STIFEL FINANCIAL CORP false 0000720672 0000720672 2024-10-23 2024-10-23 0000720672 us-gaap:CommonStockMember 2024-10-23 2024-10-23 0000720672 us-gaap:SeriesBPreferredStockMember 2024-10-23 2024-10-23 0000720672 us-gaap:SeriesCPreferredStockMember 2024-10-23 2024-10-23 0000720672 us-gaap:SeriesDPreferredStockMember 2024-10-23 2024-10-23 0000720672 sfb:M5.20SeniorNotesDue2047Member 2024-10-23 2024-10-23

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant To Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 23, 2024

 

 

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-09305   43-1273600
(State of incorporation)   (Commission File Number)   (IRS Employer
Identification No.)

501 N. Broadway, St. Louis, Missouri 63102-2188

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading
Symbol(s)

 

Name of Each Exchange on Which
Registered

Common Stock, $0.15 par value per share   SF   New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B   SF-PB   New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C   SF-PC   New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D   SF-PD   New York Stock Exchange
5.20% Senior Notes due 2047   SFB   New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 


Item 2.02 Results of Operations and Financial Condition.

On October 23, 2024, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended September 30, 2024. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K.

In addition, a copy of the Company’s Financial Supplement for the quarter ended September 30, 2024 is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, October 23, 2024, at 9:30 a.m. Eastern time, the Company will hold a conference call to discussion its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.

The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d)   Exhibits.

 

Exhibit Number    Description
 99.1    Press release dated October 23, 2024.
 99.2    Financial Supplement for the quarter ended September 30, 2024.
 99.3    Financial Results Presentation, dated October 23, 2024.
 104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

     

STIFEL FINANCIAL CORP.

(Registrant)

Date: October 23, 2024     By:  

/s/ James M. Marischen

    Name:   James M. Marischen
    Title:   Chief Financial Officer

 

3

LOGO

Stifel Reports Third Quarter 2024 Results

ST. LOUIS, MO, October 23, 2024 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three months ended September 30, 2024, compared with $1.0 billion a year ago. Net income available to common shareholders was $149.2 million, or $1.34 per diluted common share, compared with $58.8 million, or $0.52 per diluted common share for the third quarter of 2023. Non-GAAP net income available to common shareholders was $166.3 million, or $1.50 per diluted common share for the third quarter of 2024.

 

 

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “The third quarter represented our second highest quarterly net revenue, an increase of 17%, while earnings per share increased 150%. Through the first three quarters of 2024, net revenue was up 13% to a record $3.6 billion, driven by continued growth in Global Wealth, improvement in our Institutional business, and the stabilization of net interest income. Our financial results illustrate the strength of the Stifel franchise and our ability to capitalize on improving market conditions. Momentum in our business continues to build and we anticipate further upside to both the top and bottom lines in the fourth quarter and in 2025.”

 

 

 

 

Highlights

 

LOGO

The Company reported net revenues of $1.2 billion, the second best revenue quarter in its history, driven by higher investment banking revenues, asset management revenues, and transactional revenues, partially offset by lower net interest income.

 

LOGO

Non-GAAP net income available to common shareholders of $1.50 per diluted common share was negatively impacted by elevated provisions for legal matters of $0.10 per diluted common share (after-tax).

 

LOGO

Investment banking revenues increased 66% over the year-ago quarter, driven by higher capital raising and advisory revenues.

 

  LOGO

Capital raising revenues increased 114% over the year-ago quarter.

 

  LOGO

Advisory revenues increased 41% over the year-ago quarter.

 

LOGO

Record asset management revenues, up 15% over the year-ago quarter.

 

LOGO

Record client assets of $496.3 billion, up 20% over the year-ago quarter.

 

LOGO

Recruited 28 financial advisors during the quarter, including 13 experienced employee advisors.

 

LOGO

Non-GAAP pre-tax margin of 19.2% as the Company maintained its focus on expense discipline, while continuing to invest in the business.

 

LOGO

Annualized return on tangible common equity (ROTCE) (5) of 20%.

 

LOGO

Tangible book value per common share (7) of $33.62, up 12% from prior year.

Financial Summary (Unaudited)

 

(000s)

     3Q 2024         3Q 2023         9m 2024         9m 2023    
 

GAAP Financial Highlights:

 

Net revenues

     $1,224,668        $1,045,051        $3,605,638        $3,202,565  

Net income (1)

     $149,185        $58,840        $459,413        $332,091  

Diluted EPS (1)

     $1.34        $0.52        $4.16        $2.91  

Comp. ratio

     58.6%        58.7%        58.8%        58.7%  

Non-comp. ratio

     23.7%        30.8%        22.8%        25.7%  

Pre-tax margin

     17.7%        10.5%        18.4%        15.6%  
       

Non-GAAP Financial Highlights:

 

                          

Net revenues

     $1,225,351        $1,045,028        $3,606,330        $3,202,539  

Net income (1) (2)

     $166,270        $67,413        $506,186        $364,937  

Diluted EPS (1) (2)

     $1.50        $0.60        $4.58        $3.20  

Comp. ratio (2)

     58.0%        58.0%        58.0%        58.0%  

Non-comp. ratio (2)

     22.8%        30.2%        22.1%        24.9%  

Pre-tax margin (3)

     19.2%        11.8%        19.9%        17.1%  

ROCE (4)

     13.7%        5.8%        14.4%        10.4%  

ROTCE (5)

     19.5%        8.5%        20.7%        15.1%  
 

Global Wealth Management (assets and loans in millions)

 

Net revenues

     $827,116        $768,558        $2,418,751        $2,283,934  

Pre-tax net income

     $301,703        $298,449        $891,624        $914,462  

Total client assets

     $496,298        $412,458        

Fee-based client assets

     $190,771        $150,982        

Bank loans (6)

     $20,633        $20,435        
 

Institutional Group

 

Net revenues

     $372,401        $256,888        $1,114,498        $867,025  

Equity

     $222,459        $144,764        $646,570        $508,371  

Fixed Income

     $149,942        $112,124        $467,928        $358,654  

Pre-tax net income/(loss)

     $41,797        ($27,804)        $127,719        ($5,671)  
 

 

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations


LOGO

Global Wealth Management

 

 

Global Wealth Management reported record net revenues of $827.1 million for the three months ended September 30, 2024 compared with $768.6 million during the third quarter of 2023. Pre-tax net income was $301.7 million compared with $298.4 million in the third quarter of 2023.

 

Highlights

 

LOGO

Recruited 28 financial advisors during the quarter, including 13 experienced employee advisors, with total trailing 12 month production of $10.5 million.

 

 

LOGO

Client assets of $496.3 billion, up 20% over the year-ago quarter.

 

 

LOGO

Fee-based client assets of $190.8 billion, up 26% over the year-ago quarter.

 

Net revenues increased 8% from a year ago:

 

LOGO

Transactional revenues increased 16% over the year-ago quarter reflecting an increase in client activity.

 

 

LOGO

Asset management revenues increased 15% over the year-ago quarter due to higher asset values and net new assets.

 

 

LOGO

Net interest income decreased 11% from the year-ago quarter driven by changes in deposit mix, partially offset by higher yields on the investment portfolio and lending growth.

 

Total Expenses:

 

LOGO

Compensation expense as a percent of net revenues increased to 48.7% primarily as a result of higher compensable revenues.

 

 

LOGO

Provision for credit losses decreased from the year-ago quarter primarily as a result of lower provisions in the real estate sector compared to the year-ago quarter, partially offset by growth in the loan portfolio.

 

 

LOGO

Non-compensation operating expenses as a percent of net revenues increased to 14.8% primarily as a result of higher litigation-related expenses, partially offset by revenue growth over the year-ago quarter.

 
                                                 

Summary Results of Operations

 

(000s)

     3Q 2024         3Q 2023   
     

Net revenues

     $827,116        $768,558   

Transactional revenues

     192,727        165,547  

Asset management

     382,309        333,088  

Net interest income

     240,825        269,431  

Investment banking

     6,217        3,895  

Other income

     5,038        (3,403)  
     

Total expenses

     $525,413        $470,109  

Compensation expense

     403,205        359,325  

Provision for credit losses

     5,287        9,992  

Non-comp. opex

     116,921        100,792  
     

Pre-tax net income

     $301,703        $298,449  

Compensation ratio

     48.7%        46.8%  

Non-compensation ratio

     14.8%        14.4%  

Pre-tax margin

     36.5%        38.8%  
 

 

Stifel Financial Corp.  |  Page 2


LOGO

Institutional Group

 

 

Institutional Group reported net revenues of $372.4 million for the three months ended September 30, 2024 compared with $256.9 million during the third quarter of 2023. Institutional Group reported pre-tax net income of $41.8 million for the three months ended September 30, 2024 compared with pre-tax net loss of $27.8 million in the third quarter of 2023.

 

Highlights

Investment banking revenues increased 66% from a year ago:

 

LOGO

Advisory revenues increased from the year-ago quarter driven by higher levels of completed advisory transactions.

 

LOGO

Fixed income capital raising revenues more than doubled over the year-ago quarter primarily driven by higher bond issuances.

 

LOGO

Equity capital raising revenues increased significantly over the year-ago quarter driven by higher volumes.

Fixed income transactional revenues increased 17% from a year ago:

 

LOGO

Fixed income transactional revenues increased from the year-ago quarter driven by improved client engagement and volatility.

Equity transactional revenues increased 4% from a year ago:

 

LOGO

Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions.

Total Expenses:

 

LOGO

Compensation expense as a percent of net revenues decreased to 60.3% primarily as a result of higher revenues.

 

LOGO

Non-compensation operating expenses as a percent of net revenues decreased to 28.5% primarily as a result of revenue growth and expense discipline.

 

                                                 

Summary Results of Operations

 

(000s)

     3Q 2024         3Q 2023   
     

Net revenues

     $372,401        $256,888   

Investment banking

     236,965        142,991  

Advisory

     136,857        97,272  

Fixed income capital raising

     49,364        24,670  

Equity capital raising

     50,744        21,049  

Fixed income transactional

     78,974        67,439  

Equity transactional

     48,824        46,930  

Other

     7,638        (472)  
     

Total expenses

     $330,604        $284,692  

Compensation expense

     224,556        192,638  

Non-comp. opex.

     106,048        92,054  
     

Pre-tax net income/(loss)

     $41,797        ($27,804)  

Compensation ratio

     60.3%        75.0%  

Non-compensation ratio

     28.5%        35.8%  

Pre-tax margin

     11.2%        (10.8%)  
 

 

Stifel Financial Corp.  |  Page 3


LOGO

Other Matters

 

 

Highlights

 

LOGO

During the third quarter, the Company’s 4.25% Senior Notes matured resulting in the retirement of the $500.0 million outstanding balance.

 

LOGO

The Company repurchased $20.2 million of its outstanding common stock during the third quarter.

 

LOGO

Weighted average diluted shares outstanding decreased primarily as a result of share repurchases. The Company has repurchased 3.7 million shares under its share repurchase program since the third quarter of 2023.

 

LOGO

The Board of Directors declared a $0.42 quarterly dividend per share payable on September 17, 2024 to common shareholders of record on September 3, 2024.

 

LOGO

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on September 17, 2024 to shareholders of record on September 3, 2024.

     3Q 2024        3Q 2023  
 

Common stock repurchases

 

Repurchases (000s)

     $20,222        $118,810   

Number of shares (000s)

     249        1,886  

Average price

     $81.23        $63.00  

Period end shares (000s)

     102,313        103,120  

Weighted average diluted shares outstanding (000s)

     110,994        113,195  
     

Effective tax rate

     26.8%        37.7%  
   

Stifel Financial Corp. (8)

 

        

Tier 1 common capital ratio

     15.0%        13.9%  

Tier 1 risk based capital ratio

     17.9%        16.9%  

Tier 1 leverage capital ratio

     11.3%        10.8%  

Tier 1 capital (MM)

     $4,159        $3,914  

Risk weighted assets (MM)

     $23,184        $23,219  

Average assets (MM)

     $36,813        $36,356  

Quarter end assets (MM)

     $38,935        $37,878  
     

Agency

     Rating         Outlook   

Fitch Ratings

     BBB+          Stable    

S&P Global Ratings

     BBB          Stable    
 

 

Stifel Financial Corp.  |  Page 4


Conference Call Information

Stifel Financial Corp. will host its third quarter 2024 financial results conference call on Wednesday, October 23, 2024, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire & Co., LLC business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

 

Stifel Financial Corp. | Page 5


Summary Results of Operations (Unaudited)

 

 

 

      Three Months Ended              Nine Months Ended  

(000s, except per share amounts)

     9/30/2024        9/30/2023        % Change        6/30/2024        % Change        9/30/2024        9/30/2023        % Change  
        

Revenues:

                       

Commissions

     $ 183,445        $ 165,075        11.1        $ 183,317        0.1        $ 552,238        $ 499,983        10.5   

Principal transactions

     137,089        114,841        19.4        153,574        (10.7)        429,677        336,063        27.9  

Investment banking

     243,182        146,887        65.6        233,281        4.2        690,412        525,591        31.4  

Asset management

     382,616        333,127        14.9        380,757        0.5        1,130,849        968,960        16.7  

Other income

     18,705        459        nm        16,180        15.6        39,835        (940)        nm  
        

Operating revenues

     965,037        760,389        26.9        967,109        (0.2)        2,843,011        2,329,657        22.0  

Interest revenue

     510,823        505,198        1.1        498,152        2.5        1,515,803        1,439,532        5.3  
        

Total revenues

     1,475,860        1,265,587        16.6        1,465,261        0.7        4,358,814        3,769,189        15.6  

Interest expense

     251,192        220,536        13.9        247,329        1.6        753,176        566,624        32.9  
        

Net revenues

     1,224,668        1,045,051        17.2        1,217,932        0.6        3,605,638        3,202,565        12.6  

Non-interest expenses:

                       

Compensation and benefits

     718,065        613,287        17.1        722,719        (0.6)        2,120,479        1,880,144        12.8  

Non-compensation operating expenses

     289,945        322,335        (10.0)        268,319        8.1        822,916        821,724        0.1  
        

Total non-interest expenses

     1,008,010        935,622        7.7        991,038        1.7        2,943,395        2,701,868        8.9  
        

Income before income taxes

     216,658        109,429        98.0        226,894        (4.5)        662,243        500,697        32.3  

Provision for income taxes

     58,153        41,268        40.9        61,600        (5.6)        174,869        140,645        24.3  
        

Net income

     158,505        68,161        132.5        165,294        (4.1)        487,374        360,052        35.4  

Preferred dividends

     9,320        9,321        (0.0)        9,321        (0.0)        27,961        27,961        0.0  
        

Net income available to common shareholders

     $149,185        $58,840        153.5        $155,973        (4.4)        $459,413        $332,091        38.3  
        

Earnings per common share:

                       

Basic

     $1.43        $0.55        160.0        $1.50        (4.7)        $4.41        $3.09        42.7  

Diluted

     $1.34        $0.52        157.7        $1.41        (5.0)        $4.16        $2.91        43.0  

Cash dividends declared per common share

     $0.42        $0.36        16.7        $0.42        0.0        $1.26        $1.08        16.7  

Weighted average number of common shares outstanding:

 

              

Basic

     103,966        106,068        (2.0)        104,150        (0.2)        104,135        107,580        (3.2)  

Diluted

     110,994        113,195        (1.9)        110,285        0.6        110,457        114,170        (3.3)  

 

Stifel Financial Corp.  |  Page 6


Non-GAAP Financial Measures (9)

 

 

 

     Three Months Ended      Nine Months Ended  
        

(000s, except per share amounts)

      9/30/2024          9/30/2023          9/30/2024          9/30/2023    
        

GAAP net income

     $158,505        $68,161        $487,374        $360,052  

Preferred dividend

     9,320        9,321        27,961        27,961  
        

Net income available to common shareholders

     149,185        58,840        459,413        332,091  
           

Non-GAAP adjustments:

           

Merger-related (10)

     17,950        13,771        43,925        46,301  

Restructuring and severance (11)

     1,261               11,222         

Provision for income taxes (12)

     (2,126)        (5,198)        (8,374)        (13,455)  
        

Total non-GAAP adjustments

     17,085        8,573        46,773        32,846  
        

Non-GAAP net income available to common shareholders

     $166,270        $67,413        $506,186        $364,937  
        
           

Weighted average diluted shares outstanding

     110,994        113,195        110,457        114,170  
           

GAAP earnings per diluted common share

     $1.42        $0.60        $4.42        $3.15  

Non-GAAP adjustments

     0.16        0.08        0.42        0.29  
        

Non-GAAP earnings per diluted common share

     $1.58        $0.68        $4.84        $3.44  
        
           

GAAP earnings per diluted common share available to common shareholders

     $1.34        $0.52        $4.16        $2.91  

Non-GAAP adjustments

     0.16        0.08        0.42        0.29  
        

Non-GAAP earnings per diluted common share available to common shareholders

     $1.50        $0.60        $4.58        $3.20  

 

Stifel Financial Corp.  |  Page 7


GAAP to Non-GAAP Reconciliation (9)

 

 

     Three Months Ended      Nine Months Ended  
        

(000s)

       9/30/2024            9/30/2023            9/30/2024            9/30/2023    
        

GAAP compensation and benefits

     $718,065        $613,287        $2,120,479        $1,880,144  

As a percentage of net revenues

     58.6%        58.7%        58.8%        58.7%  

Non-GAAP adjustments:

           

Merger-related (10)

     (6,101)        (7,171)        (17,398)        (22,947)  

Restructuring and severance (11)

     (1,261)               (11,222)         
        

Total non-GAAP adjustments

     (7,362)        (7,171)        (28,620)        (22,947)  
        

Non-GAAP compensation and benefits

     $710,703        $606,116        $2,091,859        $1,857,197  
        

As a percentage of non-GAAP net revenues

     58.0%        58.0%        58.0%        58.0%  
           

GAAP non-compensation expenses

     $289,945        $322,335        $822,916        $821,724  

As a percentage of net revenues

     23.7%        30.8%        22.8%        25.7%  

Non-GAAP adjustments:

           

Merger-related (10)

     (11,166)        (6,623)        (25,835)        (23,380)  
        

Non-GAAP non-compensation expenses

     $278,779        $315,712        $797,081        $798,344  
        

As a percentage of non-GAAP net revenues

     22.8%        30.2%        22.1%        24.9%  

Total adjustments

     $19,211        $13,771        $55,147        $46,301  

 

Stifel Financial Corp.  |  Page 8


Footnotes

 

 

  (1)

Represents available to common shareholders.

 

  (2)

Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

 

  (3)

Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

 

  (4)

Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

 

  (5)

Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $77.9 million and $67.4 million as of September 30, 2024 and 2023, respectively.

 

  (6)

Includes loans held for sale.

 

  (7)

Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.

 

  (8)

Capital ratios are estimates at time of the Company’s earnings release, October 23, 2024.

 

  (9)

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

 

  (10)

Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.

 

  (11)

The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

 

  (12)

Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

 

Stifel Financial Corp.  |  Page 9

Exhibit 99.2

 

LOGO

 

Third Quarter 2024 Earnings Results

 

 

Quarterly Financial Supplement      Page  

  

Consolidated Financial Highlights

   2

GAAP Consolidated Results of Operations

   3

Non-GAAP Consolidated Results of Operations

   4

Consolidated Financial Summary

   5

Consolidated Financial Information and Metrics

   6

Regulatory Capital

   7

Global Wealth Management - Summary Results of Operations

   8

Global Wealth Management - Statistical Information

   9

Institutional Group - Summary Results of Operations

   11

Stifel Bancorp - Financial Information and Credit Metrics

   12

Stifel Bancorp - Loan and Investment Portfolio

   13

Loans and Lending Commitments - Allowance for Credit Losses

   14

Consolidated Net Interest Income

   15

Stifel Bancorp Net Interest Income

   16

GAAP to Core Reconciliation

   17

Footnotes

   18

Disclaimer and Legal Notice

   19

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 1 of 19


LOGO

Consolidated Financial Highlights

 

 

     Three Months Ended     Nine Months Ended  
(Unaudited, 000s, except per share information)    9/30/2024      9/30/2023      % Change     6/30/2024      % Change     9/30/2024      9/30/2023      % Change  

Net revenues

   $  1,224,668      $  1,045,051        17.2   $  1,217,932        0.6   $  3,605,638      $  3,202,565        12.6

Net income

   $ 158,505      $ 68,161        132.5   $ 165,294        (4.1 %)    $ 487,374      $ 360,052        35.4

Preferred dividends

     9,320        9,321        (0.0 %)      9,321        (0.0 %)      27,961        27,961        0.0
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 
Net income available to common shareholders    $ 149,185      $ 58,840        153.5   $ 155,973        (4.4 %)    $ 459,413      $ 332,091        38.3
Earnings per diluted common share    $ 1.42      $ 0.60        136.7   $ 1.50        (5.3 %)    $ 4.42      $ 3.15        40.3
Earnings per diluted common share available to common shareholders    $ 1.34      $ 0.52        157.7   $ 1.41        (5.0 %)    $ 4.16      $ 2.91        43.0

Non-GAAP financial summary (1):

                     

Net revenues

   $ 1,225,351      $ 1,045,028        17.3   $ 1,217,941        0.6   $ 3,606,330      $ 3,202,539        12.6

Net income

   $ 175,590      $ 76,734        128.8   $ 185,891        (5.5 %)    $ 534,147      $ 392,898        36.0

Preferred dividends

     9,320        9,321        (0.0 %)      9,321        (0.0 %)      27,961        27,961        0.0
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 
Net income available to common shareholders    $ 166,270        67,413        146.6     176,570        (5.8 %)      506,186        364,937        38.7
Earnings per diluted common share    $ 1.58      $ 0.68        132.4   $ 1.69        (6.5 %)    $ 4.84      $ 3.44        40.7
Earnings per diluted common share available to common shareholders    $ 1.50      $ 0.60        150.0   $ 1.60        (6.3 %)    $ 4.58      $ 3.20        43.1
                     
Weighted average number of common shares outstanding:

 

          

Basic

     103,966        106,068        (2.0 %)      104,150        (0.2 %)      104,135        107,580        (3.2 %) 

Diluted

     110,994        113,195        (1.9 %)      110,285        0.6     110,457        114,170        (3.3 %) 
Period end common shares outstanding      102,313        103,120        (0.8 %)      102,518        (0.2 %)      102,313        103,120        (0.8 %) 
Cash dividends declared per common share    $ 0.42      $ 0.36        16.7   $ 0.42        0.0   $ 1.26      $ 1.08        16.7

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 2 of 19


LOGO

GAAP Consolidated Results of Operations

 

 

     Three Months Ended     Nine Months Ended  
(Unaudited, 000s, except per share information)    9/30/2024      9/30/2023      % Change     6/30/2024      % Change     9/30/2024      9/30/2023     % Change  

Revenues:

                    

Commissions

   $ 183,445      $ 165,075        11.1   $ 183,317        0.1   $ 552,238      $ 499,983       10.5

Principal transactions

     137,089        114,841        19.4     153,574        (10.7 %)      429,677        336,063       27.9
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Transactional revenues

     320,534        279,916        14.5     336,891        (4.9 %)      981,915        836,046       17.4

Capital raising

     106,325        49,615        114.3     101,870        4.4     302,892        189,381       59.9

Advisory

     136,857        97,272        40.7     131,411        4.1     387,520        336,210       15.3
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Investment banking

     243,182        146,887        65.6     233,281        4.2     690,412        525,591       31.4

Asset management

     382,616        333,127        14.9     380,757        0.5     1,130,849        968,960       16.7

Other income

     18,705        459        nm       16,180        15.6     39,835        (940     nm  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Operating revenues

     965,037        760,389        26.9     967,109        (0.2 %)      2,843,011        2,329,657       22.0

Interest revenue

     510,823        505,198        1.1     498,152        2.5     1,515,803        1,439,532       5.3
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total revenues

     1,475,860        1,265,587        16.6     1,465,261        0.7     4,358,814        3,769,189       15.6

Interest expense

     251,192        220,536        13.9     247,329        1.6     753,176        566,624       32.9
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Net revenues

     1,224,668        1,045,051        17.2     1,217,932        0.6     3,605,638        3,202,565       12.6
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Non-interest expenses:

                    

Compensation and benefits

     718,065        613,287        17.1     722,719        (0.6 %)      2,120,479        1,880,144       12.8

Occupancy and equipment rental

     89,625        84,396        6.2     89,852        (0.3 %)      268,189        251,140       6.8

Communication and office supplies

     48,869        46,215        5.7     48,181        1.4     144,417        137,320       5.2

Commissions and floor brokerage

     16,239        14,413        12.7     14,383        12.9     46,389        42,965       8.0

Provision for credit losses

     5,287        9,992        (47.1 %)      2,954        79.0     13,509        22,736       (40.6 %) 

Investment banking expenses

     12,997        3,791        242.8     9,253        40.5     29,979        16,829       78.1

Other operating expenses

     116,928        163,528        (28.5 %)      103,696        12.8     320,433        350,734       (8.6 %) 
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total non-interest expenses

     1,008,010        935,622        7.7     991,038        1.7     2,943,395        2,701,868       8.9

Income before income taxes

     216,658        109,429        98.0     226,894        (4.5 %)      662,243        500,697       32.3

Provision for income taxes

     58,153        41,268        40.9     61,600        (5.6 %)      174,869        140,645       24.3
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Net income

     158,505        68,161        132.5     165,294        (4.1 %)      487,374        360,052       35.4

Preferred dividends

     9,320        9,321        (0.0 %)      9,321        (0.0 %)      27,961        27,961       0.0
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Net income available to common shareholders

   $ 149,185      $ 58,840        153.5   $ 155,973        (4.4 %)    $ 459,413      $ 332,091       38.3
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Earnings per common share:

                    

Basic

   $ 1.43      $ 0.55        160.0   $ 1.50        (4.7 %)    $ 4.41      $ 3.09       42.7

Diluted

   $ 1.34      $ 0.52        157.7   $ 1.41        (5.0 %)    $ 4.16      $ 2.91       43.0

Weighted average number of common shares outstanding:

 

         

Basic

     103,966        106,068        (2.0 %)      104,150        (0.2 %)      104,135        107,580       (3.2 %) 

Diluted

     110,994        113,195        (1.9 %)      110,285        0.6     110,457        114,170       (3.3 %) 

Cash dividends declared per common share

   $ 0.42      $ 0.36        16.7   $ 0.42        0.0   $ 1.26      $ 1.08       16.7

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 3 of 19


LOGO

Non-GAAP Consolidated Results of Operations (1)

 

 

     Three Months Ended     Nine Months Ended  
(Unaudited, 000s, except per share information)    9/30/2024      9/30/2023      % Change     6/30/2024      % Change     9/30/2024      9/30/2023     % Change  

Revenues:

                    

Commissions

   $ 183,445      $ 165,075        11.1   $ 183,317        0.1   $ 552,238      $ 499,983       10.5

Principal transactions

     137,080        114,841        19.4     153,583        (10.7 %)      429,677        336,063       27.9
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Transactional revenues

     320,525        279,916        14.5     336,900        (4.9 %)      981,915        836,046       17.4

Capital raising

     106,325        49,615        114.3     101,870        4.4     302,892        189,381       59.9

Advisory

     136,857        97,272        40.7     131,411        4.1     387,520        336,210       15.3
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Investment banking

     243,182        146,887        65.6     233,281        4.2     690,412        525,591       31.4

Asset management

     382,616        333,127        14.9     380,757        0.5     1,130,849        968,960       16.7

Other income

     19,399        436        nm       16,180        19.9     40,529        (963     nm  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Operating revenues

     965,722        760,366        27.0     967,118        (0.1 %)      2,843,705        2,329,634       22.1

Interest revenue

     510,821        505,198        1.1     498,152        2.5     1,515,801        1,439,532       5.3
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total revenues

     1,476,543        1,265,564        16.7     1,465,270        0.8     4,359,506        3,769,166       15.7

Interest expense

     251,192        220,536        13.9     247,329        1.6     753,176        566,627       32.9
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Net revenues

     1,225,351        1,045,028        17.3     1,217,941        0.6     3,606,330        3,202,539       12.6
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Non-interest expenses:

                    

Compensation and benefits

     710,703        606,116        17.3     706,994        0.5     2,091,859        1,857,197       12.6

Occupancy and equipment rental

     89,469        84,342        6.1     89,727        (0.3 %)      267,861        250,960       6.7

Communication and office supplies

     48,715        46,215        5.4     48,148        1.2     144,227        137,314       5.0

Commissions and floor brokerage

     16,239        14,413        12.7     14,383        12.9     46,389        42,965       8.0

Provision for credit losses

     5,287        9,992        (47.1 %)      2,954        79.0     13,509        22,736       (40.6 %) 

Investment banking expenses

     12,997        3,791        242.8     9,253        40.5     29,979        16,829       78.1

Other operating expenses

     106,072        156,959        (32.4 %)      95,806        10.7     295,116        327,540       (9.9 %) 
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total non-interest expenses

     989,482        921,828        7.3     967,265        2.3     2,888,940        2,655,541       8.8

Income before income taxes

     235,869        123,200        91.5     250,676        (5.9 %)      717,390        546,998       31.2

Provision for income taxes

     60,279        46,466        29.7     64,785        (7.0 %)      183,243        154,100       18.9
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Net income

     175,590        76,734        128.8     185,891        (5.5 %)      534,147        392,898       36.0

Preferred dividends

     9,320        9,321        (0.0 %)      9,321        (0.0 %)      27,961        27,961       0.0
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Net income available to common shareholders

   $ 166,270      $ 67,413        146.6   $ 176,570        (5.8 %)    $ 506,186      $ 364,937       38.7
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Earnings per common share:

                    

Basic

   $ 1.60      $ 0.64        150.0   $ 1.70        (5.9 %)    $ 4.86      $ 3.39       43.4

Diluted

   $ 1.50      $ 0.60        150.0   $ 1.60        (6.3 %)    $ 4.58      $ 3.20       43.1

Weighted average number of common shares outstanding:

 

         

Basic

     103,966        106,068        (2.0 %)      104,150        (0.2 %)      104,135        107,580       (3.2 %) 

Diluted

     110,994        113,195        (1.9 %)      110,285        0.6     110,457        114,170       (3.3 %) 

Cash dividends declared per common share

   $ 0.42      $ 0.36        16.7   $ 0.42        0.0   $ 1.26      $ 1.08       16.7

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 4 of 19


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Consolidated Financial Summary

 

 

     Three Months Ended     Nine Months Ended  
(Unaudited, 000s)    9/30/2024     9/30/2023     % Change     6/30/2024     % Change     9/30/2024     9/30/2023     % Change  

Net revenues:

                

Global Wealth Management

   $ 827,116     $ 768,558       7.6   $ 801,135       3.2   $ 2,418,751     $ 2,283,934       5.9

Institutional Group

     372,401       256,888       45.0     390,721       (4.7 %)      1,114,498       867,025       28.5

Other

     25,151       19,605       28.3     26,076       (3.5 %)      72,389       51,606       40.3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total net revenues

   $ 1,224,668     $ 1,045,051       17.2   $ 1,217,932       0.6   $ 3,605,638     $ 3,202,565       12.6

Operating expenses:

                

Global Wealth Management

   $ 525,413     $ 470,109       11.8   $ 501,962       4.7   $ 1,527,127     $ 1,369,472       11.5

Institutional Group

     330,604       284,692       16.1     341,908       (3.3 %)      986,779       872,696       13.1

Other

     151,993       180,821       (15.9 %)      147,168       3.3     429,489       459,700       (6.6 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

   $ 1,008,010     $ 935,622       7.7   $ 991,038       1.7   $ 2,943,395     $ 2,701,868       8.9

Operating contribution:

                

Global Wealth Management

   $ 301,703     $ 298,449       1.1   $ 299,173       0.8   $ 891,624     $ 914,462       (2.5 %) 

Institutional Group

     41,797       (27,804     250.3     48,813       (14.4 %)      127,719       (5,671     nm  

Other

     (126,842     (161,216     (21.3 %)      (121,092     4.7     (357,100     (408,094     (12.5 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   $ 216,658     $ 109,429       98.0   $ 226,894       (4.5 %)    $ 662,243     $ 500,697       32.3

Financial ratios:

                

Compensation and benefits

     58.6     58.7     (10     59.3     (70     58.8     58.7     10  

Non-compensation operating expenses

     23.7     30.8     (710     22.1     160       22.8     25.7     (290

Income before income taxes

     17.7     10.5     720       18.6     (90     18.4     15.6     280  

Effective tax rate

     26.8     37.7     (1,090     27.1     (30     26.4     28.1     (170

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 5 of 19


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Consolidated Financial Information and Metrics

 

 

 

     As of and for the Three Months Ended  
(Unaudited, 000s, except per share data)    9/30/2024     9/30/2023      % Change      6/30/2024      % Change   

Financial Information:

 

Total assets

   $    38,934,504     $    37,877,577       2.8   $    37,809,278       3.0

Total shareholders’ equity

   $ 5,557,080     $ 5,242,594       6.0   $ 5,398,207       2.9

Total common equity

   $ 4,872,080     $ 4,557,594       6.9   $ 4,713,207       3.4

Goodwill and intangible assets

   $ (1,511,258   $ (1,526,572     (1.0 %)    $ (1,509,642     0.1

DTL on goodwill and intangible assets

   $ 79,071     $ 69,187       14.3   $ 76,805       3.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Tangible common equity

   $ 3,439,893     $ 3,100,209       11.0   $ 3,280,370       4.9

Preferred equity

   $ 685,000     $ 685,000       0.0   $ 685,000       0.0

Financial Metrics:

 

Book value per common share (2)

   $ 47.62     $ 44.20       7.7   $ 45.97       3.6

Tangible book value per common share (2)

   $ 33.62     $ 30.06       11.8   $ 32.00       5.1

Return on common equity (3)

     12.3     5.1       13.4  

Non-GAAP return on common equity (1)(3)

     13.7     5.8       15.1  

Return on tangible common equity (4)

     17.5     7.4       19.3  

Non-GAAP return on tangible common equity (1)(4)

     19.5     8.5       21.9  

Pre-tax margin on net revenues

     17.7     10.5       18.6  

Non-GAAP pre-tax margin on net revenues (1)

     19.2     11.8       20.6  

Effective tax rate

     26.8     37.7       27.1  

Non-GAAP effective tax rate (1)

     25.6     37.7       25.8  

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 6 of 19


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Regulatory Capital (5)

 

 

(Unaudited, 000s)    9/30/2024     9/30/2023       % Change     6/30/2024       % Change  

SF Regulatory Capital:

 

Common equity tier 1 capital

   $    3,474,275     $    3,228,952       7.6   $    3,359,436       3.4

Tier 1 capital

   $ 4,159,275     $ 3,913,952       6.3   $ 4,044,436       2.8

Risk-weighted assets

   $ 23,183,953     $ 23,218,858       (0.2 %)    $ 22,734,081       2.0

Common equity tier 1 capital ratio

     15.0     13.9       14.8  

Tier 1 risk based capital ratio

     17.9     16.9       17.8  

Tier 1 leverage capital ratio

     11.3     10.8       11.1  

Stifel Bank & Trust Regulatory Capital:

 

Common equity tier 1 capital

   $ 1,306,476     $ 1,489,819       (12.3 %)    $ 1,268,458       3.0

Tier 1 capital

   $ 1,306,476     $ 1,489,819       (12.3 %)    $ 1,268,458       3.0

Risk-weighted assets

   $ 12,214,040     $ 13,782,746       (11.4 %)    $ 11,619,733       5.1

Common equity tier 1 capital ratio

     10.7     10.8       10.9  

Tier 1 risk based capital ratio

     10.7     10.8       10.9  

Tier 1 leverage capital ratio

     7.1     7.7       7.1  

Stifel Bank Regulatory Capital:

 

Common equity tier 1 capital

   $ 758,397     $ 690,456       9.8   $ 742,135       2.2

Tier 1 capital

   $ 758,397     $ 690,456       9.8   $ 742,135       2.2

Risk-weighted assets

   $ 5,591,440     $ 4,724,176       18.4   $ 5,662,622       (1.3 %) 

Common equity tier 1 capital ratio

     13.6     14.6       13.1  

Tier 1 risk based capital ratio

     13.6     14.6       13.1  

Tier 1 leverage capital ratio

     7.1     7.1       7.1  

Stifel Net Capital:

 

Net capital

   $ 486,400     $ 395,400       23.0   $ 456,500       6.5

Excess net capital

   $ 462,700     $ 373,800       23.8   $ 433,700       6.7

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 7 of 19


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Global Wealth Management - Summary Results of Operations

 

 

     Three Months Ended     Nine Months Ended  
(Unaudited, 000s)    9/30/2024     9/30/2023     % Change     6/30/2024     % Change     9/30/2024     9/30/2023     % Change  

Revenues:

                

Commissions

   $   129,230     $   112,300       15.1   $   121,465       6.4   $   371,912     $   332,327       11.9

Principal transactions

     63,497       53,247       19.2     55,843       13.7     179,876       152,433       18.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transactional revenues

     192,727       165,547       16.4     177,308       8.7     551,788       484,760       13.8

Asset management

     382,309       333,088       14.8     380,737       0.4     1,130,496       968,863       16.7

Net interest

     240,825       269,431       (10.6 %)      236,281       1.9     713,375       828,708       (13.9 %) 

Investment banking (6)

     6,217       3,895       59.6     5,780       7.6     16,277       12,118       34.3

Other income

     5,038       (3,403     248.0     1,029       389.6     6,815       (10,515     164.8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net revenues

     827,116       768,558       7.6     801,135       3.2     2,418,751       2,283,934       5.9

Non-interest expenses:

 

           

Compensation and benefits

     403,205       359,325       12.2     392,941       2.6     1,185,682       1,055,834       12.3

Non-compensation operating expenses

     122,208       110,784       10.3     109,021       12.1     341,445       313,638       8.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest expenses

     525,413       470,109       11.8     501,962       4.7     1,527,127       1,369,472       11.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Income before income taxes    $ 301,703     $ 298,449       1.1   $ 299,173       0.8   $ 891,624     $ 914,462       (2.5 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                

As a percentage of net revenues:

 

         

Compensation and benefits

     48.7     46.8     190       49.0     (30     49.0     46.2     280  

Non-compensation operating expenses

     14.8     14.4     40       13.7     110       14.1     13.8     30  

Income before income taxes

     36.5     38.8     (230     37.3     (80     36.9     40.0     (310

 

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Global Wealth Management - Statistical Information

 

 

     As of and for the Three Months Ended  
(Unaudited, 000s, except financial advisors)      9/30/2024         9/30/2023        % Change        6/30/2024        % Change   

Financial advisors (including independent contractors) (7)

     2,357       2,374       (0.7 %)      2,359       (0.1 %) 

Total client assets

   $ 496,298,000     $ 412,458,000       20.3   $ 474,137,000       4.7

Fee-based client assets

   $ 190,771,000     $ 150,982,000       26.4   $ 179,749,000       6.1

Transactional assets

   $ 305,527,000     $ 261,476,000       16.8   $ 294,388,000       3.8

Secured client lending (8)

   $ 3,242,000     $ 3,083,000       5.2   $ 3,250,000       (0.2 %) 

Asset Management Revenue:

          

Private Client Group (9)

   $ 322,758     $ 279,807       15.4   $ 317,616       1.6

Asset Management

     38,314       33,211       15.4     37,556       2.0

Third-party Bank Sweep Program

     8,417       7,023       19.8     11,319       (25.6 %) 

Other (10)

     13,127       13,086       0.3     14,266       (8.0 %) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total asset management revenues

   $ 382,616     $ 333,127       14.9   $ 380,757       0.5

Fee-based Assets (millions):

          

Private Client Group (9)

   $ 166,768     $ 132,712       25.7   $ 157,124       6.1

Asset Management

     42,049       33,519       25.4     39,714       5.9

Elimination (11)

     (18,046     (15,249     18.3     (17,089     5.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fee-based assets

   $ 190,771     $ 150,982       26.4   $ 179,749       6.1

Third-party Bank Sweep Program

   $ 698     $ 578       20.8   $ 820       (14.9 %) 

ROA (bps) (12):

          

Private Client Group (9)

     82.2       82.5         81.9    

Asset Management

     36.4       39.6         37.8    

Third-party Bank Sweep Program

     450.1       429.7         487.3    

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 9 of 19


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Global Wealth Management - Statistical Information (Cont.)

 

 

     As of and for the Three Months Ended  
(Unaudited, millions)      9/30/2024          9/30/2023         % Change        6/30/2024         % Change   

Stifel Bancorp Deposits:

             

Smart Rate Deposits

   $ 16,315      $ 13,605        19.9   $ 15,819        3.1

Sweep Deposits

     9,637        11,142        (13.5 %)      9,148        5.3

Direct Wealth Management Deposits at Stifel Bancorp

     369        397        (7.1 %)      225        64.0
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total Stifel Bancorp Wealth Management Deposits

     26,321        25,144        4.7     25,192        4.5

Other Bank Deposits

     1,800        2,450        (26.5 %)      1,948        (7.6 %) 
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total Stifel Bancorp Deposits

   $ 28,121      $ 27,594        1.9   $ 27,140        3.6
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Short-term Treasuries (13)

   $ 7,321      $ 7,586        (3.5 %)    $ 8,136        (10.0 %) 

Third-party Commercial Treasury Deposits (14)

   $ 2,215      $        nm     $ 1,539        43.9

Wealth Management Cash:

             

Stifel Bancorp Wealth Management Deposits

   $ 26,321      $ 25,144        4.7   $ 25,192        4.5

Third-party Bank Sweep Program (14)

     698        578        20.8     820        (14.9 %) 

Third-party Treasury (14)

     149               nm       153        (2.6 %) 

Other Sweep Cash

     320        173        85.0     417        (23.3 %) 

Money Market Mutual Funds

     11,301        8,760        29.0     10,530        7.3
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total Wealth Management Cash

   $ 38,789      $ 34,655        11.9   $ 37,112        4.5
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Client money market and insured product (15)

   $ 26,970      $ 25,498        5.8   $ 26,204        2.9

Third-party Deposits Available to Stifel Bancorp (14)

   $ 3,062      $ 578        429.8   $ 2,512        21.9

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 10 of 19


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Institutional Group - Summary Results of Operations

 

 

     Three Months Ended     Nine Months Ended  
(Unaudited, 000s)     9/30/2024       9/30/2023       % Change       6/30/2024       % Change       9/30/2024       9/30/2023       % Change   

Revenues:

                

Commissions

   $ 54,215     $ 52,775       2.7   $ 61,852       (12.3 %)    $ 180,326     $ 167,656       7.6

Principal transactions

     73,583       61,594       19.5     97,740       (24.7 %)      249,801       183,630       36.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transactional revenues

     127,798       114,369       11.7     159,592       (19.9 %)      430,127       351,286       22.4

Capital raising

     100,108       45,719       119.0     96,090       4.2     286,615       177,263       61.7

Advisory

     136,857       97,272       40.7     131,411       4.1     387,520       336,210       15.3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Investment banking

     236,965       142,991       65.7     227,501       4.2     674,135       513,473       31.3

Other income (16)

     7,638       (472     nm       3,628       110.5     10,236       2,266       351.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net revenues

     372,401       256,888       45.0     390,721       (4.7 %)      1,114,498       867,025       28.5

Non-interest expenses:

 

           

Compensation and benefits

     224,556       192,638       16.6     239,036       (6.1 %)      679,341       592,701       14.6

Non-compensation operating expenses

     106,048       92,054       15.2     102,872       3.1     307,438       279,995       9.8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-interest expenses

     330,604       284,692       16.1     341,908       (3.3 %)      986,779       872,696       13.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income/(loss) before income taxes

   $ 41,797     $ (27,804     250.3   $ 48,813       (14.4 %)    $ 127,719     $ (5,671     nm  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                

As a percentage of net revenues:

 

       

Compensation and benefits

     60.3     75.0     (1,470     61.2     (90     61.0     68.4     (740

Non-compensation operating expenses

     28.5     35.8     (730     26.3     220       27.5     32.3     (480

Income before income taxes

     11.2     (10.8 %)      2,200       12.5     (130     11.5     (0.7 %)      1,220  

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 11 of 19


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Stifel Bancorp - Financial Information and Credit Metrics

 

 

(Unaudited, 000s)    9/30/2024     9/30/2023      % Change      6/30/2024      % Change   

Stifel Bancorp Financial Information:

 

Total assets

   $   30,416,173     $   29,872,977       1.8   $   29,325,680       3.7

Total shareholder’s equity

   $ 2,091,052     $ 2,162,000       (3.3 %)    $ 1,996,585       4.7

Total loans, net (includes loans held for sale)

   $ 20,633,425     $ 20,435,170       1.0   $ 19,819,771       4.1

Residential real estate

     8,406,932       7,957,027       5.7     8,253,851       1.9

Commercial and industrial

     3,896,824       4,367,671       (10.8 %)      3,689,379       5.6

Fund banking

     3,762,960       4,114,889       (8.6 %)      3,346,785       12.4

Securities-based loans

     2,273,246       2,317,631       (1.9 %)      2,253,045       0.9

Construction and land

     1,219,787       851,709       43.2     1,198,395       1.8

Commercial real estate

     565,686       670,907       (15.7 %)      608,911       (7.1 %) 

Other

     224,146       172,555       29.9     204,392       9.7

Loans held for sale

     465,739       142,617       226.6     472,804       (1.5 %) 

Investment securities

   $ 8,231,240     $ 7,411,040       11.1   $ 7,641,586       7.7

Available-for-sale securities, at fair value

     1,618,289       1,512,233       7.0     1,583,477       2.2

Held-to-maturity securities, at amortized cost

     6,612,951       5,898,807       12.1     6,058,109       9.2

Unrealized losses on available-for-sale securities

     (134,116     (250,506     (46.5 %)      (187,259     (28.4 %) 

Total deposits

   $ 28,120,518     $ 27,594,358       1.9   $ 27,139,753       3.6

Demand deposits (interest-bearing)

     27,539,904       27,335,890       0.7     26,754,212       2.9

Demand deposits (non-interest-bearing)

     309,982       258,466       19.9     304,795       1.7

Certificates of deposit

     270,632       2       nm       80,746       235.2
          

Credit Metrics:

          

Allowance for credit losses

   $ 163,274     $ 169,822       (3.9 %)    $ 164,959       (1.0 %) 

Allowance as a percentage of retained loans

     0.80     0.83       0.84  

Net charge-offs as a percentage of average loans

     0.03     0.00       0.01  

Total nonperforming assets

   $ 144,122     $ 50,719       184.2   $ 85,247       69.1

Nonperforming assets as a percentage of total assets

     0.47     0.17       0.29  

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 12 of 19


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Stifel Bancorp - Loan and Investment Portfolio

 

 

(Unaudited, millions)    9/30/2024        % of Total  
Portfolio
                   

Loan Portfolio

       

Commercial Portfolio by Major Sector

 

Residential real estate

   $ 8,407        32  

Industrials

   $     950           24

Securities-based loans

     2,273        9  

Financials

     926        24

Home equity lines of credit and other

     224        1  

Information technology

     634        16

 

    

 

 

         

Total consumer

     10,904        42  

Consumer discretionary

     402        10

 

    

 

 

         

Commercial and industrial

     3,897        15  

Materials

     261        7

Fund banking

     3,763        15  

REITs

     222        6

Construction and land

     1,220        5  

Healthcare

     164        4

Commercial real estate

     566        2  

Hotel, leisure, restaurants

     133        3

 

    

 

 

         

Total commercial

     9,446        37  

Communication services

     100        3

 

    

 

 

         

Total loan portfolio

     20,350        79  

Consumer staples

     67        2

 

    

 

 

         

Unfunded commitments

     5,308        21        

 

    

 

 

         

Total

   $    25,658        100        

 

    

 

 

         
       

CLO by Major Sector

 

       

High tech industries

   $ 667        10

Investment Portfolio

       

Banking, finance, insurance, & real estate

     621        9

CLO

   $ 6,558        79  

Services: business

     613        9

Agency MBS

     1,020        12  

Healthcare & pharmaceuticals

     608        9

Corporate bonds

     526        6  

Construction & building

     303        5

SBA

     102        1  

Hotel, gaming, & leisure

     300        5

Student loan ARS

     87        1  

Chemicals, plastics, & rubber

     270        4

CMBS

     69        1  

Services: consumer

     256        4

Other

     3        0  

Telecommunications

     239        4

 

    

 

 

         

Total Portfolio

   $ 8,365        100  

Media: broadcasting & subscription

     224        3

 

    

 

 

         

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 13 of 19


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Loans and Lending Commitments - Allowance for Credit Losses

 

 

     September 30, 2024               
     Loans and Lending                                    
(Unaudited, 000s)    Commitments             ACL      ACL %            Q3 Provision  

Residential real estate

   $ 8,406,932         $ 11,270        0.1      $ 28  

Commercial and industrial

     3,896,824           79,862        2.0        10,321  

Fund banking

     3,762,960           10,537        0.3        (1,642

Securities-based loans

     2,273,246           2,853        0.1        40  

Construction and land

     1,219,787           19,775        1.6        3,396  

Commercial real estate

     565,686           12,315        2.2        (2,997

Other

     224,146           738        0.3        62  
  

 

 

       

 

 

         

 

 

 

Loans held for investment, gross

     20,349,581           137,350        0.7        9,208  

Loans held for sale

     465,739                
  

 

 

               

Total loans, gross

     20,815,320                

Lending commitments

     5,307,957           25,924              0.5        (3,921
  

 

 

       

 

 

         

 

 

 

Loans and lending commitments

   $       26,123,277         $     163,274           $       5,287  
  

 

 

       

 

 

         

 

 

 

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 14 of 19


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Consolidated Net Interest Income

 

 

    Three Months Ended  
    September 30, 2024     September 30, 2023     June 30, 2024  
(Unaudited, millions)   Average
balance
    Interest
income/expense
    Average
interest
rate
    Average
balance
    Interest
income/expense
    Average
interest
rate
    Average
balance
    Interest
income/expense
    Average
interest
rate
 

Interest-earning assets:

 

         
Cash and federal funds sold   $ 2,733.0     $ 36.7       5.37   $  2,595.1     $ 35.6       5.48   $  2,833.7     $ 37.8       5.34
Financial instruments owned     1,191.9       7.0       2.36     875.6       4.4       2.01     1,165.7       6.3       2.18
Margin balances     675.7       13.7       8.12     768.2       15.6       8.15     694.3       14.0       8.04

Investments:

                 

Asset-backed securities

    6,223.6       113.3       7.28     6,130.3       111.0       7.25     5,982.6       108.1       7.23

Mortgage-backed securities

    1,047.0       7.6       2.89     957.3       5.3       2.22     929.8       5.6       2.41

Corporate fixed income securities

    543.0       3.7       2.72     619.5       4.3       2.77     589.8       4.1       2.77

Other

    4.7             2.55     4.8       0.1       2.55     4.8             2.55
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total investments

    7,818.3       124.6       6.37     7,711.9       120.7       6.26     7,507.0       117.8       6.28

Loans:

                 

Residential real estate

    8,342.3       74.8       3.59     7,839.4       61.7       3.15     8,182.5       71.0       3.47

Commercial and industrial

    3,785.0       81.9       8.65     4,372.4       96.8       8.86     3,643.7       79.9       8.77

Fund banking

    3,506.1       71.2       8.12     4,155.7       83.0       7.99     3,299.5       67.0       8.13

Securities-based loans

    2,258.9       40.8       7.23     2,342.4       42.7       7.30     2,292.4       41.6       7.26

Commercial real estate

    603.4       11.3       7.48     668.0       13.4       8.00     637.6       11.5       7.20

Construction and land

    1,164.4       24.8       8.51     820.5       17.3       8.44     1,181.5       24.9       8.42

Loans held for sale

    493.4       10.5       8.51     202.2       2.6       5.06     462.7       11.2       9.68

Other

    211.1       4.2       8.07     162.2       3.2       7.86     206.2       4.0       7.77
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans

    20,364.6       319.5       6.28     20,562.8       320.7       6.24     19,906.1       311.1       6.25

Other interest-bearing assets

    830.3       9.3       4.49     730.9       8.2       4.49     860.4       11.1       5.16
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest-bearing assets/ interest income

    33,613.8       510.8       6.08     33,244.5       505.2       6.08     32,967.2       498.1       6.04

Interest-bearing liabilities:

 

         

Senior notes

    779.3       8.2       4.20     1,115.2       12.5       4.49     1,116.0       12.5       4.48

Deposits

    27,535.9       229.7       3.34     27,247.4       198.2       2.91     26,758.7       220.3       3.29

Other interest-bearing liabilities

    1,340.6       13.3       3.96     1,218.9       9.8       3.23     1,461.1       14.5       3.98
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest-bearing liabilities/ interest expense

  $  29,655.8       251.2       3.39   $ 29,581.5       220.5       2.98   $ 29,335.8       247.3       3.37
   

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

 

Net interest income/margin

    $   259.6        3.09     $   284.7        3.43     $    250.8        3.04
   

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

 

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 15 of 19


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Stifel Bancorp Net Interest Income

 

 

    Three Months Ended  
    September 30, 2024     September 30, 2023     June 30, 2024  
(Unaudited, millions)   Average
balance
    Interest
income/expense
    Average
interest
rate
    Average
balance
    Interest
income/expense
    Average
interest
rate
    Average
balance
    Interest
income/expense
    Average
interest
rate
 

Interest-earning assets:

 

           

Cash and federal funds sold

  $   1,705.6     $ 24.1         5.66   $   1,536.8     $ 21.9         5.70   $   1,765.4     $ 25.0         5.67

Investments

    7,818.3       124.6       6.37     7,711.9       120.7       6.26     7,507.0       117.8       6.28

Loans

    20,364.6       319.5       6.28     20,562.8       320.7       6.24     19,906.1       311.1       6.25

Other interest-bearing assets

    66.3       0.9       5.51     64.9       0.7       4.08     66.7       1.0       5.71
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest-bearing assets/interest income

  $ 29,954.8     $ 469.1       6.26   $ 29,876.4     $ 464.0       6.21   $ 29,245.2     $ 454.9       6.22

Interest-bearing liabilities:

 

           

Deposits

  $ 27,535.9     $ 229.7       3.34   $ 27,247.4     $ 198.2       2.91   $ 26,758.7     $ 220.3       3.29

Other interest-bearing liabilities

    91.6       1.6       7.11     0.9       0.2       80.57     90.1       1.7       7.44
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total interest-bearing liabilities/interest expense

  $ 27,627.5       231.3       3.35   $ 27,248.3       198.4       2.91   $ 26,848.8       222.0       3.31
   

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

 

Net interest income/margin

    $ 237.8       3.17     $ 265.6       3.56     $ 232.9       3.19
   

 

 

   

 

 

     

 

 

   

 

 

     

 

 

   

 

 

 

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 16 of 19


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GAAP to Core Reconciliation

 

 

     Three Months Ended     Nine Months Ended  
(Unaudited, 000s)    9/30/2024     9/30/2023     Change     6/30/2024     Change     9/30/2024     9/30/2023     Change  

GAAP net revenues

   $   1,224,668     $   1,045,051       $   1,217,932       $   3,605,638     $   3,202,565    

Non-GAAP adjustments

     683       (23       9         692       (26  
  

 

 

   

 

 

     

 

 

     

 

 

   

 

 

   

Non-GAAP net revenues

     1,225,351       1,045,028         1,217,941         3,606,330       3,202,539    
                

GAAP compensation and benefits expense

     718,065       613,287         722,719         2,120,479       1,880,144    

Merger-related (17)

     (6,101     (7,171       (5,764       (17,398     (22,947  

Restructuring and severance (18)

     (1,261             (9,961       (11,222        
  

 

 

   

 

 

     

 

 

     

 

 

   

 

 

   

Total non-GAAP adjustments

     (7,362     (7,171       (15,725       (28,620     (22,947  
  

 

 

   

 

 

     

 

 

     

 

 

   

 

 

   
Non-GAAP compensation and benefits expense      710,703       606,116         706,994         2,091,859       1,857,197    
                
GAAP non-compensation operating expenses      289,945       322,335         268,319         822,916       821,724    

Merger-related (17)

     (11,166     (6,623       (8,048       (25,835     (23,380  
  

 

 

   

 

 

     

 

 

     

 

 

   

 

 

   
Non-GAAP non-compensation operating expenses      278,779       315,712         260,271         797,081       798,344    
  

 

 

   

 

 

     

 

 

     

 

 

   

 

 

   

Total adjustments

     (19,211     (13,771       (23,782       (55,147     (46,301  
  

 

 

   

 

 

     

 

 

     

 

 

   

 

 

   
                

GAAP provision for income taxes

     58,153       41,268         61,600         174,869       140,645    

Merger-related and other (19)

     2,126       5,198         3,185         8,374       13,455    
  

 

 

   

 

 

     

 

 

     

 

 

   

 

 

   

Non-GAAP provision for income taxes

     60,279       46,466         64,785         183,243       154,100    
                

Financial ratios:

                

Compensation and benefits

     58.0     58.0     -        58.0     -        58.0     58.0     -   

Non-compensation operating expenses

     22.8     30.2     (740     21.4     140       22.1     24.9     (280

Income before income taxes

     19.2     11.8     740       20.6     (140     19.9     17.1     280  

Effective tax rate

     25.6     37.7     (1,210     25.8     (20     25.5     28.2     (270

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 17 of 19


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Footnotes

 

 

  (1)      Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.
  (2)      Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per share represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.
  (3)      Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
  (4)      Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible common equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $77.9 million, $67.4 million, and $75.8 million, as of September 30, 2024 and 2023, and June 30, 2024, respectively.
  (5)      Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, October 23, 2024.
  (6)      Includes capital raising and advisory fee revenues.
  (7)      Includes independent contractors of 114, 108, and 111 as of September 30, 2024 and 2023, and June 30, 2024, respectively.
  (8)      Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
  (9)      Includes Private Client Group and Trust Business.
  (10)      Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
  (11)      Asset management assets managed in Private Client Group or Trust accounts.
  (12)      Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average daily balances for Individual Program Banks. Prior to Q4 2023, ROA for Individual Program Banks was calculated on average quarterly balances. Prior periods have not been restated to reflect the change as the differences are immaterial.
  (13)      Represents client assets in Treasury Securities with maturities of 52 weeks or less.
  (14)      During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks. The balances at third-party banks can be brought back on balance sheet to support liquidity needs.
  (15)      Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
  (16)      Includes net interest, asset management, and other income.
  (17)      Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
  (18)      The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
  (19)      Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 18 of 19


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Disclaimer and Legal Notice

 

 

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s third quarter earnings release issued October 23, 2024.

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2024 Earnings Release    Page 19 of 19

Exhibit 99.3 Third Quarter 2024 Financial Results Presentation October 23, 2024 Quarterly Earnings Report


Third Quarter Snapshot 3Q24 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 3Q24: GAAP & NON-GAAP $1,225 3Q24: GAAP $1.34 & NON-GAAP $1.50 3Q24: GAAP $159 & NON-GAAP $176 YTD: GAAP & NON-GAAP $3,606 YTD: GAAP $487 & NON-GAAP $534 YTD: GAAP $4.16 & NON-GAAP $4.58 BOOK VALUE PER SHARE ANNUALIZED ROTCE* ANNUALIZED ROCE 3Q24:GAAP 12.3% & NON-GAAP 13.7% 3Q24:GAAP 17.5% & NON-GAAP 19.5% TBV $33.62 BV $47.62 YTD: GAAP 18.8% & NON-GAAP 20.7% YTD: GAAP 13.0% & NON-GAAP 14.4% * Please see our definition of ROTCE in our third quarter 2024 earnings release HIGHLIGHTS Record Net Revenue Record Client Assets For First Nine Months Under Management Second Highest Quarterly Institutional Group Revenue YTD Net Revenue Increased 29% Sweep Deposit Balances Record Net Revenue Global Wealth Management Increased By $368 million Quarterly Earnings Report 1


Variance to Consensus Estimates Third Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates (in Millions, except diluted EPS and share data) 3Q24 3Q24 Mean 3Q24 vs. 3Q23 % ∆ ■ Commissions & Principal Transactions: Revenues Operating* Analyst Results Commissions + Principal transactions $321 $320 0% 15% ■ Stronger Revenue Global Wealth Management Investment banking $243 $229 6% 66% Asset management and service fees $383 $385 (1%) 15% ■ Investment Banking: Net interest $260 $257 1% (9%) Net revenues $1,225 $1,198 2% 17% ■ Stronger Advisory Revenue Non-interest expenses ■ Stronger Fixed Income Underwriting Revenue Compensation and benefits 711 687 (4%) (17%) Compensation Ratio 58.0% 57.3% 70 bps 0 bps ■ Asset Management: Non-compensation expenses 279 261 (7%) 12% Total non-interest expenses 990 948 (4%) (7%) ■ Lower Third Party Sweep Revenue Income before income taxes 236 251 (6%) 92% ■ Net Interest Income Provision for income taxes 60 65 7% (30%) Tax Rate 25.6% 25.8% (20 bps) 1210 bps ■ Higher Interest-Earning Assets & Net Interest Net Income $176 $186 (6%) 129% Margin Diluted Operating EPS $1.50 $1.60 (6%) 150% After-tax EPS Impact of Legal Reserve* ($0.10) ■ Non-compensation Expense: *Non-GAAP ■ Impact of Additional Legal Reserves Quarterly Earnings Report 2


Highly Complementary Business Lines Significant Operating Leverage Expect to Benefit from Growth in Institutional Pre-tax Income & Net Interest Income $350 $300 $250 $200 $150 $100 $50 $0 -$50 Institutional Group Pre-tax Income Net Interest Income Non-GAAP Return on Tangible Common Non-GAAP Pre-tax Margin Equity 32.0% 30.9% 32.0% 23.9% 21.7% 24.0% 24.6% 24.7% 20.4% 19.9% 19.2% 19.0% 21.8% 24.0% 21.1% 18.7% 16.0% 16.0% 8.0% 8.0% 0.0% 0.0% 2019 2020 2021 2022 2023* 2024** 2019 2020 2021 2022 2023* 2024** * Excludes impact of additional legal accrual * Excludes impact of additional legal accrual ** 2024 based on results through 9/30/2024 & excludes additional legal accrual in 3Q24 ** 2024 based on results through 9/30/2024 & excludes additional legal accrual in 3Q24 Quarterly Earnings Report 3 millions 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24


Wealth Management: A Key Growth Driver CONSISTENT GROWTH $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Brokerage Asset Management & Service Fees Net Interest Investment Banking & Other *2024 GWM Net Revenue based on annualized results through 9/30/2024 INCREASING PERCENTAGE OF RECURRING REVENUE RECRUITING DRIVES REVENUE GROWTH 100% $500 800 90% 22% 24% 24% 750 34% 32% 32% $450 80% 33% 39% 700 46% 51% 650 70% $400 600 60% $350 550 50% 500 $300 40% 450 78% 76% 76% 66% 66% 66% 64% $250 400 30% 60% 53% 350 47% 20% $200 300 10% 250 $150 200 0% $100 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 150 100 Net Interest Income & Asset Management Fees Transactional & Investment Banking $50 50 $- 0 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 T-12 Cumulative Production Cumulative Gross FAs Quarterly Earnings Report 4 Net Revenue (millions) millions Financial Advisors


Third Quarter Results FINANCIAL RESULTS NET REVENUE Sequential millions 3Q24 Y/Y Change 2024 YTD VS 2023 YTD Change $1,400 $1,218 $1,225 Global Wealth Management $827 8% 3% $2,419 6% $1,163 $1,146 $1,200 $1,045 Institutional 372 45% -5% 1,114 29% $1,000 Other 26 28% -4% 73 40% $800 Net revenue 1,225 17% 1% 3,606 13% $600 Compensation expense 711 17% 1% 2,092 13% 1 273 -12% 6% 784 1% Operating expense $400 2 Provision for credit loss 5 -47% 79% 14 -41% $200 Pre-tax pre-provision income 241 81% -5% 731 28% $0 3Q23 4Q23 1Q24 2Q24 3Q24 Pre-tax income 236 92% -6% 717 31% Taxes 60 30% -7% 183 19% Net income 176 129% -6% 534 36% Preferred dividends 9 0% 0% 28 0% Net income available to common 166 147% -6% 506 39% shareholders Diluted EPS $1.50 150% -6% $4.58 43% Compensation ratio 58.0% 0 bps 0 bps 58.0% 0 bps 3 22.3% -700 bps 120 bps 21.7% -250 bps Operating expense ratio Pre-tax operating margin 19.2% 740 bps -140 bps 19.9% 280 bps Book value per share $47.62 8% 4% Tangible book value per share $33.62 12% 5% 4 ROTCE 19.5% 1100 bps -240 bps (1) Operating Expense = Non-Compensation Expense – Provision for Credit Loss (2) Provision for Credit Loss at bank subsidiary (3) Operating Expense Ratio excludes Provision for Credit Loss (4) Please see our definition of ROTCE in our second quarter earnings release Quarterly Earnings Report 5 millions


Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS Sequential millions 3Q24 Y/Y Change 2024 YTD VS 2023 YTD Change ■ Record Quarterly Net Revenue Transactional $193 16% 9% $552 14% ■ Record Quarterly Asset Management Revenue Asset Management 382 15% 0% 1,130 17% Net Interest 241 -11% 2% 713 -14% ■ Record Client Assets Investment Banking 6 60% 8% 16 34% ■ Highest Transactional Revenue Since 4Q21 Other 5 nm nm 7 nm ■ Added 28 Financial Advisors, Including 13 Total Global Wealth Management Net $827 8% 3% $2,419 6% Revenue Experienced with Total Trailing Twelve Month Comp. Ratio 48.7% 190 bps -30 bps 49.0% 280 bps Production of $10.5 million Non-Comp. Ratio 14.8% 40 bps 110 bps 14.1% 30 bps Provision for credit loss $5 -47% 79% $13 -42% Pre-tax Margin 36.5% -230 bps -80 bps 36.9% -310 bps Pre-tax Pre-provision Margin 37.1% -300 bps -60 bps 37.6% -340 bps NET REVENUE & MARGIN $827 $840 44% FINANCIAL ADVISOR & CLIENT ASSET METRICS $801 $815 $791 42% Sequential $790 $769 millions 3Q24 Y/Y $766 Change $765 40% Financial Advisors 2,243 -1% 0% $740 38% $715 Independent Contractors 114 6% 3% 38.8% 36% 39.3% $690 37.3% Total Financial Advisors 2,357 -1% 0% 36.5% $665 34% 36.8% Total Client Assets $496,298 20% 5% $640 32% Fee-based Client Assets $190,771 26% 6% $615 30% $590 Private Client Fee-based Client Assets $166,768 26% 6% 3Q23 4Q23 1Q24 2Q24 3Q24 Net Revenue Pre-tax Margin Quarterly Earnings Report 6 Margin Net Revenue (millions)


Strong Bank Fundamentals STRONG NIM DESPITE RISING DEPOSIT SWEEP BALANCES INCREASED COSTS 7.00% $1,747 6.00% $1,097 $859 $771 $726 $614 $651 $505 $497 $368 5.00% $258 ($35) 4.00% 3.43% 3.24% 3.09% ($623) 3.04% 2.99% ($742) ($1,230) 3.00% 2.00% 1.00% 3Q23 4Q23 1Q24 2Q24 3Q24 0.00% Sweep Smart Rate Ticketed MMF 3Q23 4Q23 1Q24 2Q24 3Q24 Net Interest Margin Deposit Costs Asset Yields SIGNIFICANT ASSET GROWTH & SOLID NIM ALLOWANCE FOR CREDIT LOSSES / TOTAL LOANS 3.50% $35,000,000 4.00% 3.50% $30,000,000 3.00% 3.00% $25,000,000 2.50% 2.50% $20,000,000 2.00% 2.00% $15,000,000 1.50% 1.50% $10,000,000 1.00% 0.89% 0.88% 0.85% 0.86% 0.83% $5,000,000 1.00% 0.50% $0 0.00% 0.50% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.00% Investments Commercial Loans Consumer Loans 3Q23 4Q23 1Q24 2Q24 3Q24 Cash & Other NIM Residential SBL CRE Construction C&I Unfunded / Other reserves* Total Reserve Ratio Quarterly Earnings Report 7 millions Bank Assets (000s) Net Interest Margin


Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 3Q24 Y/Y Change 2024 YTD VS 2023 YTD Change ■ Ranked #1 in Municipal Issuance in Number of Advisory $137 41% 4% $388 15% Capital Raising $100 119% 4% $287 62% Issues in 2024 with 14.9% Market Share Equity $51 141% 6% $139 83% Fixed Income $49 100% 3% $148 46% ■ Highest Underwriting Revenue Since 4Q21 Transactional $128 12% -20% $430 22% Equity $49 4% -8% $156 8% ■ Ranked #8* in Number of Publicly Disclosed IPOs Fixed Income $79 17% -26% $274 33% YTD. Total Institutional Revenue* $372 45% -5% $1,114 29% Comp. Ratio 60.3% -1470 bps -90 bps 61.0% -740 bps ■ Highest Advisory Revenue Since 1Q23 Non-Comp. Ratio 28.5% -730 bps 220 bps 27.5% -480 bps Pre-tax Margin 11.2% 2200 bps -130 bps 11.5% 1220 bps * Incudes 2024 IPOs with a base deal size greater than $50 million, excludes foreign companies with existing * Includes net interest, asset management, and other income listings in domestic markets INSTITUTIONAL GROUP NET REVENUE $400 $350 $300 $250 $200 $150 $100 $50 $0 3Q23 4Q23 1Q24 2Q24 3Q24 Advisory Fees Capital Raising Brokerage Other * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 8 millions


Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 35% millions 3Q24 3Q23 Y/Y Change 30% 63% 25% 61% Compensation $711 $606 17% 20% 59% Non-compensation Expense, 15% $260 $302 -14% Ex. IB Gross Up & Credit Loss 57% 58.0% 58.0% 58.0% 58.0% 58.0% 10% Credit Loss Provision & IB Gross Up $18 $14 33% 55% 5% 53% 0% Non-compensation $279 $316 -12% 3Q23 4Q23 1Q24 2Q24 3Q24 Pre-tax Income $236 $123 91% Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $900 $800 (000s) 3Q24 $700 $600 GAAP Net Income $158,505 $500 $400 Preferred Dividend $9,320 $300 $200 Net Income available to common Shareholders $149,185 $100 $0 Non-GAAP After Tax Adjustments $17,085 2019 2020 2021 2022 2023 2024* Non-GAAP Net Income Available to Common $166,270 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our third quarter 2024 earnings release. *2024 annual GAAP to non-GAAP results based on annualized results through 9/30/2024 Quarterly Earnings Report 9 millions Compensation Ratio Non-compensation Ratio


Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $38,935 $40,000 22.0% $38,258 $37,878 $37,809 $37,727 ■ Repurchased 249,000 shares $38,000 20.0% $36,000 ■ Bank Funding Increased at CAGR of 14% 18.0% $34,000 17.8% 17.9% $32,000 Since 2019 17.2% 16.0% 17.3% 16.9% $30,000 14.0% $28,000 ■ Retired $500 million of 4.25% Senior $26,000 12.0% Notes $24,000 11.3% 11.1% 10.0% 10.8% $22,000 10.6% 10.5% $20,000 8.0% 3Q23 4Q23 1Q24 2Q24 3Q24 Assets Tier 1 Leverage Tier 1 Risk Based Capital $1,600,000 DEPLOYING EXCESS CAPITAL BANK FUNDING: A TRACK RECORD of GROWTH $1,400,000 $60,000 $1,200,000 $50,000 $1,000,000 $40,000 $800,000 $30,000 $600,000 $400,000 $20,000 $200,000 $10,000 $0 2019 2020 2021 2022 2023 2024* $0 ($200,000) 2019 2020 2021 2022 2023 2024* ($400,000) Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) Bank Deposits Available Funding Acquisitions *2024 Estimated Capital Generated based annualized Net Income through 9/30/2024 plus current capital in excess of *2024 based on results through 9/30/2024 regulatory minimum. Quarterly Earnings Report 10 (000s) millions millions


Concluding Remarks Quarterly Earnings Report


Third Quarter 2024 Financial Results Presentation October 23, 2024 Quarterly Earnings Report


Disclaimer Forward-Looking Statements This presentation may contain“forward-lookingstatements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively,“SF” or the“Company”). These statements can be identified by the use of the words“may,”“will,”“should,”“could,”“would,”“plan,”“potential,”“estimate,”“project,”“believe,”“intend,” “anticipate,”“expect,” and similar expressions. All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect theCompany’s future results, financial condition and liquidity, see“RiskFactors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Use of Non-GAAP Financial Measures The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain“non-GAAP financialmeasures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a“non-GAAP financialmeasure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing theCompany’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure. Quarterly Earnings Report 13

v3.24.3
Document and Entity Information
Oct. 23, 2024
Document And Entity Information [Line Items]  
Entity Registrant Name STIFEL FINANCIAL CORP
Amendment Flag false
Entity Central Index Key 0000720672
Document Type 8-K
Document Period End Date Oct. 23, 2024
Entity Incorporation State Country Code DE
Entity File Number 001-09305
Entity Tax Identification Number 43-1273600
Entity Address, Address Line One 501 N. Broadway
Entity Address, City or Town St. Louis
Entity Address, State or Province MO
Entity Address, Postal Zip Code 63102-2188
City Area Code (314)
Local Phone Number 342-2000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common Stock, $0.15 par value per share
Trading Symbol SF
Security Exchange Name NYSE
Series B Preferred Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B
Trading Symbol SF-PB
Security Exchange Name NYSE
Series C Preferred Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C
Trading Symbol SF-PC
Security Exchange Name NYSE
Series D Preferred Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D
Trading Symbol SF-PD
Security Exchange Name NYSE
M 5.20 Senior Notes Due 2047 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title 5.20% Senior Notes due 2047
Trading Symbol SFB
Security Exchange Name NYSE

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