Form 8-K - Current report

SF-D Stifel Financial Corporation

SF-D Stifel Financial Corporation

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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).

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.

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

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.

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).

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

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

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

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

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

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

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

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

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

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

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

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

Net revenues increased 8% from a year ago:

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

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

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:

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

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.

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:

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

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

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:

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:

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

Total Expenses:

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

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

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

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

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.

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.

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

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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

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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

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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

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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	)


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2024 Earnings Release		Page 8 of 19

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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

LOGO

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

LOGO

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

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

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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STIFEL FINANCIAL CORP.

(Registrant)

Date: October 23, 2024

/s/ James M. Marischen

James M. Marischen

Chief Financial Officer