Fair Value Of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Assets And Liabilities Measured On Recurring Basis


	September 30, 2012
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	26,675	$	26,675	$	-	$	-
Trading securities owned:
U.S. government agency securities		144,286		-		144,286		-
U.S. government securities		8,059		8,059		-		-
Corporate securities:
Fixed income securities		391,981		68,005		320,505		3,471
Equity securities		39,829		37,482		2,347		-
State and municipal securities		162,058		-		162,058		-
Total trading securities owned		746,213		113,546		629,196		3,471
Available-for-sale securities:
U.S. government agency securities		1,115		-		1,115		-
State and municipal securities		142,586		-		58,490		84,096
Mortgage-backed securities:
Agency		520,332		-		520,332		-
Commercial		269,808		-		269,808		-
Non-agency		14,765		-		14,765		-
Corporate fixed income securities		500,982		331,244		158,209		11,529
Asset-backed securities		27,093		-		27,093		-
Total available-for-sale securities		1,476,681		331,244		1,049,812		95,625
Investments:
Corporate equity securities		26,111		25,413		698		-
Corporate preferred securities		46,558		-		46,558
Mutual funds		17,750		17,750		-		-
U.S. government securities		7,068		7,068		-		-
Auction rate securities:
Equity securities		67,887		-		-		67,887
Municipal securities		10,778		-		-		10,778
Other		38,609		1,551		341		36,717
Total investments		214,761		51,782		47,597		115,382
	$	2,464,330	$	523,247	$	1,726,605	$	214,478

Liabilities:
Trading securities sold, but not yet purchased
U.S. government securities	$	148,876	$	148,876	$	-	$	-
U.S. government agency securities		8,464		-		8,464		-
Corporate securities:
Fixed income securities		173,157		45,814		127,343		-
Equity securities		39,284		37,928		1,356		-
State and municipal securities		105		-		105		-
Total trading securities sold, but not yet purchased		369,886		232,618		137,268		-
Securities sold, but not yet purchased		22,194		22,194		-		-
Derivative contracts⁽¹⁾		22,455		-		22,455		-
	$	414,535	$	254,812	$	159,723	$	-

⁽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


	Three Months Ended September 30, 2012
							Investments
	Corporate Fixed Income Securities⁽¹⁾		State & Municipal Securities		Corporate Fixed Income Securities			Auction Rate Securities - Equity		Auction Rate Securities - Municipal		Other

Balance June 30, 2011	$	12,808	$	100,730	$	12,000		$	80,037	$	11,503	$	39,091
Unrealized gains/(losses):
Included in changes in net assets⁽²⁾		-		-		-			(350)		25		(172)
Included in OCI⁽³⁾		-		366		-			-		-		-
Realized gains/(losses) ⁽²⁾		233		-		-			-		-		(132)
Purchases		2,786				-			50				117
Sales		(8,798)		-		-			-		-		(2,187)
Redemptions		(434)		(17,000)		(471)			(11,850)		(750)		-
Transfers:
Into Level 3		-		-		-			-		-		-
Out of Level 3		(3,124)		-		-			-		-		-
Net change		(9,337)		(16,634)		(471)			(12,150)		(725)		(2,374)
Balance September 30, 2012	$	3,471	$	84,096	$	11,529		$	67,887	$	10,778	$	36,717


	Nine Months Ended September 30, 2012
							Investments
	Corporate Fixed Income Securities⁽¹⁾		State & Municipal Securities		Corporate Fixed Income Securities			Auction Rate Securities - Equity		Auction Rate Securities - Municipal		Other

Balance December 31, 2011	$	3,742	$	66,896	$	12,000		$	103,176	$	11,729	$	37,033
Unrealized gains/(losses):
Included in changes in net assets⁽²⁾		47		-		-			86		94		2,659
Included in OCI⁽³⁾		-		(918)		-			-		-		-
Realized gains/(losses) ⁽²⁾		361		118		-			-		-		521
Purchases		24,694		37,000		-			2,850		2,255		1,361
Sales		(20,225)		-		-			-		-		(4,857)
Redemptions		(434)		(19,000)		(471)			(38,225)		(3,300)		-
Transfers:
Into Level 3		2,686		-		-			-		-		-
Out of Level 3		(7,400)		-		-			-		-		-
Net change		(271)		17,200		(471)			(35,289)		(951)		(316)
Balance September 30, 2012	$	3,471	$	84,096	$	11,529		$	67,887	$	10,778	$	36,717

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

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




	Valuation Technique	Unobservable input	Range	Weighted average

Available-for-sale securities:
State and municipal securities	Discounted cash flow	Discount rate	1.8% - 9.6%	4.9%
		Workout period	2 - 4 years	3.1 years

Investments:
Auction rate securities
Equity securities	Discounted cash flow	Discount rate	1.5% - 11.7%	6.8%
		Workout period	1 - 3 years	2.7 years

Municipal securities	Discounted cash flow	Discount rate	0.4% - 10.0%	5.0%
		Workout period	1 - 4 years	2.6 years

Other
Investments in partnerships	Market approach	Revenue multiple	1.5 - 3.7	2.8
		EBITDA multiple	6.3 - 14.6	10.4

Private equity investments	Market approach	Revenue multiple	1.4 - 3.2	2.8
		EBITDA multiple	7.8 - 17.4	12.5

Schedule Of Fair Value Of Financial Instruments


	September 30, 2012				December 31, 2011
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	193,333	$	193,333	$	167,671		167,671
Restricted cash		6,589		6,589		6,883		6,883
Cash segregated for regulatory purposes		28		28		26		26
Securities purchased under agreements to resell		141,964		141,964		75,455		75,455
Trading securities owned		746,213		746,213		474,951		474,951
Available-for-sale securities		1,476,681		1,476,681		1,214,141		1,214,141
Held-to-maturity securities		657,933		664,593		190,484		189,071
Loans held for sale		209,358		209,358		131,754		131,754
Bank loans		746,567		765,467		632,140		639,341
Investments		242,674		242,674		239,208		239,208
Financial liabilities:
Securities sold under agreements to repurchase	$	78,437	$	78,437	$	80,176	$	80,176
Bank deposits		2,923,671		2,924,394		2,071,738		2,067,324
Trading securities sold, but not yet purchased		369,886		369,886		266,833		266,833
Securities sold, but not yet purchased		22,194		22,194		19,223		19,223
Derivative contracts⁽¹⁾		22,455		22,455		24,877		24,877
Senior notes		175,000		185,034		-		-
Debentures to Stifel Financial Capital Trusts		82,500		53,517		82,500		67,594
Liabilities subordinated to claims of general creditors		5,318		5,162		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


	September 30, 2012 (1)
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	166,658	$	166,658	$	-	$	-
Restricted cash		6,589		6,589		-		-
Cash segregated for regulatory purposes		28		28		-		-
Securities purchased under agreements to resell		141,964		141,964		-		-
Held-to-maturity securities		664,593		14,796		39,672		610,125
Loans held for sale		209,358		-		209,358		-
Bank loans		765,467		-		765,467		-
Investments		-		-		-
Financial liabilities:
Securities sold under agreements to repurchase	$	78,437	$	32,841	$	45,596	$	-
Bank deposits		2,924,394		-		2,924,394		-
Senior notes		185,034		185,034		-		-
Debentures to Stifel Financial Capital Trusts		53,517		-		-		53,517
Liabilities subordinated to claims of general creditors		5,162		-		-		5,162

⁽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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