894 Commercial real estate 1,520 (200 ) — — 1,320 Home equity lines of credit 162 1 — 1 164 Construction and land 100 99 — — 199 Consumer 16 — (2 ) 1 15 Qualitative 676 17 — — 693 $ 67,466 $ 2,043 $ (14 ) $ 2 $ 69,497 Three Months Ended March 31, 2017 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 35,127 $ 3,662 $ — $ — $ 38,789 Securities-based loans 3,094 299 — — 3,393 Consumer 129 (22 ) — — 107 Residential real estate 2,660 1,530 — — 4,190 Commercial real estate 1,363 255 — — 1,618 Home equity lines of credit 371 (85 ) (1 ) — 285 Construction and land 232 205 — — 437 Qualitative 2,187 292 — — 2,479 $ 45,163 $ 6,136 $ (1 ) $ — $ 51,298 |
Recorded Balances 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 $ 8,755 $ 8,779 $ 170 $ 2,633,899 $ 2,634,069 Commercial and industrial 9,063 47,370 56,433 23,638 2,530,033 2,553,671 Securities-based loans — 1,894 1,894 — 1,809,281 1,809,281 Commercial real estate — 1,320 1,320 — 101,591 101,591 Consumer 2 13 15 2 24,697 24,699 Home equity lines of credit 20 144 164 184 14,829 15,013 Construction and land — 199 199 — 16,337 16,337 Qualitative — 693 693 — — — $ 9,109 $ 60,388 $ 69,497 $ 23,994 $ 7,130,667 $ 7,154,661 Allowance for Loan Losses Recorded Investment in Loans Individually Evaluated Impairment Collectively Evaluated for Impairment Total Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Residential real estate $ 24 $ 8,406 $ 8,430 $ 171 $ 2,593,405 $ 2,593,576 Commercial and industrial 9,059 45,415 54,474 28,856 2,409,082 2,437,938 Securities-based loans — 2,088 2,088 — 1,819,206 1,819,206 Commercial real estate — 1,520 1,520 — 116,258 116,258 Consumer 2 14 16 2 24,506 24,508 Home equity lines of credit 20 142 162 184 14,855 15,039 Construction and land — 100 100 — 7,896 7,896 Qualitative — 676 676 — — — $ 9,105 $ 58,361 $ 67,466 $ 29,213 $ 6,985,208 $ 7,014,421 |
Loans That Were Individually Evaluated For Impairment By Portfolio Segment | March 31, 2018 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 23,638 $ — $ 23,638 $ 23,638 $ 9,063 $ 23,601 Consumer 675 — 2 2 2 2 Residential real estate 170 — 170 170 24 171 Home equity lines of credit 184 — 184 184 20 184 Total $ 24,667 $ — $ 23,994 $ 23,994 $ 9,109 $ 23,958 December 31, 2017 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 28,856 $ 5,211 $ 23,645 $ 28,856 $ 9,059 $ 30,277 Consumer 677 — 2 2 2 5 Home equity lines of credit 184 — 184 184 20 300 Residential real estate 171 — 171 171 24 174 Total $ 29,888 $ 5,211 $ 24,002 $ 29,213 $ 9,105 $ 30,756 |
Aging Of The Recorded Investment In Past Due Loans | As of March 31, 2018 30 – 89 Days Past Due 90 or More Days Past Due Total Due Current Balance Total Residential real estate $ 2,330 $ — $ 2,330 $ 2,631,739 $ 2,634,069 Commercial and industrial 11,883 — 11,883 2,541,788 2,553,671 Securities-based loans — — — 1,809,281 1,809,281 Commercial real estate — — — 101,591 101,591 Consumer — — — 24,699 24,699 Home equity lines of credit 159 — 159 14,854 15,013 Construction and land — — — 16,337 16,337 Total $ 14,372 $ — $ 14,372 $ 7,140,289 $ 7,154,661 As of March 31, 2018* Non-Accrual Restructured Total Commercial and industrial $ 14,702 $ 8,936 $ 23,638 Home equity lines of credit 184 — 184 Residential real estate — 170 170 Consumer 2 — 2 Total $ 14,888 $ 9,106 $ 23,994 * There were no loans past due 90 days and still accruing interest at March 31, 2018. As of December 31, 2017 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Residential real estate $ 7,892 $ — $ 7,892 $ 2,585,684 $ 2,593,576 Commercial and industrial 11,883 — 11,883 2,426,055 2,437,938 Securities-based loans — — — 1,819,206 1,819,206 Commercial real estate — — — 116,258 116,258 Consumer 2 — 2 24,506 24,508 Home equity lines of credit 184 — 184 14,855 15,039 Construction and land — — — 7,896 7,896 Total $ 19,961 $ — $ 19,961 $ 6,994,460 $ 7,014,421 As of December 31, 2017* Non-Accrual Restructured Total Commercial and industrial $ 19,904 $ 8,952 $ 28,856 Home equity lines of credit 184 — 184 Residential real estate — 171 171 Consumer 2 — 2 Total $ 20,090 $ 9,123 $ 29,213 * There were no loans past due 90 days and still accruing interest at December 31, 2017. |
Risk Category Of Loan Portfolio | As of March 31, 2018 Pass Special Substandard Doubtful Total Residential real estate $ 2,633,899 $ — $ 170 $ — $ 2,634,069 Commercial and industrial 2,510,728 19,305 23,638 — 2,553,671 Securities-based loans 1,809,281 — — — 1,809,281 Commercial real estate 101,591 — — — 101,591 Consumer 24,697 — 2 — 24,699 Home equity lines of credit 14,829 — 184 — 15,013 Construction and land 16,337 — — — 16,337 Total $ 7,111,362 $ 19,305 $ 23,994 $ — $ 7,154,661 As of December 31, 2017 Pass Special Substandard Doubtful Total Residential real estate $ 2,593,096 $ 309 $ 171 $ — $ 2,593,576 Commercial and industrial 2,385,152 22,443 30,343 — 2,437,938 Securities-based loans 1,819,206 — — — 1,819,206 Commercial real estate 116,258 — — — 116,258 Consumer 24,506 — 2 — 24,508 Home equity lines of credit 14,855 — 184 — 15,039 Construction and land 7,896 — — — 7,896 Total $ 6,960,969 $ 22,752 $ 30,700 $ — $ 7,014,421 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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, 2017 Adjustments Write-off March 31, 2018 Goodwill Global Wealth Management $ 276,477 $ 13,912 $ — $ 290,389 Institutional Group 692,357 1,542 — 693,899 $ 968,834 $ 15,454 $ — $ 984,288 December 31, 2017 Net Additions Amortization March 31, 2018 Intangible assets Global Wealth Management $ 44,525 $ 10,800 $ (1,097 ) $ 54,228 Institutional Group 65,102 1,280 (1,641 ) 64,741 $ 109,627 $ 12,080 $ (2,738 ) $ 118,969 |
Intangible Assets Subject To Amortization | Intangible assets subject to amortization as of March 31, 2018 and December 31, 2017 were as follows (in thousands) March 31, 2018 December 31, 2017 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 147,101 $ 58,056 $ 146,986 $ 55,809 Trade name 24,713 10,610 24,713 10,228 Investment banking backlog 2,603 1,273 2,598 1,202 Non-compete agreements 1,431 1,058 1,419 968 Estimated Ziegler intangibles (1) 12,000 — — — $ 187,848 $ 70,997 $ 175,716 $ 68,207 (1) |
Amortization Expense In Future Periods | As of March 31, 2018, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year Remainder of 2018 $ 9,062 2019 11,541 2020 11,324 2021 10,822 2022 10,080 Thereafter 64,022 $ 116,851 |
Senior Notes (Tables)
Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Senior Notes | The following table summarizes our senior notes as of March 31, 2018 and December 31, 2017 (in thousands) March 31, 2018 December 31, 2017 4.250% senior notes, due 2024 (1) $ 500,000 $ 500,000 3.50% senior notes, due 2020 (2) 300,000 300,000 5.20% senior notes, due 2047 (3) 225,000 225,000 1,025,000 1,025,000 Debt issuance costs, net (9,805 ) (10,060 ) $ 1,015,195 $ 1,014,940 (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) |
Schedule of Corporate Date Maturity | Our senior notes mature as follows, based upon contractual terms (in thousands) 2018 $ — 2019 — 2020 300,000 2021 — 2022 — Thereafter 725,000 $ 1,025,000 |
Bank Deposits (Tables)
Bank Deposits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 were as follows (in thousands) March 31, 2018 December 31, 2017 Money market and savings accounts $ 12,834,447 $ 13,219,675 Demand deposits (interest-bearing) 225,617 184,829 Demand deposits (non-interest-bearing) 15,601 5,856 Certificates of deposit 253,958 1,575 $ 13,329,623 $ 13,411,935 |
Derivative Instruments And He44
Derivative Instruments And Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 (in thousands) March 31, 2018 Notional Balance Location Fair Value Asset Derivatives Cash flow interest rate contracts $ 540,000 Other assets $ 11,606 December 31, 2017 Notional Value Balance Location Fair Value Asset Derivatives Cash flow interest rate contracts $ 540,000 Other assets $ 7,995 |
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 three months ended March 31, 2018 and 2017 (in thousands) Three Months Ended March 31, 2018 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain/(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Gain/(Loss) Recognized Due to Ineffectiveness Cash flow interest rate contracts $ (3,818 ) Interest expense $ 533 Interest expense $ — Three Months Ended March 31, 2017 Gain/(Loss) Recognized in OCI (Effectiveness) Location of Loss Reclassified From OCI Into Income Gain/(Loss) Reclassified From OCI Into Income Location of Loss Recognized in OCI (Ineffectiveness) Gain/(Loss) Recognized Due to Ineffectiveness Cash flow interest rate contracts $ (764 ) Interest $ (912 ) Interest expense $ — |
Disclosures About Offsetting 45
Disclosures About Offsetting Assets And Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 (in thousands) Gross amounts not offset in the Statement of Financial Condition Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amounts Presented in the of Financial Condition Amounts available for offset Available collateral Net Amount As of March 31, 2018: Securities borrowing (1) $ 135,779 $ — $ 135,779 $ (117,209 ) $ (17,103 ) $ 1,467 Reverse repurchase agreements (2) 669,002 — 669,002 (272,052 ) (394,905 ) 2,045 Cash flow interest rate contracts 11,606 — 11,606 — — 11,606 $ 816,387 $ — $ 816,387 $ (389,261 ) $ (412,008 ) $ 15,118 As of December 31, 2017: Securities borrowing (1) $ 132,776 $ — $ 132,776 $ (78,474 ) $ (37,248 ) $ 17,054 Reverse repurchase agreements (2) 512,220 — 512,220 (233,624 ) (266,008 ) 12,588 Cash flow interest rate contracts 7,995 — 7,995 — — 7,995 $ 652,991 $ — $ 652,991 $ (312,098 ) $ (303,256 ) $ 37,637 (1) Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 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 $667.0 million and $509.4 million at March 31, 2018 and December 31, 2017, 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 March 31, 2018 and December 31, 2017 (in thousands) Gross amounts not offset in the Statement of Financial Condition Gross Amounts of Recognized Liabilities Gross Amounts Offset in the of Financial Condition Net Amounts Presented in the Statement of Financial Condition Amounts available for offset Collateral Pledged Net Amount As of March 31, 2018: Securities lending (3) $ (429,372 ) $ — $ (429,372 ) $ 117,209 $ 307,128 $ (5,035 ) Repurchase agreements (4) (346,202 ) — (346,202 ) 272,052 74,150 — $ (775,574 ) $ — $ (775,574 ) $ 389,261 $ 381,278 $ (5,035 ) As of December 31, 2017: Securities lending (3) $ (219,782 ) $ — $ (219,782 ) $ 78,474 $ 133,772 $ (7,536 ) Repurchase agreements (4) (233,704 ) — (233,704 ) 233,624 80 — $ (453,486 ) $ — $ (453,486 ) $ 312,098 $ 133,852 $ (7,536 ) (3) Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 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 $360.9 million and $241.4 million at March 31, 2018 and December 31, 2017, respectively. |
Regulatory Capital Requiremen46
Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 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 $ 1,703,313 16.6 % $ 462,451 4.5 % $ 667,985 6.5 % Tier 1 capital 1,918,692 18.7 % 616,601 6.0 % 822,135 8.0 % Total capital 1,988,189 19.3 % 822,135 8.0 % 1,027,669 10.0 % Tier 1 leverage 1,918,692 9.6 % 799,158 4.0 % 998,947 5.0 % Stifel Bank – Federal Reserve Capital Amounts March 31, 2018 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 $ 1,091,838 14.6 % $ 336,017 4.5 % $ 485,358 6.5 % Tier 1 capital 1,091,838 14.6 % 448,023 6.0 % 597,364 8.0 % Total capital 1,161,810 15.6 % 597,364 8.0 % 746,705 10.0 % Tier 1 leverage 1,091,838 7.2 % 609,112 4.0 % 761,391 5.0 % |
Revenues from Contracts with 47
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Total Revenues Separated between Revenues from Contracts with Customers and Other Sources of Revenues | The following table presents the Company’s total revenues separated between revenues from contracts with customers and other sources of revenues for the three months ended March 31, 2018 (in thousands) Revenues from contracts with customers: Commissions $ 165,775 Investment banking 176,362 Asset management and service fees 195,801 Other 3,718 Total revenue from contracts with customers 541,656 Other sources of revenue: Interest 137,734 Principal transactions 97,782 Other (361 ) Total revenues $ 776,811 |
Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions | The following tables present the Company’s revenues from contracts with customers disaggregated by major business activity and primary geographic regions for the three months ended March 31, 2018 (in thousands) Reportable Segment Global Wealth Management Institutional Group Total Major business activity : Commissions $ 119,205 $ 46,570 $ 165,775 Investment banking - capital raising 7,688 71,001 78,689 Investment banking - advisory fees — 97,673 97,673 Asset management 195,789 12 195,801 Other 3,718 — 3,718 Total 326,400 215,256 541,656 Primary Geographic Region : United States 326,400 176,350 502,750 Europe — 37,879 37,879 Other — 1,027 1,027 $ 326,400 $ 215,256 $ 541,656 |
Interest Income And Interest 48
Interest Income And Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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) Three Months Ended March 31, 2018 2017 Interest income: Bank loans, net $ 63,635 $ 44,771 Investment securities 54,903 41,666 Margin balances 10,950 8,182 Inventory 4,929 4,236 Other 3,317 2,098 $ 137,734 $ 100,953 Interest expense: Senior notes $ 11,118 $ 8,140 Bank deposits 8,130 1,768 Federal Home Loan Bank advances 3,252 1,719 Other 3,953 4,269 $ 26,453 $ 15,896 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Information, Segment | Information concerning operations in these segments of business for the three months ended March 31, 2018 and 2017 is as follows (in thousands) Three Months Ended March 31, 2018 2017 Net revenues: (1) Global Wealth Management $ 485,575 $ 442,732 Institutional Group 270,078 237,467 Other (5,295 ) (4,668 ) $ 750,358 $ 675,531 Income/(loss) before income taxes: Global Wealth Management $ 176,771 $ 142,052 Institutional Group 44,570 39,872 Other (101,787 ) (102,905 ) $ 119,554 $ 79,019 (1) No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2018 or 2017. |
Schedule Of Information Of Total Assets On Segment Basis | The following table presents our company’s total assets on a segment basis at March 31, 2018 and December 31, 2017 (in thousands) March 31, 2018 December 31, 2017 Global Wealth Management $ 17,950,069 $ 17,717,617 Institutional Group 3,402,714 3,313,304 Other 362,559 353,032 $ 21,715,342 $ 21,383,953 |
Schedule Of Net Revenues Earned On Major Geographical Areas | Revenues, classified by the major geographic areas in which they are earned for the three months ended March 31, 2018 and 2017, were as follows (in thousands) Three Months Ended March 31, 2018 2017 United States $ 706,068 $ 647,738 United Kingdom 41,558 24,519 Other 2,732 3,274 $ 750,358 $ 675,531 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 three months ended March 31, 2018 and 2017 (in thousands, except per share data) Three Months Ended March 31, 2018 2017 Net income $ 88,761 $ 65,512 Preferred dividends 2,344 2,344 Net income available to common shareholders $ 86,417 $ 63,168 Shares for basic and diluted calculation: Average shares used in basic computation 71,999 68,386 Dilutive effect of stock options and units (1) 9,790 12,309 Average shares used in diluted computation 81,789 80,695 Earnings per common share: Basic $ 1.20 $ 0.92 Diluted $ 1.06 $ 0.78 (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. |
Nature of Operations, Basis o51
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies (Narrative) (Details) - Ziegler [Member] $ in Billions | Mar. 19, 2018USD ($)ClientAdvisorState |
Nature Of Operations Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |
Number of private client advisors | ClientAdvisor | 55 |
Number of states in which private client advisors operates | State | 5 |
Client assets | $ | $ 5 |
New Accounting Pronouncements52
New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Other operating expenses | $ 72,452 | $ 63,013 |
ASU 2018-02 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Reclassification adjustment related to cash flow hedges and investment portfolio credit risk | 3,000 | |
ASU 2016-18 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Decrease in net cash provided by operating activities | $ 73,000 | |
ASU 2014-09 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Cumulative effect on retained earnings | 3,900 | |
Capital raising and advisory fee revenues | 8,600 | |
Other operating expenses | $ 8,600 |
Receivables From And Payables53
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Receivable From Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Receivables from clearing organizations | $ 357,333 | $ 270,285 |
Deposits paid for securities borrowed | 135,779 | 132,776 |
Securities failed to deliver | 51,838 | 56,046 |
Receivables from brokers, dealers and clearing organizations, Total | $ 544,950 | $ 459,107 |
Receivables From And Payables54
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Payable To Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Deposits received from securities loaned | $ 429,372 | $ 219,782 |
Securities failed to receive | 56,261 | 29,297 |
Payable to clearing organizations | 18,962 | 27,223 |
Payables to broker, dealers and clearing organizations, Total | $ 504,595 | $ 276,302 |
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 | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 41,678 | $ 101,990 |
Unfunded commitments | 3,143 | 3,155 |
Partnership Interests [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 4,981 | 5,124 |
Unfunded commitments | 1,330 | 1,330 |
Mutual Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 11,770 | 11,748 |
Private Equity Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 7,530 | 7,677 |
Unfunded commitments | 1,813 | 1,825 |
Money Market Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 17,397 | $ 77,441 |
Fair Value Of Financial Instr56
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | $ 1,181,047 | $ 1,143,684 |
Available-for-sale securities | 3,712,801 | 3,773,508 |
Investments | 98,920 | 111,379 |
Cash equivalents measured at NAV | 17,397 | 77,441 |
Derivative contracts, Assets | 11,606 | 7,995 |
Total Assets | 5,021,771 | 5,114,007 |
Financial instruments sold, but not yet purchased, at fair value | 959,535 | 778,863 |
Sovereign Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 19,341 | 32,470 |
Financial instruments sold, but not yet purchased, at fair value | 23,575 | 20,236 |
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 111,921 | 147,223 |
Available-for-sale securities | 5,026 | 4,983 |
Financial instruments sold, but not yet purchased, at fair value | 20,618 | 10,348 |
Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 85,987 | 76,752 |
Available-for-sale securities | 2,001,222 | 2,106,938 |
Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 364,917 | 325,471 |
Available-for-sale securities | 1,281,095 | 1,211,442 |
Financial instruments sold, but not yet purchased, at fair value | 223,865 | 180,755 |
Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 39,090 | 46,802 |
Investments | 47,287 | 49,978 |
Financial instruments sold, but not yet purchased, at fair value | 20,235 | 38,510 |
State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 147,876 | 169,699 |
Available-for-sale securities | 69,865 | 70,559 |
Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 25,287 | 34,789 |
Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 847 | 846 |
Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,218 | 1,217 |
Investments In Funds Measured At NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 24,281 | 24,549 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 21,087 | 13,466 |
Financial instruments sold, but not yet purchased, at fair value | 527,073 | 442,402 |
Mortgage Backed Securities [Member] | Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 361,747 | 302,445 |
Available-for-sale securities | 283,703 | 305,530 |
Financial instruments sold, but not yet purchased, at fair value | 144,169 | 86,612 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 29,081 | 29,356 |
Available-for-sale securities | 1,441 | 1,568 |
Mortgage Backed Securities [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 70,449 | 72,488 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 60,365 | 60,239 |
Available-for-sale securities | 515 | 516 |
Investments | 47,287 | 49,978 |
Total Assets | 108,167 | 110,733 |
Financial instruments sold, but not yet purchased, at fair value | 547,292 | 480,472 |
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 | 515 | 516 |
Level 1 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 616 | 362 |
Level 1 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 38,662 | 46,411 |
Investments | 47,287 | 49,978 |
Financial instruments sold, but not yet purchased, at fair value | 20,219 | 38,070 |
Level 1 [Member] | U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 21,087 | 13,466 |
Financial instruments sold, but not yet purchased, at fair value | 527,073 | 442,402 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 1,119,775 | 1,082,592 |
Available-for-sale securities | 3,712,286 | 3,772,992 |
Investments | 361 | 360 |
Derivative contracts, Assets | 11,606 | 7,995 |
Total Assets | 4,844,028 | 4,863,939 |
Financial instruments sold, but not yet purchased, at fair value | 412,243 | 298,391 |
Level 2 [Member] | Sovereign Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 19,341 | 32,470 |
Financial instruments sold, but not yet purchased, at fair value | 23,575 | 20,236 |
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 | 111,921 | 147,223 |
Available-for-sale securities | 4,511 | 4,467 |
Financial instruments sold, but not yet purchased, at fair value | 20,618 | 10,348 |
Level 2 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 85,630 | 76,395 |
Available-for-sale securities | 2,001,222 | 2,106,938 |
Level 2 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 364,072 | 324,867 |
Available-for-sale securities | 1,281,095 | 1,211,442 |
Financial instruments sold, but not yet purchased, at fair value | 223,865 | 180,755 |
Level 2 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 108 | 138 |
Financial instruments sold, but not yet purchased, at fair value | 16 | 440 |
Level 2 [Member] | State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 147,876 | 169,699 |
Available-for-sale securities | 69,865 | 70,559 |
Level 2 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 361 | 360 |
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 | 361,747 | 302,445 |
Available-for-sale securities | 283,703 | 305,530 |
Financial instruments sold, but not yet purchased, at fair value | 144,169 | 86,612 |
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 | 29,080 | 29,355 |
Available-for-sale securities | 1,441 | 1,568 |
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 | 70,449 | 72,488 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 907 | 853 |
Investments | 26,991 | 36,492 |
Total Assets | 27,898 | 37,345 |
Level 3 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 357 | 357 |
Level 3 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 229 | 242 |
Level 3 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 320 | 253 |
Level 3 [Member] | Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 25,287 | 34,789 |
Level 3 [Member] | Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 847 | 846 |
Level 3 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 857 | 857 |
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 | $ 1 |
Fair Value Of Financial Instr57
Fair Value Of Financial Instruments (Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Transfers, Into Level 3 | $ 0 |
Transfers, Out of Level 3 | 0 |
Non-Agency [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 1 |
Ending Balance | 1 |
Asset-Backed Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 357 |
Ending Balance | 357 |
Fixed Income Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 242 |
Redemptions | (13) |
Net change | (13) |
Ending Balance | 229 |
Equity Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 253 |
Unrealized gains/(losses), Included in changes in net assets | 67 |
Net change | 67 |
Ending Balance | 320 |
Equity Auction Rate Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 34,789 |
Unrealized gains/(losses), Included in changes in net assets | 73 |
Redemptions | (9,575) |
Net change | (9,502) |
Ending Balance | 25,287 |
Auction Rate Municipal Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 846 |
Unrealized gains/(losses), Included in changes in net assets | 1 |
Net change | 1 |
Ending Balance | 847 |
Other Investment [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 857 |
Ending Balance | $ 857 |
Fair Value Of Financial Instr58
Fair Value Of Financial Instruments (Quantitative Information related To The Significant Unobservable Inputs Utilized In Company's Level 3 Recurring Fair Value Measurements) (Details) - Discounted Cash Flow [Member] | 3 Months Ended |
Mar. 31, 2018 | |
Auction Rate Equity Securities [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Workout period range, low end | 2 years |
Workout period range, high end | 3 years |
Discount rate, weighted average | 6.20% |
Weighted average workout period | 2 years 7 months 6 days |
Auction Rate Equity Securities [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 1.50% |
Auction Rate Equity Securities [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 10.20% |
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 | 3.20% |
Weighted average workout period | 1 year 10 months 24 days |
Auction Rate Municipal Securities [Member] | Minimum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 0.60% |
Auction Rate Municipal Securities [Member] | Maximum [Member] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Discount rate range | 9.00% |
Fair Value Of Financial Instr59
Fair Value Of Financial Instruments (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Fair Value Disclosures [Abstract] | |
Transfers of financial assets from Level 2 to Level 1 | $ 0.3 |
Transfers of financial assets from Level 1 to Level 2 | 0.2 |
Transfers of financial assets into Level 3 | 0 |
Transfers of financial assets out of Level 3 | $ 0 |
Stated interest rate | 4.25% |
Maturity date | Dec. 31, 2024 |
Fair Value Of Financial Instr60
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities purchased under agreements to resell | [1] | $ 669,002 | $ 512,220 |
Financial instruments owned | 1,181,047 | 1,143,684 | |
Available-for-sale securities | 3,712,801 | 3,773,508 | |
Held-to-maturity securities | [2] | 3,825,399 | 3,710,478 |
Investments, at fair value | 98,920 | 111,379 | |
Derivative contracts | 11,606 | 7,995 | |
Securities sold under agreements to repurchase | [3] | 346,202 | 233,704 |
Bank deposits | 13,329,623 | 13,411,935 | |
Financial instruments sold, but not yet purchased, at fair value | 959,535 | 778,863 | |
Borrowings | 316,000 | 256,000 | |
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 450,343 | 696,283 | |
Cash segregated for regulatory purposes | 26,611 | 90,802 | |
Securities purchased under agreements to resell | 669,002 | 512,220 | |
Financial instruments owned | 1,181,047 | 1,143,684 | |
Available-for-sale securities | 3,712,801 | 3,773,508 | |
Held-to-maturity securities | 3,846,526 | 3,698,098 | |
Loans held for sale | 261,467 | 226,068 | |
Bank loans | 7,076,282 | 6,947,759 | |
Investments, at fair value | 98,920 | 111,379 | |
Derivative contracts | 11,606 | 7,995 | |
Securities sold under agreements to repurchase | 346,202 | 233,704 | |
Bank deposits | 13,329,623 | 13,411,935 | |
Financial instruments sold, but not yet purchased, at fair value | 959,535 | 778,863 | |
Federal Home Loan Bank advances | 827,000 | 745,000 | |
Borrowings | 316,000 | 256,000 | |
Senior notes | 1,015,195 | 1,014,940 | |
Debentures to Stifel Financial Capital Trusts | 67,500 | 67,500 | |
Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 450,343 | 696,283 | |
Cash segregated for regulatory purposes | 26,611 | 90,802 | |
Securities purchased under agreements to resell | 669,002 | 512,220 | |
Financial instruments owned | 1,181,047 | 1,143,684 | |
Available-for-sale securities | 3,712,801 | 3,773,508 | |
Held-to-maturity securities | 3,825,399 | 3,710,478 | |
Loans held for sale | 261,467 | 226,068 | |
Bank loans | 7,005,857 | 6,953,328 | |
Investments, at fair value | 98,920 | 111,379 | |
Derivative contracts | 11,606 | 7,995 | |
Securities sold under agreements to repurchase | 346,202 | 233,704 | |
Bank deposits | 12,570,404 | 12,702,746 | |
Financial instruments sold, but not yet purchased, at fair value | 959,535 | 778,863 | |
Federal Home Loan Bank advances | 827,000 | 745,000 | |
Borrowings | 316,000 | 256,000 | |
Senior notes | 1,028,534 | 1,044,768 | |
Debentures to Stifel Financial Capital Trusts | $ 57,718 | $ 64,962 | |
[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 $667.0 million and $509.4 million at March 31, 2018 and December 31, 2017, 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 $360.9 million and $241.4 million at March 31, 2018 and December 31, 2017, respectively. |
Fair Value Of Financial Instr61
Fair Value Of Financial Instruments (Estimated Fair Values Of Financial Instruments Not Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities purchased under agreements to resell | [1] | $ 669,002 | $ 512,220 |
Held-to-maturity securities | [2] | 3,825,399 | 3,710,478 |
Securities sold under agreements to repurchase | [3] | 346,202 | 233,704 |
Bank deposits | 13,329,623 | 13,411,935 | |
Borrowings | 316,000 | 256,000 | |
Senior notes | 1,015,195 | 1,014,940 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 432,946 | 618,842 | |
Cash segregated for regulatory purposes | 26,611 | 90,802 | |
Securities purchased under agreements to resell | 669,002 | 512,220 | |
Held-to-maturity securities | 3,825,399 | 3,710,478 | |
Loans held for sale | 261,467 | 226,068 | |
Bank loans | 7,005,857 | 6,953,328 | |
Securities sold under agreements to repurchase | 346,202 | 233,704 | |
Bank deposits | 12,570,404 | 12,702,746 | |
Federal Home Loan Bank advances | 827,000 | 745,000 | |
Borrowings | 316,000 | 256,000 | |
Senior notes | 1,028,534 | 1,044,768 | |
Debentures to Stifel Financial Capital Trusts | 57,718 | 64,962 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 432,946 | 618,842 | |
Cash segregated for regulatory purposes | 26,611 | 90,802 | |
Securities purchased under agreements to resell | 602,359 | 428,740 | |
Securities sold under agreements to repurchase | 94,608 | 92,278 | |
Federal Home Loan Bank advances | 827,000 | 745,000 | |
Borrowings | 316,000 | 256,000 | |
Senior notes | 1,028,534 | 1,044,768 | |
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 | 66,643 | 83,480 | |
Held-to-maturity securities | 3,664,272 | 3,517,781 | |
Loans held for sale | 261,467 | 226,068 | |
Bank loans | 7,005,857 | 6,953,328 | |
Securities sold under agreements to repurchase | 251,594 | 141,426 | |
Bank deposits | 12,570,404 | 12,702,746 | |
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 | 161,127 | 192,697 | |
Debentures to Stifel Financial Capital Trusts | $ 57,718 | $ 64,962 | |
[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 $667.0 million and $509.4 million at March 31, 2018 and December 31, 2017, 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 $360.9 million and $241.4 million at March 31, 2018 and December 31, 2017, respectively. |
Financial Instruments Owned A62
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Components Of Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | $ 1,181,047 | $ 1,143,684 |
U.S. Government Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 111,921 | 147,223 |
Corporate Fixed Income Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 364,917 | 325,471 |
Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 39,090 | 46,802 |
State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 147,876 | 169,699 |
U.S. Government Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 21,087 | 13,466 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 29,081 | 29,356 |
Mortgage Backed Securities [Member] | Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 361,747 | 302,445 |
Sovereign Debt [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 19,341 | 32,470 |
Securities Sold, But Not yet Purchased [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 959,535 | 778,863 |
Securities Sold, But Not yet Purchased [Member] | U.S. Government Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 20,618 | 10,348 |
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 | 223,865 | 180,755 |
Securities Sold, But Not yet Purchased [Member] | Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities | 20,235 | 38,510 |
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 | 527,073 | 442,402 |
Securities Sold, But Not yet Purchased [Member] | Mortgage Backed Securities [Member] | Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 144,169 | 86,612 |
Securities Sold, But Not yet Purchased [Member] | Sovereign Debt [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Sovereign debt | 23,575 | 20,236 |
Securities Owned | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Asset-backed securities | 85,987 | 76,752 |
Financial instruments owned, at fair value | 1,181,047 | 1,143,684 |
Securities Owned | U.S. Government Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 111,921 | 147,223 |
Securities Owned | Corporate Fixed Income Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fixed income securities | 364,917 | 325,471 |
Securities Owned | Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities | 39,090 | 46,802 |
Securities Owned | State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
State and municipal securities | 147,876 | 169,699 |
Securities Owned | U.S. Government Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 21,087 | 13,466 |
Securities Owned | Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 29,081 | 29,356 |
Securities Owned | Mortgage Backed Securities [Member] | Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 361,747 | 302,445 |
Securities Owned | Sovereign Debt [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Sovereign debt | $ 19,341 | $ 32,470 |
Financial Instruments Owned A63
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 2,100 | $ 2,200 |
Securities Owned | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 846.2 | $ 810.3 |
Available-For-Sale And Held-T64
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 | Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | $ 3,734,922 | $ 3,777,458 | |
Available for sale securities, unrealized gains | [1] | 16,420 | 16,839 |
Available-for-sale Securities, Gross unrealized losses | [1] | (38,541) | (20,789) |
Available-for-sale securities | 3,712,801 | 3,773,508 | |
Held-to-maturity Securities, Amortized cost | [2] | 3,846,526 | 3,698,098 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 12,777 | 30,487 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (33,904) | (18,107) |
Held-to-maturity securities, Estimated fair value | [2] | 3,825,399 | 3,710,478 |
U.S. Government Agency Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 5,082 | 5,022 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (56) | (39) |
Available-for-sale securities | 5,026 | 4,983 | |
State And Municipal Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 74,127 | 74,691 | |
Available-for-sale Securities, Gross unrealized losses | [1] | (4,262) | (4,132) |
Available-for-sale securities | 69,865 | 70,559 | |
Mortgage Backed Securities [Member] | Agency [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 288,644 | 308,409 | |
Available for sale securities, unrealized gains | [1] | 3 | 102 |
Available-for-sale Securities, Gross unrealized losses | [1] | (4,944) | (2,981) |
Available-for-sale securities | 283,703 | 305,530 | |
Held-to-maturity Securities, Amortized cost | [2] | 1,282,781 | 1,334,833 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 1,559 | 13,621 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (31,106) | (16,208) |
Held-to-maturity securities, Estimated fair value | [2] | 1,253,234 | 1,332,246 |
Mortgage Backed Securities [Member] | Commercial [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 75,259 | 75,548 | |
Available for sale securities, unrealized gains | [1] | 16 | 28 |
Available-for-sale Securities, Gross unrealized losses | [1] | (4,826) | (3,088) |
Available-for-sale securities | 70,449 | 72,488 | |
Held-to-maturity Securities, Amortized cost | [2] | 58,698 | 58,971 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 197 | 1,313 |
Held-to-maturity securities, Estimated fair value | [2] | 58,895 | 60,284 |
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 | 1,431 | 1,568 | |
Available for sale securities, unrealized gains | [1] | 10 | |
Available-for-sale securities | 1,441 | 1,568 | |
Corporate Fixed Income Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 1,303,493 | 1,213,262 | |
Available for sale securities, unrealized gains | [1] | 908 | 3,832 |
Available-for-sale Securities, Gross unrealized losses | [1] | (23,306) | (5,652) |
Available-for-sale securities | 1,281,095 | 1,211,442 | |
Held-to-maturity Securities, Amortized cost | [2] | 40,011 | |
Held-to-maturity Securities, Gross unrealized gains | [2] | 27 | |
Held-to-maturity Securities, Gross unrealized losses | [2] | (37) | |
Held-to-maturity securities, Estimated fair value | [2] | 40,001 | |
Asset-Backed Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 1,986,886 | 2,098,958 | |
Available for sale securities, unrealized gains | [1] | 15,483 | 12,877 |
Available-for-sale Securities, Gross unrealized losses | [1] | (1,147) | (4,897) |
Available-for-sale securities | 2,001,222 | 2,106,938 | |
Held-to-maturity Securities, Amortized cost | [2] | 2,505,047 | 2,264,283 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 11,021 | 15,526 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (2,798) | (1,862) |
Held-to-maturity securities, Estimated fair value | [2] | $ 2,513,270 | $ 2,277,947 |
[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-T65
Available-For-Sale And Held-To-Maturity Securities (Narrative) (Details) | 3 Months Ended | |||
Mar. 31, 2018USD ($)security | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | ||
Investments Debt And Equity Securities [Abstract] | ||||
Proceeds from sale of available-for-sale securities | $ 0 | $ 0 | ||
Unrealized gains (losses) recorded in accumulated other comprehensive loss | [1],[2],[3] | (13,071,000) | 3,777,000 | |
Financial instruments pledged as collateral | 2,100,000,000 | $ 2,200,000,000 | ||
Trading securities pledged | $ 2,100,000,000 | $ 2,000,000,000 | ||
Number of available for sale securities whose amortized costs exceeded their fair values | security | 226 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 38,541,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 17,931,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 1,564,910,000 | |||
Percentage of available-for-sale portfolio | 42.10% | |||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 62 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 33,904,000 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 30,505,000 | |||
Credit-related OTTI | 0 | $ 0 | ||
Gross unrealized losses related to investment portfolio | $ 72,400,000 | |||
[1] | Net of tax benefit of $2.3 million and tax expense of $4.8 million for the three months ended March 31, 2018 and 2017, respectively. | |||
[2] | The adoption of ASU 2018-02 on January 1, 2018 resulted in a reclassification of $3.0 million to retained earnings related to cash flow hedges and investment portfolio credit risk. See Note 2 for further details. | |||
[3] | There were no reclassifications to earnings during the three months ended March 31, 2018 and 2017, respectively. |
Available-For-Sale And Held-T66
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Amortized Cost And Fair Values Of Debt Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, Amortized Cost | $ 3,734,922 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 186,128 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 894,965 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 2,044,930 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 3,712,801 | |
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 706,520 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 3,081,308 | ||
Held-to-maturity Securities, Amortized cost | [2] | 3,846,526 | $ 3,698,098 |
Held-to-maturity Securities, debt maturities, Fair Value | [2] | 3,825,399 | $ 3,710,478 |
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 | 186,449 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Amortized Cost | 318,811 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Amortized Cost | 280,569 | ||
Available-for-sale Securities, debt maturities, after five through ten years, Amortized Cost | 903,515 | ||
Availably-for-sale Securities, debt maturities, after ten years, Amortized Cost | 1,680,244 | ||
Available-for-sale Securities, debt maturities, within one year, Fair Value | 186,128 | ||
Available-for-sale Securities, debt maturities, after one year through three years, Fair Value | 313,695 | ||
Available-for-sale Securities, debt maturities, after three year through five years, Fair Value | 273,083 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 894,658 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 1,689,644 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 571,991 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,933,056 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Fair Value | 574,299 | ||
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | 1,938,971 | ||
Mortgage Backed Securities [Member] | |||
Schedule Of Debt Securities At Amortized Cost And Fair Value Basis [Line Items] | |||
Available-for-sale Securities, debt maturities, after five through ten years, Amortized Cost | 306 | ||
Availably-for-sale Securities, debt maturities, after ten years, Amortized Cost | 365,028 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 307 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 355,286 | ||
Held-to-maturity Securities, debt maturities, after three year through five years, Amortized Cost | 58,698 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 134,529 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,148,252 | ||
Held-to-maturity Securities, debt maturities, after three year through five years, Fair Value | 58,895 | ||
Held-to-maturity Securities, debt maturities, after five through ten years, Fair Value | 130,499 | ||
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | $ 1,122,735 | ||
[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-T67
Available-For-Sale And Held-To-Maturity Securities (Contractual Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | $ 186,128 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 586,778 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 894,965 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 2,044,930 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 3,712,801 | |
Held-to-maturity Securities, debt maturities, after one year through five, Amortized Cost | 58,698 | ||
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 706,520 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 3,081,308 | ||
Held-to-maturity Securities, Amortized cost | [2] | 3,846,526 | $ 3,698,098 |
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] | 1,172 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 3,854 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 5,026 | |
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] | 359 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 18,559 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 50,947 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 69,865 | |
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] | 184,597 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 582,924 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 513,574 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 1,281,095 | |
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] | 362,525 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 1,638,697 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 2,001,222 | |
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 571,991 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,933,056 | ||
Held-to-maturity Securities, Amortized cost | 2,505,047 | ||
Mortgage 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 | 307 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 355,286 | ||
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 134,529 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,148,252 | ||
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] | 307 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 283,396 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 283,703 | |
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 134,529 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 1,148,252 | ||
Held-to-maturity Securities, Amortized cost | [2] | 1,282,781 | 1,334,833 |
Mortgage Backed Securities [Member] | Commercial [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 70,449 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | 70,449 | |
Held-to-maturity Securities, debt maturities, after one year through five, Amortized Cost | 58,698 | ||
Held-to-maturity Securities, Amortized cost | [2] | 58,698 | $ 58,971 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 1,441 | |
Available-for-sale Securities, debt maturities, Fair Value | [1] | $ 1,441 | |
[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-T68
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 | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | $ (20,610) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 1,087,259 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (17,931) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 477,651 |
Available-for-sale Securities, Gross unrealized losses, Total | (38,541) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,564,910 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (3,399) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 474,593 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (30,505) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 698,117 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (33,904) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,172,710 |
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 | (56) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 5,026 |
Available-for-sale Securities, Gross unrealized losses, Total | (56) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 5,026 |
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 | (120) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 2,732 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (4,142) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 67,133 |
Available-for-sale Securities, Gross unrealized losses, Total | (4,262) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 69,865 |
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 | (16,980) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 885,475 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (6,326) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 182,272 |
Available-for-sale Securities, Gross unrealized losses, Total | (23,306) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,067,747 |
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 | (1,147) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 91,881 |
Available-for-sale Securities, Gross unrealized losses, Total | (1,147) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 91,881 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (451) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 181,393 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (2,347) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 42,425 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (2,798) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 223,818 |
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 | (2,307) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 102,145 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (2,637) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 159,001 |
Available-for-sale Securities, Gross unrealized losses, Total | (4,944) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 261,146 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (2,948) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 293,200 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (28,158) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 655,692 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Aggregate Loss, Total | (31,106) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value, Total | 948,892 |
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, 12 months or more | (4,826) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 69,245 |
Available-for-sale Securities, Gross unrealized losses, Total | (4,826) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 69,245 |
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 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 7,154,661 | $ 7,014,421 | ||
Unamortized loan premium, net | 362 | 788 | ||
Loans in process | (10,928) | (856) | ||
Unamortized loan fees, net | 1,684 | 872 | ||
Allowance for loan losses | (69,497) | (67,466) | $ (51,298) | $ (45,163) |
Bank loans, net | $ 7,076,282 | $ 6,947,759 | ||
Gross bank loans, Percent | 100.00% | 100.00% | ||
Residential Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 2,634,069 | $ 2,593,576 | ||
Allowance for loan losses | $ (8,779) | $ (8,430) | (4,190) | (2,660) |
Gross bank loans, Percent | 36.80% | 37.00% | ||
Commercial And Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 2,553,671 | $ 2,437,938 | ||
Allowance for loan losses | $ (56,433) | $ (54,474) | (38,789) | (35,127) |
Gross bank loans, Percent | 35.70% | 34.80% | ||
Securities-Based Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 1,809,281 | $ 1,819,206 | ||
Allowance for loan losses | $ (1,894) | $ (2,088) | (3,393) | (3,094) |
Gross bank loans, Percent | 25.30% | 25.90% | ||
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 101,591 | $ 116,258 | ||
Allowance for loan losses | $ (1,320) | $ (1,520) | (1,618) | (1,363) |
Gross bank loans, Percent | 1.40% | 1.70% | ||
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 24,699 | $ 24,508 | ||
Allowance for loan losses | $ (15) | $ (16) | (107) | (129) |
Gross bank loans, Percent | 0.30% | 0.30% | ||
Home Equity Lines Of Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 15,013 | $ 15,039 | ||
Allowance for loan losses | $ (164) | $ (162) | (285) | (371) |
Gross bank loans, Percent | 0.20% | 0.20% | ||
Construction And Land [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 16,337 | $ 7,896 | ||
Allowance for loan losses | $ (199) | $ (100) | $ (437) | $ (232) |
Gross bank loans, Percent | 0.30% | 0.10% |
Bank Loans (Narrative) (Details
Bank Loans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale, at lower of cost or market | $ 261,467 | $ 226,068 | |
Gains (losses) recognized from sale of loans | 2,500 | $ 2,900 | |
Impaired loans more than 90 days past due | 24,000 | 29,200 | |
Troubled debt restructurings | 9,100 | 9,100 | |
Specific allowance | $ 9,109 | $ 9,105 | |
Collateralized loan portfolio | 97.40% | 97.20% | |
Stifel Financial Corp. [Member] | Executive Officers Directors and Their Affiliates [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans outstanding amount | $ 12,300 | $ 8,400 | |
Stifel Bank [Member] | Executive Officers Directors and Their Affiliates [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans outstanding amount | $ 4,000 | $ 4,000 |
Bank Loans (Activity In The All
Bank Loans (Activity In The Allowance For Loan Losses By Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | $ 67,466 | $ 45,163 |
Provision | 2,043 | 6,136 |
Charge-offs | (14) | (1) |
Recoveries | 2 | |
Ending Balance | 69,497 | 51,298 |
Commercial And Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 54,474 | 35,127 |
Provision | 1,971 | 3,662 |
Charge-offs | (12) | |
Ending Balance | 56,433 | 38,789 |
Residential Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 8,430 | 2,660 |
Provision | 349 | 1,530 |
Ending Balance | 8,779 | 4,190 |
Securities-Based Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 2,088 | 3,094 |
Provision | (194) | 299 |
Ending Balance | 1,894 | 3,393 |
Commercial Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 1,520 | 1,363 |
Provision | (200) | 255 |
Ending Balance | 1,320 | 1,618 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 162 | 371 |
Provision | 1 | (85) |
Charge-offs | (1) | |
Recoveries | 1 | |
Ending Balance | 164 | 285 |
Construction And Land [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 100 | 232 |
Provision | 99 | 205 |
Ending Balance | 199 | 437 |
Consumer [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 16 | 129 |
Provision | (22) | |
Charge-offs | (2) | |
Recoveries | 1 | |
Ending Balance | 15 | 107 |
Qualitative [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 676 | 2,187 |
Provision | 17 | 292 |
Ending Balance | $ 693 | $ 2,479 |
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 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 9,109 | $ 9,105 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 60,388 | 58,361 | ||
Allowance for Loan Losses, Total | 69,497 | 67,466 | $ 51,298 | $ 45,163 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 23,994 | 29,213 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 7,130,667 | 6,985,208 | ||
Recorded Investment in Loans, Total | 7,154,661 | 7,014,421 | ||
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 | 8,755 | 8,406 | ||
Allowance for Loan Losses, Total | 8,779 | 8,430 | 4,190 | 2,660 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 170 | 171 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,633,899 | 2,593,405 | ||
Recorded Investment in Loans, Total | 2,634,069 | 2,593,576 | ||
Commercial And Industrial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 9,063 | 9,059 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 47,370 | 45,415 | ||
Allowance for Loan Losses, Total | 56,433 | 54,474 | 38,789 | 35,127 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 23,638 | 28,856 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,530,033 | 2,409,082 | ||
Recorded Investment in Loans, Total | 2,553,671 | 2,437,938 | ||
Securities-Based Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,894 | 2,088 | ||
Allowance for Loan Losses, Total | 1,894 | 2,088 | 3,393 | 3,094 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,809,281 | 1,819,206 | ||
Recorded Investment in Loans, Total | 1,809,281 | 1,819,206 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,320 | 1,520 | ||
Allowance for Loan Losses, Total | 1,320 | 1,520 | 1,618 | 1,363 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 101,591 | 116,258 | ||
Recorded Investment in Loans, Total | 101,591 | 116,258 | ||
Consumer [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 2 | 2 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 13 | 14 | ||
Allowance for Loan Losses, Total | 15 | 16 | 107 | 129 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 2 | 2 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 24,697 | 24,506 | ||
Recorded Investment in Loans, Total | 24,699 | 24,508 | ||
Home Equity Lines Of Credit [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 20 | 20 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 144 | 142 | ||
Allowance for Loan Losses, Total | 164 | 162 | 285 | 371 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 184 | 184 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 14,829 | 14,855 | ||
Recorded Investment in Loans, Total | 15,013 | 15,039 | ||
Construction And Land [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 199 | 100 | ||
Allowance for Loan Losses, Total | 199 | 100 | 437 | 232 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 16,337 | 7,896 | ||
Recorded Investment in Loans, Total | 16,337 | 7,896 | ||
Qualitative [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 693 | 676 | ||
Allowance for Loan Losses, Total | $ 693 | $ 676 | $ 2,479 | $ 2,187 |
Bank Loans (Loans That Were Ind
Bank Loans (Loans That Were Individually Evaluated For Impairment By Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 24,667 | $ 29,888 |
Recorded Investment with No Allowance | 5,211 | |
Recorded Investment with Allowance | 23,994 | 24,002 |
Total Recorded Investment | 23,994 | 29,213 |
Related Allowance | 9,109 | 9,105 |
Average Recorded Investment | 23,958 | 30,756 |
Commercial And Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 23,638 | 28,856 |
Recorded Investment with No Allowance | 5,211 | |
Recorded Investment with Allowance | 23,638 | 23,645 |
Total Recorded Investment | 23,638 | 28,856 |
Related Allowance | 9,063 | 9,059 |
Average Recorded Investment | 23,601 | 30,277 |
Consumer [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 675 | 677 |
Recorded Investment with Allowance | 2 | 2 |
Total Recorded Investment | 2 | 2 |
Related Allowance | 2 | 2 |
Average Recorded Investment | 2 | 5 |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 170 | 171 |
Recorded Investment with Allowance | 170 | 171 |
Total Recorded Investment | 170 | 171 |
Related Allowance | 24 | 24 |
Average Recorded Investment | 171 | 174 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 184 | 184 |
Recorded Investment with Allowance | 184 | 184 |
Total Recorded Investment | 184 | 184 |
Related Allowance | 20 | 20 |
Average Recorded Investment | $ 184 | $ 300 |
Bank Loans (Aging Of The Record
Bank Loans (Aging Of The Recorded Investment In Past Due Loans) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | $ 14,372,000 | $ 19,961,000 | ||
Current Balance | 7,140,289,000 | 6,994,460,000 | ||
Recorded Investment in Loans, Total | 7,154,661,000 | 7,014,421,000 | ||
Non-Accrual | 14,888,000 | [1] | 20,090,000 | [2] |
Restructured | 9,106,000 | [1] | 9,123,000 | [2] |
Total | 23,994,000 | [1] | 29,213,000 | [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 | 14,372,000 | 19,961,000 | ||
Residential Real Estate [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 2,330,000 | 7,892,000 | ||
Current Balance | 2,631,739,000 | 2,585,684,000 | ||
Recorded Investment in Loans, Total | 2,634,069,000 | 2,593,576,000 | ||
Restructured | 170,000 | [1] | 171,000 | [2] |
Total | 170,000 | [1] | 171,000 | [2] |
Residential Real Estate [Member] | 30 - 89 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 2,330,000 | 7,892,000 | ||
Commercial And Industrial [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 11,883,000 | 11,883,000 | ||
Current Balance | 2,541,788,000 | 2,426,055,000 | ||
Recorded Investment in Loans, Total | 2,553,671,000 | 2,437,938,000 | ||
Non-Accrual | 14,702,000 | [1] | 19,904,000 | [2] |
Restructured | 8,936,000 | [1] | 8,952,000 | [2] |
Total | 23,638,000 | [1] | 28,856,000 | [2] |
Commercial And Industrial [Member] | 30 - 89 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 11,883,000 | 11,883,000 | ||
Securities-Based Loans [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Current Balance | 1,809,281,000 | 1,819,206,000 | ||
Recorded Investment in Loans, Total | 1,809,281,000 | 1,819,206,000 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Current Balance | 101,591,000 | 116,258,000 | ||
Recorded Investment in Loans, Total | 101,591,000 | 116,258,000 | ||
Consumer [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 2,000 | |||
Current Balance | 24,699,000 | 24,506,000 | ||
Recorded Investment in Loans, Total | 24,699,000 | 24,508,000 | ||
Non-Accrual | 2,000 | [1] | 2,000 | [2] |
Total | 2,000 | [1] | 2,000 | [2] |
Consumer [Member] | 30 - 89 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 2,000 | |||
Home Equity Lines Of Credit [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 159,000 | 184,000 | ||
Current Balance | 14,854,000 | 14,855,000 | ||
Recorded Investment in Loans, Total | 15,013,000 | 15,039,000 | ||
Non-Accrual | 184,000 | [1] | 184,000 | [2] |
Total | 184,000 | [1] | 184,000 | [2] |
Home Equity Lines Of Credit [Member] | 30 - 89 Days Past Due [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Total Past Due | 159,000 | 184,000 | ||
Construction And Land [Member] | ||||
Financing Receivable Recorded Investment Past Due [Line Items] | ||||
Current Balance | 16,337,000 | 7,896,000 | ||
Recorded Investment in Loans, Total | $ 16,337,000 | $ 7,896,000 | ||
[1] | There were no loans past due 90 days and still accruing interest at March 31, 2018. | |||
[2] | There were no loans past due 90 days and still accruing interest at December 31, 2017. |
Bank Loans (Risk Category Of Lo
Bank Loans (Risk Category Of Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 7,154,661 | $ 7,014,421 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 7,111,362 | 6,960,969 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 19,305 | 22,752 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 23,994 | 30,700 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,634,069 | 2,593,576 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,633,899 | 2,593,096 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 309 | |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 170 | 171 |
Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,553,671 | 2,437,938 |
Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2,510,728 | 2,385,152 |
Commercial And Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 19,305 | 22,443 |
Commercial And Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 23,638 | 30,343 |
Securities-Based Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,809,281 | 1,819,206 |
Securities-Based Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,809,281 | 1,819,206 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 101,591 | 116,258 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 101,591 | 116,258 |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 24,699 | 24,508 |
Consumer [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 24,697 | 24,506 |
Consumer [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 2 | 2 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 15,013 | 15,039 |
Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 14,829 | 14,855 |
Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 184 | 184 |
Construction And Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 16,337 | 7,896 |
Construction And Land [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 16,337 | $ 7,896 |
Goodwill And Intangible Asset76
Goodwill And Intangible Assets (Carrying Amount Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Goodwill, Beginning balance | $ 968,834 | |
Goodwill, Adjustments | 15,454 | |
Goodwill, Ending balance | 984,288 | |
Intangible assets, Beginning balance | 109,627 | |
Intangible assets, Net Additions | 12,080 | |
Intangible assets, Amortization | (2,738) | $ (2,981) |
Intangible assets, Ending balance | 118,969 | |
Global Wealth Management [Member] | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Goodwill, Beginning balance | 276,477 | |
Goodwill, Adjustments | 13,912 | |
Goodwill, Ending balance | 290,389 | |
Intangible assets, Beginning balance | 44,525 | |
Intangible assets, Net Additions | 10,800 | |
Intangible assets, Amortization | (1,097) | |
Intangible assets, Ending balance | 54,228 | |
Institutional Group [Member] | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Goodwill, Beginning balance | 692,357 | |
Goodwill, Adjustments | 1,542 | |
Goodwill, Ending balance | 693,899 | |
Intangible assets, Beginning balance | 65,102 | |
Intangible assets, Net Additions | 1,280 | |
Intangible assets, Amortization | (1,641) | |
Intangible assets, Ending balance | $ 64,741 |
Goodwill And Intangible Asset77
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 2,738 | $ 2,981 |
Customer Relationships [Member] | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Weighted-average remaining lives of intangible assets | 10 years 7 months 6 days | |
Trade Name [Member] | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Weighted-average remaining lives of intangible assets | 10 years 3 months 18 days | |
Non-Compete Agreements [Member] | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Weighted-average remaining lives of intangible assets | 9 years 4 months 24 days | |
Ziegler Intangibles [Member] | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Weighted-average remaining lives of intangible assets | 12 years | |
Ziegler [Member] | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Goodwill and intangible assets | $ 27,500 |
Goodwill And Intangible Asset78
Goodwill And Intangible Assets (Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | $ 187,848 | $ 175,716 | |
Accumulated Amortization | 70,997 | 68,207 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 147,101 | 146,986 | |
Accumulated Amortization | 58,056 | 55,809 | |
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 24,713 | 24,713 | |
Accumulated Amortization | 10,610 | 10,228 | |
Investment Banking Backlog [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 2,603 | 2,598 | |
Accumulated Amortization | 1,273 | 1,202 | |
Non-Compete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | 1,431 | 1,419 | |
Accumulated Amortization | 1,058 | $ 968 | |
Estimated Ziegler Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Value | [1] | $ 12,000 | |
[1] | See discussion regarding the allocation of the estimated goodwill and intangibles recorded for the Ziegler acquisition. |
Goodwill And Intangible Asset79
Goodwill And Intangible Assets (Amortization Expense In Future Periods) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Remainder of 2018 | $ 9,062 |
2,019 | 11,541 |
2,020 | 11,324 |
2,021 | 10,822 |
2,022 | 10,080 |
Thereafter | 64,022 |
Future amortization expense total | $ 116,851 |
Borrowings and Federal Home L80
Borrowings and Federal Home Loan Bank Advances (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | |
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 | $ 391,000,000 | |
Compensating balances | 0 | |
Trading securities pledged | 2,100,000,000 | $ 2,000,000,000 |
Federal home loan advances, floating-rate | 827,000,000 | |
Revolving Credit Facility | ||
Short-term Debt [Line Items] | ||
Committed revolving credit facility | $ 200,000,000 | |
Revolving credit facility expiration date | 2020-03 | |
LIBOR rate | 2.00% | |
Outstanding on our revolving credit facility | $ 0 | |
Company Owned Securities [Member] | ||
Short-term Debt [Line Items] | ||
Uncommitted secured lines of credit | 316,000,000 | |
Trading securities pledged | $ 357,800,000 | |
Federal Home Loan Bank advances [Member] | ||
Short-term Debt [Line Items] | ||
Weighted average interest rate on borrowings | 1.44% |
Senior Notes (Summary of Senior
Senior Notes (Summary of Senior Notes) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | Dec. 31, 2015 | Jul. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | $ 1,025,000 | $ 1,025,000 | ||||
Debt issuance costs, net | (9,805) | (10,060) | ||||
Long-term Debt | 1,015,195 | 1,014,940 | ||||
Senior notes 4.250% due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [1] | 500,000 | 500,000 | |||
Long-term Debt | $ 300,000 | |||||
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 | |||||
Senior notes 5.20% due 2047 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [3] | $ 225,000 | $ 225,000 | |||
Long-term Debt | $ 200,000 | |||||
[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 October 2017, we completed the pricing of a registered underwritten public offering of $200.0 million in aggregate principal amount of 5.20% senior notes due October 2047. Interest on the senior notes is payable quarterly in arrears on January 15, April 15, July 15, and October 15. On or after October 15, 2022, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. On October 27, 2017, we completed the sale of an additional $25.0 million aggregate principal amount of Notes pursuant to the over-allotment option. |
Senior Notes (Summary of Seni82
Senior Notes (Summary of Senior Notes) (Parenthetical) (Details) - USD ($) $ in Thousands | Oct. 27, 2017 | Jul. 31, 2016 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | Dec. 31, 2015 | Jul. 31, 2014 |
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.25% | ||||||
Long-term Debt | $ 1,015,195 | $ 1,014,940 | |||||
Debt instrument, maturity date | Dec. 31, 2024 | ||||||
Senior notes 4.250% due 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.25% | 4.25% | |||||
Long-term Debt | $ 300,000 | ||||||
Debt instrument, maturity date | Jul. 31, 2024 | ||||||
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] | |||||||
Stated interest rate | 3.50% | 3.50% | |||||
Long-term Debt | $ 300,000 | ||||||
Debt instrument, maturity date | Dec. 31, 2020 | ||||||
Redemption price, percentage of principal amount | 100.00% | ||||||
Senior notes 5.20% due 2047 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.20% | 5.20% | |||||
Long-term Debt | $ 200,000 | ||||||
Debt instrument, maturity date | Oct. 31, 2047 | ||||||
Redemption price, percentage of principal amount | 100.00% | ||||||
Additional issuance of long-term debt | $ 25,000 |
Senior Notes (Schedule Of Corpo
Senior Notes (Schedule Of Corporate Debt Principal Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,015,195 | $ 1,014,940 |
Non Recourse Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,020 | 300,000 | |
Thereafter | 725,000 | |
Long-term Debt | $ 1,025,000 |
Bank Deposits (Schedule Of Depo
Bank Deposits (Schedule Of Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | ||
Money market and savings accounts | $ 12,834,447 | $ 13,219,675 |
Demand deposits (interest-bearing) | 225,617 | 184,829 |
Demand deposits (non-interest-bearing) | 15,601 | 5,856 |
Certificates of deposit | 253,958 | 1,575 |
Bank deposits | $ 13,329,623 | $ 13,411,935 |
Bank Deposits (Narrative) (Deta
Bank Deposits (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Bank Deposits [Line Items] | ||
Weighted average interest rate on deposits | 0.25% | 0.10% |
Brokerage Customers Deposits [Member] | ||
Bank Deposits [Line Items] | ||
Deposits of related parties | $ 13,300 | $ 13,400 |
Stifel Nicolaus [Member] | ||
Bank Deposits [Line Items] | ||
Interest bearing and time deposits of executive officers, directors, and affiliates | $ 0.2 | $ 0.2 |
Derivative Instruments And He86
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 ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Value | $ 540,000,000 | $ 540,000,000 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 11,606,000 | $ 7,995,000 |
Derivative Instruments And He87
Derivative Instruments And Hedging Activities (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Average remaining life of interest rate swap agreements | 1 year 9 months 18 days |
Estimated derivatives to be reclassified as interest income | $ 5.5 |
Derivative Instruments And He88
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 | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) Recognized in OCI (Effectiveness) | $ (3,818) | $ (764) |
Gain/(Loss) Reclassified From OCI Into Income | $ 533 | $ (912) |
Disclosures About Offsetting 89
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Offsetting [Abstract] | |||
Gross amounts of recognized assets, Securities borrowing | [1] | $ 135,779 | $ 132,776 |
Net amounts presented in the Statement of Financial Condition, Securities borrowing | [1] | 135,779 | 132,776 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities borrowing | [1] | (117,209) | (78,474) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities borrowing | [1] | (17,103) | (37,248) |
Securities borrowed, Net amount | [1] | 1,467 | 17,054 |
Gross amounts of recognized assets, Reverse repurchase agreements | [2] | 669,002 | 512,220 |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | 669,002 | 512,220 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | [2] | (272,052) | (233,624) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities purchased under agreements to resell | [2] | (394,905) | (266,008) |
Securities purchased under agreements to resell, Net amount | [2] | 2,045 | 12,588 |
Gross amounts of recognized assets, Cash flow interest rate contracts | 11,606 | 7,995 | |
Net amounts presented in the Statement of Financial Condition, Cash flow interest rate contracts | 11,606 | 7,995 | |
Cash flow interest rate contracts, Net amount | 11,606 | 7,995 | |
Gross amounts of recognized assets | 816,387 | 652,991 | |
Net amounts presented in the Statements of Financial Condition | 816,387 | 652,991 | |
Gross amounts not offset in the Statement of Financial Position | (389,261) | (312,098) | |
Gross amounts not offset in the Statement of Financial Position, Collateral received | (412,008) | (303,256) | |
Net amount | $ 15,118 | $ 37,637 | |
[1] | Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 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 $667.0 million and $509.4 million at March 31, 2018 and December 31, 2017, respectively. |
Disclosures About Offsetting 90
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Offsetting Assets [Line Items] | |||
Fair value of securities pledged as collateral | [1] | $ 394,905 | $ 266,008 |
Securities Pledged As Collateral [Member] | |||
Offsetting Assets [Line Items] | |||
Fair value of securities pledged as collateral | $ 667,000 | $ 509,400 | |
[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 $667.0 million and $509.4 million at March 31, 2018 and December 31, 2017, respectively. |
Disclosures About Offsetting 91
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Offsetting [Abstract] | |||
Gross amounts of recognized liabilities, Securities lending | [1] | $ (429,372) | $ (219,782) |
Net amounts presented in the Statement of Financial Condition, Securities lending | [1] | (429,372) | (219,782) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities lending | [1] | 117,209 | 78,474 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities lending | [1] | 307,128 | 133,772 |
Securities lending, Net amount | [1] | (5,035) | (7,536) |
Gross amounts of recognized liabilities, Securities purchased under agreements to resell | [2] | (346,202) | (233,704) |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | (346,202) | (233,704) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | [2] | 272,052 | 233,624 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities purchased under agreements to resell | [2] | 74,150 | 80 |
Gross amounts of recognized liabilities | (775,574) | (453,486) | |
Net amounts presented in the Statement of Financial Condition | (775,574) | (453,486) | |
Gross amounts not offset in the Statement of Financial Position, Financial instruments | 389,261 | 312,098 | |
Gross amounts not offset in the Statement of Financial Condition, Collateral pledged | 381,278 | 133,852 | |
Net amount | $ (5,035) | $ (7,536) | |
[1] | Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 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 $360.9 million and $241.4 million at March 31, 2018 and December 31, 2017, respectively. |
Disclosures About Offsetting 92
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Offsetting Liabilities [Line Items] | |||
Fair value of securities pledged as collateral to counter party | [1] | $ 74,150 | $ 80 |
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 | $ 360,900 | $ 241,400 | |
[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 $360.9 million and $241.4 million at March 31, 2018 and December 31, 2017, respectively. |
Regulatory Capital Requiremen93
Regulatory Capital Requirements (Narrative) (Details) $ in Millions | Mar. 31, 2018USD ($) |
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 | 16.10% |
Net capital | $ 300.8 |
Excess of minimum required net capital | $ 263.4 |
Regulatory Capital Requiremen94
Regulatory Capital Requirements (Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Stifel Bank [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,091,838 |
Tier 1 capital, Actual Ratio | 14.60% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 448,023 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 6.00% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 597,364 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% |
Total capital, Actual Amount | $ 1,161,810 |
Total capital, Actual Ratio | 15.60% |
Total capital For Capital Adequacy Purposes, Amount | $ 597,364 |
Total capital For Capital Adequacy Purposes, Ratio | 8.00% |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 746,705 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 1,091,838 |
Tier 1 leverage, Actual Ratio | 7.20% |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 609,112 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 4.00% |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 761,391 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% |
Common Stock [Member] | Stifel Bank [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,091,838 |
Tier 1 capital, Actual Ratio | 14.60% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 336,017 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 485,358 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Stifel Financial Corp. [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,918,692 |
Tier 1 capital, Actual Ratio | 18.70% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 616,601 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 6.00% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 822,135 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% |
Total capital, Actual Amount | $ 1,988,189 |
Total capital, Actual Ratio | 19.30% |
Total capital For Capital Adequacy Purposes, Amount | $ 822,135 |
Total capital For Capital Adequacy Purposes, Ratio | 8.00% |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,027,669 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 1,918,692 |
Tier 1 leverage, Actual Ratio | 9.60% |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 799,158 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 4.00% |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 998,947 |
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] | |
Tier 1 capital, Actual Amount | $ 1,703,313 |
Tier 1 capital, Actual Ratio | 16.60% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 462,451 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 667,985 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Revenues from Contracts with 95
Revenues from Contracts with Customers (Schedule of Total Revenues Separated between Revenues from Contracts with Customers and Other Sources of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues from contracts with customers: | ||
Commissions | $ 165,775 | $ 175,274 |
Investment banking | 176,362 | 126,852 |
Asset management and service fees | 195,801 | 162,739 |
Other | 3,718 | |
Total revenue from contracts with customers | 541,656 | |
Other sources of revenue: | ||
Interest | 137,734 | 100,953 |
Principal transactions | 97,782 | 116,857 |
Other | (361) | |
Total revenues | $ 776,811 | $ 691,427 |
Revenues from Contracts with 96
Revenues from Contracts with Customers (Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Commissions | $ 165,775 | $ 175,274 |
Investment banking | 176,362 | 126,852 |
Asset management and service fees | 195,801 | $ 162,739 |
Other | 3,718 | |
Total | 541,656 | |
Capital Raising [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Investment banking | 78,689 | |
Advisory Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Investment banking | 97,673 | |
Global Wealth Management [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Commissions | 119,205 | |
Asset management and service fees | 195,789 | |
Other | 3,718 | |
Total | 326,400 | |
Global Wealth Management [Member] | Capital Raising [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Investment banking | 7,688 | |
Institutional Group [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Commissions | 46,570 | |
Asset management and service fees | 12 | |
Total | 215,256 | |
Institutional Group [Member] | Capital Raising [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Investment banking | 71,001 | |
Institutional Group [Member] | Advisory Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Investment banking | 97,673 | |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total | 502,750 | |
United States [Member] | Global Wealth Management [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total | 326,400 | |
United States [Member] | Institutional Group [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total | 176,350 | |
Europe [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total | 37,879 | |
Europe [Member] | Institutional Group [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total | 37,879 | |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total | 1,027 | |
Other [Member] | Institutional Group [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total | $ 1,027 |
Revenues from Contracts with 97
Revenues from Contracts with Customers (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Revenue From Contract With Customer [Abstract] | ||
Receivables related to contract with customers | $ 117,600,000 | $ 96,000,000 |
Impairment related to receivables | 0 | |
Deferred Revenue | $ 6,900,000 |
Interest Income And Interest 98
Interest Income And Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest Income Expense Net [Abstract] | ||
Bank loans, net | $ 63,635 | $ 44,771 |
Investment securities | 54,903 | 41,666 |
Margin balances | 10,950 | 8,182 |
Inventory | 4,929 | 4,236 |
Other | 3,317 | 2,098 |
Total interest income | 137,734 | 100,953 |
Senior notes | 11,118 | 8,140 |
Bank deposits | 8,130 | 1,768 |
Federal Home Loan Bank advances | 3,252 | 1,719 |
Other | 3,953 | 4,269 |
Total interest expense | $ 26,453 | $ 15,896 |
Employee Incentive, Deferred 99
Employee Incentive, Deferred Compensation, And Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized to grant | 5,500,000 | |
Stock-based compensation | $ 27,072 | $ 27,915 |
Contributions to the Profit Sharing Plan | 400 | 400 |
Incentive Stock Award Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 23,900 | $ 31,200 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense related to non-vested options | $ 311,100 | |
Weighted-average period, compensation cost expected to recognized, in years | 3 years | |
Restricted Stock Units and Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total number of stock awards outstanding | 16,400,000 | |
Unvested stock awards outstanding | 12,700,000 | |
Performance-based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total number of stock awards outstanding | 600,000 | |
Unvested stock awards outstanding | 600,000 | |
Performance-based Restricted Stock Units [Member] | One to Four Years [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of earned award vested | 80.00% | |
Performance-based Restricted Stock Units [Member] | Fifth Year [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of earned award vested | 20.00% | |
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 | 5.00% | |
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 percentage of converted shares | 0.00% | |
Minimum [Member] | Restricted Stock Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award restriction period for sale or disposition | 1 year | |
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 | 10 years | |
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vesting period in years | 10 years | |
Maximum [Member] | Performance-based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Potential percentage of converted shares | 200.00% | |
Maximum [Member] | Restricted Stock Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award restriction period for sale or disposition | 5 years | |
Maximum [Member] | SWAP Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vesting period in years | 10 years |
Off-Balance Sheet Credit Risk (
Off-Balance Sheet Credit Risk (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
General settlement period of securities transactions | 2 days | |
Fair value of securities accepted as collateral permitted to sell or repledge | $ 2,600 | $ 2,400 |
Fair value of collateral securities sold or repledged | 346.2 | 233.7 |
Outstanding commitments to originate loans | 214.8 | 160.2 |
Letters of credit outstanding | 58.9 | 82.5 |
Unused Lines Of Credit [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Unused lines of credit to commercial and consumer borrowers | $ 745.1 | $ 590.5 |
Standby Letters of Credit [Member] | Maximum [Member] | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Letters of credit, expiration period | 1 year |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018Segment | |
Segment Reporting Information [Line Items] | |
Number of business segments | 3 |
Global Wealth Management [Member] | |
Segment Reporting Information [Line Items] | |
Number of businesses within operating segment | 2 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Operating Information, Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||
Net revenues | [1] | $ 750,358 | $ 675,531 |
Income/(loss) before income taxes | 119,554 | 79,019 | |
Global Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | [1] | 485,575 | 442,732 |
Income/(loss) before income taxes | 176,771 | 142,052 | |
Institutional Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | [1] | 270,078 | 237,467 |
Income/(loss) before income taxes | 44,570 | 39,872 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | [1] | (5,295) | (4,668) |
Income/(loss) before income taxes | $ (101,787) | $ (102,905) | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2018 or 2017. |
Segment Reporting (Schedule 103
Segment Reporting (Schedule Of Information Of Total Assets On Segment Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 21,715,342 | $ 21,383,953 |
Global Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 17,950,069 | 17,717,617 |
Institutional Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,402,714 | 3,313,304 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 362,559 | $ 353,032 |
Segment Reporting (Schedule 104
Segment Reporting (Schedule Of Net Revenues Earned On Major Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||
Total net revenues | [1] | $ 750,358 | $ 675,531 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 706,068 | 647,738 | |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 41,558 | 24,519 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | $ 2,732 | $ 3,274 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2018 or 2017. |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net income | $ 88,761 | $ 65,512 |
Preferred dividends | 2,344 | 2,344 |
Net income available to common shareholders | $ 86,417 | $ 63,168 |
Average shares used in basic computation | 71,999 | 68,386 |
Dilutive effect of stock options and units | 9,790 | 12,309 |
Average shares used in diluted computation | 81,789 | 80,695 |
Basic | $ 1.20 | $ 0.92 |
Diluted | $ 1.06 | $ 0.78 |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Cash dividend declared per common share | $ 0.12 | $ 0 |
Cash dividend paid per common share | $ 0.12 | $ 0 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Equity [Abstract] | ||
Number of shares authorized to be repurchased | 7,100,000 | |
Purchase of treasury stock | $ 2,800,000 | $ 0 |
Treasury Stock Acquired, Average Cost Per Share | $ 56.78 | |
Shares issued | 1,500,000 | |
Common stock reissued | 300,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | Mar. 31, 2018USD ($) |
Variable Interest Entity [Line Items] | |
Assets in partnership | $ 215.3 |
Weisel Capital Management LLC [Member] | |
Variable Interest Entity [Line Items] | |
Assets in partnership | $ 285.8 |
Subsequent Events (Details)
Subsequent Events (Details) | 3 Months Ended |
Mar. 31, 2018item | |
Subsequent Events [Abstract] | |
Number of types of subsequent events | 2 |