Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Assets And Liabilities Measured On Recurring Basis


	December 31, 2012
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	72,596	$	72,596	$	-	$	-
Trading securities owned:
U.S. government agency securities		123,758		-		123,758		-
U.S. government securities		3,573		3,573		-		-
Corporate securities:
Fixed income securities		396,878		66,795		329,500		583
Equity securities		35,472		33,650		1,822		-
State and municipal securities		203,927		-		203,927		-
Total trading securities owned		763,608		104,018		659,007		583
Available-for-sale securities:
U.S. government agency securities		1,113		-		1,113		-
State and municipal securities		157,420		-		66,933		90,487
Mortgage-backed securities:
Agency		684,848		-		684,848		-
Commercial		260,974		-		260,974		-
Non-agency		13,878		-		13,878		-
Corporate fixed income securities		480,182		263,017		217,165		-
Asset-backed securities		26,753		-		26,753		-
Total available-for-sale securities		1,625,168		263,017		1,271,664		90,487
Investments:
Corporate equity securities		32,162		32,162		-		-
Corporate preferred securities		56,970		-		56,970
Mutual funds		18,021		18,021		-		-
U.S. government securities		7,069		7,069		-		-
Auction rate securities:
Equity securities		64,397		-		-		64,397
Municipal securities		14,067		-		-		14,067
Other		43,748		1,620		4,831		37,297
Total investments		236,434		58,872		61,801		115,761
	$	2,697,806	$	498,503	$	1,992,472	$	206,831

Liabilities:
Trading securities sold, but not yet purchased
U.S. government securities	$	162,661	$	162,661	$	-	$	-
U.S. government agency securities		15		-		15		-
Corporate securities:
Fixed income securities		150,698		46,274		104,424		-
Equity securities		6,281		5,936		345		-
State and municipal securities		87		-		87		-
Total trading securities sold, but not yet purchased		319,742		214,871		104,871		-
Securities sold, but not yet purchased		22,966		22,966		-		-
Derivative contracts⁽¹⁾		19,934		-		19,934		-
	$	362,642	$	237,837	$	124,805	$	-

⁽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


	Year Ended December 31, 2011
			Available-for-sale securities				Investments
	Corporate Fixed Income Securities⁽¹⁾		State & Municipal Securities		Corporate Fixed Income Securities		Auction Rate Securities - Equity		Auction Rate Securities - Municipal		Other		Corporate Fixed Income Securities (2)

Balance at December 31, 2010	$	40,243	$	11,436	$	-	$	76,826	$	6,533	$	38,502	$	4,685
Unrealized gains/(losses):
Included in changes in net assets⁽³⁾		(288)		-		-		(600)		(189)		4,078		-
Included in OCI⁽⁴⁾		-		3,085		-		-		-		-		-
Realized gains ⁽³⁾		371		881		-		-		-		(1,126)		(52)
Purchases		169,152		48,974		12,000		45,625		10,135		1,776		6,663
Sales		(198,636)		(24,126)		-		-		(2,900)		-		(11,296)
Redemptions		(871)		(1,125)		-		(18,675)		(1,850)		(6,437)		-
Transfers:
Into Level 3		35		27,854		-		-		-		240		-
Out of Level 3		(6,264)		(83)		-		-		-		-		-
Net change		(36,501)		55,460		12,000		26,350		5,196		(1,469)		(4,685)
Balance at December 31, 2012	$	3,742	$	66,896	$	12,000	$	103,176	$	11,729	$	37,033	$	-

⁽¹⁾ Included in trading securities owned in the consolidated statements of financial condition.
⁽²⁾ Included in trading securities sold, but not yet purchased in the consolidated statements of financial condition.
⁽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/(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	1.9% of par - 10.0% of par	5.6% of par
		Workout period	2 - 4 years	3.4

Investments:
Auction rate securities
Equity securities	Discounted cash flow	Discount rate	1.6% of par - 12.1% of par	7.2% of par
		Workout period	1 - 3 years	2.8

Municipal securities	Discounted cash flow	Discount rate	0.5% of par - 10.3% of par	5.8% of par
		Workout period	1 -4 years	2.6

Other
Investments in partnerships	Market approach	Revenue multiple	1.4-4.0	2.8
		EBITDA multiple	7.0-14.6	9.3

Private equity investments	Market approach	Revenue multiple	0.5-3.4	2.1
		EBITDA multiple	4.4-17.8	10.1

Schedule Of Fair Value Of Financial Instruments


	December 31, 2012				December 31, 2011
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	$	403,941	$	403,941	$	167,671		167,671
Restricted cash		4,414		4,414		6,883		6,883
Cash segregated for regulatory purposes		128,031		128,031		26		26
Securities purchased under agreements to resell		158,695		158,695		75,455		75,455
Trading securities owned		763,608		763,608		474,951		474,951
Available-for-sale securities		1,625,168		1,625,168		1,214,141		1,214,141
Held-to-maturity securities		708,008		715,274		190,484		189,071
Loans held for sale		214,531		214,531		131,754		131,754
Bank loans		815,937		834,188		632,140		639,341
Investments		236,434		236,434		239,208		239,208
Financial liabilities:
Securities sold under agreements to repurchase	$	140,346	$	140,346	$	80,176	$	80,176
Bank deposits		3,346,133		3,368,643		2,071,738		2,067,324
Trading securities sold, but not yet purchased		319,742		319,742		266,833		266,833
Securities sold, but not yet purchased		22,966		22,966		19,223		19,223
Derivative contracts⁽¹⁾		19,934		19,934		24,877		24,877
Senior notes ⁽²⁾		325,000		338,475		-		-
Non-recourse debt ⁽²⁾		58,992		58,992		-		-
Debentures to Stifel Financial Capital Trusts		82,500		66,545		82,500		67,594
Liabilities subordinated to claims of general creditors		5,318		5,204		6,957		6,671

⁽¹⁾ Included in accounts payable and accrued expenses in the consolidated statements of financial condition.
⁽²⁾ Included in corporate debt in the consolidated statements of financial condition.

Estimated Fair Values Of Financial Instruments Not Measured At Fair Value


	December 31, 2012 (1)
	Total		Level 1		Level 2		Level 3
Financial assets:
Cash	$	331,345	$	331,345	$	-	$	-
Restricted cash		4,414		4,414		-		-
Cash segregated for regulatory purposes		128,031		128,031		-		-
Securities purchased under agreements to resell		158,695		154,688		4,007		-
Held-to-maturity securities		715,274		-		487,775		227,499
Loans held for sale		214,531		-		214,531		-
Bank loans		834,188		-		834,188		-
Investments		-		-		-
Financial liabilities:
Securities sold under agreements to repurchase	$	140,346	$	140,346	$	-	$	-
Bank deposits		3,368,643		-		3,368,643		-
Senior notes		338,475		338,475		-		-
Non-recourse debt		58,992		-		58,992		-
Debentures to Stifel Financial Capital Trusts		66,545		-		-		66,545
Liabilities subordinated to claims of general creditors		5,204		-		-		5,204

⁽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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