Fair Value Of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Assets And Liabilities Measured On Recurring Basis


	March 31, 2012
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	48,751	$	48,751	$	—	$	—
Trading securities owned:
U.S. government agency securities		91,271		—		91,271		—
U.S. government securities		15,030		15,030		—		—
Corporate securities:
Fixed income securities		240,244		67,774		165,773		6,697
Equity securities		31,810		28,584		3,226		—
State and municipal securities		197,369		—		197,369		—
Total trading securities owned		575,724		111,388		457,639		6,697
Available-for-sale securities:
U.S. government agency securities		1,116		—		1,116		—
State and municipal securities		83,486		—		18,607		64,859
Mortgage-backed securities:
Agency		465,882		—		465,882		—
Commercial		286,868		—		286,868		—
Non-agency		16,689		—		16,689		—
Corporate fixed income securities		468,097		310,850		145,247		12,000
Asset-backed securities		25,417		—		25,417		—
Total available-for-sale securities		1,347,535		310,850		959,826		76,859
Investments:
Corporate equity securities		27,504		27,311		193		—
Mutual funds		36,855		36,855		—		—
U.S. government securities		7,000		7,000		—		—
Auction rate securities:
Equity securities		92,077		—		—		92,077
Municipal securities		13,404		—		—		13,404
Other		39,266		942		342		37,982
Total investments		216,106		72,108		535		143,463
	$	2,188,116	$	543,097	$	1,418,000	$	227,019

Liabilities:
Trading securities sold, but not yet purchased:
U.S. government securities	$	98,283	$	98,283	$	—	$	—
U.S. government agency securities		6,161		—		6,161		—
Corporate securities:
Fixed income securities		145,002		46,729		98,273		—
Equity securities		17,972		17,972		—		—
State and municipal securities		389		—		389		—
Total trading securities sold, but not yet purchased		267,807		162,984		104,823		—
Securities sold, but not yet purchased		21,823		21,823		—		—
Derivative contracts ⁽¹⁾		21,040		—		21,040		—
	$	310,670	$	184,807	$	125,863	$	—

⁽¹⁾ Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

	December 31, 2011
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	14,156	$	14,156	$	—	$	—
Trading securities owned:
U.S. government agency securities		66,424		—		66,424		—
U.S. government securities		32,845		32,845		—		—
Corporate securities:
Fixed income securities		244,535		31,398		209,395		3,742
Equity securities		19,859		19,506		353		—
State and municipal securities		111,288		—		111,288		—
Total trading securities owned		474,951		83,749		387,460		3,742
Available-for-sale securities:
U.S. government agency securities		1,103		—		1,103		—
State and municipal securities		86,932		—		20,036		66,896
Mortgage-backed securities:
Agency		404,662		—		404,662		—
Commercial		271,510		—		271,510		—
Non-agency		17,460		—		17,460		—
Corporate fixed income securities		405,985		153,855		240,130		12,000
Asset-backed securities		26,489		—		26,489		—
Total available-for-sale securities		1,214,141		153,855		981,390		78,896
Investments:
Corporate equity securities		23,921		23,921		—		—
Mutual funds		33,958		33,958		—		—
Auction rate securities:
Equity securities		103,176		—		—		103,176
Municipal securities		11,729		—		—		11,729
Other		38,424		1,055		336		37,033
Total investments		211,208		58,934		336		151,938
	$	1,914,456	$	310,694	$	1,369,186	$	234,576

Liabilities:
Trading securities sold, but not yet purchased:
U.S. government securities	$	109,776	$	109,776	$	—	$	—
U.S. government agency securities		954		—		954		—
Corporate securities:
Fixed income securities		149,460		74,719		74,741		—
Equity securities		6,060		6,019		41		—
State and municipal securities		583		—		583		—
Total trading securities sold, but not yet purchased		266,833		190,514		76,319		—
Securities sold, but not yet purchased		19,223		19,223		—		—
Derivative contracts ⁽¹⁾		24,877		—		24,877		—
	$	310,933	$	209,737	$	101,196	$	—

⁽¹⁾ Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Schedule Of Changes In Fair Value Carrying Values Associated With Level 3 Financial Instruments



				Available-for-sale securities					Investments
	Corporate Fixed Income Securities ⁽¹⁾			State and Municipal Securities ⁽²⁾			Corporate Fixed Income Securities		Auction Rate Securities – Equity			Auction Rate Securities – Municipal			Other

Balance at December 31, 2011	$	3,742		$	66,896		$	12,000	$	103,176		$	11,729		$	37,033
Unrealized gains/(losses):
Included in changes in net assets⁽³⁾		47			—			—		451			(65	)		704
Included in OCI ⁽⁴⁾		—			(155	)		—		—			—			—
Realized gains ⁽³⁾		18			118			—		—			—			590
Purchases		5,246			—			—		2,800			2,040			390
Sales		(2,557	)		—			—		—			—			(735	)
Redemptions		—			(2,000	)		—		(14,350	)		(300	)		—
Transfers:
Into Level 3		227			—			—		—			—			—
Out of Level 3		(26	)		—			—		—			—			—
Net change		2,955			(2,037	)		—		(11,099	)		1,675			949
Balance at March 31, 2012	$	6,697		$	64,859		$	12,000	$	92,077		$	13,404		$	37,982

⁽¹⁾ Included in trading securities owned in the consolidated statements of financial condition.
⁽²⁾ Consists of auction rate securities.
⁽³⁾ Realized and unrealized gains/(losses) related to trading securities and investments are reported in other income in the consolidated statements of operations.
⁽⁴⁾ Unrealized gains related to available-for-sale securities are reported in accumulated other comprehensive loss in the consolidated statements of financial condition.

Quantitative Information Related To The Significant Unobservable Inputs Utilized In Level 3 Recurring Fair Value Measurements

Discounted cash flow model -
unobservable inputs

Discount rate

Workout period

Estimated
fair value

Range

Weighted
average

Range

Weighted
average

Available-for-sale securities:

State and municipal securities

64,859

2.4% - 9.2%

5.0%

3 – 4 years

3.5 years

Investments:

Auction rate securities:

Equity securities

92,077

0.0% - 7.5%

4.7%

1 – 4 years

2.6 years

Municipal securities

13,404

1.5% - 8.7%

4.2%

1 – 3 years

1.9 years

Schedule Of Fair Value Of Financial Instruments


	March 31, 2012				December 31, 2011
	Carrying value		Estimated fair value		Carrying value		Estimated fair value
Financial assets:
Cash and cash equivalents	$	226,458	$	226,458	$	167,671	$	167,671
Restricted cash		6,584		6,584		6,883		6,883
Cash segregated for regulatory purposes		26		26		26		26
Securities purchased under agreements to resell		103,958		103,958		75,455		75,455
Trading securities owned		575,724		575,724		474,951		474,951
Available-for-sale securities		1,347,535		1,347,535		1,214,141		1,214,141
Held-to-maturity securities		327,447		329,833		190,484		189,071
Loans held for sale		141,136		141,136		131,754		131,754
Bank loans		657,193		665,773		632,140		639,341
Investments		244,106		244,106		239,208		239,208
Financial liabilities:
Securities sold under agreements to repurchase	$	142,119	$	142,119	$	80,176	$	80,176
Bank deposits		2,357,912		2,326,411		2,071,738		2,067,324
Trading securities sold, but not yet purchased		267,807		267,807		266,833		266,833
Securities sold, but not yet purchased		21,823		21,823		19,223		19,223
Derivative contracts ⁽¹⁾		21,040		21,040		24,877		24,877
Senior notes		175,000		189,108		—		—
Debentures to Stifel Financial Capital Trusts		82,500		69,206		82,500		67,594
Liabilities subordinated to the claims of general creditors		5,318		5,079		6,957		6,671

⁽¹⁾ Included in accounts payable and accrued expenses in the consolidated statements of financial condition.

Estimated Fair Values Of Financial Instruments Not Measured At Fair Value


	March 31, 2012 ⁽¹⁾
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	177,707	$	177,707	$	—	$	—
Restricted cash		6,584		6,584		—		—
Cash segregated for regulatory purposes		26		26		—		—
Securities purchased under agreements to resell		103,958		103,958		—		—
Held-to-maturity securities		329,833		14,707		39,537		275,589
Loans held for sale		141,136		—		141,136		—
Bank loans		665,773		—		665,773		—
Investments		28,000		—		—		28,000
Financial liabilities:
Securities sold under agreements to repurchase	$	142,119		35,809		106,310		—
Bank deposits		2,326,411		—		2,326,411		—
Senior notes		189,108		189,108		—		—
Debentures to Stifel Financial Capital Trusts		69,206		—		—		69,206
Liabilities subordinated to claims of general creditors		5,079		—		—		5,079

⁽¹⁾ We adopted the provisions of Update No. 2011-04 in the first quarter of 2012 on a prospective basis. Accordingly, disclosures for prior periods are not presented.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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