Segment Reporting

3 Months Ended

Mar. 31, 2012

Segment Reporting [Abstract]

Segment Reporting

NOTE 20 – Segment Reporting

We currently operate through the following three business segments: Global Wealth Management, Institutional Group, and various corporate activities combined in the Other segment.

Our Global Wealth Management segment consists of two businesses, the Private Client Group and Stifel Bank.The Private Client Group includes branch offices and independent contractor offices of our broker-dealer subsidiaries located throughout the United States, primarily in the Midwest and Mid-Atlantic regions with a growing presence in the Northeast, Southeast, and Western United States. These branches provide securities brokerage services, including the sale of equities, mutual funds, fixed income products, and insurance, as well as offering banking products to their clients through Stifel Bank. Stifel Bank segment provides residential, consumer, and commercial lending, as well as FDIC-insured deposit accounts to customers of our broker-dealer subsidiaries and to the general public.

The Institutional Group segment includes institutional sales and trading. It provides securities brokerage, trading, and research services to institutions, with an emphasis on the sale of equity and fixed income products. This segment also includes the management of and participation in underwritings for both corporate and public finance (exclusive of sales credits generated through the private client group, which are included in the Global Wealth Management segment), merger and acquisition, and financial advisory services.

The Other segment includes certain corporate activities of our company.

Information concerning operations in these segments of business for the three months ended March 31, 2012 and 2011 is as follows (in thousands):

	Three Months Ended March 31,
	2012			2011
Net revenues: (1)
Global Wealth Management	$	248,348		$	238,446
Institutional Group		148,504			126,994
Other		3,481			1,173
	$	400,333		$	366,613
Income before income taxes:
Global Wealth Management	$	69,178		$	61,472
Institutional Group		23,704			21,393
Other		(33,628	)		(32,181	)
	$	59,254		$	50,684

⁽¹⁾No individual client accounted for more than 10 percent of total net revenues for the three months ended March 31, 2012 or 2011.

The following table presents our company’s total assets on a segment basis at March 31, 2012 and December 31, 2011 (in thousands):

	March 31,2012		December 31,2011
Global Wealth Management	$	3,980,145	$	3,637,069
Institutional Group		1,182,290		1,028,948
Other		303,259		285,883
	$	5,465,694	$	4,951,900

We have operations in the United States, Canada, United Kingdom, and Europe. Our company’s foreign operations are conducted through its wholly owned subsidiaries, SNEL and SN Canada. 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, 2012 and 2011, were as follows (in thousands):

	Three Months Ended March 31,
	2012		2011
Net revenues:
United States	$	391,838	$	351,009
United Kingdom		3,890		6,049
Other European		2,353		3,107
Canada		2,252		6,448
	$	400,333	$	366,613