XML 51 R40.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule Of Changes In Fair Value Associated With Level 3 Financial Instruments

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

Financial instruments owned

 

 

Investments

 

 

 

Asset-Backed Securities

 

 

Loans

 

 

Corporate Equity Securities

 

 

Auction Rate

Securities –

Equity

 

 

Auction Rate

Securities –

Municipal

 

 

Other

 

Balance at March 31, 2020

 

$

175

 

 

$

10,259

 

 

$

1,060

 

 

$

14,243

 

 

$

183

 

 

$

833

 

Unrealized losses

 

 

—

 

 

 

(786

)

 

 

—

 

 

 

(1,622

)

 

 

—

 

 

 

(478

)

Purchases

 

 

—

 

 

 

139

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Sales

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Transfers into Level 3

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

34,646

 

Net change

 

 

—

 

 

 

(648

)

 

 

—

 

 

 

(1,622

)

 

 

—

 

 

 

34,168

 

Balance at June 30, 2020

 

$

175

 

 

$

9,611

 

 

$

1,060

 

 

$

12,621

 

 

$

183

 

 

$

35,001

 

 

 

 

Six Months Ended June 30, 2020

 

 

 

Financial instruments owned

 

 

Investments

 

 

 

Asset-Backed Securities

 

 

Loans

 

 

Corporate Equity Securities

 

 

Auction Rate

Securities –

Equity

 

 

Auction Rate

Securities –

Municipal

 

 

Other

 

Balance at December 31, 2019

 

$

175

 

 

$

9,151

 

 

$

1,060

 

 

$

14,243

 

 

$

184

 

 

$

853

 

Unrealized losses

 

 

—

 

 

 

(3,613

)

 

 

—

 

 

 

(1,622

)

 

 

(1

)

 

 

(478

)

Purchases

 

 

—

 

 

 

7,081

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Sales

 

 

—

 

 

 

(3,005

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(20

)

Redemptions

 

 

—

 

 

 

(3

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Transfers into Level 3

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

34,646

 

Net change

 

 

—

 

 

 

460

 

 

 

—

 

 

 

(1,622

)

 

 

(1

)

 

 

34,148

 

Balance at June 30, 2020

 

$

175

 

 

$

9,611

 

 

$

1,060

 

 

$

12,621

 

 

$

183

 

 

$

35,001

 

Schedule Of Fair Value Of Investments In And Unfunded Commitments To Funds Measured At Net Asset Value

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Fair value of investments

 

 

Unfunded commitments

 

 

Fair value of investments

 

 

Unfunded commitments

 

Money market funds

 

$

51,541

 

 

$

—

 

 

$

25,734

 

 

$

—

 

Mutual funds

 

 

5,698

 

 

 

—

 

 

 

7,875

 

 

 

—

 

Private equity funds

 

 

1,697

 

 

 

1,203

 

 

 

2,288

 

 

 

1,203

 

Partnership interests

 

 

3,289

 

 

 

895

 

 

 

3,058

 

 

 

953

 

Total

 

$

62,225

 

 

$

2,098

 

 

$

38,955

 

 

$

2,156

 

Fair Value Of Assets And Liabilities Measured On Recurring Basis

 

 

 

June 30, 2020

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial instruments owned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

27,722

 

 

$

27,722

 

 

$

—

 

 

$

—

 

U.S. government agency securities

 

 

122,160

 

 

 

—

 

 

 

122,160

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

222,722

 

 

 

—

 

 

 

222,722

 

 

 

—

 

Non-agency

 

 

1,510

 

 

 

—

 

 

 

1,510

 

 

 

—

 

Asset-backed securities

 

 

7,843

 

 

 

—

 

 

 

7,668

 

 

 

175

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

232,618

 

 

 

2,062

 

 

 

230,556

 

 

 

—

 

Equity securities

 

 

78,510

 

 

 

57,221

 

 

 

21,289

 

 

 

—

 

Sovereign debt

 

 

19,976

 

 

 

—

 

 

 

19,976

 

 

 

—

 

State and municipal securities

 

 

123,546

 

 

 

—

 

 

 

123,546

 

 

 

—

 

Loans

 

 

9,611

 

 

 

—

 

 

 

—

 

 

 

9,611

 

Total financial instruments owned

 

 

846,218

 

 

 

87,005

 

 

 

749,427

 

 

 

9,786

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

 

5,146

 

 

 

—

 

 

 

5,146

 

 

 

—

 

State and municipal securities

 

 

2,461

 

 

 

—

 

 

 

2,461

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

770,729

 

 

 

—

 

 

 

770,729

 

 

 

—

 

Commercial

 

 

105,447

 

 

 

—

 

 

 

105,447

 

 

 

—

 

Non-agency

 

 

6,923

 

 

 

—

 

 

 

6,923

 

 

 

—

 

Corporate fixed income securities

 

 

557,969

 

 

 

—

 

 

 

557,969

 

 

 

—

 

Asset-backed securities

 

 

1,723,814

 

 

 

—

 

 

 

1,723,814

 

 

 

—

 

Total available-for-sale securities

 

 

3,172,489

 

 

 

—

 

 

 

3,172,489

 

 

 

—

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate equity securities

 

 

21,586

 

 

 

20,526

 

 

 

—

 

 

 

1,060

 

Auction rate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

12,621

 

 

 

—

 

 

 

—

 

 

 

12,621

 

Municipal securities

 

 

183

 

 

 

—

 

 

 

—

 

 

 

183

 

Other

 

 

50,333

 

 

 

9,293

 

 

 

6,039

 

 

 

35,001

 

Investments in funds and partnerships measured at NAV

 

 

10,684

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments

 

 

95,407

 

 

 

29,819

 

 

 

6,039

 

 

 

48,865

 

Cash equivalents measured at NAV

 

 

51,541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,165,655

 

 

$

116,824

 

 

$

3,927,955

 

 

$

58,651

 

 

 

 

 

June 30, 2020

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

208,591

 

 

$

208,591

 

 

$

—

 

 

$

—

 

U.S. government agency securities

 

 

28,361

 

 

 

—

 

 

 

28,361

 

 

 

—

 

Agency mortgage-backed securities

 

 

114,673

 

 

 

—

 

 

 

114,673

 

 

 

—

 

Asset-backed securities

 

 

675

 

 

 

—

 

 

 

675

 

 

 

—

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

197,111

 

 

 

188

 

 

 

196,923

 

 

 

—

 

Equity securities

 

 

26,680

 

 

 

26,680

 

 

 

—

 

 

 

—

 

Sovereign debt

 

 

22,231

 

 

 

—

 

 

 

22,231

 

 

 

—

 

Total financial instruments sold, but not yet purchased

 

$

598,322

 

 

$

235,459

 

 

$

362,863

 

 

$

—

 

Derivative contracts (1)

 

 

1,805

 

 

 

—

 

 

 

1,805

 

 

 

—

 

 

 

$

600,127

 

 

$

235,459

 

 

$

364,668

 

 

$

—

 

 

(1)

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, 2019, are presented below (in thousands):

 

 

 

 

December 31, 2019

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial instruments owned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

9,266

 

 

$

9,266

 

 

$

—

 

 

$

—

 

U.S. government agency securities

 

 

66,881

 

 

 

—

 

 

 

66,881

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

388,856

 

 

 

—

 

 

 

388,856

 

 

 

—

 

Non-agency

 

 

5,155

 

 

 

—

 

 

 

5,155

 

 

 

—

 

Asset-backed securities

 

 

28,385

 

 

 

—

 

 

 

28,210

 

 

 

175

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

250,783

 

 

 

872

 

 

 

249,911

 

 

 

—

 

Equity securities

 

 

64,009

 

 

 

61,579

 

 

 

2,430

 

 

 

—

 

Sovereign debt

 

 

12,403

 

 

 

—

 

 

 

12,403

 

 

 

—

 

State and municipal securities

 

 

137,211

 

 

 

—

 

 

 

137,211

 

 

 

—

 

Loans

 

 

9,983

 

 

 

—

 

 

 

832

 

 

 

9,151

 

Total financial instruments owned

 

 

972,932

 

 

 

71,717

 

 

 

891,889

 

 

 

9,326

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

 

5,067

 

 

 

—

 

 

 

5,067

 

 

 

—

 

State and municipal securities

 

 

24,297

 

 

 

—

 

 

 

24,297

 

 

 

—

 

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency

 

 

837,878

 

 

 

—

 

 

 

837,878

 

 

 

—

 

Commercial

 

 

109,537

 

 

 

—

 

 

 

109,537

 

 

 

—

 

Non-agency

 

 

9,758

 

 

 

—

 

 

 

9,758

 

 

 

—

 

Corporate fixed income securities

 

 

675,311

 

 

 

—

 

 

 

675,311

 

 

 

—

 

Asset-backed securities

 

 

1,592,889

 

 

 

—

 

 

 

1,592,889

 

 

 

—

 

Total available-for-sale securities

 

 

3,254,737

 

 

 

—

 

 

 

3,254,737

 

 

 

—

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate equity securities

 

 

35,083

 

 

 

34,023

 

 

 

—

 

 

 

1,060

 

Auction rate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

 

14,243

 

 

 

—

 

 

 

—

 

 

 

14,243

 

Municipal securities

 

 

654

 

 

 

—

 

 

 

470

 

 

 

184

 

Other

 

 

16,771

 

 

 

9,905

 

 

 

6,013

 

 

 

853

 

Investments in funds and partnerships measured at NAV

 

 

13,221

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments

 

 

79,972

 

 

 

43,928

 

 

 

6,483

 

 

 

16,340

 

Cash equivalents measured at NAV

 

 

25,734

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative contracts (1)

 

 

1,086

 

 

 

—

 

 

 

1,086

 

 

 

—

 

 

 

$

4,334,461

 

 

$

115,645

 

 

$

4,154,195

 

 

$

25,666

 

 

(1)

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

 

 

 

December 31, 2019

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government securities

 

$

243,570

 

 

$

243,570

 

 

$

—

 

 

$

—

 

U.S. government agency securities

 

 

1,000

 

 

 

—

 

 

 

1,000

 

 

 

—

 

Agency mortgage-backed securities

 

 

231,909

 

 

 

—

 

 

 

231,909

 

 

 

—

 

Corporate securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income securities

 

 

140,100

 

 

 

633

 

 

 

139,467

 

 

 

—

 

Equity securities

 

 

32,047

 

 

 

32,047

 

 

 

—

 

 

 

—

 

Sovereign debt

 

 

13,271

 

 

 

—

 

 

 

13,271

 

 

 

—

 

Loans

 

 

955

 

 

 

—

 

 

 

—

 

 

 

955

 

Total financial instruments sold, but not yet purchased

 

$

662,852

 

 

$

276,250

 

 

$

385,647

 

 

$

955

 

 

Schedule Of Fair Value Of Financial Instruments

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Carrying

Value

 

 

Estimated

Fair Value

 

 

Carrying

Value

 

 

Estimated

Fair Value

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,791,755

 

 

$

1,791,755

 

 

$

1,142,596

 

 

$

1,142,596

 

Cash segregated for regulatory purposes

 

 

111,017

 

 

 

111,017

 

 

 

131,374

 

 

 

131,374

 

Securities purchased under agreements to resell

 

 

446,766

 

 

 

446,766

 

 

 

385,008

 

 

 

385,008

 

Financial instruments owned

 

 

846,218

 

 

 

846,218

 

 

 

972,932

 

 

 

972,932

 

Available-for-sale securities

 

 

3,172,489

 

 

 

3,172,489

 

 

 

3,254,737

 

 

 

3,254,737

 

Held-to-maturity securities

 

 

3,085,790

 

 

 

2,951,742

 

 

 

2,856,219

 

 

 

2,827,883

 

Bank loans

 

 

10,448,313

 

 

 

10,516,540

 

 

 

9,624,042

 

 

 

9,801,986

 

Loans held for sale

 

 

474,899

 

 

 

474,899

 

 

 

389,693

 

 

 

389,693

 

Investments

 

 

95,407

 

 

 

95,407

 

 

 

79,972

 

 

 

79,972

 

Derivative contracts (1)

 

 

—

 

 

 

—

 

 

 

1,086

 

 

 

1,086

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

$

219,888

 

 

$

219,888

 

 

$

391,634

 

 

$

391,634

 

Bank deposits

 

 

16,302,821

 

 

 

16,055,206

 

 

 

15,332,581

 

 

 

14,467,894

 

Financial instruments sold, but not yet purchased

 

 

598,322

 

 

 

598,322

 

 

 

662,852

 

 

 

662,852

 

Federal Home Loan Bank advances

 

 

323,000

 

 

 

323,000

 

 

 

250,000

 

 

 

250,000

 

Senior notes

 

 

1,411,904

 

 

 

1,532,955

 

 

 

1,017,010

 

 

 

1,069,425

 

Debentures to Stifel Financial Capital Trusts

 

 

60,000

 

 

 

38,360

 

 

 

60,000

 

 

 

45,847

 

Derivative contracts (2)

 

 

1,805

 

 

 

1,805

 

 

 

—

 

 

 

—

 

 

(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

 

 

 

June 30, 2020

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

1,740,214

 

 

$

1,740,214

 

 

$

—

 

 

$

—

 

Cash segregated for regulatory purposes

 

 

111,017

 

 

 

111,017

 

 

 

—

 

 

 

—

 

Securities purchased under agreements to resell

 

 

446,766

 

 

 

395,998

 

 

 

50,768

 

 

 

—

 

Held-to-maturity securities

 

 

2,951,742

 

 

 

—

 

 

 

2,811,440

 

 

 

140,302

 

Bank loans

 

 

10,516,540

 

 

 

—

 

 

 

10,516,540

 

 

 

—

 

Loans held for sale

 

 

474,899

 

 

 

—

 

 

 

474,899

 

 

 

—

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

$

219,888

 

 

$

—

 

 

$

219,888

 

 

$

—

 

Bank deposits

 

 

16,055,206

 

 

 

—

 

 

 

16,055,206

 

 

 

—

 

Federal Home Loan Bank advances

 

 

323,000

 

 

 

323,000

 

 

 

—

 

 

 

—

 

Senior notes

 

 

1,532,955

 

 

 

1,532,955

 

 

 

—

 

 

 

—

 

Debentures to Stifel Financial Capital Trusts

 

 

38,360

 

 

 

—

 

 

 

—

 

 

 

38,360

 

 

 

 

December 31, 2019

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

1,116,862

 

 

$

1,116,862

 

 

$

—

 

 

$

—

 

Cash segregated for regulatory purposes

 

 

131,374

 

 

 

131,374

 

 

 

—

 

 

 

—

 

Securities purchased under agreements to resell

 

 

385,008

 

 

 

342,132

 

 

 

42,876

 

 

 

—

 

Held-to-maturity securities

 

 

2,827,883

 

 

 

—

 

 

 

2,666,773

 

 

 

161,110

 

Bank loans

 

 

9,801,986

 

 

 

—

 

 

 

9,801,986

 

 

 

—

 

Loans held for sale

 

 

389,693

 

 

 

—

 

 

 

389,693

 

 

 

—

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

$

391,634

 

 

$

22,205

 

 

$

369,429

 

 

$

—

 

Bank deposits

 

 

14,467,894

 

 

 

—

 

 

 

14,467,894

 

 

 

—

 

Federal Home Loan Bank advances

 

 

250,000

 

 

 

250,000

 

 

 

—

 

 

 

—

 

Senior notes

 

 

1,069,425

 

 

 

1,069,425

 

 

 

—

 

 

 

—

 

Debentures to Stifel Financial Capital Trusts

 

 

45,847

 

 

 

—

 

 

 

—

 

 

 

45,847