Form 8-K - Current report
July 24 2024 - 6:03AM
Edgar (US Regulatory)
STIFEL FINANCIAL CORP false 0000720672 0000720672 2024-07-24 2024-07-24 0000720672 us-gaap:CommonStockMember 2024-07-24 2024-07-24 0000720672 us-gaap:SeriesBPreferredStockMember 2024-07-24 2024-07-24 0000720672 us-gaap:SeriesCPreferredStockMember 2024-07-24 2024-07-24 0000720672 us-gaap:SeriesDPreferredStockMember 2024-07-24 2024-07-24 0000720672 us-gaap:SeniorNotesMember 2024-07-24 2024-07-24
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): July 24, 2024
STIFEL FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
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| Delaware |
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001-09305 |
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43-1273600 |
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(Commission File Number) |
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(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:
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| Title of Each Class |
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Trading
Symbol(s) |
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Name of Each Exchange on Which
Registered |
| Common Stock, $0.15 par value per share |
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SF |
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New York Stock Exchange |
| Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B |
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SF-PB |
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New York Stock Exchange |
| Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C |
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SF-PC |
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New York Stock Exchange |
| Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D |
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SF-PD |
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New York Stock Exchange |
| 5.20% Senior Notes due 2047 |
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SFB |
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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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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 July 24, 2024, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended June 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 June 30, 2024 is attached as Exhibit 99.2 to this Report on Form 8-K.
On Wednesday, July 24, 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.
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.
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STIFEL FINANCIAL CORP. (Registrant) |
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| Date: July 24, 2024 |
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By: |
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/s/ James M. Marischen |
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Name: |
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James M. Marischen |
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Title: |
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Chief Financial Officer |
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3
Exhibit 99.1
Stifel Reports Second Quarter 2024 Results
ST. LOUIS, MO, July 24, 2024 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three
months ended June 30, 2024, compared with $1.1 billion a year ago. Net income available to common shareholders was $156.0 million, or $1.41 per diluted common share, compared with $125.0 million, or $1.10 per diluted common share
for the second quarter of 2023. Non-GAAP net income available to common shareholders was $176.6 million, or $1.60 per diluted common share for the second quarter of 2024.
Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel generated our second highest quarterly net revenue in company history,
as each of our operating segments generated solid year-on-year gains. Stifel’s strong results reflect improved market conditions and illustrate the benefits of our balanced businesses and inherent operating leverage, particularly in our
Institutional Group. Given current market trends, we believe that Stifel is well positioned for a strong second half of 2024.”
Highlights
| • |
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The Company reported net revenues of $1.2 billion, the second best quarter in its history, driven by higher investment banking revenues, transactional revenues, and asset management revenues. |
| • |
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Non-GAAP net income available to common shareholders of $1.60 per diluted common share. |
| • |
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Record asset management revenues, up 19% over the year-ago quarter. |
| • |
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Advisory revenues increased 50% over the year-ago quarter. |
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Capital raising revenues increased 29% over the year-ago quarter. |
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Record client assets of $474.1 billion, up 14% over the year-ago quarter. |
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Recruited 42 financial advisors during the quarter, including 13 experienced employee advisors and 1 experienced independent advisor. |
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Non-GAAP pre-tax margin of 20.6% as the Company maintained its focus on expense discipline, while continuing to invest in the business.
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| • |
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Annualized return on tangible common equity (ROTCE) (5) of 22%. |
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Tangible book value per common share (7) of $32.00, up 4% from prior year.
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| Financial Summary (Unaudited) |
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| (000s) |
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2Q 2024 |
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2Q 2023 |
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6m 2024 |
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6m 2023 |
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| GAAP Financial Highlights: |
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| Net revenues |
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$ |
1,217,932 |
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$ |
1,050,721 |
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$ |
2,380,970 |
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$ |
2,157,514 |
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| Net income (1) |
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$ |
155,973 |
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$ |
125,032 |
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$ |
310,228 |
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$ |
273,251 |
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| Diluted EPS (1) |
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$ |
1.41 |
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$ |
1.10 |
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$ |
2.82 |
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$ |
2.38 |
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| Comp. ratio |
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59.3 |
% |
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58.6 |
% |
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58.9 |
% |
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58.7 |
% |
| Non-comp. ratio |
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22.1 |
% |
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24.1 |
% |
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22.4 |
% |
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23.2 |
% |
| Pre-tax
margin |
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18.6 |
% |
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17.3 |
% |
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18.7 |
% |
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18.1 |
% |
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Non-GAAP Financial Highlights: |
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| Net revenues |
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$ |
1,217,941 |
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$ |
1,050,721 |
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$ |
2,380,979 |
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$ |
2,157,511 |
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| Net income (1) (2) |
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$ |
176,570 |
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$ |
136,256 |
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$ |
339,916 |
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$ |
297,524 |
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| Diluted EPS (1) (2) |
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$ |
1.60 |
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$ |
1.20 |
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$ |
3.09 |
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$ |
2.59 |
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| Comp. ratio (2) |
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58.0 |
% |
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58.0 |
% |
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58.0 |
% |
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58.0 |
% |
| Non-comp. ratio (2) |
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21.4 |
% |
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23.3 |
% |
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21.8 |
% |
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22.4 |
% |
| Pre-tax margin (3) |
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20.6 |
% |
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18.7 |
% |
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20.2 |
% |
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19.6 |
% |
| ROCE (4) |
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15.1 |
% |
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11.6 |
% |
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14.7 |
% |
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12.8 |
% |
| ROTCE
(5) |
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21.9 |
% |
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16.8 |
% |
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21.4 |
% |
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18.4 |
% |
| Global Wealth Management (assets
and loans in millions) |
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| Net revenues |
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$ |
801,135 |
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$ |
758,190 |
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$ |
1,591,635 |
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$ |
1,515,376 |
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| Pre-tax net income |
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$ |
299,173 |
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$ |
299,904 |
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$ |
589,921 |
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$ |
616,013 |
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| Total client assets |
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$ |
474,137 |
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$ |
417,669 |
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| Fee-based client assets |
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$ |
179,749 |
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$ |
154,538 |
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| Bank loans
(6) |
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$ |
19,820 |
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$ |
20,562 |
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| Institutional Group |
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| Net revenues |
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$ |
390,721 |
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$ |
277,524 |
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$ |
742,097 |
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$ |
610,137 |
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| Equity |
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$ |
217,694 |
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$ |
149,035 |
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$ |
424,111 |
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$ |
363,607 |
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| Fixed Income |
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$ |
173,027 |
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$ |
128,489 |
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$ |
317,986 |
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$ |
246,530 |
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| Pre-tax net
income/ (loss) |
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$ |
48,813 |
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($ |
11,593 |
) |
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$ |
85,922 |
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$ |
22,133 |
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Media Contact: Neil Shapiro
(212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations
Global Wealth Management reported record net revenues of $801.1 million for the three months ended
June 30, 2024 compared with $758.2 million during the second quarter of 2023. Pre-tax net income was $299.2 million compared with $299.9 million in the second quarter of 2023.
Highlights
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Ranked No. 1 in Overall Employee Advisor Satisfaction for the second straight year. |
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Recruited 42 financial advisors during the quarter, including 13 experienced employee advisors, and 1 experienced independent advisor, with total trailing 12 month production of $12 million. |
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Client assets of $474.1 billion, up 14% over the year-ago quarter. |
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Fee-based client assets of $179.7 billion, up 16% over the year-ago quarter. |
Net revenues increased 6% from a year ago:
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Transactional revenues increased 12% over the year-ago quarter reflecting an increase in client activity. |
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Asset management revenues increased 19% over the year-ago quarter reflecting higher asset values. |
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Net interest income decreased 15% from the year-ago quarter driven by changes in deposit mix, partially offset by higher interest rates. |
Total Expenses:
| • |
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Compensation expense as a percent of net revenues increased to 49.0% primarily as a result of higher compensable revenues. |
| • |
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Provision for credit losses decreased from the year-ago quarter as a result of reserve reductions in certain asset classes driven by an improved macroeconomic environment,
partially offset by growth in the loan portfolio. |
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Non-compensation operating expenses as a percent of net revenues remained consistent with the year-ago quarter.
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| Summary Results of Operations |
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| (000s) |
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2Q 2024 |
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2Q 2023 |
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| Net revenues |
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$ |
801,135 |
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$ |
758,190 |
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| Transactional revenues |
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177,308 |
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157,958 |
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| Asset management |
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380,737 |
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320,238 |
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| Net interest income |
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236,281 |
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277,345 |
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| Investment banking |
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5,780 |
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4,065 |
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| Other income |
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1,029 |
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(1,416 |
) |
| Total expenses |
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$ |
501,962 |
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$ |
458,286 |
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| Compensation expense |
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392,941 |
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354,086 |
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| Provision for credit losses |
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2,954 |
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7,824 |
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| Non-comp. opex |
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106,067 |
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96,376 |
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| Pre-tax net income |
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$ |
299,173 |
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$ |
299,904 |
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| Compensation ratio |
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49.0 |
% |
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46.7 |
% |
| Non-compensation ratio |
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13.7 |
% |
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13.7 |
% |
| Pre-tax
margin |
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37.3 |
% |
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39.6 |
% |
Stifel Financial
Corp. | Page 2
Institutional Group
Institutional Group reported net revenues of
$390.7 million for the three months ended June 30, 2024 compared with $277.5 million during the second quarter of 2023. Institutional Group reported pre-tax net income of $48.8 million for
the three months ended June 30, 2024 compared with pre-tax net loss of $11.6 million in the second quarter of 2023.
Highlights
Investment banking revenues increased 40% from a year ago:
| • |
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Advisory revenues increased 50% from the year-ago quarter driven by higher levels of completed advisory transactions. |
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Fixed income capital raising revenues increased 8% over the year-ago quarter primarily driven by higher bond issuances. |
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Equity capital raising revenues increased 59% over the year-ago quarter driven by higher volumes. |
Fixed income transactional revenues increased 58% from a year ago:
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Fixed income transactional revenues increased from the year-ago quarter driven by improved market conditions and realized trading gains. |
Equity transactional revenues increased 16% from a year ago:
| • |
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Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions. |
Total Expenses:
| • |
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Compensation expense as a percent of net revenues decreased to 61.2% primarily as a result of higher revenues. |
| • |
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Non-compensation operating expenses as a percent of net revenues decreased to 26.3% primarily as a result of revenue growth and expense discipline.
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| Summary Results of Operations |
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| (000s) |
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2Q 2024 |
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2Q 2023 |
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| Net revenues |
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$ |
390,721 |
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$ |
277,524 |
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| Investment banking |
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227,501 |
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162,761 |
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| Advisory |
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131,411 |
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87,875 |
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| Fixed income capital raising |
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48,143 |
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44,777 |
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| Equity capital raising |
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47,947 |
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30,109 |
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| Fixed income transactional |
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106,685 |
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67,508 |
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| Equity transactional |
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52,907 |
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45,592 |
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| Other |
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3,628 |
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1,663 |
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| Total expenses |
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$ |
341,908 |
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$ |
289,117 |
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| Compensation expense |
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239,036 |
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194,158 |
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| Non-comp. opex. |
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102,872 |
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94,959 |
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| Pre-tax net income/(loss) |
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$ |
48,813 |
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($ |
11,593 |
) |
| Compensation ratio |
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61.2 |
% |
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70.0 |
% |
| Non-compensation ratio |
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26.3 |
% |
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34.2 |
% |
| Pre-tax
margin |
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12.5 |
% |
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(4.2 |
%) |
Stifel Financial
Corp. | Page 3
Other Matters
Highlights
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On July 18, 2024, the Company’s 4.25% Senior Notes matured resulting in the retirement of the $500.0 million outstanding balance. |
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The Company repurchased $17.6 million of its outstanding common stock during the second quarter. |
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Weighted average diluted shares outstanding decreased primarily as a result of share repurchases. The Company has repurchased 5.3 million shares under its share repurchase program since the second quarter of 2023.
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The Board of Directors declared a $0.42 quarterly dividend per share payable on June 17, 2024 to common shareholders of record on June 3, 2024. |
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The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on June 17, 2024 to shareholders of record on June 3, 2024.
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2Q 2024 |
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2Q 2023 |
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| Common stock
repurchases |
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| Repurchases (000s) |
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$ |
17,597 |
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$ |
86,821 |
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| Number of shares (000s) |
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229 |
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1,492 |
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| Average price |
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$ |
76.97 |
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$ |
58.21 |
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| Period end shares (000s) |
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102,518 |
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104,889 |
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| Weighted average diluted shares outstanding (000s) |
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110,285 |
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113,864 |
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| Effective tax rate |
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27.1 |
% |
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25.9 |
% |
| Stifel Financial Corp. (8) |
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| Tier 1 common capital ratio |
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14.8 |
% |
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14.3 |
% |
| Tier 1 risk based capital ratio |
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17.8 |
% |
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17.3 |
% |
| Tier 1 leverage capital ratio |
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11.1 |
% |
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11.1 |
% |
| Tier 1 capital (MM) |
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$ |
4,044 |
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$ |
3,999 |
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| Risk weighted assets (MM) |
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$ |
22,737 |
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$ |
23,165 |
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| Average assets (MM) |
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$ |
36,275 |
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$ |
36,041 |
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| Quarter end assets (MM) |
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$ |
37,809 |
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$ |
37,298 |
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| Agency |
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Rating |
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Outlook |
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| Fitch Ratings |
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BBB+ |
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Stable |
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| S&P Global Ratings |
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BBB |
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Stable |
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Stifel Financial
Corp. | Page 4
Conference Call Information
Stifel Financial Corp. will host its second quarter 2024
financial results conference call on Wednesday, July 24, 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 business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC. 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 |
|
|
Six Months Ended |
|
| (000s, except per share amounts) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions |
|
$ |
183,317 |
|
|
$ |
165,358 |
|
|
|
10.9 |
|
|
$ |
185,476 |
|
|
|
(1.2 |
) |
|
$ |
368,793 |
|
|
$ |
334,908 |
|
|
|
10.1 |
|
| Principal transactions |
|
|
153,574 |
|
|
|
105,700 |
|
|
|
45.3 |
|
|
|
139,014 |
|
|
|
10.5 |
|
|
|
292,588 |
|
|
|
221,222 |
|
|
|
32.3 |
|
| Investment banking |
|
|
233,281 |
|
|
|
166,825 |
|
|
|
39.8 |
|
|
|
213,949 |
|
|
|
9.0 |
|
|
|
447,230 |
|
|
|
378,704 |
|
|
|
18.1 |
|
| Asset management |
|
|
380,757 |
|
|
|
320,264 |
|
|
|
18.9 |
|
|
|
367,476 |
|
|
|
3.6 |
|
|
|
748,233 |
|
|
|
635,833 |
|
|
|
17.7 |
|
| Other income |
|
|
16,180 |
|
|
|
894 |
|
|
|
nm |
|
|
|
4,950 |
|
|
|
226.9 |
|
|
|
21,130 |
|
|
|
(1,399 |
) |
|
|
nm |
|
| Operating revenues |
|
|
967,109 |
|
|
|
759,041 |
|
|
|
27.4 |
|
|
|
910,865 |
|
|
|
6.2 |
|
|
|
1,877,974 |
|
|
|
1,569,268 |
|
|
|
19.7 |
|
| Interest revenue |
|
|
498,152 |
|
|
|
482,770 |
|
|
|
3.2 |
|
|
|
506,828 |
|
|
|
(1.7 |
) |
|
|
1,004,980 |
|
|
|
934,334 |
|
|
|
7.6 |
|
| Total revenues |
|
|
1,465,261 |
|
|
|
1,241,811 |
|
|
|
18.0 |
|
|
|
1,417,693 |
|
|
|
3.4 |
|
|
|
2,882,954 |
|
|
|
2,503,602 |
|
|
|
15.2 |
|
| Interest expense |
|
|
247,329 |
|
|
|
191,090 |
|
|
|
29.4 |
|
|
|
254,655 |
|
|
|
(2.9 |
) |
|
|
501,984 |
|
|
|
346,088 |
|
|
|
45.0 |
|
| Net revenues |
|
|
1,217,932 |
|
|
|
1,050,721 |
|
|
|
15.9 |
|
|
|
1,163,038 |
|
|
|
4.7 |
|
|
|
2,380,970 |
|
|
|
2,157,514 |
|
|
|
10.4 |
|
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
|
722,719 |
|
|
|
615,667 |
|
|
|
17.4 |
|
|
|
679,695 |
|
|
|
6.3 |
|
|
|
1,402,414 |
|
|
|
1,266,857 |
|
|
|
10.7 |
|
| Non-compensation operating expenses |
|
|
268,319 |
|
|
|
253,669 |
|
|
|
5.8 |
|
|
|
264,652 |
|
|
|
1.4 |
|
|
|
532,971 |
|
|
|
499,389 |
|
|
|
6.7 |
|
| Total non-interest expenses |
|
|
991,038 |
|
|
|
869,336 |
|
|
|
14.0 |
|
|
|
944,347 |
|
|
|
4.9 |
|
|
|
1,935,385 |
|
|
|
1,766,246 |
|
|
|
9.6 |
|
| Income before income taxes |
|
|
226,894 |
|
|
|
181,385 |
|
|
|
25.1 |
|
|
|
218,691 |
|
|
|
3.8 |
|
|
|
445,585 |
|
|
|
391,268 |
|
|
|
13.9 |
|
| Provision for income taxes |
|
|
61,600 |
|
|
|
47,033 |
|
|
|
31.0 |
|
|
|
55,116 |
|
|
|
11.8 |
|
|
|
116,716 |
|
|
|
99,377 |
|
|
|
17.4 |
|
| Net income |
|
|
165,294 |
|
|
|
134,352 |
|
|
|
23.0 |
|
|
|
163,575 |
|
|
|
1.1 |
|
|
|
328,869 |
|
|
|
291,891 |
|
|
|
12.7 |
|
| Preferred dividends |
|
|
9,321 |
|
|
|
9,320 |
|
|
|
0.0 |
|
|
|
9,320 |
|
|
|
0.0 |
|
|
|
18,641 |
|
|
|
18,640 |
|
|
|
0.0 |
|
| Net income available to common shareholders |
|
$ |
155,973 |
|
|
$ |
125,032 |
|
|
|
24.7 |
|
|
$ |
154,255 |
|
|
|
1.1 |
|
|
$ |
310,228 |
|
|
$ |
273,251 |
|
|
|
13.5 |
|
| Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
1.50 |
|
|
$ |
1.16 |
|
|
|
29.3 |
|
|
$ |
1.48 |
|
|
|
1.4 |
|
|
$ |
2.98 |
|
|
$ |
2.52 |
|
|
|
18.3 |
|
| Diluted |
|
$ |
1.41 |
|
|
$ |
1.10 |
|
|
|
28.2 |
|
|
$ |
1.40 |
|
|
|
0.7 |
|
|
$ |
2.82 |
|
|
$ |
2.38 |
|
|
|
18.5 |
|
| Cash dividends declared per common share |
|
$ |
0.42 |
|
|
$ |
0.36 |
|
|
|
16.7 |
|
|
$ |
0.42 |
|
|
|
0.0 |
|
|
$ |
0.84 |
|
|
$ |
0.72 |
|
|
|
16.7 |
|
| Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
104,150 |
|
|
|
107,944 |
|
|
|
(3.5 |
) |
|
|
104,275 |
|
|
|
(0.1 |
) |
|
|
104,217 |
|
|
|
108,360 |
|
|
|
(3.8 |
) |
| Diluted |
|
|
110,285 |
|
|
|
113,864 |
|
|
|
(3.1 |
) |
|
|
109,985 |
|
|
|
0.3 |
|
|
|
110,156 |
|
|
|
114,658 |
|
|
|
(3.9 |
) |
Stifel Financial
Corp. | Page 6
Non-GAAP Financial Measures (9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| (000s, except per share amounts) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
6/30/2024 |
|
|
6/30/2023 |
|
| GAAP net income |
|
$ |
165,294 |
|
|
$ |
134,352 |
|
|
$ |
328,869 |
|
|
$ |
291,891 |
|
| Preferred dividend |
|
|
9,321 |
|
|
|
9,320 |
|
|
|
18,641 |
|
|
|
18,640 |
|
| Net income available to common shareholders |
|
|
155,973 |
|
|
|
125,032 |
|
|
|
310,228 |
|
|
|
273,251 |
|
|
|
|
|
|
| Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Merger-related (10) |
|
|
13,821 |
|
|
|
15,144 |
|
|
|
25,975 |
|
|
|
32,530 |
|
| Restructuring and severance (11) |
|
|
9,961 |
|
|
|
— |
|
|
|
9,961 |
|
|
|
— |
|
| Provision for income taxes (12) |
|
|
(3,185 |
) |
|
|
(3,920 |
) |
|
|
(6,248 |
) |
|
|
(8,257 |
) |
| Total non-GAAP adjustments |
|
|
20,597 |
|
|
|
11,224 |
|
|
|
29,688 |
|
|
|
24,273 |
|
| Non-GAAP net income available to common
shareholders |
|
$ |
176,570 |
|
|
$ |
136,256 |
|
|
$ |
339,916 |
|
|
$ |
297,524 |
|
| Weighted average diluted shares outstanding |
|
|
110,285 |
|
|
|
113,864 |
|
|
|
110,156 |
|
|
|
114,658 |
|
| GAAP earnings per diluted common share |
|
$ |
1.50 |
|
|
$ |
1.18 |
|
|
$ |
2.98 |
|
|
$ |
2.55 |
|
| Non-GAAP adjustments |
|
|
0.19 |
|
|
|
0.10 |
|
|
|
0.27 |
|
|
|
0.21 |
|
| Non-GAAP earnings per diluted common share |
|
$ |
1.69 |
|
|
$ |
1.28 |
|
|
$ |
3.25 |
|
|
$ |
2.76 |
|
| GAAP earnings per diluted common share available to common shareholders |
|
$ |
1.41 |
|
|
$ |
1.10 |
|
|
$ |
2.82 |
|
|
$ |
2.38 |
|
| Non-GAAP adjustments |
|
|
0.19 |
|
|
|
0.10 |
|
|
|
0.27 |
|
|
|
0.21 |
|
| Non-GAAP earnings
per diluted common share available to common shareholders |
|
$ |
1.60 |
|
|
$ |
1.20 |
|
|
$ |
3.09 |
|
|
$ |
2.59 |
|
Stifel Financial
Corp. | Page 7
GAAP to Non-GAAP Reconciliation (9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| (000s) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
6/30/2024 |
|
|
6/30/2023 |
|
| GAAP compensation and benefits |
|
$ |
722,719 |
|
|
$ |
615,667 |
|
|
$ |
1,402,414 |
|
|
$ |
1,266,857 |
|
| As a percentage of net revenues |
|
|
59.3% |
|
|
|
58.6% |
|
|
|
58.9% |
|
|
|
58.7% |
|
| Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Merger-related (10) |
|
|
(5,764 |
) |
|
|
(6,523 |
) |
|
|
(11,297 |
) |
|
|
(15,776 |
) |
| Restructuring and severance (11) |
|
|
(9,961 |
) |
|
|
— |
|
|
|
(9,961 |
) |
|
|
— |
|
| Total non-GAAP adjustments |
|
|
(15,725 |
) |
|
|
(6,523 |
) |
|
|
(21,258 |
) |
|
|
(15,776 |
) |
| Non-GAAP compensation and benefits |
|
$ |
706,994 |
|
|
$ |
609,144 |
|
|
$ |
1,381,156 |
|
|
$ |
1,251,081 |
|
| As a percentage of non-GAAP net revenues |
|
|
58.0% |
|
|
|
58.0% |
|
|
|
58.0% |
|
|
|
58.0% |
|
| GAAP non-compensation expenses |
|
$ |
268,319 |
|
|
$ |
253,669 |
|
|
$ |
532,971 |
|
|
$ |
499,389 |
|
| As a percentage of net revenues |
|
|
22.1% |
|
|
|
24.1% |
|
|
|
22.4% |
|
|
|
23.2% |
|
| Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Merger-related (10) |
|
|
(8,048 |
) |
|
|
(8,621 |
) |
|
|
(14,669 |
) |
|
|
(16,757 |
) |
| Non-GAAP
non-compensation expenses |
|
$ |
260,271 |
|
|
$ |
245,048 |
|
|
$ |
518,302 |
|
|
$ |
482,632 |
|
| As a percentage of non-GAAP net revenues |
|
|
21.4% |
|
|
|
23.3% |
|
|
|
21.8% |
|
|
|
22.4% |
|
| Total adjustments |
|
$ |
23,782 |
|
|
$ |
15,144 |
|
|
$ |
35,936 |
|
|
$ |
32,530 |
|
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 $75.8 million and $64.6 million as of June 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, July 24, 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 in the second quarter of 2024 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
Second 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 | Second Quarter 2024 Earnings Release |
|
Page 1 of 19 |
Consolidated Financial Highlights
|
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|
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| |
|
Three Months Ended |
|
|
Six Months Ended |
|
(Unaudited, 000s, except per share
information) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
| Net revenues |
|
$ |
1,217,932 |
|
|
$ |
1,050,721 |
|
|
|
15.9% |
|
|
$ |
1,163,038 |
|
|
|
4.7% |
|
|
$ |
2,380,970 |
|
|
$ |
2,157,514 |
|
|
|
10.4% |
|
| Net income |
|
$ |
165,294 |
|
|
$ |
134,352 |
|
|
|
23.0% |
|
|
$ |
163,575 |
|
|
|
1.1% |
|
|
$ |
328,869 |
|
|
$ |
291,891 |
|
|
|
12.7% |
|
| Preferred dividends |
|
|
9,321 |
|
|
|
9,320 |
|
|
|
0.0% |
|
|
|
9,320 |
|
|
|
0.0% |
|
|
|
18,641 |
|
|
|
18,640 |
|
|
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
155,973 |
|
|
$ |
125,032 |
|
|
|
24.7% |
|
|
$ |
154,255 |
|
|
|
1.1% |
|
|
$ |
310,228 |
|
|
$ |
273,251 |
|
|
|
13.5% |
|
| Earnings per diluted common share |
|
$ |
1.50 |
|
|
$ |
1.18 |
|
|
|
27.1% |
|
|
$ |
1.49 |
|
|
|
0.7% |
|
|
$ |
2.98 |
|
|
$ |
2.55 |
|
|
|
16.9% |
|
| Earnings per diluted common share available to common shareholders |
|
$ |
1.41 |
|
|
$ |
1.10 |
|
|
|
28.2% |
|
|
$ |
1.40 |
|
|
|
0.7% |
|
|
$ |
2.82 |
|
|
$ |
2.38 |
|
|
|
18.5% |
|
| Non-GAAP financial summary (1): |
|
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|
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|
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|
|
|
|
|
|
|
|
| Net revenues |
|
$ |
1,217,941 |
|
|
$ |
1,050,721 |
|
|
|
15.9% |
|
|
$ |
1,163,038 |
|
|
|
4.7% |
|
|
$ |
2,380,979 |
|
|
$ |
2,157,511 |
|
|
|
10.4% |
|
| Net income |
|
$ |
185,891 |
|
|
$ |
145,576 |
|
|
|
27.7% |
|
|
$ |
172,666 |
|
|
|
7.7% |
|
|
$ |
358,557 |
|
|
$ |
316,164 |
|
|
|
13.4% |
|
| Preferred dividends |
|
|
9,321 |
|
|
|
9,320 |
|
|
|
0.0% |
|
|
|
9,320 |
|
|
|
0.0% |
|
|
|
18,641 |
|
|
|
18,640 |
|
|
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
176,570 |
|
|
|
136,256 |
|
|
|
29.6% |
|
|
|
163,346 |
|
|
|
8.1% |
|
|
|
339,916 |
|
|
|
297,524 |
|
|
|
14.2% |
|
| Earnings per diluted common share |
|
$ |
1.69 |
|
|
$ |
1.28 |
|
|
|
32.0% |
|
|
$ |
1.57 |
|
|
|
7.6% |
|
|
$ |
3.25 |
|
|
$ |
2.76 |
|
|
|
17.8% |
|
| Earnings per diluted common share available to common shareholders |
|
$ |
1.60 |
|
|
$ |
1.20 |
|
|
|
33.3% |
|
|
$ |
1.49 |
|
|
|
7.4% |
|
|
$ |
3.09 |
|
|
$ |
2.59 |
|
|
|
19.3% |
|
|
|
|
|
|
|
|
|
| Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
104,150 |
|
|
|
107,944 |
|
|
|
(3.5% |
) |
|
|
104,275 |
|
|
|
(0.1% |
) |
|
|
104,217 |
|
|
|
108,360 |
|
|
|
(3.8% |
) |
| Diluted |
|
|
110,285 |
|
|
|
113,864 |
|
|
|
(3.1% |
) |
|
|
109,985 |
|
|
|
0.3% |
|
|
|
110,156 |
|
|
|
114,658 |
|
|
|
(3.9% |
) |
| Period end common shares outstanding |
|
|
102,518 |
|
|
|
104,889 |
|
|
|
(2.3% |
) |
|
|
102,649 |
|
|
|
(0.1% |
) |
|
|
102,518 |
|
|
|
104,889 |
|
|
|
(2.3% |
) |
| Cash dividends declared per common share |
|
$ |
0.42 |
|
|
$ |
0.36 |
|
|
|
16.7% |
|
|
$ |
0.42 |
|
|
|
0.0% |
|
|
$ |
0.84 |
|
|
$ |
0.72 |
|
|
|
16.7% |
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 2 of 19 |
GAAP Consolidated Results of Operations
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|
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|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
(Unaudited, 000s, except per share
information) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions |
|
$ |
183,317 |
|
|
$ |
165,358 |
|
|
|
10.9% |
|
|
$ |
185,476 |
|
|
|
(1.2% |
) |
|
$ |
368,793 |
|
|
$ |
334,908 |
|
|
|
10.1% |
|
| Principal transactions |
|
|
153,574 |
|
|
|
105,700 |
|
|
|
45.3% |
|
|
|
139,014 |
|
|
|
10.5% |
|
|
|
292,588 |
|
|
|
221,222 |
|
|
|
32.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transactional revenues |
|
|
336,891 |
|
|
|
271,058 |
|
|
|
24.3% |
|
|
|
324,490 |
|
|
|
3.8% |
|
|
|
661,381 |
|
|
|
556,130 |
|
|
|
18.9% |
|
| Capital raising |
|
|
101,870 |
|
|
|
78,950 |
|
|
|
29.0% |
|
|
|
94,697 |
|
|
|
7.6% |
|
|
|
196,567 |
|
|
|
139,766 |
|
|
|
40.6% |
|
| Advisory |
|
|
131,411 |
|
|
|
87,875 |
|
|
|
49.5% |
|
|
|
119,252 |
|
|
|
10.2% |
|
|
|
250,663 |
|
|
|
238,938 |
|
|
|
4.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment banking |
|
|
233,281 |
|
|
|
166,825 |
|
|
|
39.8% |
|
|
|
213,949 |
|
|
|
9.0% |
|
|
|
447,230 |
|
|
|
378,704 |
|
|
|
18.1% |
|
| Asset management |
|
|
380,757 |
|
|
|
320,264 |
|
|
|
18.9% |
|
|
|
367,476 |
|
|
|
3.6% |
|
|
|
748,233 |
|
|
|
635,833 |
|
|
|
17.7% |
|
| Other income |
|
|
16,180 |
|
|
|
894 |
|
|
|
nm |
|
|
|
4,950 |
|
|
|
226.9% |
|
|
|
21,130 |
|
|
|
(1,399 |
) |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating revenues |
|
|
967,109 |
|
|
|
759,041 |
|
|
|
27.4% |
|
|
|
910,865 |
|
|
|
6.2% |
|
|
|
1,877,974 |
|
|
|
1,569,268 |
|
|
|
19.7% |
|
| Interest revenue |
|
|
498,152 |
|
|
|
482,770 |
|
|
|
3.2% |
|
|
|
506,828 |
|
|
|
(1.7% |
) |
|
|
1,004,980 |
|
|
|
934,334 |
|
|
|
7.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
|
1,465,261 |
|
|
|
1,241,811 |
|
|
|
18.0% |
|
|
|
1,417,693 |
|
|
|
3.4% |
|
|
|
2,882,954 |
|
|
|
2,503,602 |
|
|
|
15.2% |
|
| Interest expense |
|
|
247,329 |
|
|
|
191,090 |
|
|
|
29.4% |
|
|
|
254,655 |
|
|
|
(2.9% |
) |
|
|
501,984 |
|
|
|
346,088 |
|
|
|
45.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net revenues |
|
|
1,217,932 |
|
|
|
1,050,721 |
|
|
|
15.9% |
|
|
|
1,163,038 |
|
|
|
4.7% |
|
|
|
2,380,970 |
|
|
|
2,157,514 |
|
|
|
10.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
|
722,719 |
|
|
|
615,667 |
|
|
|
17.4% |
|
|
|
679,695 |
|
|
|
6.3% |
|
|
|
1,402,414 |
|
|
|
1,266,857 |
|
|
|
10.7% |
|
| Occupancy and equipment rental |
|
|
89,852 |
|
|
|
84,604 |
|
|
|
6.2% |
|
|
|
88,712 |
|
|
|
1.3% |
|
|
|
178,564 |
|
|
|
166,744 |
|
|
|
7.1% |
|
| Communication and office supplies |
|
|
48,181 |
|
|
|
44,969 |
|
|
|
7.1% |
|
|
|
47,367 |
|
|
|
1.7% |
|
|
|
95,548 |
|
|
|
91,105 |
|
|
|
4.9% |
|
| Commissions and floor brokerage |
|
|
14,383 |
|
|
|
14,112 |
|
|
|
1.9% |
|
|
|
15,767 |
|
|
|
(8.8% |
) |
|
|
30,150 |
|
|
|
28,552 |
|
|
|
5.6% |
|
| Provision for credit losses |
|
|
2,954 |
|
|
|
7,824 |
|
|
|
(62.2% |
) |
|
|
5,268 |
|
|
|
(43.9% |
) |
|
|
8,222 |
|
|
|
12,744 |
|
|
|
(35.5% |
) |
| Investment banking expenses |
|
|
9,253 |
|
|
|
7,125 |
|
|
|
29.9% |
|
|
|
7,729 |
|
|
|
19.7% |
|
|
|
16,982 |
|
|
|
13,038 |
|
|
|
30.3% |
|
| Other operating expenses |
|
|
103,696 |
|
|
|
95,035 |
|
|
|
9.1% |
|
|
|
99,809 |
|
|
|
3.9% |
|
|
|
203,505 |
|
|
|
187,206 |
|
|
|
8.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-interest expenses |
|
|
991,038 |
|
|
|
869,336 |
|
|
|
14.0% |
|
|
|
944,347 |
|
|
|
4.9% |
|
|
|
1,935,385 |
|
|
|
1,766,246 |
|
|
|
9.6% |
|
| Income before income taxes |
|
|
226,894 |
|
|
|
181,385 |
|
|
|
25.1% |
|
|
|
218,691 |
|
|
|
3.8% |
|
|
|
445,585 |
|
|
|
391,268 |
|
|
|
13.9% |
|
| Provision for income taxes |
|
|
61,600 |
|
|
|
47,033 |
|
|
|
31.0% |
|
|
|
55,116 |
|
|
|
11.8% |
|
|
|
116,716 |
|
|
|
99,377 |
|
|
|
17.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
165,294 |
|
|
|
134,352 |
|
|
|
23.0% |
|
|
|
163,575 |
|
|
|
1.1% |
|
|
|
328,869 |
|
|
|
291,891 |
|
|
|
12.7% |
|
| Preferred dividends |
|
|
9,321 |
|
|
|
9,320 |
|
|
|
0.0% |
|
|
|
9,320 |
|
|
|
0.0% |
|
|
|
18,641 |
|
|
|
18,640 |
|
|
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
155,973 |
|
|
$ |
125,032 |
|
|
|
24.7% |
|
|
$ |
154,255 |
|
|
|
1.1% |
|
|
$ |
310,228 |
|
|
$ |
273,251 |
|
|
|
13.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
1.50 |
|
|
$ |
1.16 |
|
|
|
29.3% |
|
|
$ |
1.48 |
|
|
|
1.4% |
|
|
$ |
2.98 |
|
|
$ |
2.52 |
|
|
|
18.3% |
|
| Diluted |
|
$ |
1.41 |
|
|
$ |
1.10 |
|
|
|
28.2% |
|
|
$ |
1.40 |
|
|
|
0.7% |
|
|
$ |
2.82 |
|
|
$ |
2.38 |
|
|
|
18.5% |
|
| Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
104,150 |
|
|
|
107,944 |
|
|
|
(3.5% |
) |
|
|
104,275 |
|
|
|
(0.1% |
) |
|
|
104,217 |
|
|
|
108,360 |
|
|
|
(3.8% |
) |
| Diluted |
|
|
110,285 |
|
|
|
113,864 |
|
|
|
(3.1% |
) |
|
|
109,985 |
|
|
|
0.3% |
|
|
|
110,156 |
|
|
|
114,658 |
|
|
|
(3.9% |
) |
| Cash dividends declared per common share |
|
$ |
0.42 |
|
|
$ |
0.36 |
|
|
|
16.7% |
|
|
$ |
0.42 |
|
|
|
0.0% |
|
|
$ |
0.84 |
|
|
$ |
0.72 |
|
|
|
16.7% |
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 3 of 19 |
Non-GAAP Consolidated Results of Operations (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
(Unaudited, 000s, except per share
information) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions |
|
$ |
183,317 |
|
|
$ |
165,358 |
|
|
|
10.9 |
% |
|
$ |
185,476 |
|
|
|
(1.2 |
%) |
|
$ |
368,793 |
|
|
$ |
334,908 |
|
|
|
10.1 |
% |
| Principal transactions |
|
|
153,583 |
|
|
|
105,700 |
|
|
|
45.3 |
% |
|
|
139,014 |
|
|
|
10.5 |
% |
|
|
292,597 |
|
|
|
221,222 |
|
|
|
32.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transactional revenues |
|
|
336,900 |
|
|
|
271,058 |
|
|
|
24.3 |
% |
|
|
324,490 |
|
|
|
3.8 |
% |
|
|
661,390 |
|
|
|
556,130 |
|
|
|
18.9 |
% |
| Capital raising |
|
|
101,870 |
|
|
|
78,950 |
|
|
|
29.0 |
% |
|
|
94,697 |
|
|
|
7.6 |
% |
|
|
196,567 |
|
|
|
139,766 |
|
|
|
40.6 |
% |
| Advisory |
|
|
131,411 |
|
|
|
87,875 |
|
|
|
49.5 |
% |
|
|
119,252 |
|
|
|
10.2 |
% |
|
|
250,663 |
|
|
|
238,938 |
|
|
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment banking |
|
|
233,281 |
|
|
|
166,825 |
|
|
|
39.8 |
% |
|
|
213,949 |
|
|
|
9.0 |
% |
|
|
447,230 |
|
|
|
378,704 |
|
|
|
18.1 |
% |
| Asset management |
|
|
380,757 |
|
|
|
320,264 |
|
|
|
18.9 |
% |
|
|
367,476 |
|
|
|
3.6 |
% |
|
|
748,233 |
|
|
|
635,833 |
|
|
|
17.7 |
% |
| Other income |
|
|
16,180 |
|
|
|
894 |
|
|
|
nm |
|
|
|
4,950 |
|
|
|
226.9 |
% |
|
|
21,130 |
|
|
|
(1,399 |
) |
|
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating revenues |
|
|
967,118 |
|
|
|
759,041 |
|
|
|
27.4 |
% |
|
|
910,865 |
|
|
|
6.2 |
% |
|
|
1,877,983 |
|
|
|
1,569,268 |
|
|
|
19.7 |
% |
| Interest revenue |
|
|
498,152 |
|
|
|
482,770 |
|
|
|
3.2 |
% |
|
|
506,828 |
|
|
|
(1.7 |
%) |
|
|
1,004,980 |
|
|
|
934,334 |
|
|
|
7.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
|
1,465,270 |
|
|
|
1,241,811 |
|
|
|
18.0 |
% |
|
|
1,417,693 |
|
|
|
3.4 |
% |
|
|
2,882,963 |
|
|
|
2,503,602 |
|
|
|
15.2 |
% |
| Interest expense |
|
|
247,329 |
|
|
|
191,090 |
|
|
|
29.4 |
% |
|
|
254,655 |
|
|
|
(2.9 |
%) |
|
|
501,984 |
|
|
|
346,091 |
|
|
|
45.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net revenues |
|
|
1,217,941 |
|
|
|
1,050,721 |
|
|
|
15.9 |
% |
|
|
1,163,038 |
|
|
|
4.7 |
% |
|
|
2,380,979 |
|
|
|
2,157,511 |
|
|
|
10.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
|
706,994 |
|
|
|
609,144 |
|
|
|
16.1 |
% |
|
|
674,162 |
|
|
|
4.9 |
% |
|
|
1,381,156 |
|
|
|
1,251,081 |
|
|
|
10.4 |
% |
| Occupancy and equipment rental |
|
|
89,727 |
|
|
|
84,579 |
|
|
|
6.1 |
% |
|
|
88,665 |
|
|
|
1.2 |
% |
|
|
178,392 |
|
|
|
166,618 |
|
|
|
7.1 |
% |
| Communication and office supplies |
|
|
48,148 |
|
|
|
44,965 |
|
|
|
7.1 |
% |
|
|
47,364 |
|
|
|
1.7 |
% |
|
|
95,512 |
|
|
|
91,099 |
|
|
|
4.8 |
% |
| Commissions and floor brokerage |
|
|
14,383 |
|
|
|
14,112 |
|
|
|
1.9 |
% |
|
|
15,767 |
|
|
|
(8.8 |
%) |
|
|
30,150 |
|
|
|
28,552 |
|
|
|
5.6 |
% |
| Provision for credit losses |
|
|
2,954 |
|
|
|
7,824 |
|
|
|
(62.2 |
%) |
|
|
5,268 |
|
|
|
(43.9 |
%) |
|
|
8,222 |
|
|
|
12,744 |
|
|
|
(35.5 |
%) |
| Investment banking expenses |
|
|
9,253 |
|
|
|
7,125 |
|
|
|
29.9 |
% |
|
|
7,729 |
|
|
|
19.7 |
% |
|
|
16,982 |
|
|
|
13,038 |
|
|
|
30.3 |
% |
| Other operating expenses |
|
|
95,806 |
|
|
|
86,443 |
|
|
|
10.8 |
% |
|
|
93,238 |
|
|
|
2.8 |
% |
|
|
189,044 |
|
|
|
170,581 |
|
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-interest expenses |
|
|
967,265 |
|
|
|
854,192 |
|
|
|
13.2 |
% |
|
|
932,193 |
|
|
|
3.8 |
% |
|
|
1,899,458 |
|
|
|
1,733,713 |
|
|
|
9.6 |
% |
| Income before income taxes |
|
|
250,676 |
|
|
|
196,529 |
|
|
|
27.6 |
% |
|
|
230,845 |
|
|
|
8.6 |
% |
|
|
481,521 |
|
|
|
423,798 |
|
|
|
13.6 |
% |
| Provision for income taxes |
|
|
64,785 |
|
|
|
50,953 |
|
|
|
27.1 |
% |
|
|
58,179 |
|
|
|
11.4 |
% |
|
|
122,964 |
|
|
|
107,634 |
|
|
|
14.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
185,891 |
|
|
|
145,576 |
|
|
|
27.7 |
% |
|
|
172,666 |
|
|
|
7.7 |
% |
|
|
358,557 |
|
|
|
316,164 |
|
|
|
13.4 |
% |
| Preferred dividends |
|
|
9,321 |
|
|
|
9,320 |
|
|
|
0.0 |
% |
|
|
9,320 |
|
|
|
0.0 |
% |
|
|
18,641 |
|
|
|
18,640 |
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
176,570 |
|
|
$ |
136,256 |
|
|
|
29.6 |
% |
|
$ |
163,346 |
|
|
|
8.1 |
% |
|
$ |
339,916 |
|
|
$ |
297,524 |
|
|
|
14.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
1.70 |
|
|
$ |
1.26 |
|
|
|
34.9 |
% |
|
$ |
1.57 |
|
|
|
8.3 |
% |
|
$ |
3.26 |
|
|
$ |
2.75 |
|
|
|
18.5 |
% |
| Diluted |
|
$ |
1.60 |
|
|
$ |
1.20 |
|
|
|
33.3 |
% |
|
$ |
1.49 |
|
|
|
7.4 |
% |
|
$ |
3.09 |
|
|
$ |
2.59 |
|
|
|
19.3 |
% |
| Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
104,150 |
|
|
|
107,944 |
|
|
|
(3.5 |
%) |
|
|
104,275 |
|
|
|
(0.1 |
%) |
|
|
104,217 |
|
|
|
108,360 |
|
|
|
(3.8 |
%) |
| Diluted |
|
|
110,285 |
|
|
|
113,864 |
|
|
|
(3.1 |
%) |
|
|
109,985 |
|
|
|
0.3 |
% |
|
|
110,156 |
|
|
|
114,658 |
|
|
|
(3.9 |
%) |
| Cash dividends declared per common share |
|
$ |
0.42 |
|
|
$ |
0.36 |
|
|
|
16.7 |
% |
|
$ |
0.42 |
|
|
|
0.0 |
% |
|
$ |
0.84 |
|
|
$ |
0.72 |
|
|
|
16.7 |
% |
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 4 of 19 |
Consolidated Financial Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| (Unaudited, 000s) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
| Net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Global Wealth Management |
|
$ |
801,135 |
|
|
$ |
758,190 |
|
|
|
5.7 |
% |
|
$ |
790,500 |
|
|
|
1.3 |
% |
|
$ |
1,591,635 |
|
|
$ |
1,515,376 |
|
|
|
5.0 |
% |
| Institutional Group |
|
|
390,721 |
|
|
|
277,524 |
|
|
|
40.8 |
% |
|
|
351,376 |
|
|
|
11.2 |
% |
|
|
742,097 |
|
|
|
610,137 |
|
|
|
21.6 |
% |
| Other |
|
|
26,076 |
|
|
|
15,007 |
|
|
|
73.8 |
% |
|
|
21,162 |
|
|
|
23.2 |
% |
|
|
47,238 |
|
|
|
32,001 |
|
|
|
47.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total net revenues |
|
$ |
1,217,932 |
|
|
$ |
1,050,721 |
|
|
|
15.9 |
% |
|
$ |
1,163,038 |
|
|
|
4.7 |
% |
|
$ |
2,380,970 |
|
|
$ |
2,157,514 |
|
|
|
10.4 |
% |
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Global Wealth Management |
|
$ |
501,962 |
|
|
$ |
458,286 |
|
|
|
9.5 |
% |
|
$ |
499,752 |
|
|
|
0.4 |
% |
|
$ |
1,001,714 |
|
|
$ |
899,363 |
|
|
|
11.4 |
% |
| Institutional Group |
|
|
341,908 |
|
|
|
289,117 |
|
|
|
18.3 |
% |
|
|
314,267 |
|
|
|
8.8 |
% |
|
|
656,175 |
|
|
|
588,004 |
|
|
|
11.6 |
% |
| Other |
|
|
147,168 |
|
|
|
121,933 |
|
|
|
20.7 |
% |
|
|
130,328 |
|
|
|
12.9 |
% |
|
|
277,496 |
|
|
|
278,879 |
|
|
|
(0.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
$ |
991,038 |
|
|
$ |
869,336 |
|
|
|
14.0 |
% |
|
$ |
944,347 |
|
|
|
4.9 |
% |
|
$ |
1,935,385 |
|
|
$ |
1,766,246 |
|
|
|
9.6 |
% |
| Operating contribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Global Wealth Management |
|
$ |
299,173 |
|
|
$ |
299,904 |
|
|
|
(0.2 |
%) |
|
$ |
290,748 |
|
|
|
2.9 |
% |
|
$ |
589,921 |
|
|
$ |
616,013 |
|
|
|
(4.2 |
%) |
| Institutional Group |
|
|
48,813 |
|
|
|
(11,593 |
) |
|
|
521.1 |
% |
|
|
37,109 |
|
|
|
31.5 |
% |
|
|
85,922 |
|
|
|
22,133 |
|
|
|
288.2 |
% |
| Other |
|
|
(121,092 |
) |
|
|
(106,926 |
) |
|
|
13.2 |
% |
|
|
(109,166 |
) |
|
|
10.9 |
% |
|
|
(230,258 |
) |
|
|
(246,878 |
) |
|
|
(6.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
$ |
226,894 |
|
|
$ |
181,385 |
|
|
|
25.1 |
% |
|
$ |
218,691 |
|
|
|
3.8 |
% |
|
$ |
445,585 |
|
|
$ |
391,268 |
|
|
|
13.9 |
% |
| Financial ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
|
59.3 |
% |
|
|
58.6 |
% |
|
|
70 |
|
|
|
58.4 |
% |
|
|
90 |
|
|
|
58.9 |
% |
|
|
58.7 |
% |
|
|
20 |
|
| Non-compensation operating expenses |
|
|
22.1 |
% |
|
|
24.1 |
% |
|
|
(200 |
) |
|
|
22.8 |
% |
|
|
(70 |
) |
|
|
22.4 |
% |
|
|
23.2 |
% |
|
|
(80 |
) |
| Income before income taxes |
|
|
18.6 |
% |
|
|
17.3 |
% |
|
|
130 |
|
|
|
18.8 |
% |
|
|
(20 |
) |
|
|
18.7 |
% |
|
|
18.1 |
% |
|
|
60 |
|
| Effective tax rate |
|
|
27.1 |
% |
|
|
25.9 |
% |
|
|
120 |
|
|
|
25.2 |
% |
|
|
190 |
|
|
|
26.2 |
% |
|
|
25.4 |
% |
|
|
80 |
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 5 of 19 |
Consolidated Financial Information and Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of and for the Three Months Ended |
|
| (Unaudited, 000s, except per share data) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
| Financial Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
37,809,278 |
|
|
$ |
37,298,239 |
|
|
|
1.4 |
% |
|
$ |
38,258,280 |
|
|
|
(1.2 |
%) |
| Total shareholders’ equity |
|
$ |
5,398,207 |
|
|
$ |
5,342,987 |
|
|
|
1.0 |
% |
|
$ |
5,273,941 |
|
|
|
2.4 |
% |
| Total common equity |
|
$ |
4,713,207 |
|
|
$ |
4,657,987 |
|
|
|
1.2 |
% |
|
$ |
4,588,941 |
|
|
|
2.7 |
% |
| Goodwill and intangible assets |
|
$ |
(1,509,642 |
) |
|
$ |
(1,509,431 |
) |
|
|
0.0 |
% |
|
$ |
(1,515,588 |
) |
|
|
(0.4 |
%) |
| DTL on goodwill and intangible assets |
|
$ |
76,805 |
|
|
$ |
65,651 |
|
|
|
17.0 |
% |
|
$ |
74,841 |
|
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible common equity |
|
$ |
3,280,370 |
|
|
$ |
3,214,207 |
|
|
|
2.1 |
% |
|
$ |
3,148,194 |
|
|
|
4.2 |
% |
| Preferred equity |
|
$ |
685,000 |
|
|
$ |
685,000 |
|
|
|
0.0 |
% |
|
$ |
685,000 |
|
|
|
0.0 |
% |
|
|
|
|
|
|
| Financial Metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book value per common share (2) |
|
$ |
45.97 |
|
|
$ |
44.41 |
|
|
|
3.5 |
% |
|
$ |
44.71 |
|
|
|
2.8 |
% |
| Tangible book value per common share (2) |
|
$ |
32.00 |
|
|
$ |
30.64 |
|
|
|
4.4 |
% |
|
$ |
30.67 |
|
|
|
4.3 |
% |
| Return on common equity (3) |
|
|
13.4 |
% |
|
|
10.7 |
% |
|
|
|
|
|
|
13.5 |
% |
|
|
|
|
| Non-GAAP return on common equity (1)(3) |
|
|
15.1 |
% |
|
|
11.6 |
% |
|
|
|
|
|
|
14.3 |
% |
|
|
|
|
| Return on tangible common equity (4) |
|
|
19.3 |
% |
|
|
15.5 |
% |
|
|
|
|
|
|
19.7 |
% |
|
|
|
|
| Non-GAAP return on tangible common equity
(1)(4) |
|
|
21.9 |
% |
|
|
16.8 |
% |
|
|
|
|
|
|
20.9 |
% |
|
|
|
|
| Pre-tax margin on net revenues |
|
|
18.6 |
% |
|
|
17.3 |
% |
|
|
|
|
|
|
18.8 |
% |
|
|
|
|
| Non-GAAP
pre-tax margin on net revenues (1) |
|
|
20.6 |
% |
|
|
18.7 |
% |
|
|
|
|
|
|
19.8 |
% |
|
|
|
|
| Effective tax rate |
|
|
27.1 |
% |
|
|
25.9 |
% |
|
|
|
|
|
|
25.2 |
% |
|
|
|
|
| Non-GAAP effective tax rate (1) |
|
|
25.8 |
% |
|
|
25.9 |
% |
|
|
|
|
|
|
25.2 |
% |
|
|
|
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 6 of 19 |
Regulatory Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited, 000s) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
| SF Regulatory Capital (5): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common equity tier 1 capital |
|
$ |
3,359,436 |
|
|
$ |
3,314,189 |
|
|
|
1.4 |
% |
|
$ |
3,225,964 |
|
|
|
4.1 |
% |
| Tier 1 capital |
|
$ |
4,044,436 |
|
|
$ |
3,999,189 |
|
|
|
1.1 |
% |
|
$ |
3,910,964 |
|
|
|
3.4 |
% |
| Risk-weighted assets |
|
$ |
22,737,181 |
|
|
$ |
23,164,596 |
|
|
|
(1.8 |
%) |
|
$ |
22,588,330 |
|
|
|
0.7 |
% |
| Common equity tier 1 capital ratio |
|
|
14.8 |
% |
|
|
14.3 |
% |
|
|
|
|
|
|
14.3 |
% |
|
|
|
|
| Tier 1 risk based capital ratio |
|
|
17.8 |
% |
|
|
17.3 |
% |
|
|
|
|
|
|
17.3 |
% |
|
|
|
|
| Tier 1 leverage capital ratio |
|
|
11.1 |
% |
|
|
11.1 |
% |
|
|
|
|
|
|
10.6 |
% |
|
|
|
|
| Stifel Bank & Trust Regulatory Capital (5): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common equity tier 1 capital |
|
$ |
1,268,458 |
|
|
$ |
1,513,202 |
|
|
|
(16.2 |
%) |
|
$ |
1,242,565 |
|
|
|
2.1 |
% |
| Tier 1 capital |
|
$ |
1,268,458 |
|
|
$ |
1,513,202 |
|
|
|
(16.2 |
%) |
|
$ |
1,242,565 |
|
|
|
2.1 |
% |
| Risk-weighted assets |
|
$ |
11,622,832 |
|
|
$ |
13,967,683 |
|
|
|
(16.8 |
%) |
|
$ |
11,502,316 |
|
|
|
1.0 |
% |
| Common equity tier 1 capital ratio |
|
|
10.9 |
% |
|
|
10.8 |
% |
|
|
|
|
|
|
10.8 |
% |
|
|
|
|
| Tier 1 risk based capital ratio |
|
|
10.9 |
% |
|
|
10.8 |
% |
|
|
|
|
|
|
10.8 |
% |
|
|
|
|
| Tier 1 leverage capital ratio |
|
|
7.1 |
% |
|
|
7.5 |
% |
|
|
|
|
|
|
7.1 |
% |
|
|
|
|
| Stifel Bank Regulatory Capital (5): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common equity tier 1 capital |
|
$ |
742,135 |
|
|
$ |
639,967 |
|
|
|
16.0 |
% |
|
$ |
838,002 |
|
|
|
(11.4 |
%) |
| Tier 1 capital |
|
$ |
742,135 |
|
|
$ |
639,967 |
|
|
|
16.0 |
% |
|
$ |
838,002 |
|
|
|
(11.4 |
%) |
| Risk-weighted assets |
|
$ |
5,662,622 |
|
|
$ |
5,145,958 |
|
|
|
10.0 |
% |
|
$ |
5,663,726 |
|
|
|
(0.0 |
%) |
| Common equity tier 1 capital ratio |
|
|
13.1 |
% |
|
|
12.4 |
% |
|
|
|
|
|
|
14.8 |
% |
|
|
|
|
| Tier 1 risk based capital ratio |
|
|
13.1 |
% |
|
|
12.4 |
% |
|
|
|
|
|
|
14.8 |
% |
|
|
|
|
| Tier 1 leverage capital ratio |
|
|
7.1 |
% |
|
|
7.1 |
% |
|
|
|
|
|
|
7.2 |
% |
|
|
|
|
| Stifel Net Capital (5): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net capital |
|
$ |
455,400 |
|
|
$ |
456,500 |
|
|
|
(0.2 |
%) |
|
$ |
446,400 |
|
|
|
2.0 |
% |
| Excess net capital |
|
$ |
432,600 |
|
|
$ |
433,900 |
|
|
|
(0.3 |
%) |
|
$ |
421,100 |
|
|
|
2.7 |
% |
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 7 of 19 |
Global Wealth Management - Summary Results of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| (Unaudited, 000s) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions |
|
$ |
121,465 |
|
|
$ |
109,836 |
|
|
|
10.6 |
% |
|
$ |
121,217 |
|
|
|
0.2 |
% |
|
$ |
242,682 |
|
|
$ |
220,027 |
|
|
|
10.3 |
% |
| Principal transactions |
|
|
55,843 |
|
|
|
48,122 |
|
|
|
16.0 |
% |
|
|
60,536 |
|
|
|
(7.8 |
%) |
|
|
116,379 |
|
|
|
99,186 |
|
|
|
17.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transactional revenues |
|
|
177,308 |
|
|
|
157,958 |
|
|
|
12.3 |
% |
|
|
181,753 |
|
|
|
(2.4 |
%) |
|
|
359,061 |
|
|
|
319,213 |
|
|
|
12.5 |
% |
| Asset management |
|
|
380,737 |
|
|
|
320,238 |
|
|
|
18.9 |
% |
|
|
367,450 |
|
|
|
3.6 |
% |
|
|
748,187 |
|
|
|
635,775 |
|
|
|
17.7 |
% |
| Net interest |
|
|
236,281 |
|
|
|
277,345 |
|
|
|
(14.8 |
%) |
|
|
236,269 |
|
|
|
0.0 |
% |
|
|
472,550 |
|
|
|
559,277 |
|
|
|
(15.5 |
%) |
| Investment banking (6) |
|
|
5,780 |
|
|
|
4,065 |
|
|
|
42.2 |
% |
|
|
4,280 |
|
|
|
35.0 |
% |
|
|
10,060 |
|
|
|
8,223 |
|
|
|
22.3 |
% |
| Other income |
|
|
1,029 |
|
|
|
(1,416 |
) |
|
|
172.7 |
% |
|
|
748 |
|
|
|
37.6 |
% |
|
|
1,777 |
|
|
|
(7,112 |
) |
|
|
125.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net revenues |
|
|
801,135 |
|
|
|
758,190 |
|
|
|
5.7 |
% |
|
|
790,500 |
|
|
|
1.3 |
% |
|
|
1,591,635 |
|
|
|
1,515,376 |
|
|
|
5.0 |
% |
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
|
392,941 |
|
|
|
354,086 |
|
|
|
11.0 |
% |
|
|
389,536 |
|
|
|
0.9 |
% |
|
|
782,477 |
|
|
|
696,509 |
|
|
|
12.3 |
% |
| Non-compensation operating expenses |
|
|
109,021 |
|
|
|
104,200 |
|
|
|
4.6 |
% |
|
|
110,216 |
|
|
|
(1.1 |
%) |
|
|
219,237 |
|
|
|
202,854 |
|
|
|
8.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-interest expenses |
|
|
501,962 |
|
|
|
458,286 |
|
|
|
9.5 |
% |
|
|
499,752 |
|
|
|
0.4 |
% |
|
|
1,001,714 |
|
|
|
899,363 |
|
|
|
11.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income before income taxes |
|
$ |
299,173 |
|
|
$ |
299,904 |
|
|
|
(0.2 |
%) |
|
$ |
290,748 |
|
|
|
2.9 |
% |
|
$ |
589,921 |
|
|
$ |
616,013 |
|
|
|
(4.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As a percentage of net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
|
49.0 |
% |
|
|
46.7 |
% |
|
|
230 |
|
|
|
49.3 |
% |
|
|
(30 |
) |
|
|
49.2 |
% |
|
|
46.0 |
% |
|
|
320 |
|
| Non-compensation operating expenses |
|
|
13.7 |
% |
|
|
13.7 |
% |
|
|
— |
|
|
|
13.9 |
% |
|
|
(20 |
) |
|
|
13.7 |
% |
|
|
13.3 |
% |
|
|
40 |
|
| Income before income taxes |
|
|
37.3 |
% |
|
|
39.6 |
% |
|
|
(230 |
) |
|
|
36.8 |
% |
|
|
50 |
|
|
|
37.1 |
% |
|
|
40.7 |
% |
|
|
(360 |
) |
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 8 of 19 |
|
|
|
|
|
|
|
|
|
|
|
| Global Wealth Management - Statistical Information |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of and for the Three Months Ended |
|
| (Unaudited, 000s, except financial advisors) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
| Financial advisors (including independent contractors) (7) |
|
|
2,359 |
|
|
|
2,369 |
|
|
|
(0.4 |
%) |
|
|
2,356 |
|
|
|
0.1 |
% |
| Total client assets |
|
$ |
474,137,000 |
|
|
$ |
417,669,000 |
|
|
|
13.5 |
% |
|
$ |
467,697,000 |
|
|
|
1.4 |
% |
| Fee-based client assets |
|
$ |
179,749,000 |
|
|
$ |
154,538,000 |
|
|
|
16.3 |
% |
|
$ |
177,108,000 |
|
|
|
1.5 |
% |
| Transactional assets |
|
$ |
294,388,000 |
|
|
$ |
263,131,000 |
|
|
|
11.9 |
% |
|
$ |
290,589,000 |
|
|
|
1.3 |
% |
| Secured client lending (8) |
|
$ |
3,250,000 |
|
|
$ |
3,163,000 |
|
|
|
2.8 |
% |
|
$ |
3,353,000 |
|
|
|
(3.1 |
%) |
| Asset Management Revenue (000s): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Private Client Group (9) |
|
$ |
317,616 |
|
|
$ |
266,510 |
|
|
|
19.2 |
% |
|
$ |
299,027 |
|
|
|
6.2 |
% |
| Asset Management |
|
|
37,556 |
|
|
|
33,154 |
|
|
|
13.3 |
% |
|
|
36,205 |
|
|
|
3.7 |
% |
| Third-party Bank Sweep Program |
|
|
11,319 |
|
|
|
7,452 |
|
|
|
51.9 |
% |
|
|
18,314 |
|
|
|
(38.2 |
%) |
| Other (10) |
|
|
14,266 |
|
|
|
13,148 |
|
|
|
8.5 |
% |
|
|
13,930 |
|
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total asset management revenues |
|
$ |
380,757 |
|
|
$ |
320,264 |
|
|
|
18.9 |
% |
|
$ |
367,476 |
|
|
|
3.6 |
% |
| Fee-based Assets (millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Private Client Group (9) |
|
$ |
157,124 |
|
|
$ |
135,606 |
|
|
|
15.9 |
% |
|
$ |
155,144 |
|
|
|
1.3 |
% |
| Asset Management |
|
|
39,714 |
|
|
|
34,766 |
|
|
|
14.2 |
% |
|
|
39,214 |
|
|
|
1.3 |
% |
| Elimination (11) |
|
|
(17,089 |
) |
|
|
(15,834 |
) |
|
|
7.9 |
% |
|
|
(17,250 |
) |
|
|
(0.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total fee-based assets |
|
$ |
179,749 |
|
|
$ |
154,538 |
|
|
|
16.3 |
% |
|
$ |
177,108 |
|
|
|
1.5 |
% |
| Third-party Bank Sweep Program |
|
$ |
820 |
|
|
$ |
657 |
|
|
|
24.8 |
% |
|
$ |
1,172 |
|
|
|
(30.0 |
%) |
| ROA (bps) (12): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Private Client Group (9) |
|
|
81.9 |
|
|
|
81.1 |
|
|
|
|
|
|
|
82.2 |
|
|
|
|
|
| Asset Management |
|
|
37.8 |
|
|
|
38.1 |
|
|
|
|
|
|
|
36.9 |
|
|
|
|
|
| Third-party Bank Sweep Program |
|
|
487.3 |
|
|
|
362.3 |
|
|
|
|
|
|
|
478.5 |
|
|
|
|
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 9 of 19 |
Global Wealth Management - Statistical Information (Cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of and for the Three Months Ended |
|
| (Unaudited, millions) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
| Stifel Bancorp Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Smart Rate Deposits |
|
$ |
15,819 |
|
|
$ |
11,858 |
|
|
|
33.4% |
|
|
$ |
15,561 |
|
|
|
1.7% |
|
| Sweep Deposits |
|
|
9,148 |
|
|
|
12,293 |
|
|
|
(25.6%) |
|
|
|
9,771 |
|
|
|
(6.4%) |
|
| Direct Wealth Management Deposits at Stifel Bancorp |
|
|
225 |
|
|
|
319 |
|
|
|
(29.5%) |
|
|
|
176 |
|
|
|
27.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Stifel Bancorp Wealth Management Deposits |
|
|
25,192 |
|
|
|
24,470 |
|
|
|
3.0 |
% |
|
|
25,508 |
|
|
|
(1.2 |
%) |
| Other Bank Deposits |
|
|
1,948 |
|
|
|
2,535 |
|
|
|
(23.2%) |
|
|
|
2,046 |
|
|
|
(4.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Stifel Bancorp Deposits |
|
$ |
27,140 |
|
|
$ |
27,005 |
|
|
|
0.5 |
% |
|
$ |
27,554 |
|
|
|
(1.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-term Treasuries (13) |
|
$ |
8,136 |
|
|
$ |
7,104 |
|
|
|
14.5 |
% |
|
$ |
7,698 |
|
|
|
5.7 |
% |
| Third-party Commercial Treasury Deposits (14) |
|
$ |
1,539 |
|
|
$ |
— |
|
|
|
nm |
|
|
$ |
1,295 |
|
|
|
18.8 |
% |
| Wealth Management Cash: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stifel Bancorp Wealth Management Deposits |
|
$ |
25,192 |
|
|
$ |
24,470 |
|
|
|
3.0% |
|
|
$ |
25,508 |
|
|
|
(1.2%) |
|
| Third-party Bank Sweep Program |
|
|
820 |
|
|
|
657 |
|
|
|
24.8% |
|
|
|
1,172 |
|
|
|
(30.0%) |
|
| Third-party Treasury |
|
|
153 |
|
|
|
— |
|
|
|
nm |
|
|
|
222 |
|
|
|
(31.1%) |
|
| Other Sweep Cash |
|
|
417 |
|
|
|
284 |
|
|
|
46.8% |
|
|
|
398 |
|
|
|
4.8% |
|
| Money Market Mutual Funds |
|
|
10,530 |
|
|
|
8,034 |
|
|
|
31.1% |
|
|
|
9,879 |
|
|
|
6.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Wealth Management Cash |
|
$ |
37,112 |
|
|
$ |
33,445 |
|
|
|
11.0 |
% |
|
$ |
37,179 |
|
|
|
(0.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Client money market and insured product (15) |
|
$ |
26,204 |
|
|
$ |
25,092 |
|
|
|
4.4 |
% |
|
$ |
26,902 |
|
|
|
(2.6 |
%) |
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 10 of 19 |
Institutional Group - Summary Results of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| (Unaudited, 000s) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions |
|
$ |
61,852 |
|
|
$ |
55,522 |
|
|
|
11.4 |
% |
|
$ |
64,259 |
|
|
|
(3.7 |
%) |
|
$ |
126,111 |
|
|
$ |
114,881 |
|
|
|
9.8 |
% |
| Principal transactions |
|
|
97,740 |
|
|
|
57,578 |
|
|
|
69.8 |
% |
|
|
78,478 |
|
|
|
24.5 |
% |
|
|
176,218 |
|
|
|
122,036 |
|
|
|
44.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transactional revenues |
|
|
159,592 |
|
|
|
113,100 |
|
|
|
41.1 |
% |
|
|
142,737 |
|
|
|
11.8 |
% |
|
|
302,329 |
|
|
|
236,917 |
|
|
|
27.6 |
% |
| Capital raising |
|
|
96,090 |
|
|
|
74,886 |
|
|
|
28.3 |
% |
|
|
90,417 |
|
|
|
6.3 |
% |
|
|
186,507 |
|
|
|
131,544 |
|
|
|
41.8 |
% |
| Advisory |
|
|
131,411 |
|
|
|
87,875 |
|
|
|
49.5 |
% |
|
|
119,252 |
|
|
|
10.2 |
% |
|
|
250,663 |
|
|
|
238,938 |
|
|
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment banking |
|
|
227,501 |
|
|
|
162,761 |
|
|
|
39.8 |
% |
|
|
209,669 |
|
|
|
8.5 |
% |
|
|
437,170 |
|
|
|
370,482 |
|
|
|
18.0 |
% |
| Other income (16) |
|
|
3,628 |
|
|
|
1,663 |
|
|
|
118.2 |
% |
|
|
(1,030 |
) |
|
|
452.2 |
% |
|
|
2,598 |
|
|
|
2,738 |
|
|
|
(5.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net revenues |
|
|
390,721 |
|
|
|
277,524 |
|
|
|
40.8 |
% |
|
|
351,376 |
|
|
|
11.2 |
% |
|
|
742,097 |
|
|
|
610,137 |
|
|
|
21.6 |
% |
| Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
|
239,036 |
|
|
|
194,158 |
|
|
|
23.1 |
% |
|
|
215,749 |
|
|
|
10.8 |
% |
|
|
454,785 |
|
|
|
400,063 |
|
|
|
13.7 |
% |
| Non-compensation operating expenses |
|
|
102,872 |
|
|
|
94,959 |
|
|
|
8.3 |
% |
|
|
98,518 |
|
|
|
4.4 |
% |
|
|
201,390 |
|
|
|
187,941 |
|
|
|
7.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-interest expenses |
|
|
341,908 |
|
|
|
289,117 |
|
|
|
18.3 |
% |
|
|
314,267 |
|
|
|
8.8 |
% |
|
|
656,175 |
|
|
|
588,004 |
|
|
|
11.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income/(loss) before income taxes |
|
$ |
48,813 |
|
|
$ |
(11,593 |
) |
|
|
521.1 |
% |
|
$ |
37,109 |
|
|
|
31.5 |
% |
|
$ |
85,922 |
|
|
$ |
22,133 |
|
|
|
288.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As a percentage of net revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
|
61.2 |
% |
|
|
70.0 |
% |
|
|
(880 |
) |
|
|
61.4 |
% |
|
|
(20 |
) |
|
|
61.3 |
% |
|
|
65.6 |
% |
|
|
(430 |
) |
| Non-compensation operating expenses |
|
|
26.3 |
% |
|
|
34.2 |
% |
|
|
(790 |
) |
|
|
28.0 |
% |
|
|
(170 |
) |
|
|
27.1 |
% |
|
|
30.8 |
% |
|
|
(370 |
) |
| Income before income taxes |
|
|
12.5 |
% |
|
|
(4.2 |
%) |
|
|
1,670 |
|
|
|
10.6 |
% |
|
|
190 |
|
|
|
11.6 |
% |
|
|
3.6 |
% |
|
|
800 |
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 11 of 19 |
Stifel Bancorp - Financial Information and Credit Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited, 000s) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
% Change |
|
|
3/31/2024 |
|
|
% Change |
|
| Stifel Bancorp Financial Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
29,325,680 |
|
|
$ |
29,260,431 |
|
|
|
0.2 |
% |
|
$ |
29,800,815 |
|
|
|
(1.6 |
%) |
| Total shareholder’s equity |
|
$ |
1,996,585 |
|
|
$ |
2,148,221 |
|
|
|
(7.1 |
%) |
|
$ |
2,062,271 |
|
|
|
(3.2 |
%) |
| Total loans, net (includes loans held for sale) |
|
$ |
19,819,771 |
|
|
$ |
20,562,492 |
|
|
|
(3.6 |
%) |
|
$ |
19,484,389 |
|
|
|
1.7 |
% |
| Residential real estate |
|
|
8,253,851 |
|
|
|
7,708,506 |
|
|
|
7.1 |
% |
|
|
8,096,975 |
|
|
|
1.9 |
% |
| Fund banking |
|
|
3,346,785 |
|
|
|
4,349,541 |
|
|
|
(23.1 |
%) |
|
|
3,129,642 |
|
|
|
6.9 |
% |
| Commercial and industrial |
|
|
3,689,379 |
|
|
|
4,471,031 |
|
|
|
(17.5 |
%) |
|
|
3,541,770 |
|
|
|
4.2 |
% |
| Securities-based loans |
|
|
2,253,045 |
|
|
|
2,399,328 |
|
|
|
(6.1 |
%) |
|
|
2,302,250 |
|
|
|
(2.1 |
%) |
| Construction and land |
|
|
1,198,395 |
|
|
|
772,571 |
|
|
|
55.1 |
% |
|
|
1,167,300 |
|
|
|
2.7 |
% |
| Commercial real estate |
|
|
608,911 |
|
|
|
677,521 |
|
|
|
(10.1 |
%) |
|
|
655,355 |
|
|
|
(7.1 |
%) |
| Other |
|
|
204,392 |
|
|
|
154,469 |
|
|
|
32.3 |
% |
|
|
198,568 |
|
|
|
2.9 |
% |
| Loans held for sale |
|
|
472,804 |
|
|
|
224,017 |
|
|
|
111.1 |
% |
|
|
534,593 |
|
|
|
(11.6 |
%) |
| Investment securities |
|
$ |
7,641,586 |
|
|
$ |
7,532,175 |
|
|
|
1.5 |
% |
|
$ |
7,292,490 |
|
|
|
4.8 |
% |
| Available-for-sale
securities, at fair value |
|
|
1,583,477 |
|
|
|
1,582,418 |
|
|
|
0.1 |
% |
|
|
1,499,982 |
|
|
|
5.6 |
% |
| Held-to-maturity
securities, at amortized cost |
|
|
6,058,109 |
|
|
|
5,949,757 |
|
|
|
1.8 |
% |
|
|
5,792,508 |
|
|
|
4.6 |
% |
| Unrealized losses on
available-for-sale securities |
|
|
(187,259 |
) |
|
|
(215,038 |
) |
|
|
(12.9 |
%) |
|
|
(187,163 |
) |
|
|
0.1 |
% |
| Total deposits |
|
$ |
27,139,753 |
|
|
$ |
27,004,807 |
|
|
|
0.5 |
% |
|
$ |
27,554,411 |
|
|
|
(1.5 |
%) |
| Demand deposits (interest-bearing) |
|
|
26,754,212 |
|
|
|
26,744,730 |
|
|
|
0.0 |
% |
|
|
27,357,692 |
|
|
|
(2.2 |
%) |
| Demand deposits (non-interest-bearing) |
|
|
304,795 |
|
|
|
260,075 |
|
|
|
17.2 |
% |
|
|
196,717 |
|
|
|
54.9 |
% |
| Certificates of deposit |
|
|
80,746 |
|
|
|
2 |
|
|
|
nm |
|
|
|
2 |
|
|
|
nm |
|
|
|
|
|
|
|
| Credit Metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses |
|
$ |
164,959 |
|
|
$ |
160,132 |
|
|
|
3.0 |
% |
|
$ |
163,936 |
|
|
|
0.6 |
% |
| Allowance as a percentage of retained loans |
|
|
0.84 |
% |
|
|
0.78 |
% |
|
|
|
|
|
|
0.86 |
% |
|
|
|
|
| Net charge-offs as a percentage of average loans |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
0.01 |
% |
|
|
|
|
| Total nonperforming assets |
|
$ |
85,247 |
|
|
$ |
11,420 |
|
|
|
646.5 |
% |
|
$ |
59,429 |
|
|
|
43.4 |
% |
| Nonperforming assets as a percentage of total assets |
|
|
0.29 |
% |
|
|
0.04 |
% |
|
|
|
|
|
|
0.20 |
% |
|
|
|
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 12 of 19 |
Stifel Bancorp - Loan and Investment Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Unaudited, millions) |
|
6/30/2024 |
|
|
% of Total
Portfolio |
|
|
|
|
|
|
|
|
|
| Loan Portfolio |
|
|
|
|
|
|
|
|
|
Commercial Portfolio by Major Sector |
|
|
|
|
|
|
|
|
| Residential real estate |
|
$ |
8,254 |
|
|
|
33 |
% |
|
Industrials |
|
$ |
911 |
|
|
|
25 |
% |
| Securities-based loans |
|
|
2,253 |
|
|
|
9 |
% |
|
Financials |
|
|
881 |
|
|
|
24 |
% |
| Home equity lines of credit and other |
|
|
205 |
|
|
|
1 |
% |
|
Information technology |
|
|
599 |
|
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total consumer |
|
|
10,712 |
|
|
|
43 |
% |
|
Consumer discretionary |
|
|
392 |
|
|
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial and industrial |
|
|
3,689 |
|
|
|
15 |
% |
|
REITs |
|
|
219 |
|
|
|
6 |
% |
| Fund banking |
|
|
3,347 |
|
|
|
13 |
% |
|
Materials |
|
|
211 |
|
|
|
6 |
% |
| Construction and land |
|
|
1,198 |
|
|
|
5 |
% |
|
Healthcare |
|
|
159 |
|
|
|
4 |
% |
| Commercial real estate |
|
|
609 |
|
|
|
2 |
% |
|
Hotel, leisure, restaurants |
|
|
131 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total commercial |
|
|
8,843 |
|
|
|
35 |
% |
|
Communication services |
|
|
84 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total loan portfolio |
|
|
19,555 |
|
|
|
78 |
% |
|
Consumer staples |
|
|
67 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unfunded commitments |
|
|
5,572 |
|
|
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
$ |
25,127 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLO by Major Sector |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High tech industries |
|
$ |
591 |
|
|
|
10 |
% |
| Investment Portfolio |
|
|
|
|
|
|
|
|
|
Healthcare & pharmaceuticals |
|
|
564 |
|
|
|
9 |
% |
| CLO |
|
$ |
6,022 |
|
|
|
77 |
% |
|
Banking, finance, insurance, & real estate |
|
|
544 |
|
|
|
9 |
% |
| Agency MBS |
|
|
974 |
|
|
|
12 |
% |
|
Services: business |
|
|
534 |
|
|
|
9 |
% |
| Corporate bonds |
|
|
563 |
|
|
|
7 |
% |
|
Construction & building |
|
|
273 |
|
|
|
5 |
% |
| SBA |
|
|
106 |
|
|
|
1 |
% |
|
Hotel, gaming, & leisure |
|
|
254 |
|
|
|
4 |
% |
| Student loan ARS |
|
|
91 |
|
|
|
1 |
% |
|
Chemicals, plastics, & rubber |
|
|
251 |
|
|
|
4 |
% |
| CMBS |
|
|
70 |
|
|
|
1 |
% |
|
Services: consumer |
|
|
240 |
|
|
|
4 |
% |
| Other |
|
|
3 |
|
|
|
0 |
% |
|
Media: broadcasting & subscription |
|
|
229 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Portfolio |
|
$ |
7,829 |
|
|
|
100 |
% |
|
Telecommunications |
|
|
224 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 13 of 19 |
Loans and Lending Commitments - Allowance for Credit Losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, 2024 |
|
|
|
|
|
|
|
| (Unaudited, 000s) |
|
Loans and Lending
Commitments |
|
|
ACL |
|
|
ACL % |
|
|
Q2 Provision |
|
| Residential real estate |
|
$ |
8,253,851 |
|
|
$ |
11,242 |
|
|
|
0.1 |
% |
|
$ |
(1,265 |
) |
| Fund banking |
|
|
3,346,785 |
|
|
|
12,179 |
|
|
|
0.4 |
% |
|
|
3,416 |
|
| Commercial and industrial |
|
|
3,689,379 |
|
|
|
76,354 |
|
|
|
2.1 |
% |
|
|
10,708 |
|
| Securities-based loans |
|
|
2,253,045 |
|
|
|
2,813 |
|
|
|
0.1 |
% |
|
|
(255 |
) |
| Construction and land |
|
|
1,198,395 |
|
|
|
16,379 |
|
|
|
1.4 |
% |
|
|
(2,210 |
) |
| Commercial real estate |
|
|
608,911 |
|
|
|
15,312 |
|
|
|
2.5 |
% |
|
|
(3,687 |
) |
| Other |
|
|
204,392 |
|
|
|
835 |
|
|
|
0.4 |
% |
|
|
125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans held for investment, gross |
|
|
19,554,758 |
|
|
|
135,114 |
|
|
|
0.7 |
% |
|
|
6,832 |
|
| Loans held for sale |
|
|
472,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total loans, gross |
|
|
20,027,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lending commitments |
|
|
5,572,281 |
|
|
|
29,845 |
|
|
|
0.5 |
% |
|
|
(3,878 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans and lending commitments |
|
$ |
25,599,843 |
|
|
$ |
164,959 |
|
|
|
|
|
|
$ |
2,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 14 of 19 |
Consolidated Net Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
March 31, 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 |
|
$ |
2,833.7 |
|
|
$ |
37.8 |
|
|
|
5.34 |
% |
|
$ |
2,015.4 |
|
|
$ |
25.0 |
|
|
|
4.96 |
% |
|
$ |
4,060.3 |
|
|
$ |
54.3 |
|
|
|
5.35 |
% |
| Financial instruments owned |
|
|
1,165.7 |
|
|
|
6.3 |
|
|
|
2.18 |
% |
|
|
864.7 |
|
|
|
4.6 |
|
|
|
2.14 |
% |
|
|
911.7 |
|
|
|
4.9 |
|
|
|
2.13 |
% |
| Margin balances |
|
|
694.3 |
|
|
|
14.0 |
|
|
|
8.04 |
% |
|
|
795.6 |
|
|
|
15.4 |
|
|
|
7.72 |
% |
|
|
699.8 |
|
|
|
14.2 |
|
|
|
8.12 |
% |
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset-backed securities |
|
|
5,982.6 |
|
|
|
108.1 |
|
|
|
7.23 |
% |
|
|
6,162.8 |
|
|
|
106.5 |
|
|
|
6.91 |
% |
|
|
6,011.1 |
|
|
|
109.1 |
|
|
|
7.26 |
% |
| Mortgage-backed securities |
|
|
929.8 |
|
|
|
5.6 |
|
|
|
2.41 |
% |
|
|
974.9 |
|
|
|
5.4 |
|
|
|
2.20 |
% |
|
|
916.5 |
|
|
|
5.2 |
|
|
|
2.29 |
% |
| Corporate fixed income securities |
|
|
589.8 |
|
|
|
4.1 |
|
|
|
2.77 |
% |
|
|
622.5 |
|
|
|
4.3 |
|
|
|
2.77 |
% |
|
|
606.5 |
|
|
|
4.2 |
|
|
|
2.76 |
% |
| Other |
|
|
4.8 |
|
|
|
— |
|
|
|
2.55 |
% |
|
|
4.7 |
|
|
|
— |
|
|
|
2.55 |
% |
|
|
4.7 |
|
|
|
— |
|
|
|
2.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total investments |
|
|
7,507.0 |
|
|
|
117.8 |
|
|
|
6.28 |
% |
|
|
7,764.9 |
|
|
|
116.2 |
|
|
|
5.99 |
% |
|
|
7,538.8 |
|
|
|
118.5 |
|
|
|
6.29 |
% |
| Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate |
|
|
8,182.5 |
|
|
|
71.0 |
|
|
|
3.47 |
% |
|
|
7,605.8 |
|
|
|
57.2 |
|
|
|
3.01 |
% |
|
|
8,060.6 |
|
|
|
67.8 |
|
|
|
3.37 |
% |
| Commercial and industrial |
|
|
3,643.7 |
|
|
|
79.9 |
|
|
|
8.77 |
% |
|
|
4,715.2 |
|
|
|
96.7 |
|
|
|
8.21 |
% |
|
|
3,527.5 |
|
|
|
81.3 |
|
|
|
9.21 |
% |
| Fund banking |
|
|
3,299.5 |
|
|
|
67.0 |
|
|
|
8.13 |
% |
|
|
4,403.6 |
|
|
|
82.9 |
|
|
|
7.53 |
% |
|
|
3,418.8 |
|
|
|
67.8 |
|
|
|
7.94 |
% |
| Securities-based loans |
|
|
2,292.4 |
|
|
|
41.6 |
|
|
|
7.26 |
% |
|
|
2,469.1 |
|
|
|
43.0 |
|
|
|
6.96 |
% |
|
|
2,297.1 |
|
|
|
41.6 |
|
|
|
7.25 |
% |
| Commercial real estate |
|
|
637.6 |
|
|
|
11.5 |
|
|
|
7.20 |
% |
|
|
688.3 |
|
|
|
13.1 |
|
|
|
7.59 |
% |
|
|
658.3 |
|
|
|
11.9 |
|
|
|
7.20 |
% |
| Construction and land |
|
|
1,181.5 |
|
|
|
24.9 |
|
|
|
8.42 |
% |
|
|
702.3 |
|
|
|
14.2 |
|
|
|
8.07 |
% |
|
|
1,099.9 |
|
|
|
22.9 |
|
|
|
8.34 |
% |
| Loans held for sale |
|
|
462.7 |
|
|
|
11.2 |
|
|
|
9.68 |
% |
|
|
178.9 |
|
|
|
3.0 |
|
|
|
6.72 |
% |
|
|
489.3 |
|
|
|
9.0 |
|
|
|
7.36 |
% |
| Other |
|
|
206.2 |
|
|
|
4.0 |
|
|
|
7.77 |
% |
|
|
161.6 |
|
|
|
2.9 |
|
|
|
7.65 |
% |
|
|
191.7 |
|
|
|
3.8 |
|
|
|
7.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total loans |
|
|
19,906.1 |
|
|
|
311.1 |
|
|
|
6.25 |
% |
|
|
20,924.8 |
|
|
|
313.0 |
|
|
|
5.98 |
% |
|
|
19,743.2 |
|
|
|
306.1 |
|
|
|
6.20 |
% |
| Other interest-bearing assets |
|
|
860.4 |
|
|
|
11.1 |
|
|
|
5.16 |
% |
|
|
718.2 |
|
|
|
8.6 |
|
|
|
4.76 |
% |
|
|
755.0 |
|
|
|
8.8 |
|
|
|
4.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing assets/interest income |
|
|
32,967.2 |
|
|
|
498.1 |
|
|
|
6.04 |
% |
|
|
33,083.6 |
|
|
|
482.8 |
|
|
|
5.84 |
% |
|
|
33,708.8 |
|
|
|
506.8 |
|
|
|
6.01 |
% |
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Senior notes |
|
|
1,116.0 |
|
|
|
12.5 |
|
|
|
4.48 |
% |
|
|
1,114.9 |
|
|
|
12.5 |
|
|
|
4.49 |
% |
|
|
1,115.7 |
|
|
|
12.5 |
|
|
|
4.48 |
% |
| Deposits |
|
|
26,758.7 |
|
|
|
220.3 |
|
|
|
3.29 |
% |
|
|
27,223.3 |
|
|
|
171.4 |
|
|
|
2.52 |
% |
|
|
27,607.8 |
|
|
|
230.1 |
|
|
|
3.33 |
% |
| Other interest-bearing liabilities |
|
|
1,461.1 |
|
|
|
14.5 |
|
|
|
3.98 |
% |
|
|
1,181.3 |
|
|
|
7.2 |
|
|
|
2.45 |
% |
|
|
1,385.8 |
|
|
|
12.1 |
|
|
|
3.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing liabilities/interest expense |
|
$ |
29,335.8 |
|
|
|
247.3 |
|
|
|
3.37 |
% |
|
$ |
29,519.5 |
|
|
|
191.1 |
|
|
|
2.59 |
% |
|
$ |
30,109.3 |
|
|
|
254.7 |
|
|
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income/margin |
|
|
|
|
|
$ |
250.8 |
|
|
|
3.04 |
% |
|
|
|
|
|
$ |
291.7 |
|
|
|
3.53 |
% |
|
|
|
|
|
$ |
252.1 |
|
|
|
2.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 15 of 19 |
Stifel Bancorp Net Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
March 31, 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 |
|
$ |
1,765.4 |
|
|
$ |
25.0 |
|
|
|
5.67 |
% |
|
$ |
1,128.4 |
|
|
$ |
15.0 |
|
|
|
5.31 |
% |
|
$ |
2,845.9 |
|
|
$ |
39.6 |
|
|
|
5.56 |
% |
| Investments |
|
|
7,507.0 |
|
|
|
117.8 |
|
|
|
6.28 |
% |
|
|
7,764.9 |
|
|
|
116.2 |
|
|
|
5.99 |
% |
|
|
7,538.8 |
|
|
|
118.5 |
|
|
|
6.29 |
% |
| Loans |
|
|
19,906.1 |
|
|
|
311.1 |
|
|
|
6.25 |
% |
|
|
20,924.8 |
|
|
|
313.0 |
|
|
|
5.98 |
% |
|
|
19,743.2 |
|
|
|
306.1 |
|
|
|
6.20 |
% |
| Other interest-bearing assets |
|
|
66.7 |
|
|
|
1.0 |
|
|
|
5.71 |
% |
|
|
62.9 |
|
|
|
0.7 |
|
|
|
4.13 |
% |
|
|
62.7 |
|
|
|
0.8 |
|
|
|
4.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing assets/interest income |
|
$ |
29,245.2 |
|
|
$ |
454.9 |
|
|
|
6.22 |
% |
|
$ |
29,881.0 |
|
|
$ |
444.9 |
|
|
|
5.96 |
% |
|
$ |
30,190.6 |
|
|
$ |
465.0 |
|
|
|
6.16 |
% |
| Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
$ |
26,758.7 |
|
|
$ |
220.3 |
|
|
|
3.29 |
% |
|
$ |
27,223.3 |
|
|
$ |
171.4 |
|
|
|
2.52 |
% |
|
$ |
27,607.8 |
|
|
$ |
230.1 |
|
|
|
3.33 |
% |
| Other interest-bearing liabilities |
|
|
90.1 |
|
|
|
1.7 |
|
|
|
7.44 |
% |
|
|
0.8 |
|
|
|
0.1 |
|
|
|
50.62 |
% |
|
|
55.1 |
|
|
|
1.0 |
|
|
|
7.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest-bearing liabilities/interest expense |
|
$ |
26,848.8 |
|
|
|
222.0 |
|
|
|
3.31 |
% |
|
$ |
27,224.1 |
|
|
|
171.5 |
|
|
|
2.52 |
% |
|
$ |
27,662.9 |
|
|
|
231.1 |
|
|
|
3.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income/margin |
|
|
|
|
|
$ |
232.9 |
|
|
|
3.19 |
% |
|
|
|
|
|
$ |
273.4 |
|
|
|
3.66 |
% |
|
|
|
|
|
$ |
233.9 |
|
|
|
3.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 16 of 19 |
GAAP to Core Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| (Unaudited, 000s) |
|
6/30/2024 |
|
|
6/30/2023 |
|
|
Change |
|
|
3/31/2024 |
|
|
Change |
|
|
6/30/2024 |
|
|
6/30/2023 |
|
|
Change |
|
| GAAP net revenues |
|
$ |
1,217,932 |
|
|
$ |
1,050,721 |
|
|
|
|
|
|
$ |
1,163,038 |
|
|
|
|
|
|
$ |
2,380,970 |
|
|
$ |
2,157,514 |
|
|
|
|
|
| Non-GAAP adjustments |
|
|
9 |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
9 |
|
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net revenues |
|
|
1,217,941 |
|
|
|
1,050,721 |
|
|
|
|
|
|
|
1,163,038 |
|
|
|
|
|
|
|
2,380,979 |
|
|
|
2,157,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP compensation and benefits expense |
|
|
722,719 |
|
|
|
615,667 |
|
|
|
|
|
|
|
679,695 |
|
|
|
|
|
|
|
1,402,414 |
|
|
|
1,266,857 |
|
|
|
|
|
| Merger-related (17) |
|
|
(5,764 |
) |
|
|
(6,523 |
) |
|
|
|
|
|
|
(5,533 |
) |
|
|
|
|
|
|
(11,297 |
) |
|
|
(15,776 |
) |
|
|
|
|
| Restructuring and severance (18) |
|
|
(9,961 |
) |
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
(9,961 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-GAAP adjustments |
|
|
(15,725 |
) |
|
|
(6,523 |
) |
|
|
|
|
|
|
(5,533 |
) |
|
|
|
|
|
|
(21,258 |
) |
|
|
(15,776 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP compensation and benefits expense |
|
|
706,994 |
|
|
|
609,144 |
|
|
|
|
|
|
|
674,162 |
|
|
|
|
|
|
|
1,381,156 |
|
|
|
1,251,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP non-compensation operating expenses |
|
|
268,319 |
|
|
|
253,669 |
|
|
|
|
|
|
|
264,652 |
|
|
|
|
|
|
|
532,971 |
|
|
|
499,389 |
|
|
|
|
|
| Merger-related (17) |
|
|
(8,048 |
) |
|
|
(8,621 |
) |
|
|
|
|
|
|
(6,621 |
) |
|
|
|
|
|
|
(14,669 |
) |
|
|
(16,757 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
non-compensation operating expenses |
|
|
260,271 |
|
|
|
245,048 |
|
|
|
|
|
|
|
258,031 |
|
|
|
|
|
|
|
518,302 |
|
|
|
482,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total adjustments |
|
|
(23,782 |
) |
|
|
(15,144 |
) |
|
|
|
|
|
|
(12,154 |
) |
|
|
|
|
|
|
(35,936 |
) |
|
|
(32,530 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP provision for income taxes |
|
|
61,600 |
|
|
|
47,033 |
|
|
|
|
|
|
|
55,116 |
|
|
|
|
|
|
|
116,716 |
|
|
|
99,377 |
|
|
|
|
|
| Merger-related and other (19) |
|
|
3,185 |
|
|
|
3,920 |
|
|
|
|
|
|
|
3,063 |
|
|
|
|
|
|
|
6,248 |
|
|
|
8,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP provision for income taxes |
|
|
64,785 |
|
|
|
50,953 |
|
|
|
|
|
|
|
58,179 |
|
|
|
|
|
|
|
122,964 |
|
|
|
107,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
|
58.0 |
% |
|
|
58.0 |
% |
|
|
— |
|
|
|
58.0 |
% |
|
|
— |
|
|
|
58.0 |
% |
|
|
58.0 |
% |
|
|
— |
|
| Non-compensation operating expenses |
|
|
21.4 |
% |
|
|
23.3 |
% |
|
|
(190 |
) |
|
|
22.2 |
% |
|
|
(80 |
) |
|
|
21.8 |
% |
|
|
22.4 |
% |
|
|
(60 |
) |
| Income before income taxes |
|
|
20.6 |
% |
|
|
18.7 |
% |
|
|
190 |
|
|
|
19.8 |
% |
|
|
80 |
|
|
|
20.2 |
% |
|
|
19.6 |
% |
|
|
60 |
|
| Effective tax rate |
|
|
25.8 |
% |
|
|
25.9 |
% |
|
|
(10 |
) |
|
|
25.2 |
% |
|
|
60 |
|
|
|
25.5 |
% |
|
|
25.4 |
% |
|
|
10 |
|
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 17 of 19 |
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 $75.8 million, $64.6 million, and $73.9 million, as of June 30, 2024 and 2023, and March 31, 2024, respectively.
|
| (5) |
Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release,
July 24, 2024. |
| (6) |
Includes capital raising and advisory fee revenues. |
| (7) |
Includes independent contractors of 111, 109, and 114 as of June 30, 2024 and 2023, and March 31,
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. |
| (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 in the second quarter of 2024 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 | Second Quarter 2024 Earnings Release |
|
Page 18 of 19 |
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 second quarter earnings release issued July 24, 2024.
|
|
|
| Stifel Financial Corp. Quarterly Financial Supplement | Second Quarter 2024 Earnings Release |
|
Page 19 of 19 |
Second Quarter 2024 Financial Results
Presentation July 24, 2024 Exhibit 99.3
Second Highest Net Revenue Second
Quarter Snapshot 2Q24 Results millions, except per share and ratios HIGHLIGHTS NET REVENUE 2Q24: GAAP & NON-GAAP $1,218 YTD: GAAP & NON-GAAP $2,381 ANNUALIZED ROTCE* 2Q24:GAAP 19.3% & NON-GAAP 21.9% YTD: GAAP 19.5% & NON-GAAP 21.4%
BOOK VALUE PER SHARE TBV $32.00 BV $45.97 Ranked #1in Employee Advisor Satisfaction by JD Power for 2nd Consecutive Year Record Net Revenue Global Wealth Management Record Client Assets Under Management Highest Institutional Group Revenue Since
Second Quarter 2022 Retired $500 million Senior Secured Long-term Notes * Please see our definition of ROTCE in our second quarter 2024 earnings release NET EARNINGS 2Q24: GAAP $165 & NON-GAAP $186 YTD: GAAP $329 & NON-GAAP $359 EPS 2Q24:
GAAP $1.41 & NON-GAAP $1.60 YTD: GAAP $2.82 & NON-GAAP $3.09 ANNUALIZED ROCE 2Q24:GAAP 13.4% & NON-GAAP 15.1% YTD: GAAP 13.4% & NON-GAAP 14.7%
Commentary on Variance to Analyst
Estimates Commissions & Principal Transactions: Stronger Revenue from Institutional Fixed Income & Equities Investment Banking: Stronger Advisory Revenue Stronger Equity & Fixed Income Underwriting Revenue Net Interest Income Lower
Average Asset Levels Non-compensation Expense: Higher Investment Banking Gross Up Variance to Consensus Estimates *Non-GAAP
Highly Complementary Business Lines
*2024 based on results through 6/30/2024 *2024 based on results through 6/30/2024
Recognition For Wealth Management
Platform
Second Quarter Results Operating
Expense = Non-Compensation Expense – Provision for Credit Loss Provision for Credit Loss at bank subsidiary Operating Expense Ratio excludes Provision for Credit Loss Please see our definition of ROTCE in our second quarter earnings release
HIGHLIGHTS Record Quarterly Net
Revenue Record Quarterly Asset Management Revenue Record Client Assets Under Administration Added 42 Financial Advisors, Including 14 Experienced with Total Trailing Twelve Month Production of $12.2 million Global Wealth Management
Wealth Management: A Key Growth Driver
*2024 GWM Net Revenue based on annualized results through 6/30/2024 STRATEGIC LONG-TERM OBJECTIVES Achieve $1 Trillion in Client Assets Recruiting & Acquisitions Technology Continue to Build Stifel Bank Expand Client Deposits Smart Rate
Corporate Deposits Leverage Stifel Franchise for Loan Growth
Institutional Group * Includes net
interest, asset management, and other income HIGHLIGHTS Named US Mid-Market Equity House for 2023 by International Financing Review Ranked #1 in Municipal Issuance in Number of Issues in 2024 with 14.9% Market Share Highest Underwriting Revenue
Since 4Q21 Highest Transactional Revenue Since 1Q22 * 2021 revenue based on annualized results through 9/30/2021
Strong Bank Fundamentals
Expenses * For reconciliation of
GAAP to non-GAAP expenses, refer to our second quarter 2024 earnings release. Bar chart header numbers are a graphic *2024 annual GAAP to non-GAAP results based on annualized results through 6/30/2024
Capital Utilization *2024 Estimated
Capital Generated based annualized 1H24 Net Income plus current capital in excess of regulatory minimum. HIGHLIGHTS Retired $500 million of 4.25% Senior Notes Repurchased 229,000 shares Bank Funding Increased at CAGR of 12% Since 2019 *2024 based on
results through 6/30/2024
2024 Performance & Outlook for
Second Half * Annualized 2024 based on results through 06/30/2024 ** Operating non-compensation ratio excludes credit loss provision and investment banking gross up expense
Second Quarter 2024 Financial
Results Presentation July 24, 2024
Disclaimer 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.
v3.24.2
Document and Entity Information
|
Jul. 24, 2024 |
| Document And Entity Information [Line Items] |
|
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STIFEL FINANCIAL CORP
|
| Amendment Flag |
false
|
| Entity Central Index Key |
0000720672
|
| Document Type |
8-K
|
| Document Period End Date |
Jul. 24, 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
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MO
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63102-2188
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342-2000
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NYSE
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