Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | STIFEL FINANCIAL CORP | |
Entity Central Index Key | 0000720672 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-09305 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 43-1273600 | |
Entity Address, Address Line One | 501 N. Broadway | |
Entity Address, City or Town | St. Louis | |
Entity Address, State or Province | MO | |
Entity Address, Postal Zip Code | 63102-2188 | |
City Area Code | 314 | |
Local Phone Number | 342-2000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | SF | |
Title of 12(b) Security | Common Stock, $0.15 par value per share | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 68,485,191 | |
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series A [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | SF PRA | |
Title of 12(b) Security | Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series A | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 6,000 | |
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | SF PRB | |
Title of 12(b) Security | Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 6,400 | |
Senior notes 5.20% due 2047 [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | SFB | |
Title of 12(b) Security | 5.20% Senior Notes due 2047 | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 225,000,000 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and cash equivalents | $ 1,382,920 | $ 1,142,596 | |
Cash segregated for regulatory purposes | 196,950 | 131,374 | |
Receivables: | |||
Brokerage clients, net | 1,469,706 | 1,351,786 | |
Brokers, dealers, and clearing organizations | 704,394 | 627,790 | |
Securities purchased under agreements to resell | [1] | 458,968 | 385,008 |
Financial instruments owned, at fair value | 932,511 | 972,932 | |
Available-for-sale securities, at fair value | 3,366,090 | 3,254,737 | |
Held-to-maturity securities, at amortized cost | 3,085,824 | 2,856,219 | |
Loans: | |||
Held for investment, net | 9,994,500 | 9,624,042 | |
Held for sale, at lower of cost or market | 570,787 | 389,693 | |
Investments, at fair value | 55,688 | 79,972 | |
Fixed assets, net | 829,824 | 1,107,928 | |
Goodwill | 1,184,514 | 1,194,074 | |
Intangible assets, net | 154,646 | 161,773 | |
Loans and advances to financial advisors and other employees, net | 537,882 | 525,332 | |
Deferred tax assets, net | 114,989 | 104,380 | |
Other assets | 855,813 | 700,589 | |
Total assets | 25,896,006 | 24,610,225 | |
Payables: | |||
Brokerage clients | 946,380 | 740,444 | |
Brokers, dealers, and clearing organizations | 545,927 | 712,291 | |
Drafts | 90,739 | 119,758 | |
Securities sold under agreements to repurchase | [2] | 475,528 | 391,634 |
Bank deposits | 16,880,933 | 15,332,581 | |
Financial instruments sold, but not yet purchased, at fair value | 668,795 | 662,852 | |
Accrued compensation | 264,645 | 507,009 | |
Accounts payable and accrued expenses | 1,027,314 | 1,146,706 | |
Federal Home Loan Bank advances | 250,000 | 250,000 | |
Borrowings | 198,150 | 150 | |
Senior notes | 1,017,269 | 1,017,010 | |
Debentures to Stifel Financial Capital Trusts | 60,000 | 60,000 | |
Total liabilities | 22,425,680 | 20,940,435 | |
Stifel Financial Corp. shareholders' equity: | |||
Preferred stock - $1 par value; authorized 3,000,000 shares; issued 12,400 shares | 310,000 | 310,000 | |
Common stock - $0.15 par value; authorized 194,000,000 shares; issued 74,441,146 and 74,441,113 shares, respectively | 11,166 | 11,166 | |
Additional paid-in-capital | 1,837,950 | 1,909,286 | |
Retained earnings | 1,728,911 | 1,715,704 | |
Accumulated other comprehensive loss | (96,460) | (11,705) | |
Treasury stock, at cost, 5,928,739 and 6,113,084 shares, respectively | (321,241) | (319,660) | |
Total Stifel Financial Corp. shareholders’ equity | 3,470,326 | 3,614,791 | |
Non-controlling interests | 54,999 | ||
Total equity | 3,470,326 | 3,669,790 | |
Total liabilities and equity | $ 25,896,006 | $ 24,610,225 | |
[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 $462.3 million and $385.3 million at March 31, 2020 and December 31, 2019, respectively. | ||
[2] | Collateral pledged includes the fair value of securities pledged by our company to the counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $494.8 million and $407.3 million at March 31, 2020 and December 31, 2019, respectively. |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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 | 12,400 | 12,400 |
Common stock, par value | $ 0.15 | $ 0.15 |
Common stock, shares authorized | 194,000,000 | 194,000,000 |
Common stock, shares issued | 74,441,146 | 74,441,113 |
Treasury stock, shares | 5,928,739 | 6,113,084 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenues: | |||
Revenue from contracts with customers | $ 633,108 | $ 516,338 | |
Principal transactions | 138,666 | 104,032 | |
Interest | 161,177 | 191,071 | |
Other income | 9,207 | 12,209 | |
Total revenues | 937,391 | 819,868 | |
Interest expense | 24,357 | 49,448 | |
Net revenues | [1] | 913,034 | 770,420 |
Non-interest expenses: | |||
Compensation and benefits | 577,179 | 458,114 | |
Occupancy and equipment rental | 66,073 | 58,862 | |
Communications and office supplies | 41,124 | 35,697 | |
Commissions and floor brokerage | 14,842 | 10,956 | |
Provision for loan losses | 18,978 | 2,283 | |
Other operating expenses | 79,732 | 66,699 | |
Total non-interest expenses | 797,928 | 632,611 | |
Income from operations before income tax expense | 115,106 | 137,809 | |
Provision for income taxes | 28,517 | 38,370 | |
Net income | 86,589 | 99,439 | |
Net income applicable to non-controlling interests | 232 | ||
Net income applicable to Stifel Financial Corp. | 86,589 | 99,207 | |
Preferred dividends | 4,844 | 2,344 | |
Net income available to common shareholders | $ 81,745 | $ 96,863 | |
Earnings per common share: | |||
Basic | $ 1.15 | $ 1.35 | |
Diluted | 1.07 | 1.22 | |
Cash dividends declared per common share | $ 0.17 | $ 0.15 | |
Weighted-average number of common shares outstanding: | |||
Basic | 71,286 | 71,700 | |
Diluted | 76,619 | 79,210 | |
Commissions [Member] | |||
Revenues: | |||
Revenue from contracts with customers | $ 211,098 | $ 155,449 | |
Investment Banking [Member] | |||
Revenues: | |||
Revenue from contracts with customers | 179,468 | 161,840 | |
Asset Management and Service Fees [Member] | |||
Revenues: | |||
Revenue from contracts with customers | $ 237,775 | $ 195,267 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2020 or 2019. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 86,589 | $ 99,439 | |
Other comprehensive income/(loss), net of tax: | |||
Changes in unrealized gains/(losses) on available-for-sale securities | [1],[2] | (73,227) | 25,800 |
Changes in unrealized gains/(losses) on cash flow hedging instruments | [1],[3] | (1,706) | (1,826) |
Foreign currency translation adjustment | [1] | (9,822) | 2,168 |
Total other comprehensive income/(loss), net of tax | [1] | (84,755) | 26,142 |
Comprehensive income | 1,834 | 125,581 | |
Net income applicable to non-controlling interests | 232 | ||
Comprehensive income applicable to Stifel Financial Corp. | $ 1,834 | $ 125,349 | |
[1] | Net of a tax benefit of $27.9 million and tax expense of $10.1 million for the three months ended March 31, 2020 and 2019, respectively. | ||
[2] | Net of reclassifications to earnings of realized losses of $0.5 million during the three months ended March 31, 2020. There were no reclassifications to earnings during the three months ended March 31, 2019. | ||
[3] | Amounts are net of reclassifications to earnings of losses of $0.3 million and gains of $1.5 million for the three months ended March 31, 2020 and 2019, respectively. |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Other comprehensive income/(loss), tax | $ (27,900,000) | $ 10,100,000 |
Reclassifications to earnings of realized losses on available-for-sale securities | (500,000) | 0 |
Reclassifications to earnings of gains (loss) on cash flow hedging instruments | $ (300,000) | $ 1,500,000 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock at Cost [Member] | Parent [Member] | Non-controlling Interests [Member] | ||
Balance, beginning of period at Dec. 31, 2018 | $ 150,000 | $ 11,166 | $ 1,893,304 | $ 1,366,503 | $ (72,523) | $ (180,857) | $ 30,000 | ||||
Common stock issued under employee plans | (95,295) | 27 | 66,302 | ||||||||
Common stock repurchased | $ (53,900) | (53,869) | |||||||||
Unit amortization, net of forfeitures | 33,317 | ||||||||||
Net income | 99,207 | 99,439 | |||||||||
Dividends declared, Common | (12,944) | ||||||||||
Dividends declared, Preferred | (2,344) | ||||||||||
Issuance of preferred stock | 160,000 | (4,706) | |||||||||
Unrealized gains/(losses) on securities, net of tax | 25,800 | [1],[2] | 25,800 | ||||||||
Unrealized gains/(losses) on cash flow hedging activities, net of tax | (1,826) | ||||||||||
Foreign currency translation adjustment, net of tax | 2,168 | [1] | 2,168 | ||||||||
Cumulative adjustments for accounting changes | [3] | (6,759) | |||||||||
Other | (16) | (264) | |||||||||
Capital contributions from non-controlling interest holders | 26,800 | ||||||||||
Distributions to non-controlling interest holders | (458) | ||||||||||
Deconsolidation of non-controlling interest | 232 | ||||||||||
Balance, end of period at Mar. 31, 2019 | 3,433,197 | 310,000 | 11,166 | 1,826,604 | 1,443,658 | (46,381) | (168,424) | $ 3,376,623 | 56,574 | ||
Balance, beginning of period at Dec. 31, 2019 | 3,669,790 | 310,000 | 11,166 | 1,909,286 | 1,715,704 | (11,705) | (319,660) | 54,999 | |||
Common stock issued under employee plans | (105,570) | (46,717) | 54,579 | ||||||||
Common stock repurchased | (56,200) | (56,160) | |||||||||
Unit amortization, net of forfeitures | 33,799 | ||||||||||
Net income | 86,589 | 86,589 | |||||||||
Dividends declared, Common | (14,916) | ||||||||||
Dividends declared, Preferred | (4,844) | ||||||||||
Dividends declared to equity-award holders | 350 | ||||||||||
Unrealized gains/(losses) on securities, net of tax | (73,227) | [1],[2] | (73,227) | ||||||||
Unrealized gains/(losses) on cash flow hedging activities, net of tax | (1,706) | ||||||||||
Foreign currency translation adjustment, net of tax | (9,822) | [1] | (9,822) | ||||||||
Cumulative adjustments for accounting changes | [3] | (7,772) | |||||||||
Other | 85 | 867 | |||||||||
Deconsolidation of non-controlling interest | $ (54,999) | ||||||||||
Balance, end of period at Mar. 31, 2020 | $ 3,470,326 | $ 310,000 | $ 11,166 | $ 1,837,950 | $ 1,728,911 | $ (96,460) | $ (321,241) | $ 3,470,326 | |||
[1] | Net of a tax benefit of $27.9 million and tax expense of $10.1 million for the three months ended March 31, 2020 and 2019, respectively. | ||||||||||
[2] | Net of reclassifications to earnings of realized losses of $0.5 million during the three months ended March 31, 2020. There were no reclassifications to earnings during the three months ended March 31, 2019. | ||||||||||
[3] | Cumulative adjustments for accounting changes relate to the adoption of certain accounting updates during 2020 and 2019. See Note 2 to the consolidated financial statements for further information. |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) (Unaudited) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Of Stockholders Equity [Abstract] | |||
Preferred stock, par value | $ 1 | $ 1 | $ 1 |
Common stock, par value | $ 0.15 | $ 0.15 | $ 0.15 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Net income | $ 86,589 | $ 99,439 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 9,378 | 10,290 |
Amortization of loans and advances to financial advisors and other employees | 27,729 | 21,596 |
Amortization of premium on investment portfolio | 6,210 | 8,727 |
Provision for loan losses and allowance for loans and advances to financial advisors and other employees | 19,253 | 1,611 |
Amortization of intangible assets | 5,032 | 3,593 |
Deferred income taxes | 17,098 | 2,102 |
Stock-based compensation | 30,762 | 32,119 |
(Gains)/losses on sale of investments | 31,043 | (2,174) |
Other, net | (5,464) | (6,429) |
Receivables: | ||
Brokerage clients | (117,920) | (182,761) |
Brokers, dealers, and clearing organizations | (76,604) | (72,766) |
Securities purchased under agreements to resell | (73,960) | 131,866 |
Financial instruments owned, including those pledged | 40,421 | 2,641 |
Loans originated as held for sale | (474,824) | (272,301) |
Proceeds from mortgages held for sale | 506,936 | 333,478 |
Loans and advances to financial advisors and other employees | (40,554) | (50,216) |
Other assets | (51,427) | (24,357) |
Increase/(decrease) in operating liabilities, net of liabilities assumed: | ||
Brokerage clients | 205,936 | (200,229) |
Brokers, dealers, and clearing organizations | 106,196 | 21,639 |
Drafts | (29,019) | (4,263) |
Financial instruments sold, but not yet purchased | 5,943 | 31,754 |
Other liabilities and accrued expenses | (234,445) | (252,199) |
Net cash used in operating activities | (5,691) | (366,840) |
Cash Flows From Investing Activities: | ||
Principal paydowns, sales, calls, and maturities of available-for-sale securities | 385,131 | 93,349 |
Calls and principal paydowns of held-to-maturity securities | 155,184 | 114,535 |
Sale or maturity of investments | 2,252 | |
Disposition of business | 37,000 | |
Increase in loans held for investment, net | (593,296) | (195,186) |
Payments for: | ||
Purchase of available-for-sale securities | (601,660) | (250) |
Purchase of held-to-maturity securities | (384,700) | |
Purchase of fixed assets | (53,002) | (72,868) |
Purchase of investments | (12,900) | |
Acquisitions, net of cash received | (28,523) | |
Net cash used in investing activities | (1,065,991) | (88,943) |
Cash Flows From Financing Activities: | ||
Proceeds from borrowings, net | 198,000 | 218,315 |
Repayments of Federal Home Loan Bank advances, net | (290,000) | |
Payment of contingent consideration | (2,208) | (2,994) |
Increase/(decrease) in securities sold under agreements to repurchase | 83,894 | (93,419) |
Increase/(decrease) in bank deposits, net | 1,548,352 | (813,736) |
Increase/(decrease) in securities loaned | (272,560) | 132,952 |
Tax payments related to shares withheld for stock-based compensation plans | (68,497) | (27,847) |
Proceeds from preferred stock issuance, net | 155,294 | |
Proceeds from non-controlling interests | 26,800 | |
Repurchase of common stock | (56,160) | (53,869) |
Cash dividends on preferred stock | (4,844) | (2,344) |
Cash dividends paid to common stock and equity-award holders | (11,472) | (12,944) |
Cash paid to employees upon settlement of equity awards | (27,101) | |
Other | (490) | |
Net cash provided by/(used in) financing activities | 1,387,404 | (764,282) |
Effect of exchange rate changes on cash | (9,822) | 2,156 |
Increase/(decrease) in cash, cash equivalents, and cash segregated for regulatory purposes | 305,900 | (1,217,909) |
Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of period | 1,273,970 | 2,069,374 |
Cash, cash equivalents, and cash segregated for regulatory purposes at end of period | 1,579,870 | 851,465 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes, net of refunds | 15,423 | 466 |
Cash paid for interest | 28,707 | 49,425 |
Noncash financing activities: | ||
Unit grants, net of forfeitures | $ 106,522 | $ 92,344 |
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, 2020 | Dec. 31, 2019 |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 1,382,920 | $ 1,142,596 |
Cash segregated for regulatory purposes | 196,950 | 131,374 |
Total cash, cash equivalents, and cash segregated for regulatory purposes | $ 1,579,870 | $ 1,273,970 |
Nature of Operations, Basis of
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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. Our major geographic area of concentration is throughout the United States, with a growing presence in the United Kingdom, Europe, and Canada. Our company’s principal customers are individual investors, corporations, municipalities, and institutions. Basis of Presentation The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel”), Keefe, Bruyette & Woods, Inc., Stifel Bancorp, Inc. (“Stifel Bancorp”), Stifel Nicolaus Canada Inc. (“SNC”), and Stifel Nicolaus Europe Limited (“SNEL”). Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries. 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, 2019 on file with the SEC. On March 27, 2020, the Company completed the sale of Ziegler Capital Management, LLC (“ZCM”), a wholly owned asset management subsidiary. The assets and liabilities of ZCM were classified as held for sale and are included in other assets and accounts payable and accrued expenses, respectively, at December 31, 2019. See Note 8 for further information. Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. The effect of these reclassifications on our company’s previously reported consolidated financial statements was not material. Consolidation Policies The consolidated financial statements include the accounts of Stifel Financial Corp. and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. For consolidated subsidiaries that are less than wholly owned, the third-party holdings of equity interests are referred to as non-controlling interests. The portion of shareholders’ equity that is attributable to non-controlling interests for such subsidiaries is presented as non-controlling interests, a component of total equity, in the consolidated statements of financial condition. Our non-controlling interest at December 31, 2019 represented a 27.5% third-party ownership of North Shore Aviation Holdings LLC (“North Shore”), which was a consolidated subsidiary of the Company that, through its subsidiary, owns airplane engines. On February 7, 2020, North Shore entered into a Credit Agreement with North Shore Aviation Trust Series 2020-1 (the “Trust”) whereby the Trust provided North Shore with a $120.0 million credit facility. North Shore was recapitalized with funding from the issuance of the senior notes and E-Certificates by the Trust. Upon the recapitalization, Stifel Bancorp’s equity in North Shore was redeemed. We deconsolidated the related assets, liabilities, and non-controlling interests of North Shore. We have investments or interests in other entities for which we must evaluate whether to consolidate by determining whether we have a controlling financial interest or are considered to be the primary beneficiary. Under our current consolidation policy, which complies with the provisions of ASC 810 as amended by ASU 2015-02, we consolidate those entities where we have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the rights to receive benefits from the entity that could potentially be significant to the entity. We determine whether we are the primary beneficiary of a variable interest entity (“VIE”) by performing an analysis of the VIE’s control structure, expected benefits and losses, and expected residual returns. This analysis includes a review of, among other factors, the VIE’s capital structure, contractual terms, which interests create or absorb benefits or losses, variability, related party relationships, and the design of the VIE. We reassess our evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. See Note 25 for additional information on VIEs. 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, 2019. During the three months ended March 31, 2020, 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. 2016-13, “Financial Instruments − Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”)” on January 1, 2020. 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. These credit loss policy updates are applied prospectively in our consolidated financial statements from January 1, 2020. 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. Allowance for Credit Losses The allowance for credit losses includes both the allowance for loan losses and the reserve for unfunded lending commitments and represents management’s estimate of the expected credit losses in our company’s loan portfolio. The expected credit losses on our loan portfolio are referred to as the allowance for loan losses and are reported separately as a contra-asset to loans on the consolidated statement of financial condition. The expected credit losses for unfunded lending commitments, including standby letters of credit and binding unfunded loan commitments are reported on the consolidated statement of financial condition in accounts payable and accrued expenses. The provision for loan losses related to the loan portfolio in the consolidated statement of operations and the provision for unfunded lending commitments are reported in the consolidated statement of operations in other operating expenses. For loans, the expected credit loss is typically estimated using quantitative methods that consider a variety of factors such as historical loss experience derived from proxy data, the current credit quality of the portfolio as well as an economic outlook over the life of the loan. The life of the loan for closed-ended products is based on the contractual maturity of the loan adjusted for any expected prepayments. The contractual maturity includes any extension options that are at the sole discretion of the borrower. For open-ended products, the expected credit loss is determined based on the maximum repayment term associated with future draws from credit lines. In our loss forecasting framework, we incorporate forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels, corporate bond spreads and long-term interest rate forecasts. As any one economic outlook is inherently uncertain, we leverage multiple scenarios. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. Also included in the allowance for loan losses are qualitative reserves to cover losses that are expected but, in our company’s assessment, may not be adequately represented in the quantitative methods or the economic assumptions described above. For example, factors that we consider include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. Further, we consider the inherent uncertainty in quantitative models that are built on historical data. Once a loan is determined to be impaired, when principal or interest becomes 90 days past due or when collection becomes uncertain, the accrual of interest and amortization of deferred loan origination fees is discontinued (“non-accrual status”), and any accrued and unpaid interest income is reversed. Loans placed on non-accrual status are returned to accrual status when all delinquent principal and interest payments are collected and the collectability of future principal and interest payments is reasonably assured. Loan losses are charged against the allowance when we believe the uncollectibility of a loan balance is certain. Subsequent recoveries, if any, are credited to the allowance for loan loss. We do not include reserves for interest receivable in the measurement of the allowance for credit losses as we generally classify loans as nonperforming at 90 days past due and reverse interest income for these loans at that time. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. Accordingly, we do not separately identify individual consumer and residential loans for impairment measurements. Impairment is measured on a loan-by-loan basis for non-homogeneous loans, and a specific allowance is established for individual loans determined to be impaired. Impairment is measured by comparing the carrying value of the impaired loan to the present value of its expected cash flow discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. See Note 7 for more information. Available-for-Sale and Held-to-Maturity Securities We evaluate each available-for-sale security where the value has declined below amortized cost. If our company intends to sell or believes it is more likely than not that it will be required to sell the debt security, it is written down to fair value through earnings. For available-for-sale debt securities our company intends to hold, we evaluate the debt securities for expected credit losses except for debt securities that are guaranteed by the U.S. Treasury or U.S. government agencies where we apply a zero credit loss assumption. For the remaining available-for-sale debt securities, we consider qualitative parameters such as internal and external credit ratings and the value of underlying collateral. If an available-for-sale debt security fails any of the qualitative parameters, a discounted cash flow analysis is used by our company to determine if a portion of the unrealized loss is a result of a credit loss. Any credit losses determined are recognized as an increase to the allowance for credit losses through provision expense recorded in the consolidated statement of operations in other operating expenses. Cash flows expected to be collected are estimated using all relevant information available such as, remaining payment terms, prepayment speeds, the financial condition of the issuer, expected defaults and the value of the underlying collateral. If any of the decline in fair value is related to market factors, that amount is recognized in accumulated other comprehensive income. In certain instances, the credit loss may exceed the total decline in fair value, in which case, the allowance recorded is limited to the difference between the amortized cost and the fair value of the asset. We separately evaluate our held-to-maturity debt securities for any credit losses. We perform a discounted cash flow analysis to estimate any credit losses which are then recognized as part of the allowance for credit losses. For available-for-sale and held-to-maturity debt securities, we have established a nonaccrual policy that results in timely write-off of accrued interest. See Note 6 for more information. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Prospective Adoption Of New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | NOTE 2 – New Accounting Pronouncements Recently Adopted Accounting Guidance Goodwill Impairment Testing On January 1, 2020, we adopted ASU 2017-04, 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 adoption of the accounting update did not have a material impact on our consolidated financial statements. The future impact of the accounting update will depend upon the performance of our reporting units and the market conditions impacting the fair value of each reporting unit going forward. Financial Instruments – Credit Losses On January 1, 2020, we adopted ASU 2016-13 that requires the measurement of the allowance for credit losses to be based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. Upon adoption of the standard on January 1, 2020, we recorded a $10.4 million increase to the allowance for credit losses. The increase in the allowance is driven by the fact that the allowance under the CECL model covers expected credit losses over the full expected life of the loan portfolios and also takes into account forecasts of expected future economic conditions. The cumulative effect of adopting this standard was a decrease to retained earnings of $7.8 million (net of tax). Recently Issued Accounting Guidance Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The accounting standard related to contracts or hedging relationships that reference LIBOR or other reference rates that are expected to be discontinued due to reference rate reform. The accounting standard provides for optional expedients and other guidance regarding the accounting related to modifications of contracts, hedging relationships and other transactions affected by reference rate reform. We have elected to retrospectively adopt the new standard as of January 1, 2020 which resulted in no immediate impact. While reference rate reform is not expected to have a material accounting impact on our consolidated financial statements, the new standard will ease the administrative burden in accounting for the future effects of reference rate reform. Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. This accounting update removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The accounting update is effective for interim and annual periods beginning after December 15, 2020 (January 1, 2021, for our company), and early adoption is permitted. We are currently evaluating the impact that the accounting update will have on our consolidated financial statements. |
Receivables From And Payables T
Receivables From And Payables To Brokers, Dealers And Clearing Organizations | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019, included (in thousands) March 31, 2020 December 31, 2019 Receivables from clearing organizations $ 485,103 $ 471,122 Deposits paid for securities borrowed 103,530 135,373 Securities failed to deliver 115,761 21,295 $ 704,394 $ 627,790 Amounts payable to brokers, dealers, and clearing organizations at March 31, 2020 and December 31, 2019, included (in thousands) March 31, 2020 December 31, 2019 Deposits received from securities loaned $ 335,773 $ 608,333 Payable to clearing organizations 71,325 78,702 Securities failed to receive 138,829 25,256 $ 545,927 $ 712,291 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, 2020 | |
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, and U.S. government securities. If quoted prices are not available for identical instruments, fair values are obtained from pricing services, broker quotes, or other model-based valuation techniques with observable inputs, such as the present value of estimated cash flows, and reported as Level 2. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 2 financial instruments include U.S. government agency securities, mortgage-backed securities, corporate fixed income and equity securities infrequently traded, state and municipal securities, sovereign debt, and asset-backed securities, which primarily include collateralized loan obligations. We have identified Level 3 financial instruments to include certain asset-backed securities and loans with unobservable pricing inputs. Level 3 financial instruments have little to no pricing observability as of the report date. These financial instruments do not have active two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. Investments Investments carried at fair value primarily include corporate equity securities, auction-rate securities (“ARS”), and private company investments. Corporate equity securities are primarily valued based on quoted prices in active markets and reported in Level 1. ARS are primarily valued based upon our expectations of issuer redemptions and using internal discounted cash flow models that utilize unobservable inputs. ARS are primarily reported as Level 3 assets. Investments at fair value include investments in funds, including certain money market funds that are measured at net asset value (“NAV”). The Company uses NAV to measure the fair value of its fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the underlying investments at fair value. The Company’s investments in funds measured at NAV include partnership interests, mutual funds, 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 table below presents the fair value of our investments in, and unfunded commitments to, funds that are measured at NAV as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Fair value of investments Unfunded commitments Fair value of investments Unfunded commitments Money market funds $ 26,567 $ — $ 25,734 $ — Mutual funds 4,741 — 7,875 — Private equity funds 2,264 1,203 2,288 1,203 Partnership interests 3,240 953 3,058 953 Total $ 36,812 $ 2,156 $ 38,955 $ 2,156 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, equity and fixed income securities listed in active markets, which are reported as Level 1. If quoted prices are not available, fair values are obtained from pricing services, broker quotes, or other model-based valuation techniques with observable inputs, such as the present value of estimated cash flows, and reported as Level 2. The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 2 financial instruments include U.S. government agency securities, agency mortgage-backed securities not actively traded, corporate fixed income, sovereign debt 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, 2020, are presented below (in thousands) March 31, 2020 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 12,821 $ 12,821 $ — $ — U.S. government agency securities 80,138 — 80,138 — Mortgage-backed securities: Agency 371,762 — 371,762 — Non-agency 2,870 — 2,870 — Asset-backed securities 12,942 — 12,767 175 Corporate securities: Fixed income securities 275,663 7,850 267,813 — Equity securities 69,259 64,203 5,056 — Sovereign debt 21,057 — 21,057 — State and municipal securities 75,740 — 75,740 — Loans 10,259 — — 10,259 Total financial instruments owned 932,511 84,874 837,203 10,434 Available-for-sale securities: U.S. government agency securities 5,650 — 5,650 — State and municipal securities 17,142 — 17,142 — Mortgage-backed securities: Agency 829,433 — 829,433 — Commercial 108,186 — 108,186 — Non-agency 8,644 — 8,644 — Corporate fixed income securities 727,590 — 727,590 — Asset-backed securities 1,669,445 — 1,669,445 — Total available-for-sale securities 3,366,090 — 3,366,090 — Investments: Corporate equity securities 14,898 13,838 — 1,060 Auction rate securities: Equity securities 14,243 — — 14,243 Municipal securities 183 — — 183 Other 16,119 9,362 5,924 833 Investments in funds and partnerships measured at NAV 10,245 Total investments 55,688 23,200 5,924 16,319 Cash equivalents measured at NAV 26,567 $ 4,380,856 $ 108,074 $ 4,209,217 $ 26,753 March 31, 2020 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 239,311 $ 239,311 $ — $ — U.S. government agency securities 16,320 — 16,320 — Agency mortgage-backed securities 179,407 — 179,407 — Corporate securities: Fixed income securities 192,603 3,882 188,721 — Equity securities 22,776 22,776 — — Sovereign debt 18,178 — 18,178 — State and municipal securities 200 — 200 — Total financial instruments sold, but not yet purchased 668,795 265,969 402,826 — Derivative contracts (1) 1,262 — 1,262 — $ 670,057 $ 265,969 $ 404,088 $ — (1 ) A ssets and liabilities measured at fair value on a recurring basis as of December 31, 2019 , are presented below (in thousands) : December 31, 2019 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 9,266 $ 9,266 $ — $ — U.S. government agency securities 66,881 — 66,881 — Mortgage-backed securities: Agency 388,856 — 388,856 — Non-agency 5,155 — 5,155 — Asset-backed securities 28,385 — 28,210 175 Corporate securities: Fixed income securities 250,783 872 249,911 — Equity securities 64,009 61,579 2,430 — Sovereign debt 12,403 — 12,403 — State and municipal securities 137,211 — 137,211 — Loans 9,983 — 832 9,151 Total financial instruments owned 972,932 71,717 891,889 9,326 Available-for-sale securities: U.S. government agency securities 5,067 — 5,067 — State and municipal securities 24,297 — 24,297 — Mortgage-backed securities: Agency 837,878 — 837,878 — Commercial 109,537 — 109,537 — Non-agency 9,758 — 9,758 — Corporate fixed income securities 675,311 — 675,311 — Asset-backed securities 1,592,889 — 1,592,889 — Total available-for-sale securities 3,254,737 — 3,254,737 — Investments: Corporate equity securities 35,083 34,023 — 1,060 Auction rate securities: Equity securities 14,243 — — 14,243 Municipal securities 654 — 470 184 Other 16,771 9,905 6,013 853 Investments in funds and partnerships measured at NAV 13,221 Total investments 79,972 43,928 6,483 16,340 Cash equivalents measured at NAV 25,734 Derivative contracts (1) 1,086 — 1,086 — $ 4,334,461 $ 115,645 $ 4,154,195 $ 25,666 (1) December 31, 2019 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 243,570 $ 243,570 $ — $ — U.S. government agency securities 1,000 — 1,000 — Agency mortgage-backed securities 231,909 — 231,909 — Corporate securities: Fixed income securities 140,100 633 139,467 — Equity securities 32,047 32,047 — — Sovereign debt 13,271 — 13,271 — Loans 955 — — 955 Total financial instruments sold, but not yet purchased $ 662,852 $ 276,250 $ 385,647 $ 955 The following table summarizes the changes in fair value associated with Level 3 financial instruments during the three months ended March 31, 2020 (in thousands) Three Months Ended March 31, 2020 Financial instruments owned Investments Asset-Backed Securities Loans Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2019 $ 175 $ 9,151 $ 1,060 $ 14,243 $ 184 $ 853 Unrealized losses — (2,827 ) — — (1 ) — Purchases — 6,942 — — — — Sales — (3,004 ) — — — (20 ) Redemptions — (3 ) — — — — Net change — 1,108 — — (1 ) (20 ) Balance at March 31, 2020 $ 175 $ 10,259 $ 1,060 $ 14,243 $ 183 $ 833 The change in fair value associated with Level 3 financial instruments sold, but not yet purchased during the three months ended March 31, 2020 is attributable to purchases, partially offset by unrealized losses and sales. 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, 2020, relating to Level 3 assets still held at March 31, 2020, were immaterial. The fair value of certain Level 3 assets was determined using various methodologies, as appropriate, including third-party pricing vendors and broker quotes. These inputs are evaluated for reasonableness through various procedures, including due diligence reviews of third-party pricing vendors, variance analyses, consideration of current market environment, and other analytical procedures. The fair value for our auction rate securities was determined using an income approach based on an internally developed discounted cash flow model. The discounted cash flow model utilizes two significant unobservable inputs: discount rate and workout period. Significant increases in any of these inputs in isolation would result in a significantly lower fair value. On an ongoing basis, management verifies the fair value by reviewing the appropriateness of the discounted cash flow model and its significant inputs. Fair Value of Financial Instruments The following reflects the fair value of financial instruments as of March 31, 2020 and December 31, 2019, whether or not recognized in the consolidated statements of financial condition at fair value (in thousands) March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 1,382,920 $ 1,382,920 $ 1,142,596 $ 1,142,596 Cash segregated for regulatory purposes 196,950 196,950 131,374 131,374 Securities purchased under agreements to resell 458,968 458,968 385,008 385,008 Financial instruments owned 932,511 932,511 972,932 972,932 Available-for-sale securities 3,366,090 3,366,090 3,254,737 3,254,737 Held-to-maturity securities 3,085,824 2,697,830 2,856,219 2,827,883 Bank loans 9,994,500 10,017,518 9,624,042 9,801,986 Loans held for sale 570,787 570,787 389,693 389,693 Investments 55,688 55,688 79,972 79,972 Derivative contracts (1) — — 1,086 1,086 Financial liabilities: Securities sold under agreements to repurchase $ 475,528 $ 475,528 $ 391,634 $ 391,634 Bank deposits 16,880,933 16,076,448 15,332,581 14,467,894 Financial instruments sold, but not yet purchased 668,795 668,795 662,852 662,852 Federal Home Loan Bank advances 250,000 250,000 250,000 250,000 Borrowings 198,150 198,150 150 150 Senior notes 1,017,269 1,016,578 1,017,010 1,069,425 Debentures to Stifel Financial Capital Trusts 60,000 37,860 60,000 45,847 Derivative contracts (2) 1,262 1,262 — — (1) Included in other assets in the consolidated statements of financial condition. (2) The following tables present the estimated fair values of financial instruments not measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 (in thousands) March 31, 2020 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 1,356,353 $ 1,356,353 $ — $ — Cash segregated for regulatory purposes 196,950 196,950 — — Securities purchased under agreements to resell 458,968 431,737 27,231 — Held-to-maturity securities 2,697,830 — 2,584,305 113,525 Bank loans 10,017,518 — 10,017,518 — Loans held for sale 570,787 — 570,787 — Financial liabilities: Securities sold under agreements to repurchase $ 475,528 $ — $ 475,528 $ — Bank deposits 16,076,448 — 16,076,448 — Federal Home Loan Bank advances 250,000 250,000 — — Borrowings 198,150 198,150 — — Senior notes 1,016,578 1,016,578 — — Debentures to Stifel Financial Capital Trusts 37,860 — — 37,860 December 31, 2019 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 1,116,862 $ 1,116,862 $ — $ — Cash segregated for regulatory purposes 131,374 131,374 — — Securities purchased under agreements to resell 385,008 342,132 42,876 — Held-to-maturity securities 2,827,883 — 2,666,773 161,110 Bank loans 9,801,986 — 9,801,986 — Loans held for sale 389,693 — 389,693 — Financial liabilities: Securities sold under agreements to repurchase $ 391,634 $ 22,205 $ 369,429 $ — Bank deposits 14,467,894 — 14,467,894 — Federal Home Loan Bank advances 250,000 250,000 — — Borrowings 150 150 — — Senior notes 1,069,425 1,069,425 — — Debentures to Stifel Financial Capital Trusts 45,847 — — 45,847 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, 2020 and December 31, 2019. 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, 2020 and December 31, 2019 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, 2020 and December 31, 2019 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. FHLB Advances FHLB advances reflect terms that approximate current market rates for similar borrowings. Borrowings The carrying amount of borrowings approximates fair value due to the relative short-term nature of such 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 similar type debt instruments. These fair value disclosures represent our best estimates based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of the various instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in the above methodologies and assumptions could significantly affect the estimates. |
Financial Instruments Owned And
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [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, 2020 and December 31, 2019 are as follows (in thousands) March 31, 2020 December 31, 2019 Financial instruments owned: U.S. government securities $ 12,821 $ 9,266 U.S. government agency securities 80,138 66,881 Mortgage-backed securities: Agency 371,762 388,856 Non-agency 2,870 5,155 Asset-backed securities 12,942 28,385 Corporate securities: Fixed income securities 275,663 250,783 Equity securities 69,259 64,009 Sovereign debt 21,057 12,403 State and municipal securities 75,740 137,211 Loans 10,259 9,983 $ 932,511 $ 972,932 Financial instruments sold, but not yet purchased: U.S. government securities $ 239,311 $ 243,570 U.S. government agency securities 16,320 1,000 Agency mortgage-backed securities 179,407 231,909 Corporate securities: Fixed income securities 192,603 140,100 Equity securities 22,776 32,047 Sovereign debt 18,178 13,271 State and municipal securities 200 — Loans — 955 $ 668,795 $ 662,852 At March 31, 2020 and December 31, 2019, financial instruments owned in the amount of $708.0 million and $511.2 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, 2020 | |
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, 2020 and December 31, 2019 (in thousands) March 31, 2020 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 5,534 $ 116 $ — $ 5,650 State and municipal securities 17,079 63 — 17,142 Mortgage-backed securities: Agency 807,043 22,545 (155 ) 829,433 Commercial 108,144 524 (482 ) 108,186 Non-agency 8,620 118 (94 ) 8,644 Corporate fixed income securities 741,219 3,460 (17,089 ) 727,590 Asset-backed securities 1,776,630 836 (108,021 ) 1,669,445 $ 3,464,269 $ 27,662 $ (125,841 ) $ 3,366,090 Held-to-maturity securities (2) Asset-backed securities $ 3,085,824 $ 1,458 $ (389,452 ) $ 2,697,830 December 31, 2019 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 5,028 $ 39 $ — $ 5,067 State and municipal securities 24,198 99 — 24,297 Mortgage-backed securities: Agency 840,659 3,070 (5,851 ) 837,878 Commercial 109,982 269 (714 ) 109,537 Non-agency 9,731 50 (23 ) 9,758 Corporate fixed income securities 664,028 11,283 — 675,311 Asset-backed securities 1,600,415 679 (8,205 ) 1,592,889 $ 3,254,041 $ 15,489 $ (14,793 ) $ 3,254,737 Held-to-maturity securities (2) Asset-backed securities $ 2,856,219 $ 5,960 $ (34,296 ) $ 2,827,883 (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. Effective January 1, 2020, we adopted the new accounting standard for credit losses that requires evaluation of available-for-sale and held-to-maturity debt securities for any expected losses with recognition of an allowance for credit losses, when applicable. For more information, see Note 1 – Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies Accrued interest receivable for our investment portfolio at March 31, 2020 was $38.2 million and is reported in other assets in the consolidated statements of financial condition. We do not include reserves for interest receivable in the measurement of the allowance for credit losses. During the three months ended March 31, 2020 , we received proceeds of $ 288.3 million, from the sale of available-for-sale securities, which resulted in a realized loss of $ 0.7 million. There were no sales of available-for-sale securities during the three months ended March 31, 2019. During the three months ended March 31, 2020 and March 31, 2019, unrealized losses, net of deferred taxes, of $73.2 million and unrealized gains, net of deferred taxes of $25.8 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 our securities by contractual maturity at March 31, 2020 and December 31, 2019 (in thousands) March 31, 2020 December 31, 2019 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Available-for-sale securities Within one year $ 26,838 $ 26,980 $ 6,861 $ 6,871 After one year through three years 261,013 259,331 229,184 229,760 After three years through five years 422,686 412,819 422,236 429,909 After five years through ten years 478,472 453,334 409,664 411,680 After ten years 2,275,260 2,213,626 2,186,096 2,176,517 $ 3,464,269 $ 3,366,090 $ 3,254,041 $ 3,254,737 Held-to-maturity securities After five years through ten years $ 686,300 $ 618,937 $ 598,250 $ 597,166 After ten years 2,399,524 2,078,893 2,257,969 2,230,717 $ 3,085,824 $ 2,697,830 $ 2,856,219 $ 2,827,883 The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at March 31, 2020, are as follows ( in thousands Within 1 Year 1-5 Years 5-10 Years After 10 Years Total Available-for-sale securities (1) U.S. government agency securities $ 1,761 $ 3,889 $ — $ — $ 5,650 State and municipal securities — — 2,463 14,679 17,142 Mortgage-backed securities: Agency 33 676 786 827,938 829,433 Commercial — 31,607 — 76,579 108,186 Non-agency — 7,827 — 817 8,644 Corporate fixed income securities 25,186 628,151 74,253 — 727,590 Asset-backed securities — — 375,832 1,293,613 1,669,445 $ 26,980 $ 672,150 $ 453,334 $ 2,213,626 $ 3,366,090 Held-to-maturity securities Asset-backed securities $ — $ — $ 686,300 $ 2,399,524 $ 3,085,824 (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, 2020 and December 31, 2019, securities of $526.7 million and $801.5 million, 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, 2020 and December 31, 2019, securities of $1.3 billion and $816.1 million, 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, 2020 (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 Agency $ (122 ) $ 23,806 $ (33 ) $ 10,315 $ (155 ) $ 34,121 Commercial (482 ) 61,706 — — (482 ) 61,706 Non-agency — — (94 ) 817 (94 ) 817 Corporate fixed income securities (17,089 ) 492,713 — — (17,089 ) 492,713 Asset-backed securities (67,624 ) 1,096,278 (40,397 ) 466,319 (108,021 ) 1,562,597 $ (85,317 ) $ 1,674,503 $ (40,524 ) $ 477,451 $ (125,841 ) $ 2,151,954 At March 31, 2020, the amortized cost of 165 securities classified as available for sale exceeded their fair value by $125.8 million, of which $40.5 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, 2020, was $2.2 billion, which was 63.9% of our available-for-sale portfolio. Credit Quality Indicators The Company uses Moody credit ratings as the credit quality indicator for its held-to-maturity debt securities. Each security is evaluated at least quarterly. The indicators represent the rating for debt securities, as of the date presented, based on the most recent assessment performed. The following table shows the amortized cost of our held-to-maturity securities by credit quality indicator at March 31, 2020 (in thousands) AAA AA A C Total Held-to-maturity securities Asset-backed securities $ 109,335 $ 2,958,230 $ 15,500 $ 2,759 $ 3,085,824 |
Bank Loans
Bank Loans | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Bank Loans | NOTE 7 – Bank Loans Our loan portfolio consists primarily of the following segments: Commercial and industrial (C&I). C&I loans primarily include commercial and industrial lending used for general corporate purposes, working capital and liquidity, and “event-driven." “Event-driven” loans support client merger, acquisition or recapitalization activities. C&I lending is structured as revolving lines of credit, letter of credit facilities, term loans and bridge loans. Risk factors considered in determining the allowance for corporate loans include the borrower’s financial strength, seniority of the loan, collateral type, leverage, volatility of collateral value, debt cushion, and covenants. Real Estate. Real estate loans include residential real estate non-conforming loans, residential real estate conforming loans, commercial real estate, and home equity lines of credit. The allowance methodology related to real estate loans considers several factors, including, but not limited to, loan-to-value ratio, FICO score, home price index, delinquency status, credit limits, and utilization rates. 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. Construction and land. Short-term loans used to finance the development of a real estate project. Other. Other loans include consumer loans and credit card lending. The following table presents the balance and associated percentage of each major loan category in our bank loan portfolio at March 31, 2020 and December 31, 2019 (in thousands, except percentages) March 31, 2020 December 31, 2019 Balance Percent Balance Percent Commercial and industrial $ 3,813,862 37.6 % $ 3,438,953 35.3 % Residential real estate 3,495,136 34.4 3,309,548 33.9 Securities-based loans 1,945,371 19.2 2,098,211 21.5 Commercial real estate 399,732 3.9 428,549 4.4 Construction and land 412,410 4.1 398,839 4.1 Home equity lines of credit 57,402 0.6 51,205 0.5 Other 32,762 0.2 27,311 0.3 Gross bank loans 10,156,675 100.0 % 9,752,616 100.0 % Unamortized loan discount, net (6,148 ) (6,588 ) Loans in process (53,953 ) (27,717 ) Unamortized loan fees, net 728 1,310 Allowance for loan losses (102,802 ) (95,579 ) Loans held for investment, net $ 9,994,500 $ 9,624,042 At March 31, 2020 and December 31, 2019, Stifel Bancorp had loans outstanding to its executive officers and directors and executive officers and directors of certain affiliated entities in the amount of $19.0 At March 31, 2020 and December 31, 2019, we had loans held for sale of $570.8 million and $389.7 million, respectively. For the three months ended March 31, 2020 and 2019, we recognized gains of $2.5 million and $0.9 million, respectively, from the sale of originated loans, net of fees and costs. Effective January 1, 2020, we adopted the new accounting standard for credit losses that requires evaluation of our loan portfolio for any expected losses with recognition of an allowance for credit losses, when applicable. For more information, see Note 1 – Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies Accrued interest receivable for loans and loans held for sale at March 31, 2020 was $21.6 million and is reported in other assets on the consolidated statement of financial condition. The following table detail s activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2020 (in thousands) . Three Months Ended March 31, 2020 Beginning Balance CECL Adoption Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 69,949 $ (19,940 ) $ 9,955 $ (2 ) $ — $ 59,962 Residential real estate 14,253 3,499 2,233 — — 19,985 Construction and land 4,613 2,674 3,666 — — 10,953 Commercial real estate 3,564 791 3,810 — — 8,165 Securities-based loans 2,361 1,346 (792 ) — — 2,915 Home equity lines of credit 442 39 57 — 1 539 Other 194 58 49 (18 ) — 283 Unallocated 203 (203 ) — — — — $ 95,579 $ (11,736 ) $ 18,978 $ (20 ) $ 1 $ 102,802 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at March 31, 2020 (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 Commercial and industrial $ 8,158 $ 51,804 $ 59,962 $ 12,940 $ 3,800,922 $ 3,813,862 Residential real estate 24 19,961 19,985 1,411 3,493,725 3,495,136 Securities-based loans — 2,915 2,915 — 1,945,371 1,945,371 Commercial real estate — 8,165 8,165 — 399,732 399,732 Construction and land — 10,953 10,953 — 412,410 412,410 Home equity lines of credit — 539 539 — 57,402 57,402 Other — 283 283 — 32,762 32,762 $ 8,182 $ 94,620 $ 102,802 $ 14,351 $ 10,142,324 $ 10,156,675 The following table details activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2019 (in thousands) Three Months Ended March 31, 2019 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 68,367 $ 211 $ (12 ) $ — $ 68,566 Residential real estate 11,228 270 — 87 11,585 Securities-based loans 1,978 249 — — 2,227 Commercial real estate 1,778 643 — — 2,421 Construction and land 1,241 483 — — 1,724 Home equity lines of credit 310 61 — 1 372 Other 88 78 (44 ) 24 146 Unallocated 843 288 — — 1,131 $ 85,833 $ 2,283 $ (56 ) $ 112 $ 88,172 The following table presents the recorded balances of loans and amount of allowance allocated based upon impairment method by portfolio segment at December 31, 2019 (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 Commercial and industrial $ 8,158 $ 61,791 $ 69,949 $ 12,991 $ 3,425,962 $ 3,438,953 Residential real estate 24 14,229 14,253 1,412 3,308,136 3,309,548 Securities-based loans — 2,361 2,361 — 2,098,211 2,098,211 Commercial real estate — 3,564 3,564 — 428,549 428,549 Construction and land — 4,613 4,613 — 398,839 398,839 Home equity lines of credit — 442 442 184 51,021 51,205 Other — 194 194 — 27,311 27,311 Unallocated — 203 203 — — — $ 8,182 $ 87,397 $ 95,579 $ 14,587 $ 9,738,029 $ 9,752,616 At March 31, 2020, we had $14.4 million of impaired loans, net of discounts, which included $0.2 million in troubled debt restructurings. The specific allowance on impaired loans at March 31, 2020 was $8.2 million. At December 31, 2019, we had $14.6 million of impaired loans, net of discounts, which included $0.2 million in troubled debt restructurings. The specific allowance on impaired loans at December 31, 2019 was $8.2 million. The gross interest income related to impaired loans, which would have been recorded, had these loans been current in accordance with their original terms, and the interest income recognized on these loans during the three months ended March 31, 2020 and 2019, were insignificant to the consolidated financial statements. The tables below present loans that were individually evaluated for impairment by portfolio segment at March 31, 2020 and December 31, 2019, including the average recorded investment balance for the year to date period presented (in thousands) March 31, 2020 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 12,940 $ — $ 12,940 $ 12,940 $ 8,158 $ 12,940 Residential real estate 1,411 1,249 162 1,411 24 1,411 Home equity lines of credit — — — — — 123 Other 150 — — — — — Total $ 14,501 $ 1,249 $ 13,102 $ 14,351 $ 8,182 $ 14,474 December 31, 2019 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 12,991 $ 51 $ 12,940 $ 12,991 $ 8,158 $ 14,172 Residential real estate 1,412 1,412 — 1,412 24 1,231 Home equity lines of credit 184 184 — 184 — 184 Other 150 — — — — — Total $ 14,737 $ 1,647 $ 12,940 $ 14,587 $ 8,182 $ 15,587 The following tables present the aging of the recorded investment in past due loans at March 31, 2020 and December 31, 2019 by portfolio segment (in thousands) : As of March 31, 2020 30 – 89 Days Past Due 90 or More Days Past Due Total Due Current Balance Total Commercial and industrial $ — $ 12,940 $ 12,940 $ 3,800,922 $ 3,813,862 Residential real estate 18,801 1,249 20,050 3,475,086 3,495,136 Securities-based loans — — — 1,945,371 1,945,371 Commercial real estate 146 — 146 399,586 399,732 Construction and land — — — 412,410 412,410 Home equity lines of credit — — — 57,402 57,402 Other 24 20 44 32,718 32,762 Total $ 18,971 $ 14,209 $ 33,180 $ 10,123,495 $ 10,156,675 As of March 31, 2020* Non-Accrual Restructured Nonperforming loans with no allowance Total Commercial and industrial $ 12,940 $ — $ — $ 12,940 Residential real estate — 162 1,249 1,411 Total $ 12,940 $ 162 $ 1,249 $ 14,351 * There were no loans past due 90 days and still accruing interest at March 31, 2020. As of December 31, 2019 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Commercial and industrial $ — $ 12,940 $ 12,940 $ 3,426,013 $ 3,438,953 Residential real estate 10,476 1,249 11,725 3,297,823 3,309,548 Securities-based loans — — — 2,098,211 2,098,211 Commercial real estate — — — 428,549 428,549 Construction and land — — — 398,839 398,839 Home equity lines of credit 83 184 267 50,938 51,205 Other 5 — 5 27,306 27,311 Total $ 10,564 $ 14,373 $ 24,937 $ 9,727,679 $ 9,752,616 As of December 31, 2019* Non-Accrual Restructured Total Commercial and industrial $ 12,940 $ — $ 12,940 Residential real estate 1,249 163 1,412 Home equity lines of credit 184 — 184 Total $ 14,373 $ 163 $ 14,536 * There were no loans past due 90 days and still accruing interest at December 31, 2019. Credit quality indicators As of March 31, 2020, bank loans were primarily extended to non-investment grade borrowers. Substantially all of these loans align with the U.S. Federal bank regulatory agencies’ definition of Pass. Loans meet the definition of Pass when they are performing and do not demonstrate adverse characteristics that are likely to result in a credit loss. A loan is determined to be impaired when principal or interest becomes 90 days past due or when collection becomes uncertain. At the time a loan is determined to be impaired, the accrual of interest and amortization of deferred loan origination fees is discontinued (“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, 2020 and December 31, 2019 , % and % of our loan portfolio was collateralized, respectively. Collateral is required in accordance with the normal credit evaluation process based upon the creditworthiness of the customer and the credit risk associated with the particular transaction. The Company uses the following definitions for risk ratings: Pass. A credit exposure rated pass has a continued expectation of timely repayment, all obligations of the borrower are current, and the obligor complies with material terms and conditions of the lending agreement. Special Mention. Extensions of credit that have potential weakness that deserve management’s close attention, and if left uncorrected may, at some future date, result in the deterioration of the repayment prospects or collateral position. Substandard. Obligor has a well-defined weakness that jeopardizes the repayment of the debt and has a high probability of payment default with the distinct possibility that the Company will sustain some loss if noted deficiencies are not corrected. Doubtful. Inherent weakness in the exposure makes the collection or repayment in full, based on existing facts, conditions and circumstances, highly improbable, and the amount of loss is uncertain. Substandard loans are regularly reviewed for impairment. Doubtful loans are considered impaired. When a loan is impaired the impairment is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or as a practical expedient, the observable market price of the loan or the fair value of the collateral if the loan is collateral dependent. Based on the most recent analysis performed, the risk category of our loan portfolio was as follows (in thousands) As of March 31, 2020 Pass Special Substandard Doubtful Total Commercial and industrial $ 3,684,127 $ 70,798 $ 45,997 $ 12,940 $ 3,813,862 Residential real estate 3,493,375 512 — 1,249 3,495,136 Securities-based loans 1,945,371 — — — 1,945,371 Commercial real estate 398,395 1,191 146 — 399,732 Construction and land 412,410 — — — 412,410 Home equity lines of credit 56,558 844 — — 57,402 Other 32,762 — — — 32,762 Total $ 10,022,998 $ 73,345 $ 46,143 $ 14,189 $ 10,156,675 As of December 31, 2019 Pass Special Substandard Doubtful Total Commercial and industrial $ 3,365,800 $ 48,241 $ 11,972 $ 12,940 $ 3,438,953 Residential real estate 3,307,719 417 1,412 — 3,309,548 Securities-based loans 2,098,211 — — — 2,098,211 Commercial real estate 427,963 586 — — 428,549 Construction and land 398,839 — — — 398,839 Home equity lines of credit 51,021 — 184 — 51,205 Other 27,311 — — — 27,311 Total $ 9,676,864 $ 49,244 $ 13,568 $ 12,940 $ 9,752,616 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial: Pass $ 13,415 $ 78,130 $ 2,558,504 $ 11,957 $ 21,687 $ 38,622 $ 961,812 $ 3,684,127 Special Mention — — 61,136 — — — 9,662 70,798 Substandard — — 42,236 — — 30 3,731 45,997 Doubtful — — — 12,940 — — — 12,940 $ 13,415 $ 78,130 $ 2,661,876 $ 24,897 $ 21,687 $ 38,652 $ 975,205 $ 3,813,862 Residential real estate: Pass $ 383,891 $ 1,088,915 $ 494,050 $ 381,708 $ 354,811 $ 790,000 $ — $ 3,493,375 Special Mention — — — — — 512 — 512 Substandard — — — — — — — — Doubtful — — — 148 — 1,101 — 1,249 $ 383,891 $ 1,088,915 $ 494,050 $ 381,856 $ 354,811 $ 791,613 $ — $ 3,495,136 Securities-based loans: Pass $ 14,447 $ 103,364 $ 3,364 $ 140 $ 143,576 $ 23,567 $ 1,656,913 $ 1,945,371 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 14,447 $ 103,364 $ 3,364 $ 140 $ 143,576 $ 23,567 $ 1,656,913 $ 1,945,371 Commercial real estate: Pass $ 65,127 $ 150,919 $ 39,637 $ 57,328 $ 21,106 $ 58,032 $ 6,246 $ 398,395 Special Mention — — — — 1,191 — — 1,191 Substandard — — 146 — — — — 146 Doubtful — — — — — — — — $ 65,127 $ 150,919 $ 39,783 $ 57,328 $ 22,297 $ 58,032 $ 6,246 $ 399,732 Construction and land: Pass $ 15,601 $ 164,191 $ 155,330 $ 59,888 $ 7,801 $ 1,722 $ 7,877 $ 412,410 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 15,601 $ 164,191 $ 155,330 $ 59,888 $ 7,801 $ 1,722 $ 7,877 $ 412,410 Home equity lines of credit: Pass $ — $ — $ — $ — $ — $ — $ 56,558 $ 56,558 Special Mention — — — — — — 844 844 Substandard — — — — — — — — Doubtful — — — — — — — — $ — $ — $ — $ — $ — $ — $ 57,402 $ 57,402 Other: Pass $ — $ — $ 7 $ — $ 1,258 $ 53 $ 31,444 $ 32,762 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ — $ — $ 7 $ — $ 1,258 $ 53 $ 31,444 $ 32,762 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019 Adjustments Sale of ZCM March 31, 2020 Goodwill Global Wealth Management $ 344,981 $ — $ (9,972 ) $ 335,009 Institutional Group 849,093 412 — 849,505 $ 1,194,074 $ 412 $ (9,972 ) $ 1,184,514 December 31, 2019 Adjustments / Sale of ZCM Amortization March 31, 2020 Intangible assets Global Wealth Management $ 53,279 $ (1,532 ) $ (1,735 ) $ 50,012 Institutional Group 108,494 (563 ) (3,297 ) 104,634 $ 161,773 $ (2,095 ) $ (5,032 ) $ 154,646 The adjustments to goodwill and intangible assets during the three months ended March 31, 2020, are primarily attributable to the sale of ZCM, and the acquisitions of MainFirst Bank AG on November 1, 2019 and GMP Capital, Inc. on December 6, 2019. On March 27, 2020, the Company completed the sale of ZCM, a wholly owned asset management subsidiary. The Company recorded a gain on the sale during the three months ended March 31, 2020, which included a write-off of allocated goodwill and the remaining net book value of intangible assets. The allocation of the purchase price of these acquisitions are preliminary and will be finalized upon completion of the analysis of the fair values of the net assets as of the respective acquisition dates and the identified intangible assets. The final goodwill recorded on the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments and the recording of identified intangible assets. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of each respective business, its employees, and customer base. Amortizable intangible assets consist of acquired customer relationships, trade name, investment banking backlog, and non-compete agreements that are amortized over their contractual or determined useful lives. Intangible assets as of March 31, 2020 and December 31, 2019 were as follows (in thousands) March 31, 2020 December 31, 2019 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 202,563 $ 76,762 $ 207,253 $ 75,987 Trade name 28,659 14,112 28,659 13,649 Core deposits 8,615 3,475 8,615 2,985 Non-compete agreements 9,280 3,020 9,490 2,828 Investment banking backlog 4,245 2,024 4,245 1,787 Acquired technology 840 163 840 93 $ 254,202 $ 99,556 $ 259,102 $ 97,329 Amortization expense related to intangible assets was $5.0 million and $3.6 million for the three months ended March 31, 2020 and 2019, respectively. Amortization expense is included in other operating expenses in the consolidated statements of operations. The weighted-average remaining lives of the following intangible assets at March 31, 2020, are: customer relationships, 10.5 years; trade name, 9.7 years; core deposits, 3.9 years; non-compete agreements, 6.7 years; investment banking backlog, 8.5 years; and acquired technology, 2.4 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of March 31, 2020, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year Remainder of 2020 $ 13,640 2021 17,326 2022 15,968 2023 14,678 2024 13,797 Thereafter 77,119 $ 152,528 |
Borrowings and Federal Home Loa
Borrowings and Federal Home Loan Bank Advances | 3 Months Ended |
Mar. 31, 2020 | |
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, repurchase agreements, advances from the Federal Home Loan Bank, term loans, and committed bank line financing on an unsecured basis. We borrow from various banks on a demand basis with company-owned and customer securities pledged as collateral. The value of customer-owned securities used as collateral is not reflected in the consolidated statements of financial condition. We also have an unsecured, committed bank line available. Our uncommitted secured lines of credit at March 31, 2020, totaled $835.0 million with four banks and are dependent on having appropriate collateral, as determined by the bank agreements, to secure an advance under the line. The availability of our uncommitted lines is subject to approval by the individual banks each time an advance is requested and may be denied. Our peak daily borrowing on our uncommitted secured lines was $490.0 million during the three months ended March 31, 2020. There are no compensating balance requirements under these arrangements. Any borrowings on secured lines of credit are generally utilized to finance certain fixed income securities. At March 31, 2020, borrowings on our uncommitted secured lines of credit of $198.0 million, included in borrowings in the consolidated statements of financial condition, were collateralized by company-owned securities valued at $220.7 million. The Federal Home Loan advances of $250.0 million as of March 31, 2020 are floating-rate advances. The weighted average interest rates on these advances during the three months ended March 31, 2020 was 1.59%. The advances are secured by Stifel Bancorp’s residential mortgage loan portfolio and investment portfolio. The interest rates reset on a daily basis. Stifel Bancorp has the option to prepay these advances without penalty on the interest reset date. Our committed bank line financing at March 31, 2020, consisted of a $200.0 million revolving credit facility. The credit facility expires in March 2024. 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 1.75%, as defined in the revolving credit facility. At March 31, 2020, we had no advances on our revolving credit facility and were in compliance with all covenants. Stifel, our broker-dealer subsidiary, has a 364-day Credit Agreement (“Stifel Credit Facility”) with a maturity date of June 2020 in which the lenders are a number of financial institutions. This committed unsecured borrowing facility provides for maximum borrowings of up to $250.0 million at variable rates of interest. At March 31, 2020, we had no advances on the Stifel Credit Facility and were in compliance with all covenants. |
Senior Notes
Senior Notes | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Senior Notes | NOTE 10 – Senior Notes The following table summarizes our senior notes as of March 31, 2020 and December 31, 2019 (in thousands) March 31, 2020 December 31, 2019 4.25% 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 (7,731 ) (7,990 ) Senior notes, net $ 1,017,269 $ 1,017,010 (1) In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.25% senior notes due July 2024 (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 (3) October 2047 Our senior notes mature as follows, based upon contractual terms (in thousands) 2020 $ 300,000 2021 — 2022 — 2023 — 2024 500,000 Thereafter 225,000 $ 1,025,000 |
Bank Deposits
Bank Deposits | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 were as follows (in thousands) March 31, 2020 December 31, 2019 Money market and savings accounts $ 15,465,695 $ 13,530,670 Demand deposits (interest-bearing) 926,377 1,113,296 Demand deposits (non-interest-bearing) 261,776 165,657 Certificates of deposit 227,085 522,958 $ 16,880,933 $ 15,332,581 The weighted-average interest rate on deposits was 0.25% and 0.64% at March 31, 2020 and December 31, 2019, respectively. Scheduled maturities of certificates of deposit at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, 2020 December 31, 2019 Certificates of deposit, less than $100,000: Within one year $ 4,971 $ 5,305 One to three years 6,212 360 Three to five years 213 13 $ 11,396 $ 5,678 Certificates of deposit, $100,000 and greater: Within one year $ 175,825 $ 441,341 One to three years 39,864 68,855 Three to five years — 7,084 215,689 517,280 $ 227,085 $ 522,958 At March 31, 2020 and December 31, 2019, the amount of deposits includes related party deposits, primarily interest-bearing and time deposits of executive officers, directors, and their affiliates of $5.2 million and $6.7 million, respectively. Brokerage customers’ deposits were $15.6 billion and $13.9 billion, respectively. |
Derivative Instruments And Hedg
Derivative Instruments And Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
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 designated as hedging instruments as of March 31, 2020 and December 31, 2019 (in thousands) March 31, 2020 Notional Balance Location Fair Value Derivative Liabilities Cash flow interest rate contracts $ 250,000 Accounts payable and accrued expenses $ 1,262 December 31, 2019 Notional Value Balance Location Fair Value Derivative Assets Cash flow interest rate contracts $ 250,000 Other assets $ 1,086 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 0.8 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 $1.4 million will be reclassified as an increase to interest expense. The following table shows the effect of our company’s derivative instruments in the consolidated statements of operations for the three months ended March 31, 2020 and 2019 (in thousands) Gain/(Loss) Recognized in OCI Gain/(Loss) Reclassified From OCI Into Income Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 Cash flow interest rate contracts $ (2,014 ) $ 925 $ (251 ) $ 1,542 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 meet specific capital requirements under the capital adequacy guidelines and the regulatory framework for prompt corrective action administered by the Federal and state banking agencies. 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, 2020 | |
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, 2020 and December 31, 2019 (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, 2020: Securities borrowing (1) $ 103,530 $ — $ 103,530 $ (27,484 ) $ (72,229 ) $ 3,817 Reverse repurchase agreements (2) 458,968 — 458,968 (54,339 ) (404,589 ) 40 $ 562,498 $ — $ 562,498 $ (81,823 ) $ (476,818 ) $ 3,857 As of December 31, 2019: Securities borrowing (1) $ 135,373 $ — $ 135,373 $ (52,319 ) $ (74,760 ) $ 8,294 Reverse repurchase agreements (2) 385,008 — 385,008 (59,892 ) (325,096 ) 20 Cash flow interest rate contracts 1,086 — 1,086 — — 1,086 $ 521,467 $ — $ 521,467 $ (112,211 ) $ (399,856 ) $ 9,400 (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 $462.3 million and $385.3 million at March 31, 2020 and December 31, 2019, respectively. The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of March 31, 2020 and December 31, 2019 (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, 2020: Securities lending (3) $ (335,773 ) $ — $ (335,773 ) $ 27,484 $ 308,277 $ (12 ) Repurchase agreements (4) (475,528 ) — (475,528 ) 54,339 421,189 — Cash flow interest rate contracts (1,262 ) — (1,262 ) — — (1,262 ) $ (812,563 ) $ — $ (812,563 ) $ 81,823 $ 729,466 $ (1,274 ) As of December 31, 2019: Securities lending (3) $ (608,333 ) $ — $ (608,333 ) $ 52,319 $ 555,782 $ (232 ) Repurchase agreements (4) (391,634 ) — (391,634 ) 59,892 331,742 — $ (999,967 ) $ — $ (999,967 ) $ 112,211 $ 887,524 $ (232 ) (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 counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $494.8 million and $407.3 million at March 31, 2020 and December 31, 2019, respectively. |
Commitments, Guarantees, And Co
Commitments, Guarantees, And Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020, had no material effect on the consolidated financial statements. As a part of our fixed income public finance operations, we enter into forward commitments to purchase agency mortgage-backed securities. In order to hedge the market interest rate risk to which we would otherwise be exposed between the date of the commitment and date of sale of the mortgage-backed securities, we enter into to be announced (“TBA”) security contracts with investors for generic mortgage-backed security at specific rates and prices to be delivered on settlement dates in the future. We may be subject to loss if the timing of, or the actual amount of, the mortgage-backed security differs significantly from the term and notional amount of the TBA security contract to which we entered. These TBA securities and related purchase commitment are accounted for at fair value. As of March 31, 2020, the fair value of the TBA securities and the estimated fair value of the purchase commitments were $179.4 million. We also provide guarantees to securities clearinghouses and exchanges under their standard membership agreement, which requires members to guarantee the performance of other members. Under the agreement, if another member becomes unable to satisfy its obligations to the clearinghouse, other members would be required to meet shortfalls. Our liability under these agreements is not quantifiable and may exceed the cash and securities we have posted as collateral. However, the potential requirement for us to make payments under these arrangements is considered remote. Accordingly, no liability has been recognized for these arrangements. Other Commitments In the ordinary course of business, Stifel Bancorp has commitments to extend credit in the form of commitments to originate loans, standby letters of credit, and lines of credit. See Note 21 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, 2020, 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, 2020 | |
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, 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, 2020 | |
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, 2020, Stifel had net capital of $418.9 million, which was 25.7% of aggregate debit items and $386.3 million in excess of its minimum required net capital. At March 31, 2020, all of our other broker-dealer subsidiaries’ net capital exceeded the minimum net capital required under the SEC rule. Our international subsidiary, SNEL, is subject to the regulatory supervision and requirements of the Financial Conduct Authority (“FCA”) in the United Kingdom. At March 31, 2020, our international subsidiary’s capital and reserves were in excess of the financial resources requirement under the rules of the FCA. Our Canadian subsidiary, SNC, is subject to the regulatory supervision and requirements of the Investment Industry Regulatory Organization of Canada (“IIROC”). At March 31, 2020, SNC’s net capital and reserves were in excess of the financial resources requirement under the rules of the IIROC. Our company, as a bank holding company, Stifel Bank & Trust, Stifel Bank, Stifel Trust Company, N.A., and Stifel Trust Company, Delaware, N.A. (collectively, “banking subsidiaries”) are subject to various regulatory capital requirements administered by the Federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our company’s and its banking subsidiaries’ financial results. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, our company and its banking subsidiaries must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Our company’s and its banking subsidiaries’ capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Under the Basel III rules, the quantity and quality of regulatory capital increased, a capital conservation buffer was established, selected changes were made to the calculation of risk-weighted assets, and a new ratio, common equity Tier 1 was introduced, all of which are applicable to both our company and its banking subsidiaries. Our company and its banking subsidiaries are required to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined) to risk-weighted assets (as defined), Tier 1 capital to average assets (as defined), and under rules defined in Basel III, Common equity Tier 1 capital to risk-weighted assets. Our company and its banking subsidiaries each calculate these ratios in order to assess compliance with both regulatory requirements and their internal capital policies. At current capital levels, our company and its banking subsidiaries are each categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” our company and its banking subsidiaries must maintain total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios. The amounts and ratios for Stifel Financial Corp., Stifel Bank & Trust, and Stifel Bank as of March 31, 2020 are represented in the tables below (in thousands, except ratios). Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Financial Corp. Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,947,549 14.3 % $ 611,382 4.5 % $ 883,107 6.5 % Tier 1 capital 2,257,549 16.6 % 815,176 6.0 % 1,086,901 8.0 % Total capital 2,406,674 17.7 % 1,086,901 8.0 % 1,358,626 10.0 % Tier 1 leverage 2,257,549 9.6 % 941,644 4.0 % 1,177,055 5.0 % Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Bank & Trust Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,039,680 11.7 % $ 398,418 4.5 % $ 575,493 6.5 % Tier 1 capital 1,039,680 11.7 % 531,225 6.0 % 708,299 8.0 % Total capital 1,150,272 13.0 % 708,299 8.0 % 885,374 10.0 % Tier 1 leverage 1,039,680 7.1 % 583,181 4.0 % 728,977 5.0 % Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Bank Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 168,855 15.6 % $ 48,679 4.5 % $ 70,315 6.5 % Tier 1 capital 168,855 15.6 % 64,906 6.0 % 86,541 8.0 % Total capital 178,053 16.5 % 86,541 8.0 % 108,176 10.0 % Tier 1 leverage 168,855 7.3 % 92,478 4.0 % 115,598 5.0 % |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Operating Leases | NOTE 17 – Operating Leases Our operating leases primarily relate to office space and office equipment with remaining lease terms of 1 to 15 years. At March 31, 2020, operating lease right-of-use assets were $668.7 million and included in fixed assets, net in the consolidated statements of financial condition, and lease liabilities were $708.5 million and included in accounts payable and accrued expenses in the consolidated statements of financial condition. The table below summarizes our net lease cost for the three months ended March 31, 2020 and 2019 (in thousands) Three Months Ended March 31, 2020 2019 Operating lease cost $ 24,395 $ 22,346 Short-term lease cost 476 360 Variable lease cost 15 6 Sublease income (908 ) (1,272 ) Net lease cost $ 23,978 $ 21,440 Operating lease costs are included in occupancy and equipment rental in the consolidated statements of operations. The table below summarizes other information related to our operating leases as of and for the three months ended March 31, 2020 (in thousands) Operating lease cash flows $ 23,956 Weighted-average remaining lease term 11.5 years Weighted-average discount rate 4.56 % In the table above, the weighted average discount rate represents our company’s incremental borrowing rate as of January 2019 for leases existing on the date of adoption of the new lease standard and at the lease inception date for leases entered into subsequent to the adoption of ASU 2016-02. The table below presents information about operating lease liabilities as of March 31, 2020, (in thousands, except percentages) Remainder of 2020 $ 69,890 2021 85,042 2022 83,314 2023 82,885 2024 81,792 Thereafter 529,185 Total undiscounted lease payments 932,108 Imputed interest (223,606 ) Total operating lease liabilities $ 708,502 |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from Contracts with Customers | NOTE 18 – Revenues from Contracts with Customers The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenues for the three months ended March 31, 2020 and 2019 (in thousands) Three Months Ended March 31, 2020 2019 Revenues from contracts with customers: Commissions $ 211,098 $ 155,449 Investment banking 179,468 161,840 Asset management and service fees 237,775 195,267 Other 4,767 3,782 Total revenue from contracts with customers 633,108 516,338 Other sources of revenue: Interest 161,177 191,071 Principal transactions 138,666 104,032 Other 4,440 8,427 Total revenues $ 937,391 $ 819,868 Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised services to the customers. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring our progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine the customer obtains control over the promised service. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised services (i.e., the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The following provides detailed information on the recognition of our revenues from contracts with customers: Commissions. We earn commission revenue by executing, settling, and clearing transactions for clients primarily in OTC and listed equity securities, insurance products, and options. Trade execution and clearing and custody services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenues associated with combined trade execution and clearing and custody services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. Commission revenues are generally paid on settlement date and we record a receivable between trade-date and payment on settlement date. Investment Banking. We provide our clients with a full range of capital markets and financial advisory services. Capital markets services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings, underwriting and distributing public and private debt. Capital raising revenues are recognized at a point in time on trade-date, as the client obtains the control and benefit of the capital markets offering at that point. Costs associated with capital raising transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded, and are recorded on a gross basis within other operating expenses in the consolidated statements of operations as we are acting as a principal in the arrangement. Any expenses reimbursed by our clients are recognized as investment banking revenues. Revenues from financial advisory services primarily consist of fees generated in connection with merger, acquisition and restructuring transactions. Advisory 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 expense. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within other operating expenses on the consolidated statements of operations and any expenses reimbursed by our clients are recognized as investment banking revenues. Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to institutional and individual clients. Investment advisory fees are charged based on the value of assets in fee-based accounts and are affected by changes in the balances of client assets due to market fluctuations and levels of net new client assets. Fees are charged either in advance based on fixed rates applied to the value of the customers’ account at the beginning of the period or periodically based on contracted rates and account performance. Contracts can be terminated at any time with no incremental payments due to our company upon termination. If the contract is terminated by the customer fees are prorated for the period and fees charged for the post termination period are refundable to the customer. Disaggregation of Revenue The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the three months ended March 31, 2020 and 2019 (in thousands) Three Months Ended March 31, 2020 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions (1) $ 136,897 $ 74,198 $ 3 $ 211,098 Capital raising 10,314 93,082 — 103,396 Advisory fees 19 76,053 — 76,072 Investment banking 10,333 169,135 — 179,468 Asset management 237,760 15 — 237,775 Other 4,001 — 766 4,767 Total 388,991 243,348 769 633,108 Primary Geographic Region: United States 388,991 198,043 769 587,803 United Kingdom — 30,763 — 30,763 Other — 14,542 — 14,542 $ 388,991 $ 243,348 $ 769 $ 633,108 Three Months Ended March 31, 2019 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 109,927 $ 45,522 $ — $ 155,449 Capital raising (1) 8,223 48,722 — 56,945 Advisory fees (1) — 104,895 — 104,895 Investment banking 8,223 153,617 — 161,840 Asset management 195,253 14 — 195,267 Other 2,455 — 1,327 3,782 Total 315,858 199,153 1,327 516,338 Primary Geographic Region: United States 315,858 176,740 1,327 493,925 United Kingdom — 21,103 — 21,103 Other — 1,310 — 1,310 $ 315,858 $ 199,153 $ 1,327 $ 516,338 (1) See Note 22 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, 2020. 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, 2020. 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 $138.5 million and $151.3 million at March 31, 2020 and December 31, 2019, respectively. We had no significant impairments related to these receivables during the three months ended March 31, 2020. Our deferred revenue primarily relates to retainer fees received in investment banking advisory engagements and investment advisory fees where the performance obligation has not yet been satisfied. Deferred revenue at March 31, 2020 and December 31, 2019 was $19.1 million and $11.3 million, respectively. |
Interest Income and Interest Ex
Interest Income and Interest Expense | 3 Months Ended |
Mar. 31, 2020 | |
Banking And Thrift Interest [Abstract] | |
Interest Income and Interest Expense | NOTE 19 – Interest Income and Interest Expense The components of interest income and interest expense are as follows (in thousands) Three Months Ended March 31, 2020 2019 Interest income: Loans held for investment, net $ 95,120 $ 93,224 Investment securities 48,137 65,466 Margin balances 10,131 13,440 Financial instruments owned, net 4,574 6,313 Other 3,215 12,628 $ 161,177 $ 191,071 Interest expense: Bank deposits $ 9,569 $ 28,066 Senior notes 11,193 11,122 Federal Home Loan Bank advances 2,353 1,678 Other 1,242 8,582 $ 24,357 $ 49,448 |
Employee Incentive, Deferred Co
Employee Incentive, Deferred Compensation, And Retirement Plans | 3 Months Ended |
Mar. 31, 2020 | |
Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | |
Employee Incentive, Deferred Compensation, and Retirement Plans | NOTE 20 – Employee Incentive, Deferred Compensation, and Retirement Plans We maintain an incentive stock plan and a wealth accumulation plan (“the Plan”) that provides for the granting of stock options, stock appreciation rights, restricted stock, performance awards, stock units, and debentures (collectively, “deferred awards”) to our associates. We are permitted to issue new shares under all stock award plans approved by shareholders or to reissue our treasury shares. Stock awards issued under our company’s incentive stock plan are granted at market value at the date of grant. Our deferred awards generally vest ratably over a one- to ten-year Our stock-based compensation plans are administered by the Compensation Committee of the Board of Directors (“Compensation Committee”), which has the authority to interpret the plans, determine to whom awards may be granted under the plans, and determine the terms of each award. According to the incentive stock plan, we are authorized to grant an additional 2.6 million shares at March 31, 2020. Expense associated with our stock-based compensation, included in compensation and benefits expense in the consolidated statements of operations for our company’s incentive stock award plans was $37.0 million and $29.7 million for the three months ended March 31, 2020 and 2019, respectively. Deferred Awards A restricted stock unit represents the right to receive a share of the Company’s common stock at a designated time in the future without cash payment by the 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. Restricted stock awards are restricted as to sale or disposition. These restrictions lapse over the next one to five years. Our company grants Performance-based Restricted Stock Units (“PRSUs”) to certain of its executive officers. Under the terms of the grants, the number of PRSUs that will vest and convert to shares will be based on the Company's achievement of the pre-determined performance objectives during the performance period. The PRSUs will be measured over a four-year five-year At March 31, 2020, there was unrecognized compensation cost for deferred awards of approximately $580.4 million, which is expected to be recognized over a weighted-average period of 2.3 years. Deferred Compensation Plans The Plan is provided to certain revenue producers, officers, and key administrative associates, whereby a certain percentage of their incentive compensation is deferred as defined by the Plan into company stock units, restricted stock, and debentures. Participants may elect to defer a portion of their incentive compensation. Deferred awards generally vest over a one- to ten-year 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 is split between company restricted stock units and debentures. They have the option to defer an additional 1% of gross commissions into company stock units 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 Profit Sharing Plan Eligible U.S. associates of our company who have met certain service requirements may participate in the Stifel Financial Corp. Profit Sharing 401(k) Plan (the “Plan”). Associates are permitted within limitations imposed by tax law to make pre-tax contributions to the Plan. We may match certain associate contributions or make additional contributions to the Plan at our discretion. Our contributions to profit sharing, included in compensation and benefits in the consolidated statements of operations, were $3.5 million and $3.4 million for the three months ended March 31, 2020 and 2019, respectively. |
Off-Balance Sheet Credit Risk
Off-Balance Sheet Credit Risk | 3 Months Ended |
Mar. 31, 2020 | |
Concentration Risks Types No Concentration Percentage [Abstract] | |
Off-Balance Sheet Credit Risk | NOTE 21 – 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, 2020 and December 31, 2019, the fair value of securities accepted as collateral where we are permitted to sell or repledge the securities was $2.2 billion and $2.3 billion, respectively, and the fair value of the collateral that had been sold or repledged was $475.5 million and $391.6 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 Bancorp has commitments to originate loans, standby letters of credit, and lines of credit. Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established by the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash commitments. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if necessary, is based on the credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate, and residential real estate. At March 31, 2020 and December 31, 2019, Stifel Bancorp had outstanding commitments to originate loans aggregating $883.5 million and $384.5 million, respectively. The commitments extended over varying periods of time, with all commitments at March 31, 2020, scheduled to be disbursed in the following three months. Through Stifel Bancorp, in the normal course of business, we originate residential mortgage loans and sell them to investors. We may be required to repurchase mortgage loans that have been sold to investors in the event there are breaches of certain representations and warranties contained within the sales agreements. We may be required to repurchase mortgage loans that were sold to investors in the event that there was inadequate underwriting or fraud, or in the event that the loans become delinquent shortly after they are originated. We also may be required to indemnify certain purchasers and others against losses they incur in the event of breaches of representations and warranties and in various other circumstances, and the amount of such losses could exceed the repurchase amount of the related loans. Consequently, we may be exposed to credit risk associated with sold loans. Standby letters of credit are irrevocable conditional commitments issued by Stifel Bancorp to guarantee the performance of a customer to a third party. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers. Should Stifel Bancorp be obligated to perform under the standby letters of credit, it may seek recourse from the customer for reimbursement of amounts paid. At March 31, 2020 and December 31, 2019, Stifel Bancorp had outstanding letters of credit totaling $33.4 million and $38.3 million, respectively. A majority of the standby letters of credit commitments at March 31, 2020, have expiration terms that are less than one year. Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Stifel Bancorp uses the same credit policies in granting lines of credit as it does for on-balance sheet instruments. At March 31, 2020 and December 31, 2019, Stifel Bancorp had granted unused lines of credit to commercial and consumer borrowers aggregating $1.4 billion and $1.5 billion, respectively. Effective January 1, 2020, we adopted the new accounting standard for credit losses that requires evaluation of our loan portfolio for any expected losses with recognition of an allowance for credit losses, when applicable. For more information, see Note 1 – Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 22 – 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 Bancorp. The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their clients through our bank subsidiaries, which provide residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our private client group and to the general public. The Institutional Group segment includes institutional sales and trading. It provides securities brokerage, trading, and research services to institutions, with an emphasis on the sale of equity and fixed income products. This segment also includes the management of and participation in underwritings for both corporate and public finance (exclusive of sales credits generated through the private client group, which are included in the Global Wealth Management segment), merger and acquisition, and financial advisory services. The Other segment includes interest income from stock borrow activities, unallocated interest expense, interest income and gains and losses from investments held, amortization of stock-based awards, and all unallocated overhead cost associated with the execution of orders; processing of securities transactions; custody of client securities; receipt, identification, and delivery of funds and securities; compliance with regulatory and legal requirements; internal financial accounting and controls; and general administration and acquisition charges. Information concerning operations in these segments of business for the three months ended March 31, 2020 and 2019 is as follows (in thousands) Three Months Ended March 31, 2020 2019 Net revenues: (1) Global Wealth Management $ 582,956 $ 510,610 Institutional Group 332,238 261,286 Other (2,160 ) (1,476 ) $ 913,034 $ 770,420 Income/(loss) before income taxes: Global Wealth Management $ 194,167 $ 194,490 Institutional Group 41,740 32,204 Other (120,801 ) (88,885 ) $ 115,106 $ 137,809 (1) No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2020 or 2019. The following table presents our company’s total assets on a segment basis at March 31, 2020 and December 31, 2019 (in thousands) March 31, 2020 December 31, 2019 Global Wealth Management $ 22,071,309 $ 20,675,580 Institutional Group 3,566,205 3,668,723 Other 258,492 265,922 $ 25,896,006 $ 24,610,225 We have operations in the United States, United Kingdom, Europe, and Canada. The Company’s foreign operations are conducted through its wholly owned subsidiaries, SNEL and SNC. Substantially all long-lived assets are located in the United States. Revenues, classified by the major geographic areas in which they are earned for the three months ended March 31, 2020 and 2019, were as follows (in thousands) Three Months Ended March 31, 2020 2019 United States $ 860,132 $ 741,230 United Kingdom 37,738 26,390 Other 15,164 2,800 $ 913,034 $ 770,420 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 23 – 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, 2020 and 2019 (in thousands, except per share data) Three Months Ended March 31, 2020 2019 Net income applicable to Stifel Financial Corp. $ 86,589 $ 99,207 Preferred dividends 4,844 2,344 Net income available to common shareholders $ 81,745 $ 96,863 Shares for basic and diluted calculation: Average shares used in basic computation 71,286 71,700 Dilutive effect of stock options and units (1) 5,333 7,510 Average shares used in diluted computation 76,619 79,210 Earnings per common share: Basic $ 1.15 $ 1.35 Diluted $ 1.07 $ 1.22 (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, 2020 and 2019, the anti-dilutive effect from restricted stock units was immaterial. Cash Dividends During the three months ended March 31, 2020, we declared and paid cash dividends of $0.17 per common share. During the three months ended March 31, 2019, we declared and paid cash dividends of $0.15 per common share. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 24 – 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, 2020, the maximum number of shares that may yet be purchased under this plan was 8.9 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, 2020, we repurchased $56.2 million, or 1.1 million shares, using existing Board authorizations at an average price of $49.74 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. During the three months ended March 31, 2019, we repurchased $53.9 million, or 1.0 million shares, using existing Board authorizations at an average price of $53.25 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. Issuance of Common Stock During the three months ended March 31, 2020, we issued 1.3 million shares, which were primarily reissued from treasury. Share issuances were primarily a result of the vesting and conversion transactions under our incentive stock award plans. Issuance of Preferred Stock On February 21, 2019, the Company issued $150.0 million of 6.25% Non-Cumulative Perpetual Preferred Stock, Series B, $1.00 par value, with a liquidation preference of $25,000 per share (equivalent to $25 liquidation preference per depositary share). In March 2019, we completed a public offering of an additional $10.0 million of Series B Preferred, pursuant to the over-allotment option. When, as, and if declared by the board of directors of the Company, dividends will be payable at an annual rate of 6.25%, payable quarterly, in arrears. The Company may redeem the Series B preferred stock at its option, subject to regulatory approval, on or after March 15, 2024 or following a regulatory capital treatment event, as defined. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | |
Variable Interest Entities | NOTE 25 – 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 $250.8 million at March 31, 2020. 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, 2020 and 2019. In addition, our direct investment interest in these entities is insignificant at March 31, 2020. 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. 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, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 26 – 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 subsequent events that would have required adjustment to the consolidated financial statements. |
Nature of Operations, Basis o_2
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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. Our major geographic area of concentration is throughout the United States, with a growing presence in the United Kingdom, Europe, and Canada. Our company’s principal customers are individual investors, corporations, municipalities, and institutions. |
Basis Of Presentation | Basis of Presentation The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated (“Stifel”), Keefe, Bruyette & Woods, Inc., Stifel Bancorp, Inc. (“Stifel Bancorp”), Stifel Nicolaus Canada Inc. (“SNC”), and Stifel Nicolaus Europe Limited (“SNEL”). Unless otherwise indicated, the terms “we,” “us,” “our,” or “our company” in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries. 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, 2019 on file with the SEC. On March 27, 2020, the Company completed the sale of Ziegler Capital Management, LLC (“ZCM”), a wholly owned asset management subsidiary. The assets and liabilities of ZCM were classified as held for sale and are included in other assets and accounts payable and accrued expenses, respectively, at December 31, 2019. See Note 8 for further information. Certain amounts from prior periods have been reclassified to conform to the current period’s presentation. The effect of these reclassifications on our company’s previously reported consolidated financial statements was not material. |
Consolidation Policies | Consolidation Policies The consolidated financial statements include the accounts of Stifel Financial Corp. and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. For consolidated subsidiaries that are less than wholly owned, the third-party holdings of equity interests are referred to as non-controlling interests. The portion of shareholders’ equity that is attributable to non-controlling interests for such subsidiaries is presented as non-controlling interests, a component of total equity, in the consolidated statements of financial condition. Our non-controlling interest at December 31, 2019 represented a 27.5% third-party ownership of North Shore Aviation Holdings LLC (“North Shore”), which was a consolidated subsidiary of the Company that, through its subsidiary, owns airplane engines. On February 7, 2020, North Shore entered into a Credit Agreement with North Shore Aviation Trust Series 2020-1 (the “Trust”) whereby the Trust provided North Shore with a $120.0 million credit facility. North Shore was recapitalized with funding from the issuance of the senior notes and E-Certificates by the Trust. Upon the recapitalization, Stifel Bancorp’s equity in North Shore was redeemed. We deconsolidated the related assets, liabilities, and non-controlling interests of North Shore. We have investments or interests in other entities for which we must evaluate whether to consolidate by determining whether we have a controlling financial interest or are considered to be the primary beneficiary. Under our current consolidation policy, which complies with the provisions of ASC 810 as amended by ASU 2015-02, we consolidate those entities where we have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the rights to receive benefits from the entity that could potentially be significant to the entity. We determine whether we are the primary beneficiary of a variable interest entity (“VIE”) by performing an analysis of the VIE’s control structure, expected benefits and losses, and expected residual returns. This analysis includes a review of, among other factors, the VIE’s capital structure, contractual terms, which interests create or absorb benefits or losses, variability, related party relationships, and the design of the VIE. We reassess our evaluation of whether an entity is a VIE when certain reconsideration events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances. See Note 25 for additional information on VIEs. |
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, 2019. During the three months ended March 31, 2020, 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. 2016-13, “Financial Instruments − Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”)” on January 1, 2020. 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. These credit loss policy updates are applied prospectively in our consolidated financial statements from January 1, 2020. 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. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses includes both the allowance for loan losses and the reserve for unfunded lending commitments and represents management’s estimate of the expected credit losses in our company’s loan portfolio. The expected credit losses on our loan portfolio are referred to as the allowance for loan losses and are reported separately as a contra-asset to loans on the consolidated statement of financial condition. The expected credit losses for unfunded lending commitments, including standby letters of credit and binding unfunded loan commitments are reported on the consolidated statement of financial condition in accounts payable and accrued expenses. The provision for loan losses related to the loan portfolio in the consolidated statement of operations and the provision for unfunded lending commitments are reported in the consolidated statement of operations in other operating expenses. For loans, the expected credit loss is typically estimated using quantitative methods that consider a variety of factors such as historical loss experience derived from proxy data, the current credit quality of the portfolio as well as an economic outlook over the life of the loan. The life of the loan for closed-ended products is based on the contractual maturity of the loan adjusted for any expected prepayments. The contractual maturity includes any extension options that are at the sole discretion of the borrower. For open-ended products, the expected credit loss is determined based on the maximum repayment term associated with future draws from credit lines. In our loss forecasting framework, we incorporate forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels, corporate bond spreads and long-term interest rate forecasts. As any one economic outlook is inherently uncertain, we leverage multiple scenarios. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. Also included in the allowance for loan losses are qualitative reserves to cover losses that are expected but, in our company’s assessment, may not be adequately represented in the quantitative methods or the economic assumptions described above. For example, factors that we consider include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. Further, we consider the inherent uncertainty in quantitative models that are built on historical data. Once a loan is determined to be impaired, when principal or interest becomes 90 days past due or when collection becomes uncertain, the accrual of interest and amortization of deferred loan origination fees is discontinued (“non-accrual status”), and any accrued and unpaid interest income is reversed. Loans placed on non-accrual status are returned to accrual status when all delinquent principal and interest payments are collected and the collectability of future principal and interest payments is reasonably assured. Loan losses are charged against the allowance when we believe the uncollectibility of a loan balance is certain. Subsequent recoveries, if any, are credited to the allowance for loan loss. We do not include reserves for interest receivable in the measurement of the allowance for credit losses as we generally classify loans as nonperforming at 90 days past due and reverse interest income for these loans at that time. Large groups of smaller balance homogenous loans are collectively evaluated for impairment. Accordingly, we do not separately identify individual consumer and residential loans for impairment measurements. Impairment is measured on a loan-by-loan basis for non-homogeneous loans, and a specific allowance is established for individual loans determined to be impaired. Impairment is measured by comparing the carrying value of the impaired loan to the present value of its expected cash flow discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. See Note 7 for more information. |
Available-for-Sale and Held-to-Maturity Securities | Available-for-Sale and Held-to-Maturity Securities We evaluate each available-for-sale security where the value has declined below amortized cost. If our company intends to sell or believes it is more likely than not that it will be required to sell the debt security, it is written down to fair value through earnings. For available-for-sale debt securities our company intends to hold, we evaluate the debt securities for expected credit losses except for debt securities that are guaranteed by the U.S. Treasury or U.S. government agencies where we apply a zero credit loss assumption. For the remaining available-for-sale debt securities, we consider qualitative parameters such as internal and external credit ratings and the value of underlying collateral. If an available-for-sale debt security fails any of the qualitative parameters, a discounted cash flow analysis is used by our company to determine if a portion of the unrealized loss is a result of a credit loss. Any credit losses determined are recognized as an increase to the allowance for credit losses through provision expense recorded in the consolidated statement of operations in other operating expenses. Cash flows expected to be collected are estimated using all relevant information available such as, remaining payment terms, prepayment speeds, the financial condition of the issuer, expected defaults and the value of the underlying collateral. If any of the decline in fair value is related to market factors, that amount is recognized in accumulated other comprehensive income. In certain instances, the credit loss may exceed the total decline in fair value, in which case, the allowance recorded is limited to the difference between the amortized cost and the fair value of the asset. We separately evaluate our held-to-maturity debt securities for any credit losses. We perform a discounted cash flow analysis to estimate any credit losses which are then recognized as part of the allowance for credit losses. For available-for-sale and held-to-maturity debt securities, we have established a nonaccrual policy that results in timely write-off of accrued interest. See Note 6 for more information. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Goodwill Impairment Testing On January 1, 2020, we adopted ASU 2017-04, 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 adoption of the accounting update did not have a material impact on our consolidated financial statements. The future impact of the accounting update will depend upon the performance of our reporting units and the market conditions impacting the fair value of each reporting unit going forward. Financial Instruments – Credit Losses On January 1, 2020, we adopted ASU 2016-13 that requires the measurement of the allowance for credit losses to be based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. Upon adoption of the standard on January 1, 2020, we recorded a $10.4 million increase to the allowance for credit losses. The increase in the allowance is driven by the fact that the allowance under the CECL model covers expected credit losses over the full expected life of the loan portfolios and also takes into account forecasts of expected future economic conditions. The cumulative effect of adopting this standard was a decrease to retained earnings of $7.8 million (net of tax). |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The accounting standard related to contracts or hedging relationships that reference LIBOR or other reference rates that are expected to be discontinued due to reference rate reform. The accounting standard provides for optional expedients and other guidance regarding the accounting related to modifications of contracts, hedging relationships and other transactions affected by reference rate reform. We have elected to retrospectively adopt the new standard as of January 1, 2020 which resulted in no immediate impact. While reference rate reform is not expected to have a material accounting impact on our consolidated financial statements, the new standard will ease the administrative burden in accounting for the future effects of reference rate reform. Income Taxes In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. This accounting update removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The accounting update is effective for interim and annual periods beginning after December 15, 2020 (January 1, 2021, for our company), and early adoption is permitted. We are currently evaluating the impact that the accounting update will have on our consolidated financial statements. |
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 expense. All other investment banking advisory related expenses, including expenses incurred related to restructuring assignments, are expensed as incurred. All investment banking advisory expenses are recognized within other operating expenses on the consolidated statements of operations and any expenses reimbursed by our clients are recognized as investment banking revenues. Asset Management Fees. We earn management and performance fees in connection with investment advisory services provided to institutional and individual clients. Investment advisory fees are charged based on the value of assets in fee-based accounts and are affected by changes in the balances of client assets due to market fluctuations and levels of net new client assets. Fees are charged either in advance based on fixed rates applied to the value of the customers’ account at the beginning of the period or periodically based on contracted rates and account performance. Contracts can be terminated at any time with no incremental payments due to our company upon termination. If the contract is terminated by the customer fees are prorated for the period and fees charged for the post termination period are refundable to the customer. |
Receivables From And Payables_2
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019, included (in thousands) March 31, 2020 December 31, 2019 Receivables from clearing organizations $ 485,103 $ 471,122 Deposits paid for securities borrowed 103,530 135,373 Securities failed to deliver 115,761 21,295 $ 704,394 $ 627,790 |
Amounts Payable To Brokers, Dealers, And Clearing Organizations | Amounts payable to brokers, dealers, and clearing organizations at March 31, 2020 and December 31, 2019, included (in thousands) March 31, 2020 December 31, 2019 Deposits received from securities loaned $ 335,773 $ 608,333 Payable to clearing organizations 71,325 78,702 Securities failed to receive 138,829 25,256 $ 545,927 $ 712,291 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value | March 31, 2020 December 31, 2019 Fair value of investments Unfunded commitments Fair value of investments Unfunded commitments Money market funds $ 26,567 $ — $ 25,734 $ — Mutual funds 4,741 — 7,875 — Private equity funds 2,264 1,203 2,288 1,203 Partnership interests 3,240 953 3,058 953 Total $ 36,812 $ 2,156 $ 38,955 $ 2,156 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | March 31, 2020 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 12,821 $ 12,821 $ — $ — U.S. government agency securities 80,138 — 80,138 — Mortgage-backed securities: Agency 371,762 — 371,762 — Non-agency 2,870 — 2,870 — Asset-backed securities 12,942 — 12,767 175 Corporate securities: Fixed income securities 275,663 7,850 267,813 — Equity securities 69,259 64,203 5,056 — Sovereign debt 21,057 — 21,057 — State and municipal securities 75,740 — 75,740 — Loans 10,259 — — 10,259 Total financial instruments owned 932,511 84,874 837,203 10,434 Available-for-sale securities: U.S. government agency securities 5,650 — 5,650 — State and municipal securities 17,142 — 17,142 — Mortgage-backed securities: Agency 829,433 — 829,433 — Commercial 108,186 — 108,186 — Non-agency 8,644 — 8,644 — Corporate fixed income securities 727,590 — 727,590 — Asset-backed securities 1,669,445 — 1,669,445 — Total available-for-sale securities 3,366,090 — 3,366,090 — Investments: Corporate equity securities 14,898 13,838 — 1,060 Auction rate securities: Equity securities 14,243 — — 14,243 Municipal securities 183 — — 183 Other 16,119 9,362 5,924 833 Investments in funds and partnerships measured at NAV 10,245 Total investments 55,688 23,200 5,924 16,319 Cash equivalents measured at NAV 26,567 $ 4,380,856 $ 108,074 $ 4,209,217 $ 26,753 March 31, 2020 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 239,311 $ 239,311 $ — $ — U.S. government agency securities 16,320 — 16,320 — Agency mortgage-backed securities 179,407 — 179,407 — Corporate securities: Fixed income securities 192,603 3,882 188,721 — Equity securities 22,776 22,776 — — Sovereign debt 18,178 — 18,178 — State and municipal securities 200 — 200 — Total financial instruments sold, but not yet purchased 668,795 265,969 402,826 — Derivative contracts (1) 1,262 — 1,262 — $ 670,057 $ 265,969 $ 404,088 $ — (1 ) A ssets and liabilities measured at fair value on a recurring basis as of December 31, 2019 , are presented below (in thousands) : December 31, 2019 Total Level 1 Level 2 Level 3 Financial instruments owned: U.S. government securities $ 9,266 $ 9,266 $ — $ — U.S. government agency securities 66,881 — 66,881 — Mortgage-backed securities: Agency 388,856 — 388,856 — Non-agency 5,155 — 5,155 — Asset-backed securities 28,385 — 28,210 175 Corporate securities: Fixed income securities 250,783 872 249,911 — Equity securities 64,009 61,579 2,430 — Sovereign debt 12,403 — 12,403 — State and municipal securities 137,211 — 137,211 — Loans 9,983 — 832 9,151 Total financial instruments owned 972,932 71,717 891,889 9,326 Available-for-sale securities: U.S. government agency securities 5,067 — 5,067 — State and municipal securities 24,297 — 24,297 — Mortgage-backed securities: Agency 837,878 — 837,878 — Commercial 109,537 — 109,537 — Non-agency 9,758 — 9,758 — Corporate fixed income securities 675,311 — 675,311 — Asset-backed securities 1,592,889 — 1,592,889 — Total available-for-sale securities 3,254,737 — 3,254,737 — Investments: Corporate equity securities 35,083 34,023 — 1,060 Auction rate securities: Equity securities 14,243 — — 14,243 Municipal securities 654 — 470 184 Other 16,771 9,905 6,013 853 Investments in funds and partnerships measured at NAV 13,221 Total investments 79,972 43,928 6,483 16,340 Cash equivalents measured at NAV 25,734 Derivative contracts (1) 1,086 — 1,086 — $ 4,334,461 $ 115,645 $ 4,154,195 $ 25,666 (1) December 31, 2019 Total Level 1 Level 2 Level 3 Liabilities: Financial instruments sold, but not yet purchased: U.S. government securities $ 243,570 $ 243,570 $ — $ — U.S. government agency securities 1,000 — 1,000 — Agency mortgage-backed securities 231,909 — 231,909 — Corporate securities: Fixed income securities 140,100 633 139,467 — Equity securities 32,047 32,047 — — Sovereign debt 13,271 — 13,271 — Loans 955 — — 955 Total financial instruments sold, but not yet purchased $ 662,852 $ 276,250 $ 385,647 $ 955 |
Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments | Three Months Ended March 31, 2020 Financial instruments owned Investments Asset-Backed Securities Loans Corporate Equity Securities Auction Securities – Equity Auction Rate Securities – Municipal Other Balance at December 31, 2019 $ 175 $ 9,151 $ 1,060 $ 14,243 $ 184 $ 853 Unrealized losses — (2,827 ) — — (1 ) — Purchases — 6,942 — — — — Sales — (3,004 ) — — — (20 ) Redemptions — (3 ) — — — — Net change — 1,108 — — (1 ) (20 ) Balance at March 31, 2020 $ 175 $ 10,259 $ 1,060 $ 14,243 $ 183 $ 833 |
Schedule Of Fair Value Of Financial Instruments | March 31, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ 1,382,920 $ 1,382,920 $ 1,142,596 $ 1,142,596 Cash segregated for regulatory purposes 196,950 196,950 131,374 131,374 Securities purchased under agreements to resell 458,968 458,968 385,008 385,008 Financial instruments owned 932,511 932,511 972,932 972,932 Available-for-sale securities 3,366,090 3,366,090 3,254,737 3,254,737 Held-to-maturity securities 3,085,824 2,697,830 2,856,219 2,827,883 Bank loans 9,994,500 10,017,518 9,624,042 9,801,986 Loans held for sale 570,787 570,787 389,693 389,693 Investments 55,688 55,688 79,972 79,972 Derivative contracts (1) — — 1,086 1,086 Financial liabilities: Securities sold under agreements to repurchase $ 475,528 $ 475,528 $ 391,634 $ 391,634 Bank deposits 16,880,933 16,076,448 15,332,581 14,467,894 Financial instruments sold, but not yet purchased 668,795 668,795 662,852 662,852 Federal Home Loan Bank advances 250,000 250,000 250,000 250,000 Borrowings 198,150 198,150 150 150 Senior notes 1,017,269 1,016,578 1,017,010 1,069,425 Debentures to Stifel Financial Capital Trusts 60,000 37,860 60,000 45,847 Derivative contracts (2) 1,262 1,262 — — (1) Included in other assets in the consolidated statements of financial condition. (2) |
Estimated Fair Values Of Financial Instruments Not Measured At Fair Value | March 31, 2020 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 1,356,353 $ 1,356,353 $ — $ — Cash segregated for regulatory purposes 196,950 196,950 — — Securities purchased under agreements to resell 458,968 431,737 27,231 — Held-to-maturity securities 2,697,830 — 2,584,305 113,525 Bank loans 10,017,518 — 10,017,518 — Loans held for sale 570,787 — 570,787 — Financial liabilities: Securities sold under agreements to repurchase $ 475,528 $ — $ 475,528 $ — Bank deposits 16,076,448 — 16,076,448 — Federal Home Loan Bank advances 250,000 250,000 — — Borrowings 198,150 198,150 — — Senior notes 1,016,578 1,016,578 — — Debentures to Stifel Financial Capital Trusts 37,860 — — 37,860 December 31, 2019 Total Level 1 Level 2 Level 3 Financial assets: Cash $ 1,116,862 $ 1,116,862 $ — $ — Cash segregated for regulatory purposes 131,374 131,374 — — Securities purchased under agreements to resell 385,008 342,132 42,876 — Held-to-maturity securities 2,827,883 — 2,666,773 161,110 Bank loans 9,801,986 — 9,801,986 — Loans held for sale 389,693 — 389,693 — Financial liabilities: Securities sold under agreements to repurchase $ 391,634 $ 22,205 $ 369,429 $ — Bank deposits 14,467,894 — 14,467,894 — Federal Home Loan Bank advances 250,000 250,000 — — Borrowings 150 150 — — Senior notes 1,069,425 1,069,425 — — Debentures to Stifel Financial Capital Trusts 45,847 — — 45,847 |
Financial Instruments Owned A_2
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Components Of Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased | The components of financial instruments owned and financial instruments sold, but not yet purchased, at March 31, 2020 and December 31, 2019 are as follows (in thousands) March 31, 2020 December 31, 2019 Financial instruments owned: U.S. government securities $ 12,821 $ 9,266 U.S. government agency securities 80,138 66,881 Mortgage-backed securities: Agency 371,762 388,856 Non-agency 2,870 5,155 Asset-backed securities 12,942 28,385 Corporate securities: Fixed income securities 275,663 250,783 Equity securities 69,259 64,009 Sovereign debt 21,057 12,403 State and municipal securities 75,740 137,211 Loans 10,259 9,983 $ 932,511 $ 972,932 Financial instruments sold, but not yet purchased: U.S. government securities $ 239,311 $ 243,570 U.S. government agency securities 16,320 1,000 Agency mortgage-backed securities 179,407 231,909 Corporate securities: Fixed income securities 192,603 140,100 Equity securities 22,776 32,047 Sovereign debt 18,178 13,271 State and municipal securities 200 — Loans — 955 $ 668,795 $ 662,852 |
Available-For-Sale And Held-T_2
Available-For-Sale And Held-To-Maturity Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 (in thousands) March 31, 2020 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 5,534 $ 116 $ — $ 5,650 State and municipal securities 17,079 63 — 17,142 Mortgage-backed securities: Agency 807,043 22,545 (155 ) 829,433 Commercial 108,144 524 (482 ) 108,186 Non-agency 8,620 118 (94 ) 8,644 Corporate fixed income securities 741,219 3,460 (17,089 ) 727,590 Asset-backed securities 1,776,630 836 (108,021 ) 1,669,445 $ 3,464,269 $ 27,662 $ (125,841 ) $ 3,366,090 Held-to-maturity securities (2) Asset-backed securities $ 3,085,824 $ 1,458 $ (389,452 ) $ 2,697,830 December 31, 2019 Amortized Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value Available-for-sale securities U.S. government agency securities $ 5,028 $ 39 $ — $ 5,067 State and municipal securities 24,198 99 — 24,297 Mortgage-backed securities: Agency 840,659 3,070 (5,851 ) 837,878 Commercial 109,982 269 (714 ) 109,537 Non-agency 9,731 50 (23 ) 9,758 Corporate fixed income securities 664,028 11,283 — 675,311 Asset-backed securities 1,600,415 679 (8,205 ) 1,592,889 $ 3,254,041 $ 15,489 $ (14,793 ) $ 3,254,737 Held-to-maturity securities (2) Asset-backed securities $ 2,856,219 $ 5,960 $ (34,296 ) $ 2,827,883 (1) Unrealized gains/(losses) related to available-for-sale securities are reported in accumulated other comprehensive loss. (2) Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
Schedule Of Amortized Cost And Fair Values Of Debt Securities By Contractual Maturity | The table below summarizes the amortized cost and fair values of our securities by contractual maturity at March 31, 2020 and December 31, 2019 (in thousands) March 31, 2020 December 31, 2019 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Available-for-sale securities Within one year $ 26,838 $ 26,980 $ 6,861 $ 6,871 After one year through three years 261,013 259,331 229,184 229,760 After three years through five years 422,686 412,819 422,236 429,909 After five years through ten years 478,472 453,334 409,664 411,680 After ten years 2,275,260 2,213,626 2,186,096 2,176,517 $ 3,464,269 $ 3,366,090 $ 3,254,041 $ 3,254,737 Held-to-maturity securities After five years through ten years $ 686,300 $ 618,937 $ 598,250 $ 597,166 After ten years 2,399,524 2,078,893 2,257,969 2,230,717 $ 3,085,824 $ 2,697,830 $ 2,856,219 $ 2,827,883 |
Contractual Maturities | The maturities of our available-for-sale (fair value) and held-to-maturity (amortized cost) securities at March 31, 2020, are as follows ( in thousands Within 1 Year 1-5 Years 5-10 Years After 10 Years Total Available-for-sale securities (1) U.S. government agency securities $ 1,761 $ 3,889 $ — $ — $ 5,650 State and municipal securities — — 2,463 14,679 17,142 Mortgage-backed securities: Agency 33 676 786 827,938 829,433 Commercial — 31,607 — 76,579 108,186 Non-agency — 7,827 — 817 8,644 Corporate fixed income securities 25,186 628,151 74,253 — 727,590 Asset-backed securities — — 375,832 1,293,613 1,669,445 $ 26,980 $ 672,150 $ 453,334 $ 2,213,626 $ 3,366,090 Held-to-maturity securities Asset-backed securities $ — $ — $ 686,300 $ 2,399,524 $ 3,085,824 (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, 2020 (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 Agency $ (122 ) $ 23,806 $ (33 ) $ 10,315 $ (155 ) $ 34,121 Commercial (482 ) 61,706 — — (482 ) 61,706 Non-agency — — (94 ) 817 (94 ) 817 Corporate fixed income securities (17,089 ) 492,713 — — (17,089 ) 492,713 Asset-backed securities (67,624 ) 1,096,278 (40,397 ) 466,319 (108,021 ) 1,562,597 $ (85,317 ) $ 1,674,503 $ (40,524 ) $ 477,451 $ (125,841 ) $ 2,151,954 |
Schedule Of Amortized Cost Of Held-To-Maturity Securities By Credit Quality Indicator | The following table shows the amortized cost of our held-to-maturity securities by credit quality indicator at March 31, 2020 (in thousands) AAA AA A C Total Held-to-maturity securities Asset-backed securities $ 109,335 $ 2,958,230 $ 15,500 $ 2,759 $ 3,085,824 |
Bank Loans (Tables)
Bank Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio | March 31, 2020 December 31, 2019 Balance Percent Balance Percent Commercial and industrial $ 3,813,862 37.6 % $ 3,438,953 35.3 % Residential real estate 3,495,136 34.4 3,309,548 33.9 Securities-based loans 1,945,371 19.2 2,098,211 21.5 Commercial real estate 399,732 3.9 428,549 4.4 Construction and land 412,410 4.1 398,839 4.1 Home equity lines of credit 57,402 0.6 51,205 0.5 Other 32,762 0.2 27,311 0.3 Gross bank loans 10,156,675 100.0 % 9,752,616 100.0 % Unamortized loan discount, net (6,148 ) (6,588 ) Loans in process (53,953 ) (27,717 ) Unamortized loan fees, net 728 1,310 Allowance for loan losses (102,802 ) (95,579 ) Loans held for investment, net $ 9,994,500 $ 9,624,042 |
Activity In The Allowance For Loan Losses By Portfolio Segment | Three Months Ended March 31, 2020 Beginning Balance CECL Adoption Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 69,949 $ (19,940 ) $ 9,955 $ (2 ) $ — $ 59,962 Residential real estate 14,253 3,499 2,233 — — 19,985 Construction and land 4,613 2,674 3,666 — — 10,953 Commercial real estate 3,564 791 3,810 — — 8,165 Securities-based loans 2,361 1,346 (792 ) — — 2,915 Home equity lines of credit 442 39 57 — 1 539 Other 194 58 49 (18 ) — 283 Unallocated 203 (203 ) — — — — $ 95,579 $ (11,736 ) $ 18,978 $ (20 ) $ 1 $ 102,802 Three Months Ended March 31, 2019 Beginning Balance Provision Charge-offs Recoveries Ending Balance Commercial and industrial $ 68,367 $ 211 $ (12 ) $ — $ 68,566 Residential real estate 11,228 270 — 87 11,585 Securities-based loans 1,978 249 — — 2,227 Commercial real estate 1,778 643 — — 2,421 Construction and land 1,241 483 — — 1,724 Home equity lines of credit 310 61 — 1 372 Other 88 78 (44 ) 24 146 Unallocated 843 288 — — 1,131 $ 85,833 $ 2,283 $ (56 ) $ 112 $ 88,172 |
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 Commercial and industrial $ 8,158 $ 51,804 $ 59,962 $ 12,940 $ 3,800,922 $ 3,813,862 Residential real estate 24 19,961 19,985 1,411 3,493,725 3,495,136 Securities-based loans — 2,915 2,915 — 1,945,371 1,945,371 Commercial real estate — 8,165 8,165 — 399,732 399,732 Construction and land — 10,953 10,953 — 412,410 412,410 Home equity lines of credit — 539 539 — 57,402 57,402 Other — 283 283 — 32,762 32,762 $ 8,182 $ 94,620 $ 102,802 $ 14,351 $ 10,142,324 $ 10,156,675 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 Commercial and industrial $ 8,158 $ 61,791 $ 69,949 $ 12,991 $ 3,425,962 $ 3,438,953 Residential real estate 24 14,229 14,253 1,412 3,308,136 3,309,548 Securities-based loans — 2,361 2,361 — 2,098,211 2,098,211 Commercial real estate — 3,564 3,564 — 428,549 428,549 Construction and land — 4,613 4,613 — 398,839 398,839 Home equity lines of credit — 442 442 184 51,021 51,205 Other — 194 194 — 27,311 27,311 Unallocated — 203 203 — — — $ 8,182 $ 87,397 $ 95,579 $ 14,587 $ 9,738,029 $ 9,752,616 |
Loans That Were Individually Evaluated For Impairment By Portfolio Segment | March 31, 2020 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 12,940 $ — $ 12,940 $ 12,940 $ 8,158 $ 12,940 Residential real estate 1,411 1,249 162 1,411 24 1,411 Home equity lines of credit — — — — — 123 Other 150 — — — — — Total $ 14,501 $ 1,249 $ 13,102 $ 14,351 $ 8,182 $ 14,474 December 31, 2019 Unpaid Contractual Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Commercial and industrial $ 12,991 $ 51 $ 12,940 $ 12,991 $ 8,158 $ 14,172 Residential real estate 1,412 1,412 — 1,412 24 1,231 Home equity lines of credit 184 184 — 184 — 184 Other 150 — — — — — Total $ 14,737 $ 1,647 $ 12,940 $ 14,587 $ 8,182 $ 15,587 |
Aging Of The Recorded Investment In Past Due Loans | As of March 31, 2020 30 – 89 Days Past Due 90 or More Days Past Due Total Due Current Balance Total Commercial and industrial $ — $ 12,940 $ 12,940 $ 3,800,922 $ 3,813,862 Residential real estate 18,801 1,249 20,050 3,475,086 3,495,136 Securities-based loans — — — 1,945,371 1,945,371 Commercial real estate 146 — 146 399,586 399,732 Construction and land — — — 412,410 412,410 Home equity lines of credit — — — 57,402 57,402 Other 24 20 44 32,718 32,762 Total $ 18,971 $ 14,209 $ 33,180 $ 10,123,495 $ 10,156,675 As of March 31, 2020* Non-Accrual Restructured Nonperforming loans with no allowance Total Commercial and industrial $ 12,940 $ — $ — $ 12,940 Residential real estate — 162 1,249 1,411 Total $ 12,940 $ 162 $ 1,249 $ 14,351 * There were no loans past due 90 days and still accruing interest at March 31, 2020. As of December 31, 2019 30 – 89 Days Past Due 90 or More Days Past Due Total Past Due Current Balance Total Commercial and industrial $ — $ 12,940 $ 12,940 $ 3,426,013 $ 3,438,953 Residential real estate 10,476 1,249 11,725 3,297,823 3,309,548 Securities-based loans — — — 2,098,211 2,098,211 Commercial real estate — — — 428,549 428,549 Construction and land — — — 398,839 398,839 Home equity lines of credit 83 184 267 50,938 51,205 Other 5 — 5 27,306 27,311 Total $ 10,564 $ 14,373 $ 24,937 $ 9,727,679 $ 9,752,616 As of December 31, 2019* Non-Accrual Restructured Total Commercial and industrial $ 12,940 $ — $ 12,940 Residential real estate 1,249 163 1,412 Home equity lines of credit 184 — 184 Total $ 14,373 $ 163 $ 14,536 * There were no loans past due 90 days and still accruing interest at December 31, 2019. |
Risk Category Of Loan Portfolio | As of March 31, 2020 Pass Special Substandard Doubtful Total Commercial and industrial $ 3,684,127 $ 70,798 $ 45,997 $ 12,940 $ 3,813,862 Residential real estate 3,493,375 512 — 1,249 3,495,136 Securities-based loans 1,945,371 — — — 1,945,371 Commercial real estate 398,395 1,191 146 — 399,732 Construction and land 412,410 — — — 412,410 Home equity lines of credit 56,558 844 — — 57,402 Other 32,762 — — — 32,762 Total $ 10,022,998 $ 73,345 $ 46,143 $ 14,189 $ 10,156,675 As of December 31, 2019 Pass Special Substandard Doubtful Total Commercial and industrial $ 3,365,800 $ 48,241 $ 11,972 $ 12,940 $ 3,438,953 Residential real estate 3,307,719 417 1,412 — 3,309,548 Securities-based loans 2,098,211 — — — 2,098,211 Commercial real estate 427,963 586 — — 428,549 Construction and land 398,839 — — — 398,839 Home equity lines of credit 51,021 — 184 — 51,205 Other 27,311 — — — 27,311 Total $ 9,676,864 $ 49,244 $ 13,568 $ 12,940 $ 9,752,616 |
Schedule of Term Loans Amortized Cost Basis by Origination Year and Revolving Cost Amortized Cost Basis | Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total Commercial and industrial: Pass $ 13,415 $ 78,130 $ 2,558,504 $ 11,957 $ 21,687 $ 38,622 $ 961,812 $ 3,684,127 Special Mention — — 61,136 — — — 9,662 70,798 Substandard — — 42,236 — — 30 3,731 45,997 Doubtful — — — 12,940 — — — 12,940 $ 13,415 $ 78,130 $ 2,661,876 $ 24,897 $ 21,687 $ 38,652 $ 975,205 $ 3,813,862 Residential real estate: Pass $ 383,891 $ 1,088,915 $ 494,050 $ 381,708 $ 354,811 $ 790,000 $ — $ 3,493,375 Special Mention — — — — — 512 — 512 Substandard — — — — — — — — Doubtful — — — 148 — 1,101 — 1,249 $ 383,891 $ 1,088,915 $ 494,050 $ 381,856 $ 354,811 $ 791,613 $ — $ 3,495,136 Securities-based loans: Pass $ 14,447 $ 103,364 $ 3,364 $ 140 $ 143,576 $ 23,567 $ 1,656,913 $ 1,945,371 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 14,447 $ 103,364 $ 3,364 $ 140 $ 143,576 $ 23,567 $ 1,656,913 $ 1,945,371 Commercial real estate: Pass $ 65,127 $ 150,919 $ 39,637 $ 57,328 $ 21,106 $ 58,032 $ 6,246 $ 398,395 Special Mention — — — — 1,191 — — 1,191 Substandard — — 146 — — — — 146 Doubtful — — — — — — — — $ 65,127 $ 150,919 $ 39,783 $ 57,328 $ 22,297 $ 58,032 $ 6,246 $ 399,732 Construction and land: Pass $ 15,601 $ 164,191 $ 155,330 $ 59,888 $ 7,801 $ 1,722 $ 7,877 $ 412,410 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 15,601 $ 164,191 $ 155,330 $ 59,888 $ 7,801 $ 1,722 $ 7,877 $ 412,410 Home equity lines of credit: Pass $ — $ — $ — $ — $ — $ — $ 56,558 $ 56,558 Special Mention — — — — — — 844 844 Substandard — — — — — — — — Doubtful — — — — — — — — $ — $ — $ — $ — $ — $ — $ 57,402 $ 57,402 Other: Pass $ — $ — $ 7 $ — $ 1,258 $ 53 $ 31,444 $ 32,762 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ — $ — $ 7 $ — $ 1,258 $ 53 $ 31,444 $ 32,762 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019 Adjustments Sale of ZCM March 31, 2020 Goodwill Global Wealth Management $ 344,981 $ — $ (9,972 ) $ 335,009 Institutional Group 849,093 412 — 849,505 $ 1,194,074 $ 412 $ (9,972 ) $ 1,184,514 December 31, 2019 Adjustments / Sale of ZCM Amortization March 31, 2020 Intangible assets Global Wealth Management $ 53,279 $ (1,532 ) $ (1,735 ) $ 50,012 Institutional Group 108,494 (563 ) (3,297 ) 104,634 $ 161,773 $ (2,095 ) $ (5,032 ) $ 154,646 |
Intangible Assets | Intangible assets as of March 31, 2020 and December 31, 2019 were as follows (in thousands) March 31, 2020 December 31, 2019 Gross Carrying Value Accumulated Amortization Gross Carrying Value Accumulated Amortization Customer relationships $ 202,563 $ 76,762 $ 207,253 $ 75,987 Trade name 28,659 14,112 28,659 13,649 Core deposits 8,615 3,475 8,615 2,985 Non-compete agreements 9,280 3,020 9,490 2,828 Investment banking backlog 4,245 2,024 4,245 1,787 Acquired technology 840 163 840 93 $ 254,202 $ 99,556 $ 259,102 $ 97,329 |
Amortization Expense In Future Periods | As of March 31, 2020, we expect amortization expense in future periods to be as follows (in thousands) Fiscal year Remainder of 2020 $ 13,640 2021 17,326 2022 15,968 2023 14,678 2024 13,797 Thereafter 77,119 $ 152,528 |
Senior Notes (Tables)
Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Senior Notes | The following table summarizes our senior notes as of March 31, 2020 and December 31, 2019 (in thousands) March 31, 2020 December 31, 2019 4.25% 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 (7,731 ) (7,990 ) Senior notes, net $ 1,017,269 $ 1,017,010 (1) In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.25% senior notes due July 2024 (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 (3) October 2047 |
Schedule of Corporate Date Maturity | Our senior notes mature as follows, based upon contractual terms (in thousands) 2020 $ 300,000 2021 — 2022 — 2023 — 2024 500,000 Thereafter 225,000 $ 1,025,000 |
Bank Deposits (Tables)
Bank Deposits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 were as follows (in thousands) March 31, 2020 December 31, 2019 Money market and savings accounts $ 15,465,695 $ 13,530,670 Demand deposits (interest-bearing) 926,377 1,113,296 Demand deposits (non-interest-bearing) 261,776 165,657 Certificates of deposit 227,085 522,958 $ 16,880,933 $ 15,332,581 |
Schedule of Maturities of Certificates of Deposit | Scheduled maturities of certificates of deposit at March 31, 2020 and December 31, 2019 were as follows (in thousands): March 31, 2020 December 31, 2019 Certificates of deposit, less than $100,000: Within one year $ 4,971 $ 5,305 One to three years 6,212 360 Three to five years 213 13 $ 11,396 $ 5,678 Certificates of deposit, $100,000 and greater: Within one year $ 175,825 $ 441,341 One to three years 39,864 68,855 Three to five years — 7,084 215,689 517,280 $ 227,085 $ 522,958 |
Derivative Instruments And He_2
Derivative Instruments And Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Schedule Of Notional Values And Fair Values Of Derivative Instruments Designated As Hedging Instruments | The following table provides the notional values and fair values of our derivative instruments designated as hedging instruments as of March 31, 2020 and December 31, 2019 (in thousands) March 31, 2020 Notional Balance Location Fair Value Derivative Liabilities Cash flow interest rate contracts $ 250,000 Accounts payable and accrued expenses $ 1,262 December 31, 2019 Notional Value Balance Location Fair Value Derivative Assets Cash flow interest rate contracts $ 250,000 Other assets $ 1,086 |
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, 2020 and 2019 (in thousands) Gain/(Loss) Recognized in OCI Gain/(Loss) Reclassified From OCI Into Income Three Months Ended March 31, Three Months Ended March 31, 2020 2019 2020 2019 Cash flow interest rate contracts $ (2,014 ) $ 925 $ (251 ) $ 1,542 |
Disclosures About Offsetting _2
Disclosures About Offsetting Assets And Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and December 31, 2019 (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, 2020: Securities borrowing (1) $ 103,530 $ — $ 103,530 $ (27,484 ) $ (72,229 ) $ 3,817 Reverse repurchase agreements (2) 458,968 — 458,968 (54,339 ) (404,589 ) 40 $ 562,498 $ — $ 562,498 $ (81,823 ) $ (476,818 ) $ 3,857 As of December 31, 2019: Securities borrowing (1) $ 135,373 $ — $ 135,373 $ (52,319 ) $ (74,760 ) $ 8,294 Reverse repurchase agreements (2) 385,008 — 385,008 (59,892 ) (325,096 ) 20 Cash flow interest rate contracts 1,086 — 1,086 — — 1,086 $ 521,467 $ — $ 521,467 $ (112,211 ) $ (399,856 ) $ 9,400 (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 $462.3 million and $385.3 million at March 31, 2020 and December 31, 2019, 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, 2020 and December 31, 2019 (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, 2020: Securities lending (3) $ (335,773 ) $ — $ (335,773 ) $ 27,484 $ 308,277 $ (12 ) Repurchase agreements (4) (475,528 ) — (475,528 ) 54,339 421,189 — Cash flow interest rate contracts (1,262 ) — (1,262 ) — — (1,262 ) $ (812,563 ) $ — $ (812,563 ) $ 81,823 $ 729,466 $ (1,274 ) As of December 31, 2019: Securities lending (3) $ (608,333 ) $ — $ (608,333 ) $ 52,319 $ 555,782 $ (232 ) Repurchase agreements (4) (391,634 ) — (391,634 ) 59,892 331,742 — $ (999,967 ) $ — $ (999,967 ) $ 112,211 $ 887,524 $ (232 ) (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 counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $494.8 million and $407.3 million at March 31, 2020 and December 31, 2019, respectively. |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios | Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Financial Corp. Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,947,549 14.3 % $ 611,382 4.5 % $ 883,107 6.5 % Tier 1 capital 2,257,549 16.6 % 815,176 6.0 % 1,086,901 8.0 % Total capital 2,406,674 17.7 % 1,086,901 8.0 % 1,358,626 10.0 % Tier 1 leverage 2,257,549 9.6 % 941,644 4.0 % 1,177,055 5.0 % Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Bank & Trust Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 1,039,680 11.7 % $ 398,418 4.5 % $ 575,493 6.5 % Tier 1 capital 1,039,680 11.7 % 531,225 6.0 % 708,299 8.0 % Total capital 1,150,272 13.0 % 708,299 8.0 % 885,374 10.0 % Tier 1 leverage 1,039,680 7.1 % 583,181 4.0 % 728,977 5.0 % Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Stifel Bank Amount Ratio Amount Ratio Amount Ratio Common equity tier 1 capital $ 168,855 15.6 % $ 48,679 4.5 % $ 70,315 6.5 % Tier 1 capital 168,855 15.6 % 64,906 6.0 % 86,541 8.0 % Total capital 178,053 16.5 % 86,541 8.0 % 108,176 10.0 % Tier 1 leverage 168,855 7.3 % 92,478 4.0 % 115,598 5.0 % |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Lessee Disclosure [Abstract] | |
Schedule of Net Lease Cost | The table below summarizes our net lease cost for the three months ended March 31, 2020 and 2019 (in thousands) Three Months Ended March 31, 2020 2019 Operating lease cost $ 24,395 $ 22,346 Short-term lease cost 476 360 Variable lease cost 15 6 Sublease income (908 ) (1,272 ) Net lease cost $ 23,978 $ 21,440 The table below summarizes other information related to our operating leases as of and for the three months ended March 31, 2020 (in thousands) Operating lease cash flows $ 23,956 Weighted-average remaining lease term 11.5 years Weighted-average discount rate 4.56 % |
Schedule of Information About Operating Lease Liabilities | The table below presents information about operating lease liabilities as of March 31, 2020, (in thousands, except percentages) Remainder of 2020 $ 69,890 2021 85,042 2022 83,314 2023 82,885 2024 81,792 Thereafter 529,185 Total undiscounted lease payments 932,108 Imputed interest (223,606 ) Total operating lease liabilities $ 708,502 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenues | The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenues for the three months ended March 31, 2020 and 2019 (in thousands) Three Months Ended March 31, 2020 2019 Revenues from contracts with customers: Commissions $ 211,098 $ 155,449 Investment banking 179,468 161,840 Asset management and service fees 237,775 195,267 Other 4,767 3,782 Total revenue from contracts with customers 633,108 516,338 Other sources of revenue: Interest 161,177 191,071 Principal transactions 138,666 104,032 Other 4,440 8,427 Total revenues $ 937,391 $ 819,868 |
Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions | The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the three months ended March 31, 2020 and 2019 (in thousands) Three Months Ended March 31, 2020 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions (1) $ 136,897 $ 74,198 $ 3 $ 211,098 Capital raising 10,314 93,082 — 103,396 Advisory fees 19 76,053 — 76,072 Investment banking 10,333 169,135 — 179,468 Asset management 237,760 15 — 237,775 Other 4,001 — 766 4,767 Total 388,991 243,348 769 633,108 Primary Geographic Region: United States 388,991 198,043 769 587,803 United Kingdom — 30,763 — 30,763 Other — 14,542 — 14,542 $ 388,991 $ 243,348 $ 769 $ 633,108 Three Months Ended March 31, 2019 (1) Global Wealth Management Institutional Group Other Total Major business activity: Commissions $ 109,927 $ 45,522 $ — $ 155,449 Capital raising (1) 8,223 48,722 — 56,945 Advisory fees (1) — 104,895 — 104,895 Investment banking 8,223 153,617 — 161,840 Asset management 195,253 14 — 195,267 Other 2,455 — 1,327 3,782 Total 315,858 199,153 1,327 516,338 Primary Geographic Region: United States 315,858 176,740 1,327 493,925 United Kingdom — 21,103 — 21,103 Other — 1,310 — 1,310 $ 315,858 $ 199,153 $ 1,327 $ 516,338 (1) |
Interest Income and Interest _2
Interest Income and Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 Interest income: Loans held for investment, net $ 95,120 $ 93,224 Investment securities 48,137 65,466 Margin balances 10,131 13,440 Financial instruments owned, net 4,574 6,313 Other 3,215 12,628 $ 161,177 $ 191,071 Interest expense: Bank deposits $ 9,569 $ 28,066 Senior notes 11,193 11,122 Federal Home Loan Bank advances 2,353 1,678 Other 1,242 8,582 $ 24,357 $ 49,448 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Information, Segment | Information concerning operations in these segments of business for the three months ended March 31, 2020 and 2019 is as follows (in thousands) Three Months Ended March 31, 2020 2019 Net revenues: (1) Global Wealth Management $ 582,956 $ 510,610 Institutional Group 332,238 261,286 Other (2,160 ) (1,476 ) $ 913,034 $ 770,420 Income/(loss) before income taxes: Global Wealth Management $ 194,167 $ 194,490 Institutional Group 41,740 32,204 Other (120,801 ) (88,885 ) $ 115,106 $ 137,809 (1) No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2020 or 2019. |
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, 2020 and December 31, 2019 (in thousands) March 31, 2020 December 31, 2019 Global Wealth Management $ 22,071,309 $ 20,675,580 Institutional Group 3,566,205 3,668,723 Other 258,492 265,922 $ 25,896,006 $ 24,610,225 |
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, 2020 and 2019, were as follows (in thousands) Three Months Ended March 31, 2020 2019 United States $ 860,132 $ 741,230 United Kingdom 37,738 26,390 Other 15,164 2,800 $ 913,034 $ 770,420 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019 (in thousands, except per share data) Three Months Ended March 31, 2020 2019 Net income applicable to Stifel Financial Corp. $ 86,589 $ 99,207 Preferred dividends 4,844 2,344 Net income available to common shareholders $ 81,745 $ 96,863 Shares for basic and diluted calculation: Average shares used in basic computation 71,286 71,700 Dilutive effect of stock options and units (1) 5,333 7,510 Average shares used in diluted computation 76,619 79,210 Earnings per common share: Basic $ 1.15 $ 1.35 Diluted $ 1.07 $ 1.22 (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 o_3
Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | Mar. 31, 2020 | Feb. 07, 2020 | Dec. 31, 2019 |
Stifel Credit Facility [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Credit facility | $ 250,000,000 | ||
North Shore Aviation Holdings LLC [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 27.50% | ||
North Shore Aviation Holdings LLC [Member] | Stifel Credit Facility [Member] | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Credit facility | $ 120,000,000 |
New Accounting Pronouncements_2
New Accounting Pronouncements (Narrative) (Details) - ASU 2016-13 [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Increase in allowance for credit losses | $ 10.4 |
Cumulative adjustments for accounting changes | $ 7.8 |
Receivables From And Payables_3
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Receivable From Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Receivables from clearing organizations | $ 485,103 | $ 471,122 |
Deposits paid for securities borrowed | 103,530 | 135,373 |
Securities failed to deliver | 115,761 | 21,295 |
Receivables from brokers, dealers and clearing organizations, Total | $ 704,394 | $ 627,790 |
Receivables From And Payables_4
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (Amounts Payable To Brokers, Dealers, And Clearing Organizations) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Due To And From Broker Dealers And Clearing Organizations [Abstract] | ||
Deposits received from securities loaned | $ 335,773 | $ 608,333 |
Payable to clearing organizations | 71,325 | 78,702 |
Securities failed to receive | 138,829 | 25,256 |
Payables to broker, dealers and clearing organizations, Total | $ 545,927 | $ 712,291 |
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, 2020 | Dec. 31, 2019 |
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | $ 36,812 | $ 38,955 |
Unfunded commitments | 2,156 | 2,156 |
Money Market Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 26,567 | 25,734 |
Mutual Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 4,741 | 7,875 |
Private Equity Funds [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 2,264 | 2,288 |
Unfunded commitments | 1,203 | 1,203 |
Partnership Interests [Member] | ||
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items] | ||
Fair value of investments | 3,240 | 3,058 |
Unfunded commitments | $ 953 | $ 953 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | $ 932,511 | $ 972,932 |
Available-for-sale securities | 3,366,090 | 3,254,737 |
Investments | 55,688 | 79,972 |
Cash equivalents measured at NAV | 26,567 | 25,734 |
Derivative contracts, Assets | 1,086 | |
Total Assets | 4,380,856 | 4,334,461 |
Financial instruments sold, but not yet purchased, at fair value | 668,795 | 662,852 |
Derivative contracts, Liabilities | 1,262 | |
Total Liabilities | 670,057 | |
Sovereign Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 21,057 | 12,403 |
Financial instruments sold, but not yet purchased, at fair value | 18,178 | 13,271 |
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 80,138 | 66,881 |
Available-for-sale securities | 5,650 | 5,067 |
Financial instruments sold, but not yet purchased, at fair value | 16,320 | 1,000 |
Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 12,942 | 28,385 |
Available-for-sale securities | 1,669,445 | 1,592,889 |
Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 275,663 | 250,783 |
Available-for-sale securities | 727,590 | 675,311 |
Financial instruments sold, but not yet purchased, at fair value | 192,603 | 140,100 |
Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 69,259 | 64,009 |
Investments | 14,898 | 35,083 |
Financial instruments sold, but not yet purchased, at fair value | 22,776 | 32,047 |
State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 75,740 | 137,211 |
Available-for-sale securities | 17,142 | 24,297 |
Financial instruments sold, but not yet purchased, at fair value | 200 | |
Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 10,259 | 9,983 |
Financial instruments sold, but not yet purchased, at fair value | 955 | |
Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 14,243 | 14,243 |
Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 183 | 654 |
Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 16,119 | 16,771 |
Investments in Funds and Partnerships Measured at NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 10,245 | 13,221 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 12,821 | 9,266 |
Financial instruments sold, but not yet purchased, at fair value | 239,311 | 243,570 |
Mortgage Backed Securities [Member] | Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 371,762 | 388,856 |
Available-for-sale securities | 829,433 | 837,878 |
Financial instruments sold, but not yet purchased, at fair value | 179,407 | 231,909 |
Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 2,870 | 5,155 |
Available-for-sale securities | 8,644 | 9,758 |
Mortgage Backed Securities [Member] | Commercial [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 108,186 | 109,537 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 84,874 | 71,717 |
Investments | 23,200 | 43,928 |
Total Assets | 108,074 | 115,645 |
Financial instruments sold, but not yet purchased, at fair value | 265,969 | 276,250 |
Total Liabilities | 265,969 | |
Level 1 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 7,850 | 872 |
Financial instruments sold, but not yet purchased, at fair value | 3,882 | 633 |
Level 1 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 64,203 | 61,579 |
Investments | 13,838 | 34,023 |
Financial instruments sold, but not yet purchased, at fair value | 22,776 | 32,047 |
Level 1 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 9,362 | 9,905 |
Level 1 [Member] | U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 12,821 | 9,266 |
Financial instruments sold, but not yet purchased, at fair value | 239,311 | 243,570 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 837,203 | 891,889 |
Available-for-sale securities | 3,366,090 | 3,254,737 |
Investments | 5,924 | 6,483 |
Derivative contracts, Assets | 1,086 | |
Total Assets | 4,209,217 | 4,154,195 |
Financial instruments sold, but not yet purchased, at fair value | 402,826 | 385,647 |
Derivative contracts, Liabilities | 1,262 | |
Total Liabilities | 404,088 | |
Level 2 [Member] | Sovereign Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 21,057 | 12,403 |
Financial instruments sold, but not yet purchased, at fair value | 18,178 | 13,271 |
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 | 80,138 | 66,881 |
Available-for-sale securities | 5,650 | 5,067 |
Financial instruments sold, but not yet purchased, at fair value | 16,320 | 1,000 |
Level 2 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 12,767 | 28,210 |
Available-for-sale securities | 1,669,445 | 1,592,889 |
Level 2 [Member] | Corporate Fixed Income Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 267,813 | 249,911 |
Available-for-sale securities | 727,590 | 675,311 |
Financial instruments sold, but not yet purchased, at fair value | 188,721 | 139,467 |
Level 2 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 5,056 | 2,430 |
Level 2 [Member] | State And Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 75,740 | 137,211 |
Available-for-sale securities | 17,142 | 24,297 |
Financial instruments sold, but not yet purchased, at fair value | 200 | |
Level 2 [Member] | Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 832 | |
Level 2 [Member] | Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 470 | |
Level 2 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 5,924 | 6,013 |
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 | 371,762 | 388,856 |
Available-for-sale securities | 829,433 | 837,878 |
Financial instruments sold, but not yet purchased, at fair value | 179,407 | 231,909 |
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 | 2,870 | 5,155 |
Available-for-sale securities | 8,644 | 9,758 |
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 | 108,186 | 109,537 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 10,434 | 9,326 |
Investments | 16,319 | 16,340 |
Total Assets | 26,753 | 25,666 |
Financial instruments sold, but not yet purchased, at fair value | 955 | |
Level 3 [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 175 | 175 |
Level 3 [Member] | Corporate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,060 | 1,060 |
Level 3 [Member] | Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments owned | 10,259 | 9,151 |
Financial instruments sold, but not yet purchased, at fair value | 955 | |
Level 3 [Member] | Auction Rate Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 14,243 | 14,243 |
Level 3 [Member] | Auction Rate Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 183 | 184 |
Level 3 [Member] | Other Investment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 833 | $ 853 |
Fair Value Of Financial Instr_3
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, 2020USD ($) | |
Asset-Backed Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | $ 175 |
Ending Balance | 175 |
Loans [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 9,151 |
Unrealized losses | (2,827) |
Purchases | 6,942 |
Sales | (3,004) |
Redemptions | (3) |
Net change | 1,108 |
Ending Balance | 10,259 |
Corporate Equity Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 1,060 |
Ending Balance | 1,060 |
Equity Auction Rate Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 14,243 |
Ending Balance | 14,243 |
Auction Rate Municipal Securities [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 184 |
Unrealized losses | (1) |
Net change | (1) |
Ending Balance | 183 |
Other Investment [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning Balance | 853 |
Sales | (20) |
Net change | (20) |
Ending Balance | $ 833 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Schedule Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | $ 1,356,353 | ||
Cash segregated for regulatory purposes | 196,950 | ||
Securities purchased under agreements to resell | [1] | 458,968 | $ 385,008 |
Financial instruments owned | 932,511 | 972,932 | |
Available-for-sale securities | 3,366,090 | 3,254,737 | |
Held-to-maturity securities | 2,697,830 | 2,827,883 | |
Bank loans | 10,017,518 | ||
Loans held for sale | 570,787 | ||
Derivative contracts | 1,086 | ||
Securities sold under agreements to repurchase | [2] | 475,528 | 391,634 |
Bank deposits | 16,076,448 | ||
Financial instruments sold, but not yet purchased, at fair value | 668,795 | 662,852 | |
Federal Home Loan Bank advances | 250,000 | ||
Borrowings | 198,150 | ||
Senior notes | 1,017,269 | 1,017,010 | |
Debentures to Stifel Financial Capital Trusts | 37,860 | ||
Derivative contracts | 1,262 | ||
Carrying Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 1,382,920 | 1,142,596 | |
Cash segregated for regulatory purposes | 196,950 | 131,374 | |
Securities purchased under agreements to resell | 458,968 | 385,008 | |
Financial instruments owned | 932,511 | 972,932 | |
Available-for-sale securities | 3,366,090 | 3,254,737 | |
Held-to-maturity securities | 3,085,824 | 2,856,219 | |
Bank loans | 9,994,500 | 9,624,042 | |
Loans held for sale | 570,787 | 389,693 | |
Investments | 55,688 | 79,972 | |
Derivative contracts | [3] | 1,086 | |
Securities sold under agreements to repurchase | 475,528 | 391,634 | |
Bank deposits | 16,880,933 | 15,332,581 | |
Financial instruments sold, but not yet purchased, at fair value | 668,795 | 662,852 | |
Federal Home Loan Bank advances | 250,000 | 250,000 | |
Borrowings | 198,150 | 150 | |
Senior notes | 1,017,269 | 1,017,010 | |
Debentures to Stifel Financial Capital Trusts | 60,000 | 60,000 | |
Derivative contracts | [4] | 1,262 | |
Estimated Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 1,382,920 | 1,142,596 | |
Cash segregated for regulatory purposes | 196,950 | 131,374 | |
Securities purchased under agreements to resell | 458,968 | 385,008 | |
Financial instruments owned | 932,511 | 972,932 | |
Available-for-sale securities | 3,366,090 | 3,254,737 | |
Held-to-maturity securities | 2,697,830 | 2,827,883 | |
Bank loans | 10,017,518 | 9,801,986 | |
Loans held for sale | 570,787 | 389,693 | |
Investments | 55,688 | 79,972 | |
Derivative contracts | [3] | 1,086 | |
Securities sold under agreements to repurchase | 475,528 | 391,634 | |
Bank deposits | 16,076,448 | 14,467,894 | |
Financial instruments sold, but not yet purchased, at fair value | 668,795 | 662,852 | |
Federal Home Loan Bank advances | 250,000 | 250,000 | |
Borrowings | 198,150 | 150 | |
Senior notes | 1,016,578 | 1,069,425 | |
Debentures to Stifel Financial Capital Trusts | 37,860 | $ 45,847 | |
Derivative contracts | [4] | $ 1,262 | |
[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 $462.3 million and $385.3 million at March 31, 2020 and December 31, 2019, respectively. | ||
[2] | Collateral pledged includes the fair value of securities pledged by our company to the counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $494.8 million and $407.3 million at March 31, 2020 and December 31, 2019, respectively. | ||
[3] | Included in other assets in the consolidated statements of financial condition. | ||
[4] | Included in accounts payable and accrued expenses in the consolidated statements of financial condition. |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Estimated Fair Values Of Financial Instruments Not Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | $ 1,356,353 | ||
Cash segregated for regulatory purposes | 196,950 | ||
Securities purchased under agreements to resell | [1] | 458,968 | $ 385,008 |
Held-to-maturity securities | 2,697,830 | 2,827,883 | |
Bank loans | 10,017,518 | ||
Loans held for sale | 570,787 | ||
Securities sold under agreements to repurchase | [2] | 475,528 | 391,634 |
Bank deposits | 16,076,448 | ||
Federal Home Loan Bank advances | 250,000 | ||
Borrowings | 198,150 | ||
Senior notes | 1,016,578 | ||
Debentures to Stifel Financial Capital Trusts | 37,860 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 1,116,862 | ||
Cash segregated for regulatory purposes | 131,374 | ||
Securities purchased under agreements to resell | 385,008 | ||
Held-to-maturity securities | 2,827,883 | ||
Bank loans | 9,801,986 | ||
Loans held for sale | 389,693 | ||
Securities sold under agreements to repurchase | 391,634 | ||
Bank deposits | 14,467,894 | ||
Federal Home Loan Bank advances | 250,000 | ||
Borrowings | 150 | ||
Senior notes | 1,069,425 | ||
Debentures to Stifel Financial Capital Trusts | 45,847 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 1,356,353 | 1,116,862 | |
Cash segregated for regulatory purposes | 196,950 | 131,374 | |
Securities purchased under agreements to resell | 431,737 | 342,132 | |
Securities sold under agreements to repurchase | 22,205 | ||
Federal Home Loan Bank advances | 250,000 | 250,000 | |
Borrowings | 198,150 | 150 | |
Senior notes | 1,016,578 | 1,069,425 | |
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 | 27,231 | 42,876 | |
Held-to-maturity securities | 2,584,305 | 2,666,773 | |
Bank loans | 10,017,518 | 9,801,986 | |
Loans held for sale | 570,787 | 389,693 | |
Securities sold under agreements to repurchase | 475,528 | 369,429 | |
Bank deposits | 16,076,448 | 14,467,894 | |
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 | 113,525 | 161,110 | |
Debentures to Stifel Financial Capital Trusts | $ 37,860 | $ 45,847 | |
[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 $462.3 million and $385.3 million at March 31, 2020 and December 31, 2019, respectively. | ||
[2] | Collateral pledged includes the fair value of securities pledged by our company to the counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $494.8 million and $407.3 million at March 31, 2020 and December 31, 2019, respectively. |
Financial Instruments Owned A_3
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Components Of Trading Securities Owned And Trading Securities Sold, But Not Yet Purchased) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | $ 932,511 | $ 972,932 |
U.S. Government Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 80,138 | 66,881 |
Corporate Fixed Income Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 275,663 | 250,783 |
Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 69,259 | 64,009 |
State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 75,740 | 137,211 |
Loans [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 10,259 | 9,983 |
U.S. Government Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 12,821 | 9,266 |
Sovereign Debt [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 21,057 | 12,403 |
Securities Sold, But Not yet Purchased [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments owned, at fair value | 668,795 | 662,852 |
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 | 16,320 | 1,000 |
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 | 192,603 | 140,100 |
Securities Sold, But Not yet Purchased [Member] | Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities | 22,776 | 32,047 |
Securities Sold, But Not yet Purchased [Member] | State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
State and municipal securities | 200 | |
Securities Sold, But Not yet Purchased [Member] | Loans [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fixed income securities | 955 | |
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 | 239,311 | 243,570 |
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 | 179,407 | 231,909 |
Securities Sold, But Not yet Purchased [Member] | Sovereign Debt [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Sovereign debt | 18,178 | 13,271 |
Securities Owned [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Asset-backed securities | 12,942 | 28,385 |
Financial instruments owned, at fair value | 932,511 | 972,932 |
Securities Owned [Member] | U.S. Government Agency Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 80,138 | 66,881 |
Securities Owned [Member] | Corporate Fixed Income Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fixed income securities | 275,663 | 250,783 |
Securities Owned [Member] | Corporate Equity Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities | 69,259 | 64,009 |
Securities Owned [Member] | State and Municipal Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
State and municipal securities | 75,740 | 137,211 |
Securities Owned [Member] | Loans [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Fixed income securities | 10,259 | 9,983 |
Securities Owned [Member] | U.S. Government Securities [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 12,821 | 9,266 |
Securities Owned [Member] | Mortgage Backed Securities [Member] | Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 371,762 | 388,856 |
Securities Owned [Member] | Mortgage Backed Securities [Member] | Non-Agency [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Trading securities owned | 2,870 | 5,155 |
Securities Owned [Member] | Sovereign Debt [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Sovereign debt | $ 21,057 | $ 12,403 |
Financial Instruments Owned A_4
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 526.7 | $ 801.5 |
Securities Owned [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Financial instruments pledged as collateral | $ 708 | $ 511.2 |
Available-For-Sale And Held-T_3
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, 2020 | Dec. 31, 2019 | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | $ 3,464,269 | $ 3,254,041 | |
Available for sale securities, unrealized gains | [1] | 27,662 | 15,489 |
Available-for-sale Securities, Gross unrealized losses | [1] | (125,841) | (14,793) |
Available-for-sale securities | 3,366,090 | 3,254,737 | |
Held-to-maturity Securities, Amortized cost | 3,085,824 | 2,856,219 | |
Held-to-maturity securities, Estimated fair value | 2,697,830 | 2,827,883 | |
U.S. Government Agency Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 5,534 | 5,028 | |
Available for sale securities, unrealized gains | [1] | 116 | 39 |
Available-for-sale securities | 5,650 | 5,067 | |
State And Municipal Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 17,079 | 24,198 | |
Available for sale securities, unrealized gains | [1] | 63 | 99 |
Available-for-sale securities | 17,142 | 24,297 | |
Mortgage Backed Securities [Member] | Agency [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 807,043 | 840,659 | |
Available for sale securities, unrealized gains | [1] | 22,545 | 3,070 |
Available-for-sale Securities, Gross unrealized losses | [1] | (155) | (5,851) |
Available-for-sale securities | 829,433 | 837,878 | |
Mortgage Backed Securities [Member] | Commercial [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 108,144 | 109,982 | |
Available for sale securities, unrealized gains | [1] | 524 | 269 |
Available-for-sale Securities, Gross unrealized losses | [1] | (482) | (714) |
Available-for-sale securities | 108,186 | 109,537 | |
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 | 8,620 | 9,731 | |
Available for sale securities, unrealized gains | [1] | 118 | 50 |
Available-for-sale Securities, Gross unrealized losses | [1] | (94) | (23) |
Available-for-sale securities | 8,644 | 9,758 | |
Corporate Fixed Income Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 741,219 | 664,028 | |
Available for sale securities, unrealized gains | [1] | 3,460 | 11,283 |
Available-for-sale Securities, Gross unrealized losses | [1] | (17,089) | |
Available-for-sale securities | 727,590 | 675,311 | |
Asset-Backed Securities [Member] | |||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |||
Available-for-sale Securities, Amortized cost | 1,776,630 | 1,600,415 | |
Available for sale securities, unrealized gains | [1] | 836 | 679 |
Available-for-sale Securities, Gross unrealized losses | [1] | (108,021) | (8,205) |
Available-for-sale securities | 1,669,445 | 1,592,889 | |
Held-to-maturity Securities, Amortized cost | [2] | 3,085,824 | 2,856,219 |
Held-to-maturity Securities, Gross unrealized gains | [2] | 1,458 | 5,960 |
Held-to-maturity Securities, Gross unrealized losses | [2] | (389,452) | (34,296) |
Held-to-maturity securities, Estimated fair value | [2] | $ 2,697,830 | $ 2,827,883 |
[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-T_4
Available-For-Sale And Held-To-Maturity Securities (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)security | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |||
Proceeds from sale of available-for-sale securities | $ 288,300,000 | $ 0 | |
Net realized gains (loss) resulting from sale of available-for-sale securities | (700,000) | ||
Accrued interest receivable | 21,600,000 | ||
Unrealized gains (losses) recorded in accumulated other comprehensive loss | (73,200,000) | $ 25,800,000 | |
Financial instruments pledged as collateral | $ 526,700,000 | $ 801,500,000 | |
Number of available for sale securities whose amortized costs exceeded their fair values | security | 165 | ||
Available-for-sale Securities, Continuous | $ 125,841,000 | ||
Available-for-sale Securities, Continuous Unrealized | 40,524,000 | ||
Available-for-sale Securities, Continuous | $ 2,151,954,000 | ||
Percentage of available-for-sale portfolio | 63.90% | ||
Pledged [Member] | |||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |||
Trading securities pledged | $ 1,300,000,000 | $ 816,100,000 | |
Other Assets [Member] | |||
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |||
Accrued interest receivable | $ 38,200,000 |
Available-For-Sale And Held-T_5
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Amortized Cost And Fair Values Of Available-For-Sale Securities And Held-To-Maturity Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |||
Available-for-sale Securities, debt maturities, within one year, Amortized Cost | $ 26,838 | $ 6,861 | |
Available-for-sale Securities, debt maturities, after one year through three years, Amortized Cost | 261,013 | 229,184 | |
Available-for-sale Securities, debt maturities, after three year through five years, Amortized Cost | 422,686 | 422,236 | |
Available-for-sale Securities, debt maturities, after five through ten years, Amortized Cost | 478,472 | 409,664 | |
Available-for-sale Securities, debt maturities, after ten years, Amortized Cost | 2,275,260 | 2,186,096 | |
Available-for-sale Securities, debt maturities, Amortized Cost | 3,464,269 | 3,254,041 | |
Available-for-sale Securities, debt maturities, within one year, Fair Value | 26,980 | [1] | 6,871 |
Available-for-sale Securities, debt maturities, after one year through three years, Fair Value | 259,331 | 229,760 | |
Available-for-sale Securities, debt maturities, after three year through five years, Fair Value | 412,819 | 429,909 | |
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 453,334 | [1] | 411,680 |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 2,213,626 | [1] | 2,176,517 |
Available-for-sale Securities, debt maturities, Fair Value | 3,366,090 | [1] | 3,254,737 |
Held-to-maturity Securities, debt maturities, after five through ten years, Amortized Cost | 686,300 | 598,250 | |
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 2,399,524 | 2,257,969 | |
Held-to-maturity Securities, Amortized cost | 3,085,824 | 2,856,219 | |
Held-to-maturity Securities, debt maturities, after five through ten years, Fair Value | 618,937 | 597,166 | |
Held-to-maturity Securities, debt maturities, after ten years, Fair Value | 2,078,893 | 2,230,717 | |
Held-to-maturity Securities, debt maturities, Fair Value | $ 2,697,830 | $ 2,827,883 | |
[1] | Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. |
Available-For-Sale And Held-T_6
Available-For-Sale And Held-To-Maturity Securities (Contractual Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | ||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | $ 26,980 | [1] | $ 6,871 | |
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 672,150 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | 453,334 | [1] | 411,680 | |
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | 2,213,626 | [1] | 2,176,517 | |
Available-for-sale Securities, debt maturities, Fair Value | 3,366,090 | [1] | 3,254,737 | |
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 686,300 | 598,250 | ||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 2,399,524 | 2,257,969 | ||
Held-to-maturity Securities, Amortized cost | 3,085,824 | $ 2,856,219 | ||
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] | 1,761 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 3,889 | ||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 5,650 | ||
State And Municipal 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] | 2,463 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 14,679 | ||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 17,142 | ||
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] | 25,186 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 628,151 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 74,253 | ||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 727,590 | ||
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] | 375,832 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 1,293,613 | ||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 1,669,445 | ||
Held-to-maturity Securities, debt maturities, after five year through ten, Amortized Cost | 686,300 | |||
Held-to-maturity Securities, debt maturities, after ten years, Amortized Cost | 2,399,524 | |||
Held-to-maturity Securities, Amortized cost | 3,085,824 | |||
Mortgage Backed Securities [Member] | Agency [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, within one year, Fair Value | [1] | 33 | ||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 676 | ||
Available-for-sale Securities, debt maturities, after five through ten years, fair value | [1] | 786 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 827,938 | ||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 829,433 | ||
Mortgage Backed Securities [Member] | Commercial [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 31,607 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 76,579 | ||
Available-for-sale Securities, debt maturities, Fair Value | [1] | 108,186 | ||
Mortgage Backed Securities [Member] | Non-Agency [Member] | ||||
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | ||||
Available-for-sale Securities, debt maturities, after one year through five, Fair Value | [1] | 7,827 | ||
Availably-for-sale Securities, debt maturities, after ten years, Fair Value | [1] | 817 | ||
Available-for-sale Securities, debt maturities, Fair Value | [1] | $ 8,644 | ||
[1] | Due to the immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis. |
Available-For-Sale And Held-T_7
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 | Mar. 31, 2020USD ($) |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | $ (85,317) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 1,674,503 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (40,524) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 477,451 |
Available-for-sale Securities, Gross unrealized losses, Total | (125,841) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 2,151,954 |
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 | (122) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 23,806 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (33) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 10,315 |
Available-for-sale Securities, Gross unrealized losses, Total | (155) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 34,121 |
Commercial [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, Less than 12 months | (482) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 61,706 |
Available-for-sale Securities, Gross unrealized losses, Total | (482) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 61,706 |
Non-Agency [Member] | |
Schedule Of Available For Sale And Held To Maturity Securities [Line Items] | |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (94) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 817 |
Available-for-sale Securities, Gross unrealized losses, Total | (94) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 817 |
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 | (17,089) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 492,713 |
Available-for-sale Securities, Gross unrealized losses, Total | (17,089) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 492,713 |
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 | (67,624) |
Available-for-sale Securities, Estimated fair value, Less than 12 months | 1,096,278 |
Available-for-sale Securities, Gross unrealized losses, 12 months or more | (40,397) |
Available-for-sale Securities, Estimated fair value, 12 months or more | 466,319 |
Available-for-sale Securities, Gross unrealized losses, Total | (108,021) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 1,562,597 |
Available-For-Sale And Held-T_8
Available-For-Sale And Held-To-Maturity Securities (Schedule Of Amortized Cost Of Held-To-Maturity Securities By Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | $ 3,085,824 | $ 2,856,219 | |
Asset-Backed Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | [1] | 3,085,824 | $ 2,856,219 |
AAA [Member] | Asset-Backed Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | 109,335 | ||
AA [Member] | Asset-Backed Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | 2,958,230 | ||
A [Member] | Asset-Backed Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | 15,500 | ||
C [Member] | Asset-Backed Securities [Member] | |||
Schedule Of Held To Maturity Securities [Line Items] | |||
Held-to-maturity securities, at amortized cost | $ 2,759 | ||
[1] | Held-to-maturity securities are carried in the consolidated statements of financial condition at amortized cost, and the changes in the value of these securities, other than impairment charges, are not reported on the consolidated financial statements. |
Bank Loans (Schedule Of Balance
Bank Loans (Schedule Of Balance And Associated Percentage Of Each Major Loan Category In Bank Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 10,156,675 | $ 9,752,616 | ||
Unamortized loan discount, net | (6,148) | (6,588) | ||
Loans in process | (53,953) | (27,717) | ||
Unamortized loan fees, net | 728 | 1,310 | ||
Allowance for loan losses | (102,802) | (95,579) | $ (88,172) | $ (85,833) |
Loans held for investment, net | $ 9,994,500 | $ 9,624,042 | ||
Gross bank loans, Percent | 100.00% | 100.00% | ||
Commercial And Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 3,813,862 | $ 3,438,953 | ||
Allowance for loan losses | $ (59,962) | $ (69,949) | (68,566) | (68,367) |
Gross bank loans, Percent | 37.60% | 35.30% | ||
Residential Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 3,495,136 | $ 3,309,548 | ||
Allowance for loan losses | $ (19,985) | $ (14,253) | (11,585) | (11,228) |
Gross bank loans, Percent | 34.40% | 33.90% | ||
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 399,732 | $ 428,549 | ||
Allowance for loan losses | $ (8,165) | $ (3,564) | (2,421) | (1,778) |
Gross bank loans, Percent | 3.90% | 4.40% | ||
Construction And Land [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 412,410 | $ 398,839 | ||
Allowance for loan losses | $ (10,953) | $ (4,613) | (1,724) | (1,241) |
Gross bank loans, Percent | 4.10% | 4.10% | ||
Home Equity Lines Of Credit [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 57,402 | $ 51,205 | ||
Allowance for loan losses | $ (539) | $ (442) | (372) | (310) |
Gross bank loans, Percent | 0.60% | 0.50% | ||
Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 32,762 | $ 27,311 | ||
Allowance for loan losses | $ (283) | $ (194) | (146) | (88) |
Gross bank loans, Percent | 0.20% | 0.30% | ||
Securities-Based Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross bank loans | $ 1,945,371 | $ 2,098,211 | ||
Allowance for loan losses | $ (2,915) | $ (2,361) | $ (2,227) | $ (1,978) |
Gross bank loans, Percent | 19.20% | 21.50% |
Bank Loans (Narrative) (Details
Bank Loans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans held for sale | $ 570,787 | $ 389,693 | |
Gains (losses) recognized from sale of loans | 2,500 | $ 900 | |
Accrued interest receivable | 21,600 | ||
Impaired loans more than 90 days past due | 14,400 | 14,600 | |
Troubled debt restructurings | 200 | 200 | |
Specific allowance | $ 8,182 | $ 8,182 | |
Collateralized loan portfolio | 97.70% | 98.30% | |
Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans held for sale | $ 570,800 | $ 389,700 | |
Stifel Bancorp [Member] | Executive Officers and Directors [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans outstanding amount | 19,000 | 24,500 | |
Stifel Bancorp [Member] | Executive Officers and Directors of Certain Affiliated Entities [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans outstanding amount | $ 19,000 | $ 24,500 |
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, 2020 | Mar. 31, 2019 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | $ 95,579 | $ 85,833 |
CECL Adoption | (11,736) | |
Provision | 18,978 | 2,283 |
Charge-offs | (20) | (56) |
Recoveries | 1 | 112 |
Ending Balance | 102,802 | 88,172 |
Commercial And Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 69,949 | 68,367 |
CECL Adoption | (19,940) | |
Provision | 9,955 | 211 |
Charge-offs | (2) | (12) |
Ending Balance | 59,962 | 68,566 |
Residential Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 14,253 | 11,228 |
CECL Adoption | 3,499 | |
Provision | 2,233 | 270 |
Recoveries | 87 | |
Ending Balance | 19,985 | 11,585 |
Securities-Based Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 2,361 | 1,978 |
CECL Adoption | 1,346 | |
Provision | (792) | 249 |
Ending Balance | 2,915 | 2,227 |
Commercial Real Estate [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 3,564 | 1,778 |
CECL Adoption | 791 | |
Provision | 3,810 | 643 |
Ending Balance | 8,165 | 2,421 |
Construction And Land [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 4,613 | 1,241 |
CECL Adoption | 2,674 | |
Provision | 3,666 | 483 |
Ending Balance | 10,953 | 1,724 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 442 | 310 |
CECL Adoption | 39 | |
Provision | 57 | 61 |
Recoveries | 1 | 1 |
Ending Balance | 539 | 372 |
Other [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 194 | 88 |
CECL Adoption | 58 | |
Provision | 49 | 78 |
Charge-offs | (18) | (44) |
Recoveries | 24 | |
Ending Balance | 283 | 146 |
Unallocated [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Beginning Balance | 203 | 843 |
CECL Adoption | $ (203) | |
Provision | 288 | |
Ending Balance | $ 1,131 |
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, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 8,182 | $ 8,182 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 94,620 | 87,397 | ||
Allowance for Loan Losses, Total | 102,802 | 95,579 | $ 88,172 | $ 85,833 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 14,351 | 14,587 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 10,142,324 | 9,738,029 | ||
Recorded Investment in Loans, Total | 10,156,675 | 9,752,616 | ||
Commercial And Industrial [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 8,158 | 8,158 | ||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 51,804 | 61,791 | ||
Allowance for Loan Losses, Total | 59,962 | 69,949 | 68,566 | 68,367 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 12,940 | 12,991 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 3,800,922 | 3,425,962 | ||
Recorded Investment in Loans, Total | 3,813,862 | 3,438,953 | ||
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 | 19,961 | 14,229 | ||
Allowance for Loan Losses, Total | 19,985 | 14,253 | 11,585 | 11,228 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,411 | 1,412 | ||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 3,493,725 | 3,308,136 | ||
Recorded Investment in Loans, Total | 3,495,136 | 3,309,548 | ||
Securities-Based Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,915 | 2,361 | ||
Allowance for Loan Losses, Total | 2,915 | 2,361 | 2,227 | 1,978 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 1,945,371 | 2,098,211 | ||
Recorded Investment in Loans, Total | 1,945,371 | 2,098,211 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 8,165 | 3,564 | ||
Allowance for Loan Losses, Total | 8,165 | 3,564 | 2,421 | 1,778 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 399,732 | 428,549 | ||
Recorded Investment in Loans, Total | 399,732 | 428,549 | ||
Construction And Land [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 10,953 | 4,613 | ||
Allowance for Loan Losses, Total | 10,953 | 4,613 | 1,724 | 1,241 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 412,410 | 398,839 | ||
Recorded Investment in Loans, Total | 412,410 | 398,839 | ||
Home Equity Lines Of Credit [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 539 | 442 | ||
Allowance for Loan Losses, Total | 539 | 442 | 372 | 310 |
Recorded Investment in Loans, Individually Evaluated for Impairment | 184 | |||
Recorded Investment in Loans, Collectively Evaluated for Impairment | 57,402 | 51,021 | ||
Recorded Investment in Loans, Total | 57,402 | 51,205 | ||
Other [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 283 | 194 | ||
Allowance for Loan Losses, Total | 283 | 194 | 146 | 88 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 32,762 | 27,311 | ||
Recorded Investment in Loans, Total | $ 32,762 | 27,311 | ||
Unallocated [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 203 | |||
Allowance for Loan Losses, Total | $ 203 | $ 1,131 | $ 843 |
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, 2020 | Dec. 31, 2019 | |
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 14,501 | $ 14,737 |
Recorded Investment with No Allowance | 1,249 | 1,647 |
Recorded Investment with Allowance | 13,102 | 12,940 |
Total Recorded Investment | 14,351 | 14,587 |
Related Allowance | 8,182 | 8,182 |
Average Recorded Investment | 14,474 | 15,587 |
Commercial And Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 12,940 | 12,991 |
Recorded Investment with No Allowance | 51 | |
Recorded Investment with Allowance | 12,940 | 12,940 |
Total Recorded Investment | 12,940 | 12,991 |
Related Allowance | 8,158 | 8,158 |
Average Recorded Investment | 12,940 | 14,172 |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 1,411 | 1,412 |
Recorded Investment with No Allowance | 1,249 | 1,412 |
Recorded Investment with Allowance | 162 | |
Total Recorded Investment | 1,411 | 1,412 |
Related Allowance | 24 | 24 |
Average Recorded Investment | 1,411 | 1,231 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | 184 | |
Recorded Investment with No Allowance | 184 | |
Total Recorded Investment | 184 | |
Average Recorded Investment | 123 | 184 |
Other [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Unpaid Contractual Principal Balance | $ 150 | $ 150 |
Bank Loans (Aging Of The Record
Bank Loans (Aging Of The Recorded Investment In Past Due Loans) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | $ 33,180,000 | $ 24,937,000 | |||
Current Balance | 10,123,495,000 | 9,727,679,000 | |||
Recorded Investment in Loans, Total | 10,156,675,000 | 9,752,616,000 | |||
Non-Accrual | 12,940,000 | [1] | 14,373,000 | [2] | |
Restructured | 162,000 | [1] | 163,000 | [2] | |
Nonperforming loans with no allowance | 1,249,000 | ||||
Total | [1] | 14,351,000 | |||
Loans past due 90 days and still accruing interest | 0 | 0 | |||
Total | [2] | 14,536,000 | |||
30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 18,971,000 | 10,564,000 | |||
90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 14,209,000 | 14,373,000 | |||
Commercial And Industrial [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 12,940,000 | 12,940,000 | |||
Current Balance | 3,800,922,000 | 3,426,013,000 | |||
Recorded Investment in Loans, Total | 3,813,862,000 | 3,438,953,000 | |||
Non-Accrual | 12,940,000 | [1] | 12,940,000 | [2] | |
Total | [1] | 12,940,000 | |||
Total | [2] | 12,940,000 | |||
Commercial And Industrial [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 12,940,000 | 12,940,000 | |||
Residential Real Estate [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 20,050,000 | 11,725,000 | |||
Current Balance | 3,475,086,000 | 3,297,823,000 | |||
Recorded Investment in Loans, Total | 3,495,136,000 | 3,309,548,000 | |||
Non-Accrual | [2] | 1,249,000 | |||
Restructured | 162,000 | [1] | 163,000 | [2] | |
Nonperforming loans with no allowance | 1,249,000 | ||||
Total | [1] | 1,411,000 | |||
Total | [2] | 1,412,000 | |||
Residential Real Estate [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 18,801,000 | 10,476,000 | |||
Residential Real Estate [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 1,249,000 | 1,249,000 | |||
Securities-Based Loans [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 1,945,371,000 | 2,098,211,000 | |||
Recorded Investment in Loans, Total | 1,945,371,000 | 2,098,211,000 | |||
Commercial Real Estate [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 146,000 | ||||
Current Balance | 399,586,000 | 428,549,000 | |||
Recorded Investment in Loans, Total | 399,732,000 | 428,549,000 | |||
Commercial Real Estate [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 146,000 | ||||
Construction And Land [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Current Balance | 412,410,000 | 398,839,000 | |||
Recorded Investment in Loans, Total | 412,410,000 | 398,839,000 | |||
Home Equity Lines Of Credit [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 267,000 | ||||
Current Balance | 57,402,000 | 50,938,000 | |||
Recorded Investment in Loans, Total | 57,402,000 | 51,205,000 | |||
Non-Accrual | [2] | 184,000 | |||
Total | [2] | 184,000 | |||
Home Equity Lines Of Credit [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 83,000 | ||||
Home Equity Lines Of Credit [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 184,000 | ||||
Other [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 44,000 | 5,000 | |||
Current Balance | 32,718,000 | 27,306,000 | |||
Recorded Investment in Loans, Total | 32,762,000 | 27,311,000 | |||
Other [Member] | 30 - 89 Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | 24,000 | $ 5,000 | |||
Other [Member] | 90 or More Days Past Due [Member] | |||||
Financing Receivable Recorded Investment Past Due [Line Items] | |||||
Total Past Due | $ 20,000 | ||||
[1] | There were no loans past due 90 days and still accruing interest at March 31, 2020. | ||||
[2] | There were no loans past due 90 days and still accruing interest at December 31, 2019. |
Bank Loans (Risk Category Of Lo
Bank Loans (Risk Category Of Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 10,156,675 | $ 9,752,616 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 10,022,998 | 9,676,864 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 73,345 | 49,244 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 46,143 | 13,568 |
Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 14,189 | 12,940 |
Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,813,862 | 3,438,953 |
Commercial And Industrial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,684,127 | 3,365,800 |
Commercial And Industrial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 70,798 | 48,241 |
Commercial And Industrial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 45,997 | 11,972 |
Commercial And Industrial [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 12,940 | 12,940 |
Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,495,136 | 3,309,548 |
Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 3,493,375 | 3,307,719 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 512 | 417 |
Residential Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,412 | |
Residential Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,249 | |
Securities-Based Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,945,371 | 2,098,211 |
Securities-Based Loans [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,945,371 | 2,098,211 |
Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 399,732 | 428,549 |
Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 398,395 | 427,963 |
Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 1,191 | 586 |
Commercial Real Estate [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 146 | |
Construction And Land [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 412,410 | 398,839 |
Construction And Land [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 412,410 | 398,839 |
Home Equity Lines Of Credit [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 57,402 | 51,205 |
Home Equity Lines Of Credit [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 56,558 | 51,021 |
Home Equity Lines Of Credit [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 844 | |
Home Equity Lines Of Credit [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 184 | |
Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | 32,762 | 27,311 |
Other [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total risk category of loan portfolio | $ 32,762 | $ 27,311 |
Bank Loans (Schedule of Term Lo
Bank Loans (Schedule of Term Loans Amortized Cost Basis by Origination Year and Revolving Cost Amortized Cost Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | $ 10,156,675 | $ 9,752,616 |
Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,813,862 | 3,438,953 |
Commercial And Industrial [Member] | 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 13,415 | |
Commercial And Industrial [Member] | 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 78,130 | |
Commercial And Industrial [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,661,876 | |
Commercial And Industrial [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 24,897 | |
Commercial And Industrial [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 21,687 | |
Commercial And Industrial [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 38,652 | |
Commercial And Industrial [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 975,205 | |
Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,495,136 | 3,309,548 |
Residential Real Estate [Member] | 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 383,891 | |
Residential Real Estate [Member] | 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,088,915 | |
Residential Real Estate [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 494,050 | |
Residential Real Estate [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 381,856 | |
Residential Real Estate [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 354,811 | |
Residential Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 791,613 | |
Securities-Based Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,945,371 | 2,098,211 |
Securities-Based Loans [Member] | 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 14,447 | |
Securities-Based Loans [Member] | 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 103,364 | |
Securities-Based Loans [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,364 | |
Securities-Based Loans [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 140 | |
Securities-Based Loans [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 143,576 | |
Securities-Based Loans [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 23,567 | |
Securities-Based Loans [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,656,913 | |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 399,732 | 428,549 |
Commercial Real Estate [Member] | 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 65,127 | |
Commercial Real Estate [Member] | 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 150,919 | |
Commercial Real Estate [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 39,783 | |
Commercial Real Estate [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 57,328 | |
Commercial Real Estate [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 22,297 | |
Commercial Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 58,032 | |
Commercial Real Estate [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 6,246 | |
Construction And Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 412,410 | 398,839 |
Construction And Land [Member] | 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 15,601 | |
Construction And Land [Member] | 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 164,191 | |
Construction And Land [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 155,330 | |
Construction And Land [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 59,888 | |
Construction And Land [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 7,801 | |
Construction And Land [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,722 | |
Construction And Land [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 7,877 | |
Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 57,402 | 51,205 |
Home Equity Lines Of Credit [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 57,402 | |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 32,762 | 27,311 |
Other [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 7 | |
Other [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,258 | |
Other [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 53 | |
Other [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 31,444 | |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 10,022,998 | 9,676,864 |
Pass [Member] | Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,684,127 | 3,365,800 |
Pass [Member] | Commercial And Industrial [Member] | 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 13,415 | |
Pass [Member] | Commercial And Industrial [Member] | 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 78,130 | |
Pass [Member] | Commercial And Industrial [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 2,558,504 | |
Pass [Member] | Commercial And Industrial [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 11,957 | |
Pass [Member] | Commercial And Industrial [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 21,687 | |
Pass [Member] | Commercial And Industrial [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 38,622 | |
Pass [Member] | Commercial And Industrial [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 961,812 | |
Pass [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,493,375 | 3,307,719 |
Pass [Member] | Residential Real Estate [Member] | 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 383,891 | |
Pass [Member] | Residential Real Estate [Member] | 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,088,915 | |
Pass [Member] | Residential Real Estate [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 494,050 | |
Pass [Member] | Residential Real Estate [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 381,708 | |
Pass [Member] | Residential Real Estate [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 354,811 | |
Pass [Member] | Residential Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 790,000 | |
Pass [Member] | Securities-Based Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,945,371 | 2,098,211 |
Pass [Member] | Securities-Based Loans [Member] | 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 14,447 | |
Pass [Member] | Securities-Based Loans [Member] | 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 103,364 | |
Pass [Member] | Securities-Based Loans [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,364 | |
Pass [Member] | Securities-Based Loans [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 140 | |
Pass [Member] | Securities-Based Loans [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 143,576 | |
Pass [Member] | Securities-Based Loans [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 23,567 | |
Pass [Member] | Securities-Based Loans [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,656,913 | |
Pass [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 398,395 | 427,963 |
Pass [Member] | Commercial Real Estate [Member] | 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 65,127 | |
Pass [Member] | Commercial Real Estate [Member] | 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 150,919 | |
Pass [Member] | Commercial Real Estate [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 39,637 | |
Pass [Member] | Commercial Real Estate [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 57,328 | |
Pass [Member] | Commercial Real Estate [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 21,106 | |
Pass [Member] | Commercial Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 58,032 | |
Pass [Member] | Commercial Real Estate [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 6,246 | |
Pass [Member] | Construction And Land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 412,410 | 398,839 |
Pass [Member] | Construction And Land [Member] | 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 15,601 | |
Pass [Member] | Construction And Land [Member] | 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 164,191 | |
Pass [Member] | Construction And Land [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 155,330 | |
Pass [Member] | Construction And Land [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 59,888 | |
Pass [Member] | Construction And Land [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 7,801 | |
Pass [Member] | Construction And Land [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,722 | |
Pass [Member] | Construction And Land [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 7,877 | |
Pass [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 56,558 | 51,021 |
Pass [Member] | Home Equity Lines Of Credit [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 56,558 | |
Pass [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 32,762 | 27,311 |
Pass [Member] | Other [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 7 | |
Pass [Member] | Other [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,258 | |
Pass [Member] | Other [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 53 | |
Pass [Member] | Other [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 31,444 | |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 73,345 | 49,244 |
Special Mention [Member] | Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 70,798 | 48,241 |
Special Mention [Member] | Commercial And Industrial [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 61,136 | |
Special Mention [Member] | Commercial And Industrial [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 9,662 | |
Special Mention [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 512 | 417 |
Special Mention [Member] | Residential Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 512 | |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,191 | 586 |
Special Mention [Member] | Commercial Real Estate [Member] | 2016 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,191 | |
Special Mention [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 844 | |
Special Mention [Member] | Home Equity Lines Of Credit [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 844 | |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 46,143 | 13,568 |
Substandard [Member] | Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 45,997 | 11,972 |
Substandard [Member] | Commercial And Industrial [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 42,236 | |
Substandard [Member] | Commercial And Industrial [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 30 | |
Substandard [Member] | Commercial And Industrial [Member] | Revolving Loans Amortized Cost Basis [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 3,731 | |
Substandard [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,412 | |
Substandard [Member] | Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 146 | |
Substandard [Member] | Commercial Real Estate [Member] | 2018 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 146 | |
Substandard [Member] | Home Equity Lines Of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 184 | |
Doubtful [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 14,189 | 12,940 |
Doubtful [Member] | Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 12,940 | $ 12,940 |
Doubtful [Member] | Commercial And Industrial [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 12,940 | |
Doubtful [Member] | Residential Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 1,249 | |
Doubtful [Member] | Residential Real Estate [Member] | 2017 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | 148 | |
Doubtful [Member] | Residential Real Estate [Member] | Prior [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term loans amortized cost basis by origination year | $ 1,101 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Carrying Amount Of Goodwill And Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Goodwill, Beginning balance | $ 1,194,074 | |
Goodwill, Adjustments | 412 | |
Goodwill, Sale of ZCM | (9,972) | |
Goodwill, Ending balance | 1,184,514 | |
Intangible assets, Beginning balance | 161,773 | |
Intangible assets, Adjustments / Sale of ZCM | (2,095) | |
Intangible assets, Amortization | (5,032) | $ (3,593) |
Intangible assets, Ending balance | 154,646 | |
Global Wealth Management [Member] | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Goodwill, Beginning balance | 344,981 | |
Goodwill, Sale of ZCM | (9,972) | |
Goodwill, Ending balance | 335,009 | |
Intangible assets, Beginning balance | 53,279 | |
Intangible assets, Adjustments / Sale of ZCM | (1,532) | |
Intangible assets, Amortization | (1,735) | |
Intangible assets, Ending balance | 50,012 | |
Institutional Group [Member] | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Goodwill, Beginning balance | 849,093 | |
Goodwill, Adjustments | 412 | |
Goodwill, Ending balance | 849,505 | |
Intangible assets, Beginning balance | 108,494 | |
Intangible assets, Adjustments / Sale of ZCM | (563) | |
Intangible assets, Amortization | (3,297) | |
Intangible assets, Ending balance | $ 104,634 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | Dec. 06, 2019 | Nov. 01, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 5,032 | $ 3,593 | ||
Customer Relationships [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Weighted-average remaining lives of intangible assets | 10 years 6 months | |||
Trade Name [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Weighted-average remaining lives of intangible assets | 9 years 8 months 12 days | |||
Core Deposits [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Weighted-average remaining lives of intangible assets | 3 years 10 months 24 days | |||
Non-Compete Agreements [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Weighted-average remaining lives of intangible assets | 6 years 8 months 12 days | |||
Investment Banking Backlog [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Weighted-average remaining lives of intangible assets | 8 years 6 months | |||
Acquired Technology [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Weighted-average remaining lives of intangible assets | 2 years 4 months 24 days | |||
MainFirst Bank AG [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Date of acquisition | Nov. 1, 2019 | |||
GMP Capital Inc. [Member] | ||||
Schedule of Goodwill and Intangible Assets [Line Items] | ||||
Date of acquisition | Dec. 6, 2019 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 254,202 | $ 259,102 |
Accumulated Amortization | 99,556 | 97,329 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 202,563 | 207,253 |
Accumulated Amortization | 76,762 | 75,987 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 28,659 | 28,659 |
Accumulated Amortization | 14,112 | 13,649 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 8,615 | 8,615 |
Accumulated Amortization | 3,475 | 2,985 |
Non-Compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 9,280 | 9,490 |
Accumulated Amortization | 3,020 | 2,828 |
Investment Banking Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 4,245 | 4,245 |
Accumulated Amortization | 2,024 | 1,787 |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 840 | 840 |
Accumulated Amortization | $ 163 | $ 93 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Amortization Expense In Future Periods) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Remainder of 2020 | $ 13,640 |
2021 | 17,326 |
2022 | 15,968 |
2023 | 14,678 |
2024 | 13,797 |
Thereafter | 77,119 |
Future amortization expense total | $ 152,528 |
Borrowings and Federal Home L_2
Borrowings and Federal Home Loan Bank Advances (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020USD ($)item | |
Short-term Debt [Line Items] | |
Uncommitted secured lines of credit | $ 835,000,000 |
Number of banks | item | 4 |
Daily borrowings under our uncommitted secured lines | $ 490,000,000 |
Compensating balances | 0 |
Federal home loan advances, floating-rate | 250,000,000 |
Revolving Credit Facility [Member] | |
Short-term Debt [Line Items] | |
Committed revolving credit facility with bank and broker dealer - subsidiary | $ 200,000,000 |
Credit facility expiration date | 2024-03 |
LIBOR rate | 1.75% |
Outstanding credit facility | $ 0 |
Stifel Credit Facility [Member] | |
Short-term Debt [Line Items] | |
Committed revolving credit facility with bank and broker dealer - subsidiary | $ 250,000,000 |
Credit facility expiration date | 2020-06 |
Outstanding credit facility | $ 0 |
Credit agreement maturity days | 364 days |
Company Owned Securities [Member] | |
Short-term Debt [Line Items] | |
Uncommitted secured lines of credit | $ 198,000,000 |
Trading securities pledged | $ 220,700,000 |
Federal Home Loan Bank advances [Member] | |
Short-term Debt [Line Items] | |
Weighted average interest rate on borrowings | 1.59% |
Senior Notes (Summary of Senior
Senior Notes (Summary of Senior Notes) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | 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 | (7,731) | (7,990) | ||||
Senior notes, net | 1,017,269 | 1,017,010 | ||||
Senior notes 4.25% due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [1] | 500,000 | 500,000 | |||
Senior notes, net | $ 300,000 | |||||
Senior notes 3.50% due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [2] | 300,000 | 300,000 | |||
Senior notes, net | $ 300,000 | |||||
Senior notes 5.20% due 2047 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, gross | [3] | $ 225,000 | $ 225,000 | |||
Senior notes, net | $ 200,000 | |||||
[1] | In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.25% senior notes due July 2024 | |||||
[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 | |||||
[3] | In October 2017, we completed the pricing of a registered underwritten public offering of $200.0 million in aggregate principal amount of 5.20% senior notes due October 2047 |
Senior Notes (Summary of Seni_2
Senior Notes (Summary of Senior Notes) (Parenthetical) (Details) - USD ($) $ in Thousands | Oct. 27, 2017 | Jul. 31, 2016 | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2017 | Dec. 31, 2015 | Jul. 31, 2014 |
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 1,017,269 | $ 1,017,010 | |||||
Senior notes 4.25% 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, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Senior notes, net | $ 1,017,269 | $ 1,017,010 |
Non Recourse Debt [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 300,000 | |
2024 | 500,000 | |
Thereafter | 225,000 | |
Senior notes, net | $ 1,025,000 |
Bank Deposits (Schedule Of Depo
Bank Deposits (Schedule Of Deposits) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | ||
Money market and savings accounts | $ 15,465,695 | $ 13,530,670 |
Demand deposits (interest-bearing) | 926,377 | 1,113,296 |
Demand deposits (non-interest-bearing) | 261,776 | 165,657 |
Certificates of deposit | 227,085 | 522,958 |
Bank deposits | $ 16,880,933 | $ 15,332,581 |
Bank Deposits (Narrative) (Deta
Bank Deposits (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Bank Deposits [Line Items] | ||
Weighted average interest rate on deposits | 0.25% | 0.64% |
Brokerage Customers Deposits [Member] | ||
Bank Deposits [Line Items] | ||
Deposits of related parties | $ 15,600 | $ 13,900 |
Stifel Nicolaus [Member] | ||
Bank Deposits [Line Items] | ||
Interest bearing and time deposits of executive officers, directors, and affiliates | $ 5.2 | $ 6.7 |
Bank Deposits (Scheduled Maturi
Bank Deposits (Scheduled Maturities of Certificates of Deposit) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deposits Liabilities Balance Sheet Reported Amounts [Abstract] | ||
Within one year | $ 4,971 | $ 5,305 |
One to three years | 6,212 | 360 |
Three to five years | 213 | 13 |
Certificates of deposit, less than $100,000 | 11,396 | 5,678 |
Within one year | 175,825 | 441,341 |
One to three years | 39,864 | 68,855 |
Three to five years | 7,084 | |
Certificates of deposit, $100,000 and greater | 215,689 | 517,280 |
Total certificates of deposit | $ 227,085 | $ 522,958 |
Derivative Instruments And He_3
Derivative Instruments And Hedging Activities (Schedule Of Notional Values And Fair Values Of Derivative Instruments Designated As Hedging Instruments) (Details) - Cash Flow Interest Rate Contracts [Member] - Designated As Hedging Instrument [Member] - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Notional Value | $ 250,000,000 | |
Derivative Assets, Notional Value | $ 250,000,000 | |
Accounts Payable and Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities , Fair Value | $ 1,262,000 | |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets , Fair Value | $ 1,086,000 |
Derivative Instruments And He_4
Derivative Instruments And Hedging Activities (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | |
Average remaining life of interest rate swap agreements | 9 months 18 days |
Estimated derivatives to be reclassified as increase to interest expense | $ 1.4 |
Derivative Instruments And He_5
Derivative Instruments And Hedging Activities (Schedule Of Derivative Instruments In Consolidated Statements Of Operations) (Details) - Cash Flow Interest Rate Contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(Loss) Recognized in OCI | $ (2,014) | $ 925 |
Gain/(Loss) Reclassified From OCI Into Income | $ (251) | $ 1,542 |
Disclosures About Offsetting _3
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Offsetting [Abstract] | |||
Gross amounts of recognized assets, Securities borrowing | [1] | $ 103,530 | $ 135,373 |
Net amounts presented in the Statement of Financial Condition, Securities borrowing | [1] | 103,530 | 135,373 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities borrowing | [1] | (27,484) | (52,319) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities borrowing | [1] | (72,229) | (74,760) |
Securities borrowed, Net amount | [1] | 3,817 | 8,294 |
Gross amounts of recognized assets, Reverse repurchase agreements | [2] | 458,968 | 385,008 |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | 458,968 | 385,008 |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | [2] | (54,339) | (59,892) |
Gross amounts not offset in the Statement of Financial Position, Collateral received, Securities purchased under agreements to resell | [2] | (404,589) | (325,096) |
Securities purchased under agreements to resell, Net amount | [2] | 40 | 20 |
Gross amounts of recognized assets, Cash flow interest rate contracts | 1,086 | ||
Net amounts presented in the Statement of Financial Condition, Cash flow interest rate contracts | 1,086 | ||
Cash flow interest rate contracts, Net amount | 1,086 | ||
Gross amounts of recognized assets | 562,498 | 521,467 | |
Net amounts presented in the Statements of Financial Condition | 562,498 | 521,467 | |
Gross amounts not offset in the Statement of Financial Position | (81,823) | (112,211) | |
Gross amounts not offset in the Statement of Financial Position, Collateral received | (476,818) | (399,856) | |
Net amount | $ 3,857 | $ 9,400 | |
[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 $462.3 million and $385.3 million at March 31, 2020 and December 31, 2019, respectively. |
Disclosures About Offsetting _4
Disclosures About Offsetting Assets And Liabilities (Financial Assets And Derivative Assets That Are Subject To Offset) (Details) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Offsetting Assets [Line Items] | |||
Fair value of securities pledged as collateral | [1] | $ 404,589 | $ 325,096 |
Fair Value Of Securities Pledged As Collateral [Member] | |||
Offsetting Assets [Line Items] | |||
Fair value of securities pledged as collateral | $ 462,300 | $ 385,300 | |
[1] | Collateral received includes securities received by our company from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities pledged as collateral was $462.3 million and $385.3 million at March 31, 2020 and December 31, 2019, respectively. |
Disclosures About Offsetting _5
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Offsetting [Abstract] | |||
Gross amounts of recognized liabilities, Securities lending | [1] | $ (335,773) | $ (608,333) |
Net amounts presented in the Statement of Financial Condition, Securities lending | [1] | (335,773) | (608,333) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities lending | [1] | 27,484 | 52,319 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities lending | [1] | 308,277 | 555,782 |
Securities lending, Net amount | [1] | (12) | (232) |
Gross amounts of recognized liabilities, Securities purchased under agreements to resell | [2] | (475,528) | (391,634) |
Net amounts presented in the Statement of Financial Condition, Securities purchased under agreements to resell | [2] | (475,528) | (391,634) |
Gross amounts not offset in the Statement of Financial Position, Financial instruments, Securities purchased under agreements to resell | [2] | 54,339 | 59,892 |
Gross amounts not offset in the Statement of Financial Position, Collateral pledged, Securities purchased under agreements to resell | [2] | 421,189 | 331,742 |
Gross amounts of recognized liabilities, Cash flow interest rate contracts | (1,262) | ||
Net amounts presented in the Statement of Financial Condition, Cash flow interest rate contracts | (1,262) | ||
Cash flow interest rate contracts, Net amount | (1,262) | ||
Gross amounts of recognized liabilities | (812,563) | (999,967) | |
Net amounts presented in the Statement of Financial Condition | (812,563) | (999,967) | |
Gross amounts not offset in the Statement of Financial Position, Financial instruments | 81,823 | 112,211 | |
Gross amounts not offset in the Statement of Financial Condition, Collateral pledged | 729,466 | 887,524 | |
Net amount | $ (1,274) | $ (232) | |
[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 counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $494.8 million and $407.3 million at March 31, 2020 and December 31, 2019, respectively. |
Disclosures About Offsetting _6
Disclosures About Offsetting Assets And Liabilities (Financial Liabilities And Derivative Liabilities That Are Subject To Offset) (Details) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Offsetting Liabilities [Line Items] | |||
Fair value of securities pledged as collateral to counter party | [1] | $ 421,189 | $ 331,742 |
U.S. Government Agency Securities And U.S. Government Securities And Corporate Fixed Income Securities [Member] | Fair Value Of Securities Pledged As Collateral [Member] | |||
Offsetting Liabilities [Line Items] | |||
Fair value of securities pledged as collateral to counter party | $ 494,800 | $ 407,300 | |
[1] | Collateral pledged includes the fair value of securities pledged by our company to the counterparty. These securities are included in the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $494.8 million and $407.3 million at March 31, 2020 and December 31, 2019, respectively. |
Commitments, Guarantees, And _2
Commitments, Guarantees, And Contingencies (Narrative) (Details) - To Be Announced Security Contracts $ in Millions | Mar. 31, 2020USD ($) |
Loss Contingencies [Line Items] | |
Fair value of the TBA securities | $ 179.4 |
Purchase Commitments | |
Loss Contingencies [Line Items] | |
Estimated fair value of the purchase commitments | $ 179.4 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Narrative) (Details) $ in Millions | Mar. 31, 2020USD ($) |
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 | 25.70% |
Net capital | $ 418.9 |
Excess of minimum required net capital | 386.3 |
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% |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements (Schedule Of Total Risk-Based, Tier 1 Risk-Based, And Tier 1 Leverage Ratios) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Stifel Financial Corp. [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 2,257,549 |
Tier 1 capital, Actual Ratio | 16.60% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 815,176 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 6.00% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,086,901 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% |
Total capital, Actual Amount | $ 2,406,674 |
Total capital, Actual Ratio | 17.70% |
Total capital For Capital Adequacy Purposes, Amount | $ 1,086,901 |
Total capital For Capital Adequacy Purposes, Ratio | 8.00% |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,358,626 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 2,257,549 |
Tier 1 leverage, Actual Ratio | 9.60% |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 941,644 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 4.00% |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,177,055 |
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 | $ 1,947,549 |
Tier 1 capital, Actual Ratio | 14.30% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 611,382 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 883,107 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Stifel Bank & Trust [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,039,680 |
Tier 1 capital, Actual Ratio | 11.70% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 531,225 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 6.00% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 708,299 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% |
Total capital, Actual Amount | $ 1,150,272 |
Total capital, Actual Ratio | 13.00% |
Total capital For Capital Adequacy Purposes, Amount | $ 708,299 |
Total capital For Capital Adequacy Purposes, Ratio | 8.00% |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 885,374 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 1,039,680 |
Tier 1 leverage, Actual Ratio | 7.10% |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 583,181 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 4.00% |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 728,977 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% |
Stifel Bank & Trust [Member] | Common Stock [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 1,039,680 |
Tier 1 capital, Actual Ratio | 11.70% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 398,418 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 575,493 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Stifel Bank [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 168,855 |
Tier 1 capital, Actual Ratio | 15.60% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 64,906 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 6.00% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 86,541 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% |
Total capital, Actual Amount | $ 178,053 |
Total capital, Actual Ratio | 16.50% |
Total capital For Capital Adequacy Purposes, Amount | $ 86,541 |
Total capital For Capital Adequacy Purposes, Ratio | 8.00% |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 108,176 |
Total capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% |
Tier 1 leverage, Actual Amount | $ 168,855 |
Tier 1 leverage, Actual Ratio | 7.30% |
Tier 1 leverage For Capital Adequacy Purposes, Amount | $ 92,478 |
Tier 1 leverage For Capital Adequacy Purposes, Ratio | 4.00% |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 115,598 |
Tier 1 leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% |
Stifel Bank [Member] | Common Stock [Member] | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | |
Tier 1 capital, Actual Amount | $ 168,855 |
Tier 1 capital, Actual Ratio | 15.60% |
Tier 1 capital For Capital Adequacy Purposes, Amount | $ 48,679 |
Tier 1 capital For Capital Adequacy Purposes, Ratio | 4.50% |
Tier 1 capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 70,315 |
Tier 1 To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Lessee Lease Description [Line Items] | |
Operating lease right-of-use assets | $ 668,700 |
Operating lease liabilities | $ 708,502 |
Minimum [Member] | Office Space and Office Equipment [Member] | |
Lessee Lease Description [Line Items] | |
Operating leases remaining lease term | 1 year |
Maximum [Member] | Office Space and Office Equipment [Member] | |
Lessee Lease Description [Line Items] | |
Operating leases remaining lease term | 15 years |
Operating Leases - Schedule of
Operating Leases - Schedule of Net Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lessee Disclosure [Abstract] | ||
Operating lease cost | $ 24,395 | $ 22,346 |
Short-term lease cost | 476 | 360 |
Variable lease cost | 15 | 6 |
Sublease income | (908) | (1,272) |
Net lease cost | 23,978 | $ 21,440 |
Operating lease cash flows | $ 23,956 | |
Weighted-average remaining lease term | 11 years 6 months | |
Weighted-average discount rate | 4.56% |
Operating Leases - Schedule o_2
Operating Leases - Schedule of Information About Operating Lease Liabilities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Lessee Disclosure [Abstract] | |
Remainder of 2020 | $ 69,890 |
2021 | 85,042 |
2022 | 83,314 |
2023 | 82,885 |
2024 | 81,792 |
Thereafter | 529,185 |
Total undiscounted lease payments | 932,108 |
Imputed interest | (223,606) |
Total operating lease liabilities | $ 708,502 |
Revenues from Contracts with _3
Revenues from Contracts with Customers (Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenues) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Revenue from contracts with customers | $ 633,108 | $ 516,338 |
Other | 4,767 | 3,782 |
Total revenue from contracts with customers | 633,108 | 516,338 |
Other sources of revenue: | ||
Interest | 161,177 | 191,071 |
Principal transactions | 138,666 | 104,032 |
Other | 4,440 | 8,427 |
Total revenues | 937,391 | 819,868 |
Commissions [Member] | ||
Revenues: | ||
Revenue from contracts with customers | 211,098 | 155,449 |
Investment Banking [Member] | ||
Revenues: | ||
Revenue from contracts with customers | 179,468 | 161,840 |
Asset Management and Service Fees [Member] | ||
Revenues: | ||
Revenue from contracts with customers | $ 237,775 | $ 195,267 |
Revenues from Contracts with _4
Revenues from Contracts with Customers (Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Disaggregation Of Revenue [Line Items] | |||
Commissions (1) | $ 211,098 | $ 155,449 | |
Investment banking | 179,468 | 161,840 | |
Revenue from contracts with customers | 633,108 | 516,338 | |
Other | 4,767 | 3,782 | |
Capital Raising [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Investment banking | [1] | 103,396 | 56,945 |
Advisory Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Investment banking | [1] | 76,072 | 104,895 |
Asset Management [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 237,775 | 195,267 | |
Global Wealth Management [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Commissions (1) | 136,897 | 109,927 | |
Investment banking | 10,333 | 8,223 | |
Revenue from contracts with customers | 388,991 | 315,858 | |
Other | 4,001 | 2,455 | |
Global Wealth Management [Member] | Capital Raising [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Investment banking | [1] | 10,314 | 8,223 |
Global Wealth Management [Member] | Advisory Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Investment banking | [1] | 19 | |
Global Wealth Management [Member] | Asset Management [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 237,760 | 195,253 | |
Institutional Group [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Commissions (1) | 74,198 | 45,522 | |
Investment banking | 169,135 | 153,617 | |
Revenue from contracts with customers | 243,348 | 199,153 | |
Institutional Group [Member] | Capital Raising [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Investment banking | [1] | 93,082 | 48,722 |
Institutional Group [Member] | Advisory Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Investment banking | [1] | 76,053 | 104,895 |
Institutional Group [Member] | Asset Management [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 15 | 14 | |
Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Commissions (1) | 3 | ||
Revenue from contracts with customers | 769 | 1,327 | |
Other | 766 | 1,327 | |
United States [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 587,803 | 493,925 | |
United States [Member] | Global Wealth Management [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 388,991 | 315,858 | |
United States [Member] | Institutional Group [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 198,043 | 176,740 | |
United States [Member] | Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 769 | 1,327 | |
United Kingdom [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 30,763 | 21,103 | |
United Kingdom [Member] | Institutional Group [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 30,763 | 21,103 | |
Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | 14,542 | 1,310 | |
Other [Member] | Institutional Group [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue from contracts with customers | $ 14,542 | $ 1,310 | |
[1] | Excludes revenues not derived from contracts with customers included in the Other segment. |
Revenues from Contracts with _5
Revenues from Contracts with Customers (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Receivables related to contract with customers | $ 138,500,000 | $ 151,300,000 |
Impairment related to receivables | 0 | |
Deferred Revenue | $ 19,100,000 | $ 11,300,000 |
Interest Income and Interest _3
Interest Income and Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Income Expense Net [Abstract] | ||
Loans held for investment, net | $ 95,120 | $ 93,224 |
Investment securities | 48,137 | 65,466 |
Margin balances | 10,131 | 13,440 |
Financial instruments owned, net | 4,574 | 6,313 |
Other | 3,215 | 12,628 |
Total interest income | 161,177 | 191,071 |
Bank deposits | 9,569 | 28,066 |
Senior notes | 11,193 | 11,122 |
Federal Home Loan Bank advances | 2,353 | 1,678 |
Other | 1,242 | 8,582 |
Total interest expense | $ 24,357 | $ 49,448 |
Employee Incentive, Deferred _2
Employee Incentive, Deferred Compensation, And Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares authorized to grant | 2,600,000 | |
Stock-based compensation | $ 30,762 | $ 32,119 |
Contributions to profit sharing | 3,500 | 3,400 |
Incentive Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 37,000 | $ 29,700 |
Restricted Stock Units, PRSUs, and Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total number of stock awards outstanding | 14,500,000 | |
Unvested stock awards outstanding | 12,400,000 | |
Performance-based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vesting period in years | 5 years | |
Award performance period | 4 years | |
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% | |
Restricted Stock Units and Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense related to non-vested options | $ 580,400 | |
Weighted-average period, compensation cost expected to recognized, in years | 2 years 3 months 18 days | |
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] | Deferred Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vesting period in years | 1 year | |
Minimum [Member] | Restricted Stock Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vesting period in years | 1 year | |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vesting period in years | 1 year | |
Minimum [Member] | Performance-based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Potential percentage of converted shares | 0.00% | |
Minimum [Member] | SWAP Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vesting period in years | 1 year | |
Maximum [Member] | Deferred Compensation Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vesting period in years | 8 years | |
Maximum [Member] | Deferred Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vesting period in years | 10 years | |
Maximum [Member] | Restricted Stock Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards vesting period in years | 5 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] | 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, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
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 | $ 2,200 | $ 2,300 | |
Fair value of collateral securities sold or repledged | 475.5 | 391.6 | |
Outstanding commitments to originate loans | 883.5 | 384.5 | |
Letters of credit outstanding | 33.4 | 38.3 | |
Unfunded Commitment [Member] | |||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||
Expected credit losses | 18.2 | ||
Accounts Payable and Accrued Expenses [Member] | Unfunded Commitment [Member] | |||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||
Reserve for unfunded commitments | $ 20.4 | ||
Unused Lines Of Credit [Member] | |||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | |||
Unused lines of credit to commercial and consumer borrowers | $ 1,400 | $ 1,500 | |
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, 2020Segment | |
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, 2020 | Mar. 31, 2019 | ||
Segment Reporting Information [Line Items] | |||
Net revenues | [1] | $ 913,034 | $ 770,420 |
Income/(loss) before income taxes | 115,106 | 137,809 | |
Global Wealth Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | [1] | 582,956 | 510,610 |
Income/(loss) before income taxes | 194,167 | 194,490 | |
Institutional Group [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | [1] | 332,238 | 261,286 |
Income/(loss) before income taxes | 41,740 | 32,204 | |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | [1] | (2,160) | (1,476) |
Income/(loss) before income taxes | $ (120,801) | $ (88,885) | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2020 or 2019. |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Operating Information, Segment) (Parenthetical) (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||
Net revenues accounted for by individual client, maximum percentage | 10.00% | 10.00% |
Segment Reporting (Schedule O_3
Segment Reporting (Schedule Of Information Of Total Assets On Segment Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 25,896,006 | $ 24,610,225 |
Global Wealth Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 22,071,309 | 20,675,580 |
Institutional Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,566,205 | 3,668,723 |
Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 258,492 | $ 265,922 |
Segment Reporting (Schedule O_4
Segment Reporting (Schedule Of Net Revenues Earned On Major Geographical Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Segment Reporting Information [Line Items] | |||
Total net revenues | [1] | $ 913,034 | $ 770,420 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 860,132 | 741,230 | |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | 37,738 | 26,390 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total net revenues | $ 15,164 | $ 2,800 | |
[1] | No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2020 or 2019. |
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, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income applicable to Stifel Financial Corp. | $ 86,589 | $ 99,207 |
Preferred dividends | 4,844 | 2,344 |
Net income available to common shareholders | $ 81,745 | $ 96,863 |
Average shares used in basic computation | 71,286 | 71,700 |
Dilutive effect of stock options and units | 5,333 | 7,510 |
Average shares used in diluted computation | 76,619 | 79,210 |
Basic | $ 1.15 | $ 1.35 |
Diluted | $ 1.07 | $ 1.22 |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Cash dividends declared per common share | $ 0.17 | $ 0.15 |
Cash dividends paid per common share | $ 0.17 | $ 0.15 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 21, 2019 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||
Number of shares authorized to be repurchased | 8,900,000 | ||||
Purchase of treasury stock | $ 56.2 | $ 53.9 | |||
Treasury stock acquired, Shares, | 1,100,000 | 1,000,000 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 49.74 | $ 53.25 | |||
Preferred stock, par value | $ 1 | $ 1 | $ 1 | $ 1 | |
Non-Cumulative Perpetual Preferred Stock, Series B [Member] | |||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||
Issuance of preferred stock | $ 150 | ||||
Preferred stock, dividend rate percentage | 6.25% | ||||
Preferred stock, par value | $ 1 | ||||
Preferred stock liquidation preference per depositary share | 25 | ||||
Preferred stock, liquidation preference per share | $ 25,000 | ||||
Preferred stock, redemption terms | The Company may redeem the Series B preferred stock at its option, subject to regulatory approval, on or after March 15, 2024 or following a regulatory capital treatment event, as defined | ||||
Series B Preferred Stock [Member] | Over-Allotment Option [Member] | |||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||
Issuance of preferred stock | $ 10 | ||||
Business Bancshares, Inc. [Member] | |||||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||||
Shares issued | 1,300,000 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | Mar. 31, 2020USD ($) |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | |
Assets in partnership | $ 250.8 |
Subsequent Events (Details)
Subsequent Events (Details) | 3 Months Ended |
Mar. 31, 2020Event | |
Subsequent Events [Abstract] | |
Number of types of subsequent events | 2 |