XML 45 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value

 

  

 

March 31, 2017

 

 

 

Fair value of investments

 

 

Unfunded commitments

 

Private company investments

 

$

18,702

 

 

$

10,238

 

Partnership interests

 

 

14,857

 

 

 

1,790

 

Mutual funds

 

 

11,981

 

 

 

—

 

Private equity funds

 

 

8,843

 

 

 

1,853

 

Money market funds

 

 

15,420

 

 

 

—

 

Total

 

$

69,803

 

 

$

13,881

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

 

 

Fair value of investments

 

 

Unfunded commitments

 

Private company investments

 

$

18,763

 

 

$

8,526

 

Partnership interests

 

 

15,798

 

 

 

1,822

 

Mutual funds

 

 

11,301

 

 

 

—

 

Private equity funds

 

 

9,310

 

 

 

2,020

 

Money market funds

 

 

35,637

 

 

 

—

 

Total

 

$

90,809

 

 

$

12,368

 

 

Fair Value Of Assets And Liabilities Measured On Recurring Basis

 

 

 

March 31, 2017

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial instruments owned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

19,784

 

 

$

19,784

 

 

$

—

 

 

$

—

 

U.S. government agency securities

 

 

170,659

 

 

 

—

 

 

 

170,659

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

293,654

 

 

 

—

 

 

 

293,654

 

 

 

—

 

Non-agency

 

 

28,595

 

 

 

—

 

 

 

27,576

 

 

 

1,019

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

356,364

 

 

 

8,995

 

 

 

347,102

 

 

 

267

 

Equity securities

 

 

39,791

 

 

 

39,208

 

 

 

—

 

 

 

583

 

State and municipal securities

 

 

149,242

 

 

 

—

 

 

 

149,242

 

 

 

—

 

Total financial instruments owned

 

 

1,058,089

 

 

 

67,987

 

 

 

988,233

 

 

 

1,869

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

 

4,419

 

 

 

199

 

 

 

4,220

 

 

 

—

 

State and municipal securities

 

 

72,417

 

 

 

—

 

 

 

72,417

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

341,054

 

 

 

—

 

 

 

341,054

 

 

 

—

 

Commercial

 

 

72,758

 

 

 

—

 

 

 

72,758

 

 

 

—

 

Non-agency

 

 

1,731

 

 

 

—

 

 

 

1,731

 

 

 

—

 

Corporate fixed income securities

 

 

824,192

 

 

 

—

 

 

 

824,192

 

 

 

—

 

Asset-backed securities

 

 

2,061,410

 

 

 

—

 

 

 

2,061,410

 

 

 

—

 

Total available-for-sale securities

 

 

3,377,981

 

 

 

199

 

 

 

3,377,782

 

 

 

—

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate equity securities

 

 

27,866

 

 

 

24,033

 

 

 

—

 

 

 

3,833

 

Auction rate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

49,055

 

 

 

—

 

 

 

—

 

 

 

49,055

 

Municipal securities

 

 

837

 

 

 

—

 

 

 

—

 

 

 

837

 

Other

 

 

1,620

 

 

 

—

 

 

 

380

 

 

 

1,240

 

Investments in funds measured at NAV

 

 

54,383

 

 

 

—

 

 

 

—

 

 

 

—

 

Total investments

 

 

133,761

 

 

 

24,033

 

 

 

380

 

 

 

54,965

 

Cash equivalents measured at NAV

 

 

15,420

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative contracts (1)

 

 

11,300

 

 

 

—

 

 

 

11,300

 

 

 

—

 

 

 

$

4,596,551

 

 

$

92,219

 

 

$

4,377,695

 

 

$

56,834

 

 

(1)

Included in other assets in the consolidated statements of financial condition.

 

 

 

 

March 31, 2017

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

351,765

 

 

$

351,765

 

 

$

—

 

 

$

—

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

96,975

 

 

 

—

 

 

 

96,975

 

 

 

—

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

260,410

 

 

 

—

 

 

 

260,410

 

 

 

—

 

Equity securities

 

 

45,308

 

 

 

45,308

 

 

 

—

 

 

 

—

 

Total financial instruments sold, but not yet purchased

 

 

754,458

 

 

 

397,073

 

 

 

357,385

 

 

 

—

 

Derivative contracts (2)

 

 

1,191

 

 

 

—

 

 

 

1,191

 

 

 

—

 

 

 

$

755,649

 

 

$

397,073

 

 

$

358,576

 

 

$

—

 

 

(2)

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

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016, are presented below (in thousands):

 

 

 

 

December 31, 2016

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial instruments owned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

9,951

 

 

$

9,951

 

 

$

—

 

 

$

—

 

U.S. government agency securities

 

 

89,833

 

 

 

—

 

 

 

89,833

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

305,774

 

 

 

—

 

 

 

305,774

 

 

 

—

 

Non-agency

 

 

28,402

 

 

 

—

 

 

 

27,320

 

 

 

1,082

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

299,946

 

 

 

1,944

 

 

 

297,729

 

 

 

273

 

Equity securities

 

 

32,044

 

 

 

31,444

 

 

 

—

 

 

 

600

 

State and municipal securities

 

 

159,095

 

 

 

—

 

 

 

159,095

 

 

 

—

 

Total financial instruments owned

 

 

925,045

 

 

 

43,339

 

 

 

879,751

 

 

 

1,955

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

 

4,197

 

 

 

300

 

 

 

3,897

 

 

 

—

 

State and municipal securities

 

 

72,490

 

 

 

—

 

 

 

72,490

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

338,732

 

 

 

—

 

 

 

338,732

 

 

 

—

 

Commercial

 

 

72,773

 

 

 

—

 

 

 

72,773

 

 

 

—

 

Non-agency

 

 

1,892

 

 

 

—

 

 

 

1,892

 

 

 

—

 

Corporate fixed income securities

 

 

823,511

 

 

 

—

 

 

 

823,511

 

 

 

—

 

Asset-backed securities

 

 

1,867,718

 

 

 

—

 

 

 

1,867,718

 

 

 

—

 

Total available-for-sale securities

 

 

3,181,313

 

 

 

300

 

 

 

3,181,013

 

 

 

—

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate equity securities

 

 

27,247

 

 

 

23,414

 

 

 

—

 

 

 

3,833

 

Auction rate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

48,689

 

 

 

—

 

 

 

—

 

 

 

48,689

 

Municipal securities

 

 

832

 

 

 

—

 

 

 

—

 

 

 

832

 

Other

 

 

1,623

 

 

 

—

 

 

 

383

 

 

 

1,240

 

Investments measured at NAV

 

 

55,172

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments

 

 

133,563

 

 

 

23,414

 

 

 

383

 

 

 

54,594

 

Cash equivalents measured at NAV

 

 

35,637

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative contracts (1)

 

 

10,390

 

 

 

—

 

 

 

10,390

 

 

 

—

 

 

 

$

4,285,948

 

 

$

67,053

 

 

$

4,071,537

 

 

$

56,549

 

 

(1)

Includes certain private company and other investments.

 

 

 

December 31, 2016

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

362,536

 

 

$

362,536

 

 

$

—

 

 

$

—

 

U.S. government agency securities

 

 

20,549

 

 

 

—

 

 

 

20,549

 

 

 

—

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

94,552

 

 

 

—

 

 

 

94,552

 

 

 

—

 

Non-agency

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

202,968

 

 

 

980

 

 

 

201,988

 

 

 

—

 

Equity securities

 

 

18,395

 

 

 

18,395

 

 

 

—

 

 

 

—

 

State and municipal securities

 

 

31

 

 

 

—

 

 

 

31

 

 

 

—

 

Total financial instruments sold, but not yet purchased

 

 

699,032

 

 

 

381,911

 

 

 

317,121

 

 

 

—

 

Derivative contracts (2)

 

 

1,823

 

 

 

—

 

 

 

1,823

 

 

 

—

 

 

 

$

700,855

 

 

$

381,911

 

 

$

318,944

 

 

$

—

 

 

(2)

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

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

 

 

 

Three Months Ended March 31, 2017

 

 

 

Financial instruments owned

 

 

Investments

 

 

 

Mortgage-

Backed

Securities –

Non-Agency

 

 

Corporate Fixed Income Securities

 

 

Equity

Securities

 

 

Corporate Equity Securities

 

 

Auction Rate

Securities –

Equity

 

 

Auction Rate

Securities –

Municipal

 

 

Other

 

Balance at December 31, 2016

 

$

1,082

 

 

$

273

 

 

$

600

 

 

$

3,833

 

 

$

48,689

 

 

$

832

 

 

$

1,240

 

Unrealized gains/(losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in changes in net assets (1)

 

 

—

 

 

 

—

 

 

 

(17

)

 

 

—

 

 

 

366

 

 

 

5

 

 

 

—

 

Included in OCI (2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Realized gains (1)

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Purchases

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Sales

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Redemptions

 

 

(64

)

 

 

(6

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Transfers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Into Level 3

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Out of Level 3

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net change

 

 

(63

)

 

 

(6

)

 

 

(17

)

 

 

—

 

 

 

366

 

 

 

5

 

 

 

—

 

Balance at March 31, 2017

 

$

1,019

 

 

$

267

 

 

$

583

 

 

$

3,833

 

 

$

49,055

 

 

$

837

 

 

$

1,240

 

(1)

Realized and unrealized gains/(losses) related to financial instruments owned and investments are reported in other income in the consolidated statements of operations.

(2)

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

 

Investments:

 

 

 

 

 

 

 

 

 

 

Corporate equity securities

 

Market comparable companies

 

Tangible book value multiple

 

1.4 - 2.2

 

 

1.9

 

Auction rate securities:

 

 

 

 

 

 

 

 

 

 

Equity securities

 

Discounted cash flow

 

Discount rate

 

1.6% - 11.5%

 

 

5.8%

 

 

 

 

 

Workout period

 

1 - 3 years

 

2.5 years

 

Municipal securities

 

Discounted cash flow

 

Discount rate

 

1.9% - 10.1%

 

 

4.4%

 

 

 

 

 

Workout period

 

1 - 4 years

 

1.9 years

 

 

Schedule Of Fair Value Of Financial Instruments

 

 

 

March 31, 2017

 

 

December 31, 2016

 

 

 

Carrying

Value

 

 

Estimated

Fair Value

 

 

Carrying

Value

 

 

Estimated

Fair Value

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

658,387

 

 

$

658,387

 

 

$

912,932

 

 

$

912,932

 

Cash segregated for regulatory purposes

 

 

214

 

 

 

214

 

 

 

73,235

 

 

 

73,235

 

Securities purchased under agreements to resell

 

 

318,848

 

 

 

318,848

 

 

 

248,588

 

 

 

248,588

 

Financial instruments owned

 

 

1,058,089

 

 

 

1,058,089

 

 

 

925,045

 

 

 

925,045

 

Available-for-sale securities

 

 

3,377,981

 

 

 

3,377,981

 

 

 

3,181,313

 

 

 

3,181,313

 

Held-to-maturity securities

 

 

3,189,767

 

 

 

3,199,113

 

 

 

3,038,405

 

 

 

3,040,554

 

Loans held for sale

 

 

206,724

 

 

 

206,724

 

 

 

228,588

 

 

 

228,588

 

Bank loans

 

 

5,864,548

 

 

 

5,916,155

 

 

 

5,591,190

 

 

 

5,633,804

 

Investments

 

 

133,761

 

 

 

133,761

 

 

 

133,563

 

 

 

133,563

 

Derivative contracts (1)

 

 

11,300

 

 

 

11,300

 

 

 

10,390

 

 

 

10,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

$

219,727

 

 

$

219,727

 

 

$

268,546

 

 

$

268,546

 

Bank deposits

 

 

11,700,961

 

 

 

12,701,075

 

 

 

11,527,483

 

 

 

11,092,185

 

Financial instruments sold, but not yet purchased

 

 

754,458

 

 

 

754,458

 

 

 

699,032

 

 

 

699,032

 

Derivative contracts (2)

 

 

1,191

 

 

 

1,191

 

 

 

1,823

 

 

 

1,823

 

Federal Home Loan Bank advances

 

 

790,000

 

 

 

790,000

 

 

 

500,000

 

 

 

500,000

 

Borrowings

 

 

199,000

 

 

 

199,000

 

 

 

377,000

 

 

 

377,000

 

Senior notes

 

 

795,192

 

 

 

810,193

 

 

 

795,891

 

 

 

799,632

 

Debentures to Stifel Financial Capital Trusts

 

 

67,500

 

 

 

51,469

 

 

 

67,500

 

 

 

52,525

 

 

(1)

Included in other assets in the consolidated statements of financial condition.

(2)

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, 2017

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

642,967

 

 

$

642,967

 

 

$

—

 

 

$

—

 

Cash segregated for regulatory purposes

 

 

214

 

 

 

214

 

 

 

—

 

 

 

—

 

Securities purchased under agreements to resell

 

 

318,848

 

 

 

318,848

 

 

 

—

 

 

 

—

 

Held-to-maturity securities

 

 

3,199,113

 

 

 

—

 

 

 

2,978,710

 

 

 

220,403

 

Loans held for sale

 

 

206,724

 

 

 

—

 

 

 

206,724

 

 

 

—

 

Bank loans

 

 

5,916,155

 

 

 

—

 

 

 

5,916,155

 

 

 

—

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

$

219,727

 

 

$

—

 

 

$

219,727

 

 

$

—

 

Bank deposits

 

 

12,701,075

 

 

 

—

 

 

 

12,701,075

 

 

 

—

 

Federal Home Loan Bank advances

 

 

790,000

 

 

 

790,000

 

 

 

—

 

 

 

—

 

Borrowings

 

 

199,000

 

 

 

199,000

 

 

 

—

 

 

 

—

 

Senior notes

 

 

810,193

 

 

 

810,193

 

 

 

—

 

 

 

—

 

Debentures to Stifel Financial Capital Trusts

 

 

51,469

 

 

 

—

 

 

 

—

 

 

 

51,469

 

 

 

 

December 31, 2016

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

877,295

 

 

$

877,295

 

 

$

—

 

 

$

—

 

Cash segregated for regulatory purposes

 

 

73,235

 

 

 

73,235

 

 

 

—

 

 

 

—

 

Securities purchased under agreements to resell

 

 

248,588

 

 

 

227,983

 

 

 

20,605

 

 

 

—

 

Held-to-maturity securities

 

 

3,040,554

 

 

 

—

 

 

 

2,830,869

 

 

 

209,685

 

Loans held for sale

 

 

228,588

 

 

 

—

 

 

 

228,588

 

 

 

—

 

Bank loans

 

 

5,633,804

 

 

 

—

 

 

 

5,633,804

 

 

 

—

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

$

268,546

 

 

$

149,881

 

 

$

118,665

 

 

$

—

 

Bank deposits

 

 

11,092,185

 

 

 

—

 

 

 

11,092,185

 

 

 

—

 

Federal Home Loan Bank advances

 

 

500,000

 

 

 

500,000

 

 

 

—

 

 

 

—

 

Borrowings

 

 

377,000

 

 

 

377,000

 

 

 

—

 

 

 

—

 

Senior notes

 

 

799,632

 

 

 

799,632

 

 

 

—

 

 

 

—

 

Debentures to Stifel Financial Capital Trusts

 

 

52,525

 

 

 

—

 

 

 

—

 

 

 

52,525