スティーフルフィナンシャルの適時開示・決算・その他

STIFEL FINANCIAL CORP.

(Registrant)

Date: January 25, 2023

/s/ James M. Marischen

James M. Marischen

Chief Financial Officer

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): January 25, 2023

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware

001-09305

43-1273600

(State of

incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

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

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

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

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


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.15 par value per share	SF	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B	SF-PB	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C	SF-PC	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D	SF-PD	New York Stock Exchange
5.20% Senior Notes due 2047	SFB	New York Stock Exchange

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02

Results of Operations and Financial Condition.

On January 25, 2023, Stifel Financial Corp. (“Stifel” or the “Company”) reported its financial results for the quarter and year ended December 31, 2022. 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 and year ended December 31, 2022 is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, January 25, 2023, at 9:30 a.m. Eastern time, the Company will hold a conference call to discussion its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.

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

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.


Exhibit Number		Description

99.1		Press release dated January 25, 2023.

99.2		Financial Supplement for the quarter and the year ended December 31, 2022.

99.3		Financial Results Presentation, dated January 25, 2023.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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

EX-99.1 2 d443273dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Stifel Reports Fourth Quarter and Full Year Results

ST. LOUIS, MO, January 25, 2023 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.1 billion for the three months ended December 31, 2022, compared with $1.3 billion a year ago. Net income available to common shareholders of $167.3 million, or $1.43 per diluted common share, compared with $252.1 million, or $2.12 per diluted common share for the fourth quarter of 2021. Non-GAAP net income available to common shareholders of $184.9 million, or $1.58 per diluted common share for the fourth quarter of 2022.

Net revenues of $4.4 billion for the year ended December 31, 2022 compared to $4.7 billion a year ago. Net income available to common shareholders of $624.9 million, or $5.32 per diluted common share, compared with $789.3 million, or $6.66 per diluted common share in 2021. Non-GAAP net income available to common shareholders of $675.1 million, or $5.74 per diluted common share in 2022.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel recorded its second best annual results in 2022. Our balanced business mix, which included record results in our Global Wealth Management segment and our third best year in our Institutional Group, enabled us to deliver a return on tangible common equity of 22%. Simply stated, Stifel performed as we expected. The breadth of our franchise helped to offset much of the impact of the difficult market environment in 2022. Given our continued strong financial performance and optimistic long-term outlook, I’m pleased to announce that our board has approved a 20% increase to our common dividend. This is our fifth consecutive annual dividend increase.”

Full Year Highlights

•

The Company reported net revenues of $4.4 billion, the second highest year in its history, as our businesses navigated a challenging market environment.

•

Non-GAAP net income available to common shareholders of $5.74.

•

Record net interest income, up 79% over 2021.

•

Record asset management revenues, up 5% over 2021.

•

Recruited 152 financial advisors during the year, including 52 experienced employee advisors and 23 experienced independent advisors.

•

Bank loans up $3.8 billion, or 23%, from prior year.

•

Non-GAAP pre-tax margin of 22% as the Company maintained its focus on expense discipline, while continuing to invest in the business. In addition, the Company gained operating leverage as a result of the composition of revenues compared to the prior year.

•

Return on average tangible common equity (ROTCE) (5) of 22%.

Fourth Quarter Highlights

•

Quarterly net revenues of $1.1 billion.

•

Non-GAAP net income available to common shareholders of $1.58.

•

Recruited 36 financial advisors during the quarter, including 11 experienced employee advisors and 9 experienced independent advisors.

•

Non-GAAP pre-tax margin of 23%.

•

Annualized ROTCE (5) of 23%.

•

Tangible book value per common share (7) of $30.83, up 9% from prior year.

Other Highlights

•

Announced the Torreya Partners acquisition during the fourth quarter.

•

Board of Directors authorized a 20% increase in common stock dividend starting in the first quarter of 2023.

Financial Summary (Unaudited)


(000s)	4Q 2022			4Q 2021			FY 2022			FY 2021
GAAP Financial Highlights:

Net revenues	$	1,121,647		$	1,304,225		$	4,391,439		$	4,737,088
Net income (1)	$	167,301		$	252,070		$	624,874		$	789,271
Diluted EPS (1)	$	1.43		$	2.12		$	5.32		$	6.66
Comp. ratio		57.8	%		58.1	%		58.9	%		59.5	%
Non-comp. ratio		21.4	%		17.5	%		20.9	%		18.0	%
Pre-tax margin		20.8	%		24.4	%		20.2	%		22.5	%

Non-GAAP Financial Highlights:

Net revenues	$	1,121,643		$	1,304,225		$	4,391,490		$	4,737,241
Net income (1) (2)	$	184,875		$	265,388		$	675,071		$	839,533
Diluted EPS (1) (2)	$	1.58		$	2.23		$	5.74		$	7.08
Comp. ratio (2)		56.5	%		57.5	%		58.0	%		59.0	%
Non-comp. ratio (2)		20.6	%		16.8	%		20.3	%		17.1	%
Pre-tax margin (3)		22.9	%		25.7	%		21.7	%		23.9	%
ROCE (4)		16.0	%		25.0	%		15.0	%		21.0	%
ROTCE (5)		22.9	%		36.6	%		21.8	%		30.9	%

Global Wealth Management (assets and loans in millions)

Net revenues	$	744,341		$	674,242		$	2,825,866		$	2,598,837
Pre-tax net income	$	317,071		$	232,298		$	1,067,571		$	914,953
Total client assets	$	389,818		$	435,978
Fee-based client assets	$	144,952		$	162,428
Bank loans (6)	$	20,622		$	16,836

Institutional Group

Net revenues	$	353,882		$	633,263		$	1,536,017		$	2,152,439
Equity	$	220,033		$	442,865		$	935,507		$	1,453,959
Fixed Income	$	133,849		$	190,398		$	600,510		$	698,480
Pre-tax net income	$	44,512		$	175,163		$	254,132		$	558,937

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 $744.3 million for the three months ended December 31, 2022 compared with $674.2 million during the fourth quarter of 2021.

LOGO

Global Wealth Management

Fourth Quarter Results

Pre-tax net income was $317.1 million compared with $232.3 million in the fourth quarter of 2021.

Highlights

•

Recruited 36 financial advisors during the quarter, including 11 experienced employee advisors, and 9 experienced independent advisors, with total trailing 12 month production of $14 million.

•

Client assets of $389.8 billion, down 11% from the year-ago quarter driven by lower asset levels due to declines in the markets.

•

Bank loans of $20.6 billion, up 23% over the year-ago quarter.

Net revenues increased 10% from a year ago:

•

Transactional revenues decreased 15% from the year-ago quarter, reflecting a decrease in client activity amid uncertainty in the markets.

•

Asset management revenues decreased 9% from the year-ago quarter as a result of a decline in fee-based asset values.

•

Net interest income increased 105% over the year-ago quarter driven by higher interest rates and loan growth.

Total Expenses:

•

Compensation expense as percent of net revenues decreased to 44.1% primarily as a result of higher net interest income.

•

Provision for credit losses was primarily impacted by growth in the loan portfolio, as credit quality remained strong.

•

Non-compensation operating expenses as a percent of net revenues decreased to 13.3% primarily as a result of revenue growth and expense discipline, partially offset by the increase in the provision for credit losses over the year-ago quarter.

Summary Results of Operations


(000s)	4Q 2022			4Q 2021
Net revenues	$	744,341		$	674,242
Transactional revenues		165,557			194,927
Asset management		289,445			318,612
Net interest income		284,998			138,891
Investment banking		4,814			11,183
Other income		(473	)		10,629
Total expenses	$	427,270		$	441,944
Compensation expense		328,099			349,428
Provision for credit losses		6,028			4,062
Non-comp. opex		93,143			88,454
Pre-tax net income	$	317,071		$	232,298
Compensation ratio		44.1	%		51.8	%
Non-compensation ratio		13.3	%		13.7	%
Pre-tax margin		42.6	%		34.5	%

Stifel Financial Corp. | Page 2

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Institutional Group

Fourth Quarter Results

Institutional Group reported net revenues of $353.9 million for the three months ended December 31, 2022 compared with $633.3 million during the fourth quarter of 2021. Pre-tax net income was $44.5 million compared with $175.2 million in the fourth quarter of 2021.

Highlights

•

Announced the Torreya Partners acquisition during the fourth quarter.

Investment banking revenues decreased 53% from a year ago:

•

Advisory revenues of $166.9 million decreased 46% from the year-ago quarter driven by lower levels of completed advisory transactions.

•

Equity capital raising revenues decreased significantly from the year-ago quarter on lower issuances in line with market volumes in an uncertain market environment.

•

Fixed income capital raising revenues decreased from the year-ago quarter as microeconomic conditions contributed to lower municipal bond and loan issuances.

Fixed income transactional revenues decreased 19% from a year ago:

•

Fixed income transactional revenues decreased from the year-ago quarter driven by lower volumes in our rates products.

Equity transactional revenues decreased 21% from a year ago:

•

Equity transactional revenues declined from the year-ago quarter driven by declines in equity markets and lower client activity compared with elevated levels in the prior year quarter.

Total Expenses:

•

Compensation expense as a percent of net revenues increased to 62.4% primarily as a result of lower net revenues.

•

Non-compensation operating expenses as a percent of net revenues increased to 25.0% as a result of lower net revenues, higher travel-related expenses due to the normalization of post-COVID travel and entertainment, and investments in technology, partially offset by lower investment banking expenses.

Summary Results of Operations


(000s)	4Q 2022			4Q 2021
Net revenues	$	353,882		$	633,263
Investment banking		218,891			466,188
Advisory		166,935			310,718
Equity capital raising		24,127			90,595
Fixed income capital raising		27,829			64,875
Fixed income transactional		77,320			94,926
Equity transactional		51,850			65,797
Other		5,821			6,352
Total expenses	$	309,370		$	458,100
Compensation expense		220,730			367,439
Non-comp. opex.		88,640			90,661
Pre-tax net income	$	44,512		$	175,163
Compensation ratio		62.4	%		58.0	%
Non-compensation ratio		25.0	%		14.3	%
Pre-tax margin		12.6	%		27.7	%

Stifel Financial Corp. | Page 3

LOGO

Global Wealth Management

Full Year Results

Global Wealth Management reported record net revenues of $2.8 billion for the year ended December 31, 2022 compared with $2.6 billion in 2021. Pre-tax net income was $1.1 billion compared with $915.0 million in 2021.

Highlights

•

Recruited 152 financial advisors during the year with total trailing 12 month production of $70 million.

•

Pre-tax margin of 38%, up from 35% in 2021.

Net revenues increased 9% from prior year:

•

Transactional revenues decreased 14% from prior year reflecting a decrease in client activity, from significantly elevated levels in 2021, amid uncertainty in the markets.

•

Asset management revenues increased 5% from prior year reflecting strong fee-based asset flows.

•

Net interest income increased 72% from prior year driven by higher interest rates and loan growth.

Total Expenses:

•

Compensation expense as a percent of net revenues decreased to 48.4% primarily as a result of higher net interest income.

•

Provision for credit losses was primarily impacted by growth in the loan portfolio during the year, as credit quality remained strong. The provision for credit losses in 2021 included a release related to loans sold at a premium.

•

Non-compensation operating expenses as a percent of net revenues increased to 13.8% primarily as a result of the increase in the provision for credit losses over the prior year.

Summary Results of Operations


(000s)	FY 2022			FY 2021
Net revenues	$	2,825,866		$	2,598,837
Transactional revenues		668,912			774,965
Asset management		1,262,841			1,206,406
Net interest income		879,780			511,693
Investment banking		19,515			48,210
Other income		(5,182	)		57,563
Total expenses	$	1,758,295		$	1,683,884
Compensation expense		1,368,576			1,370,308
Provision for credit losses		33,506			(11,502	)
Non-comp. opex		356,213			325,078
Pre-tax net income	$	1,067,571		$	914,953
Compensation ratio		48.4	%		52.7	%
Non-compensation ratio		13.8	%		12.1	%
Pre-tax margin		37.8	%		35.2	%

Stifel Financial Corp. | Page 4

LOGO

Institutional Group

Full Year Results

Institutional Group reported net revenues of $1.5 billion for the year ended December 31, 2022 compared with $2.2 billion in 2021. Pre-tax net income was $254.1 million compared with $558.9 million in 2021.

Highlights

Investment banking revenues decreased 37% from prior year:

•

Advisory revenues of $714.6 million decreased 17% from a record prior year driven by lower levels of completed advisory transactions.

•

Equity capital raising revenues decreased significantly from prior year on lower issuances in line with market volumes in an uncertain market environment.

•

Fixed income capital raising revenues decreased from prior year as microeconomic conditions contributed to lower municipal bond and loan issuances.

Fixed income transactional revenues increased 3% from prior year:

•

Fixed income transactional revenues increased from prior year due to revenues from the Vining Sparks acquisition, which closed in November 2021, partially offset by lower net revenues in our rates products.

Equity transactional revenues decreased 21% from prior year:

•

Equity transactional revenues declined from prior year driven by declines in equity markets and lower client activity compared with elevated levels in the prior year.

Total Expenses:

•

Compensation expense as a percent of net revenues increased to 60.5% primarily as a result of lower compensable revenues.

•

Non-compensation operating expenses as a percent of net revenues increased to 23.0% as a result of lower net revenues, higher travel-related expenses due to the normalization of post-COVID travel and entertainment, and investments in technology, partially offset by lower investment banking expenses.

Summary Results of Operations


(000s)	FY 2022			FY 2021
Net revenues	$	1,536,017		$	2,152,439
Investment banking		951,970			1,517,171
Advisory		714,623			856,083
Equity capital raising		103,437			434,238
Fixed income capital raising		133,910			226,850
Fixed income transactional		370,198			361,014
Equity transactional		200,512			254,684
Other		13,337			19,570
Total expenses	$	1,281,885		$	1,593,502
Compensation expense		929,606			1,251,595
Non-comp. opex.		352,279			341,907
Pre-tax net income	$	254,132		$	558,937
Compensation ratio		60.5	%		58.1	%
Non-compensation ratio		23.0	%		15.9	%
Pre-tax margin		16.5	%		26.0	%

Stifel Financial Corp. | Page 5

LOGO

Other Matters

Highlights

•

Total assets increased $3.1 billion, or 9%, over the year-ago quarter.

•

The Board of Directors approved a 20% increase in the quarterly dividend to $0.36 per common share starting in the first quarter of 2023.

•

The Company repurchased $75.2 million of its outstanding common stock during the fourth quarter. During 2022, the Company repurchased $192.4 million of its outstanding common stock.

•

Weighted average diluted shares outstanding decreased as a result of the Company’s lower share price and increase in share repurchases over the comparable periods.

•

The Board of Directors declared a $0.30 quarterly dividend per share payable on December 15, 2022 to common shareholders of record on December 1, 2022.

•

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on December 15, 2022 to shareholders of record on December 1, 2022.


	4Q 2022			4Q 2021			FY 2022			FY 2021
Common stock repurchases

Repurchases (000s)	$	75,164		$	86,295		$	192,391		$	241,342
Number of shares (000s)		1,252			1,168			2,983			3,781
Average price	$	60.06		$	73.86		$	64.50		$	63.82
Period end shares (000s)		105,348			104,499			105,348			104,499
Weighted average diluted shares outstanding (000s)		117,223			118,959			117,540			118,530
Effective tax rate		24.4	%		18.0	%		25.2	%		22.7	%

Stifel Financial Corp. (8)

Tier 1 common capital ratio		14.6	%		15.2	%
Tier 1 risk based capital ratio		17.6	%		18.7	%
Tier 1 leverage capital ratio		11.1	%		11.7	%
Tier 1 capital (MM)	$	4,048		$	3,624
Risk weighted assets (MM)	$	23,027		$	19,366
Average assets (MM)	$	36,479		$	30,930
Quarter end assets (MM)	$	37,196		$	34,050


Agency	Rating			Outlook
Fitch Ratings		BBB+			Stable
S&P Global Ratings		BBB-			Positive

Stifel Financial Corp. | Page 6

Conference Call Information

Stifel Financial Corp. will host its fourth quarter 2022 financial results conference call on Wednesday, January 25, 2023, 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 (888) 394-8218 and referencing conference ID 2527655. 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 business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; 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, 2021. 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 7

Summary Results of Operations (Unaudited)


	Three Months Ended												Year Ended
(000s, except per share amounts)	12/31/2022		12/31/2021		% Change			9/30/2022		% Change			12/31/2022		12/31/2021		% Change
Revenues:
Commissions	$	168,945	$	211,068		(20.0	)	$	159,054		6.2		$	710,589	$	809,500		(12.2	)
Principal transactions		125,781		144,584		(13.0	)		118,379		6.3			529,033		581,164		(9.0	)
Investment banking		223,706		477,371		(53.1	)		221,858		0.8			971,485		1,565,381		(37.9	)
Asset management		289,462		318,638		(9.2	)		300,557		(3.7	)		1,262,919		1,206,516		4.7
Other income		11,862		14,496		(18.2	)		852		nm			19,685		72,125		(72.7	)

Operating revenues		819,756		1,166,157		(29.7	)		800,700		2.4			3,493,711		4,234,686		(17.5	)
Interest revenue		416,731		145,425		186.6			304,195		37.0			1,099,115		548,400		100.4

Total revenues		1,236,487		1,311,582		(5.7	)		1,104,895		11.9			4,592,826		4,783,086		(4.0	)
Interest expense		114,840		7,357		nm			59,756		92.2			201,387		45,998		337.8

Net revenues		1,121,647		1,304,225		(14.0	)		1,045,139		7.3			4,391,439		4,737,088		(7.3	)
Non-interest expenses:
Compensation and benefits		647,962		757,948		(14.5	)		611,870		5.9			2,586,232		2,820,301		(8.3	)
Non-compensation operating expenses		239,988		227,615		5.4			227,500		5.5			920,091		849,706		8.3

Total non-interest expenses		887,950		985,563		(9.9	)		839,370		5.8			3,506,323		3,670,007		(4.5	)

Income before income taxes		233,697		318,662		(26.7	)		205,769		13.6			885,116		1,067,081		(17.1	)
Provision for income taxes		57,076		57,272		(0.3	)		54,600		4.5			222,961		242,223		(8.0	)

Net income		176,621		261,390		(32.4	)		151,169		16.8			662,155		824,858		(19.7	)
Preferred dividends		9,320		9,320		0.0			9,320		0.0			37,281		35,587		4.8

Net income available to common shareholders	$	167,301	$	252,070		(33.6	)	$	141,849		17.9		$	624,874	$	789,271		(20.8	)

Earnings per common share:
Basic	$	1.54	$	2.35		(34.5	)	$	1.30		18.5		$	5.74	$	7.34		(21.8	)
Diluted	$	1.43	$	2.12		(32.5	)	$	1.21		18.2		$	5.32	$	6.66		(20.1	)
Cash dividends declared per common share	$	0.30	$	0.15		100.0		$	0.30		0.0		$	1.20	$	0.60		100.0
Weighted average number of common shares outstanding:
Basic		108,344		107,185		1.1			108,767		(0.4	)		108,848		107,536		1.2
Diluted		117,223		118,959		(1.5	)		117,218		0.0			117,540		118,530		(0.8	)

Stifel Financial Corp. | Page 8

Non-GAAP Financial Measures (9)


	Three Months Ended						Year Ended
(000s, except per share amounts)	12/31/2022			12/31/2021			12/31/2022			12/31/2021
GAAP net income	$	176,621		$	261,390		$	662,155		$	824,858
Preferred dividend		9,320			9,320			37,281			35,587

Net income available to common shareholders		167,301			252,070			624,874			789,271
Non-GAAP adjustments:
Merger-related (10)		23,497			16,234			67,099			65,314
Provision for income taxes (11)		(5,923	)		(2,916	)		(16,902	)		(15,052	)

Total non-GAAP adjustments		17,574			13,318			50,197			50,262

Non-GAAP net income available to common shareholders	$	184,875		$	265,388		$	675,071		$	839,533

Weighted average diluted shares outstanding		117,223			118,959			117,540			118,530
GAAP earnings per diluted common share	$	1.51		$	2.20		$	5.63		$	6.96
Non-GAAP adjustments		0.15			0.11			0.43			0.42

Non-GAAP earnings per diluted common share	$	1.66		$	2.31		$	6.06		$	7.38

GAAP earnings per diluted common share available to common shareholders	$	1.43		$	2.12		$	5.32		$	6.66
Non-GAAP adjustments		0.15			0.11			0.42			0.42

Non-GAAP earnings per diluted common share available to common shareholders	$	1.58		$	2.23		$	5.74		$	7.08

GAAP to Non-GAAP Reconciliation (9)


	Three Months Ended						Year Ended
(000s)	12/31/2022			12/31/2021			12/31/2022			12/31/2021
GAAP compensation and benefits	$	647,962		$	757,948		$	2,586,232		$	2,820,301
As a percentage of net revenues		57.8	%		58.1	%		58.9	%		59.5	%
Non-GAAP adjustments:
Merger-related (10)		(14,570	)		(8,019	)		(39,114	)		(26,092	)

Non-GAAP compensation and benefits	$	633,392		$	749,929		$	2,547,118		$	2,794,209

As a percentage of non-GAAP net revenues		56.5	%		57.5	%		58.0	%		59.0	%
GAAP non-compensation expenses	$	239,988		$	227,615		$	920,091		$	849,706
As a percentage of net revenues		21.4	%		17.5	%		20.9	%		18.0	%
Non-GAAP adjustments:
Merger-related (10)		(8,931	)		(8,215	)		(27,934	)		(39,069	)

Non-GAAP non-compensation expenses	$	231,057		$	219,400		$	892,157		$	810,637

As a percentage of non-GAAP net revenues		20.6	%		16.8	%		20.3	%		17.1	%
Total merger-related expenses	$	23,497		$	16,234		$	67,099		$	65,314

Stifel Financial Corp. | Page 9

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 merger-related expenses (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 $60.4 million and $56.3 million as of December 31, 2022 and 2021, 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 as time of the Company’s earnings release, January 25, 2023.

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

Stifel Financial Corp. | Page 10

EX-99.2 3 d443273dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

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Fourth Quarter and Full Year 2022 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		10
Stifel Bancorp - Financial Information and Credit Metrics		11
Loans and Lending Commitments - Allowance for Credit Losses		12
Consolidated Net Interest Income		13
Stifel Bancorp Net Interest Income		14
GAAP to Core Reconciliation		15
Footnotes		16
Disclaimer and Legal Notice		17


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 1 of 17

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Consolidated Financial Highlights


	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2022		12/31/2021		% Change			9/30/2022		% Change			12/31/2022		12/31/2021		% Change
Net revenues	$	1,121,647	$	1,304,225		(14.0	%)	$	1,045,139		7.3	%	$	4,391,439	$	4,737,088		(7.3	%)
Net income	$	176,621	$	261,390		(32.4	%)	$	151,169		16.8	%	$	662,155	$	824,858		(19.7	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		35,587		4.8	%

Net income available to common shareholders	$	167,301	$	252,070		(33.6	%)	$	141,849		17.9	%	$	624,874	$	789,271		(20.8	%)
Earnings per diluted common share	$	1.51	$	2.20		(31.4	%)	$	1.29		17.1	%	$	5.63	$	6.96		(19.1	%)
Earnings per diluted common share available to common shareholders	$	1.43	$	2.12		(32.5	%)	$	1.21		18.2	%	$	5.32	$	6.66		(20.1	%)
Non-GAAP financial summary (1):
Net revenues	$	1,121,643	$	1,304,225		(14.0	%)	$	1,045,133		7.3	%	$	4,391,490	$	4,737,241		(7.3	%)
Net income	$	194,195	$	274,708		(29.3	%)	$	160,076		21.3	%	$	712,352	$	875,120		(18.6	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		35,587		4.8	%

Net income available to common shareholders	$	184,875		265,388		(30.3	%)		150,756		22.6	%		675,071		839,533		(19.6	%)
Earnings per diluted common share	$	1.66	$	2.31		(28.1	%)	$	1.37		21.2	%	$	6.06	$	7.38		(17.9	%)
Earnings per diluted common share available to common shareholders	$	1.58	$	2.23		(29.1	%)	$	1.29		22.5	%	$	5.74	$	7.08		(18.9	%)
Weighted average number of common shares outstanding:
Basic		108,344		107,185		1.1	%		108,767		(0.4	%)		108,848		107,536		1.2	%
Diluted		117,223		118,959		(1.5	%)		117,218		0.0	%		117,540		118,530		(0.8	%)
Period end common shares outstanding		105,348		104,499		0.8	%		106,225		(0.8	%)		105,348		104,499		0.8	%
Cash dividends declared per common share	$	0.30	$	0.15		100.0	%	$	0.30		0.0	%	$	1.20	$	0.60		100.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 2 of 17

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GAAP Consolidated Results of Operations


	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2022		12/31/2021		% Change			9/30/2022		% Change			12/31/2022		12/31/2021			% Change
Revenues:
Commissions	$	168,945	$	211,068		(20.0	%)	$	159,054		6.2	%	$	710,589	$	809,500			(12.2	%)
Principal transactions		125,781		144,584		(13.0	%)		118,379		6.3	%		529,033		581,164			(9.0	%)

Transactional revenues		294,726		355,652		(17.1	%)		277,433		6.2	%		1,239,622		1,390,664			(10.9	%)
Capital raising		56,771		166,591		(65.9	%)		55,122		3.0	%		256,862		709,236			(63.8	%)
Advisory		166,935		310,780		(46.3	%)		166,736		0.1	%		714,623		856,145			(16.5	%)

Investment banking		223,706		477,371		(53.1	%)		221,858		0.8	%		971,485		1,565,381			(37.9	%)
Asset management		289,462		318,638		(9.2	%)		300,557		(3.7	%)		1,262,919		1,206,516			4.7	%
Other income		11,862		14,496		(18.2	%)		852		nm			19,685		72,125			(72.7	%)

Operating revenues		819,756		1,166,157		(29.7	%)		800,700		2.4	%		3,493,711		4,234,686			(17.5	%)
Interest revenue		416,731		145,425		186.6	%		304,195		37.0	%		1,099,115		548,400			100.4	%

Total revenues		1,236,487		1,311,582		(5.7	%)		1,104,895		11.9	%		4,592,826		4,783,086			(4.0	%)
Interest expense		114,840		7,357		nm			59,756		92.2	%		201,387		45,998			337.8	%

Net revenues		1,121,647		1,304,225		(14.0	%)		1,045,139		7.3	%		4,391,439		4,737,088			(7.3	%)

Non-interest expenses:
Compensation and benefits		647,962		757,948		(14.5	%)		611,870		5.9	%		2,586,232		2,820,301			(8.3	%)
Occupancy and equipment rental		80,740		75,080		7.5	%		77,230		4.5	%		313,247		290,243			7.9	%
Communication and office supplies		45,209		41,925		7.8	%		43,825		3.2	%		175,135		165,490			5.8	%
Commissions and floor brokerage		13,183		15,257		(13.6	%)		13,576		(2.9	%)		57,752		59,681			(3.2	%)
Provision for credit losses		6,028		4,062		48.4	%		6,453		(6.6	%)		33,506		(11,502	)		391.3	%
Other operating expenses		94,828		91,291		3.9	%		86,416		9.7	%		340,451		345,794			(1.5	%)

Total non-interest expenses		887,950		985,563		(9.9	%)		839,370		5.8	%		3,506,323		3,670,007			(4.5	%)
Income before income taxes		233,697		318,662		(26.7	%)		205,769		13.6	%		885,116		1,067,081			(17.1	%)
Provision for income taxes		57,076		57,272		(0.3	%)		54,600		4.5	%		222,961		242,223			(8.0	%)

Net income		176,621		261,390		(32.4	%)		151,169		16.8	%		662,155		824,858			(19.7	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		35,587			4.8	%

Net income available to common shareholders	$	167,301	$	252,070		(33.6	%)	$	141,849		17.9	%	$	624,874	$	789,271			(20.8	%)

Earnings per common share:
Basic	$	1.54	$	2.35		(34.5	%)	$	1.30		18.5	%	$	5.74	$	7.34			(21.8	%)
Diluted	$	1.43	$	2.12		(32.5	%)	$	1.21		18.2	%	$	5.32	$	6.66			(20.1	%)
Weighted average number of common shares outstanding:
Basic		108,344		107,185		1.1	%		108,767		(0.4	%)		108,848		107,536			1.2	%
Diluted		117,223		118,959		(1.5	%)		117,218		0.0	%		117,540		118,530			(0.8	%)
Cash dividends declared per common share	$	0.30	$	0.15		100.0	%	$	0.30		0.0	%	$	1.20	$	0.60			100.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 3 of 17

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Non-GAAP Consolidated Results of Operations (1)


	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2022		12/31/2021		% Change			9/30/2022		% Change			12/31/2022		12/31/2021			% Change
Revenues:
Commissions	$	168,945	$	211,068		(20.0	%)	$	159,054		6.2	%	$	710,589	$	809,500			(12.2	%)
Principal transactions		125,781		144,584		(13.0	%)		118,379		6.3	%		529,033		581,164			(9.0	%)

Transactional revenues		294,726		355,652		(17.1	%)		277,433		6.2	%		1,239,622		1,390,664			(10.9	%)
Capital raising		56,771		166,591		(65.9	%)		55,122		3.0	%		256,862		709,236			(63.8	%)
Advisory		166,935		310,780		(46.3	%)		166,736		0.1	%		714,623		856,145			(16.5	%)

Investment banking		223,706		477,371		(53.1	%)		221,858		0.8	%		971,485		1,565,381			(37.9	%)
Asset management		289,462		318,638		(9.2	%)		300,557		(3.7	%)		1,262,919		1,206,516			4.7	%
Other income		11,857		14,496		(18.2	%)		852		nm			19,680		72,153			(72.7	%)

Operating revenues		819,751		1,166,157		(29.7	%)		800,700		2.4	%		3,493,706		4,234,714			(17.5	%)
Interest revenue		416,731		145,425		186.6	%		304,195		37.0	%		1,099,115		548,400			100.4	%

Total revenues		1,236,482		1,311,582		(5.7	%)		1,104,895		11.9	%		4,592,821		4,783,114			(4.0	%)
Interest expense		114,839		7,357		nm			59,762		92.2	%		201,331		45,873			338.9	%

Net revenues		1,121,643		1,304,225		(14.0	%)		1,045,133		7.3	%		4,391,490		4,737,241			(7.3	%)

Non-interest expenses:
Compensation and benefits		633,392		749,929		(15.5	%)		605,811		4.6	%		2,547,118		2,794,209			(8.8	%)
Occupancy and equipment rental		80,555		75,062		7.3	%		77,142		4.4	%		312,590		290,130			7.7	%
Communication and office supplies		45,203		41,925		7.8	%		43,794		3.2	%		175,066		165,414			5.8	%
Commissions and floor brokerage		13,183		15,257		(13.6	%)		13,576		(2.9	%)		57,752		59,681			(3.2	%)
Provision for credit losses		6,028		4,062		48.4	%		6,453		(6.6	%)		33,506		(11,502	)		391.3	%
Other operating expenses		86,088		83,094		3.6	%		80,630		6.8	%		313,243		306,914			2.1	%

Total non-interest expenses		864,449		969,329		(10.8	%)		827,406		4.5	%		3,439,275		3,604,846			(4.6	%)
Income before income taxes		257,194		334,896		(23.2	%)		217,727		18.1	%		952,215		1,132,395			(15.9	%)
Provision for income taxes		62,999		60,188		4.7	%		57,651		9.3	%		239,863		257,275			(6.8	%)

Net income		194,195		274,708		(29.3	%)		160,076		21.3	%		712,352		875,120			(18.6	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		35,587			4.8	%

Net income available to common shareholders	$	184,875	$	265,388		(30.3	%)	$	150,756		22.6	%	$	675,071	$	839,533			(19.6	%)

Earnings per common share:
Basic	$	1.71	$	2.48		(31.0	%)	$	1.39		23.0	%	$	6.20	$	7.81			(20.6	%)
Diluted	$	1.58	$	2.23		(29.1	%)	$	1.29		22.5	%	$	5.74	$	7.08			(18.9	%)
Weighted average number of common shares outstanding:
Basic		108,344		107,185		1.1	%		108,767		(0.4	%)		108,848		107,536			1.2	%
Diluted		117,223		118,959		(1.5	%)		117,218		0.0	%		117,540		118,530			(0.8	%)
Cash dividends declared per common share	$	0.30	$	0.15		100.0	%	$	0.30		0.0	%	$	1.20	$	0.60			100.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 4 of 17

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Consolidated Financial Summary


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change			12/31/2022			12/31/2021			% Change
Net revenues:
Global Wealth Management	$	744,341		$	674,242			10.4	%	$	701,820			6.1	%	$	2,825,866		$	2,598,837			8.7	%
Institutional Group		353,882			633,263			(44.1	%)		339,408			4.3	%		1,536,017			2,152,439			(28.6	%)
Other		23,424			(3,280	)		814.1	%		3,911			498.9	%		29,556			(14,188	)		308.3	%

Total net revenues	$	1,121,647		$	1,304,225			(14.0	%)	$	1,045,139			7.3	%	$	4,391,439		$	4,737,088			(7.3	%)
Operating expenses:
Global Wealth Management	$	427,270		$	441,944			(3.3	%)	$	421,885			1.3	%	$	1,758,295		$	1,683,884			4.4	%
Institutional Group		309,370			458,100			(32.5	%)		299,408			3.3	%		1,281,885			1,593,502			(19.6	%)
Other		151,310			85,519			76.9	%		118,077			28.1	%		466,143			392,621			18.7	%

Total operating expenses	$	887,950		$	985,563			(9.9	%)	$	839,370			5.8	%	$	3,506,323		$	3,670,007			(4.5	%)
Operating contribution:
Global Wealth Management	$	317,071		$	232,298			36.5	%	$	279,935			13.3	%	$	1,067,571		$	914,953			16.7	%
Institutional Group		44,512			175,163			(74.6	%)		40,000			11.3	%		254,132			558,937			(54.5	%)
Other		(127,886	)		(88,799	)		44.0	%		(114,166	)		12.0	%		(436,587	)		(406,809	)		7.3	%

Income before income taxes	$	233,697		$	318,662			(26.7	%)	$	205,769			13.6	%	$	885,116		$	1,067,081			(17.1	%)
Financial ratios:
Compensation and benefits		57.8	%		58.1	%		(30	)		58.5	%		(70	)		58.9	%		59.5	%		(60	)
Non-compensation operating expenses		21.4	%		17.5	%		390			21.8	%		(40	)		20.9	%		18.0	%		290
Income before income taxes		20.8	%		24.4	%		(360	)		19.7	%		110			20.2	%		22.5	%		(230	)
Effective tax rate		24.4	%		18.0	%		640			26.5	%		(210	)		25.2	%		22.7	%		250


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 5 of 17

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Consolidated Financial Information and Metrics


	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change
Financial Information:
Total assets	$	37,196,124		$	34,049,715			9.2	%	$	37,612,063			(1.1	%)
Total shareholders’ equity	$	5,328,471		$	5,034,959			5.8	%	$	5,227,350			1.9	%
Total common equity	$	4,643,471		$	4,349,959			6.7	%	$	4,542,350			2.2	%
Goodwill and intangible assets	$	(1,457,137	)	$	(1,455,049	)		0.1	%	$	(1,454,532	)		0.2	%
DTL on goodwill and intangible assets	$	61,225		$	58,126			5.3	%	$	60,034			2.0	%

Tangible common equity	$	3,247,559		$	2,953,036			10.0	%	$	3,147,852			3.2	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	44.08		$	41.63			5.9	%	$	42.76			3.1	%
Tangible book value per common share (2)	$	30.83		$	28.26			9.1	%	$	29.63			4.0	%
Return on common equity (3)		14.5	%		23.7	%					12.5	%
Non-GAAP return on common equity (1)(3)		16.0	%		25.0	%					13.3	%
Return on tangible common equity (4)		20.7	%		34.7	%					18.0	%
Non-GAAP return on tangible common equity (1)(4)		22.9	%		36.6	%					19.2	%
Pre-tax margin on net revenues		20.8	%		24.4	%					19.7	%
Non-GAAP pre-tax margin on net revenues (1)		22.9	%		25.7	%					20.8	%
Effective tax rate		24.4	%		18.0	%					26.5	%
Non-GAAP effective tax rate (1)		24.5	%		18.0	%					26.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 6 of 17

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Regulatory Capital


	As of and for the Three Months Ended
(Unaudited, 000s)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change
SF Regulatory Capital (5):
Common equity tier 1 capital	$	3,363,137		$	2,938,954			14.4	%	$	3,279,013			2.6	%
Tier 1 capital	$	4,048,137		$	3,623,954			11.7	%	$	3,964,013			2.1	%
Risk-weighted assets	$	23,026,999		$	19,366,319			18.9	%	$	23,300,119			(1.2	%)
Common equity tier 1 capital ratio		14.6	%		15.2	%					14.1	%
Tier 1 risk based capital ratio		17.6	%		18.7	%					17.0	%
Tier 1 leverage capital ratio		11.1	%		11.7	%					11.1	%
Stifel Bank & Trust Regulatory Capital (5):
Common equity tier 1 capital	$	1,620,995		$	1,274,994			27.1	%	$	1,655,760			(2.1	%)
Tier 1 capital	$	1,620,995		$	1,274,994			27.1	%	$	1,655,760			(2.1	%)
Risk-weighted assets	$	14,681,096		$	12,001,325			22.3	%	$	15,406,324			(4.7	%)
Common equity tier 1 capital ratio		11.0	%		10.6	%					10.8	%
Tier 1 risk based capital ratio		11.0	%		10.6	%					10.8	%
Tier 1 leverage capital ratio		7.2	%		7.1	%					7.3	%
Stifel Bank Regulatory Capital (5):
Common equity tier 1 capital	$	468,437		$	302,231			55.0	%	$	377,572			24.1	%
Tier 1 capital	$	468,437		$	302,231			55.0	%	$	377,572			24.1	%
Risk-weighted assets	$	4,229,316		$	2,197,216			92.5	%	$	3,591,228			17.8	%
Common equity tier 1 capital ratio		11.1	%		13.8	%					10.5	%
Tier 1 risk based capital ratio		11.1	%		13.8	%					10.5	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.3	%
Stifel Net Capital (5):
Net capital	$	537,100		$	614,200			(12.6	%)	$	642,700			(16.4	%)
Excess net capital	$	514,700		$	584,800			(12.0	%)	$	614,300			(16.2	%)


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 7 of 17

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Global Wealth Management - Summary Results of Operations


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change			12/31/2022			12/31/2021			% Change
Revenues:
Commissions	$	112,644		$	146,335			(23.0	%)	$	108,214			4.1	%	$	473,638		$	567,491			(16.5	%)
Principal transactions		52,913			48,592			8.9	%		48,351			9.4	%		195,274			207,474			(5.9	%)

Transactional revenues		165,557			194,927			(15.1	%)		156,565			5.7	%		668,912			774,965			(13.7	%)
Asset management		289,445			318,612			(9.2	%)		300,540			(3.7	%)		1,262,841			1,206,406			4.7	%
Net interest		284,998			138,891			105.2	%		242,194			17.7	%		879,780			511,693			71.9	%
Investment banking (6)		4,814			11,183			(57.0	%)		4,498			7.0	%		19,515			48,210			(59.5	%)
Other income		(473	)		10,629			(104.5	%)		(1,977	)		76.1	%		(5,182	)		57,563			(109.0	%)

Net revenues		744,341			674,242			10.4	%		701,820			6.1	%		2,825,866			2,598,837			8.7	%
Non-interest expenses:
Compensation and benefits		328,099			349,428			(6.1	%)		326,116			0.6	%		1,368,576			1,370,308			(0.1	%)
Non-compensation operating expenses		99,171			92,516			7.2	%		95,769			3.6	%		389,719			313,576			24.3	%

Total non-interest expenses		427,270			441,944			(3.3	%)		421,885			1.3	%		1,758,295			1,683,884			4.4	%

Income before income taxes	$	317,071		$	232,298			36.5	%	$	279,935			13.3	%	$	1,067,571		$	914,953			16.7	%

As a percentage of net revenues:
Compensation and benefits		44.1	%		51.8	%		(770	)		46.5	%		(240	)		48.4	%		52.7	%		(430	)
Non-compensation operating expenses		13.3	%		13.7	%		(40	)		13.6	%		(30	)		13.8	%		12.1	%		170
Income before income taxes		42.6	%		34.5	%		810			39.9	%		270			37.8	%		35.2	%		260


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 8 of 17

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Global Wealth Management - Statistical Information


	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors and locations)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change
Financial advisors		2,242			2,227			0.7	%		2,235			0.3	%
Independent contractors		102			91			12.1	%		102			0.0	%

Total financial advisors		2,344			2,318			1.1	%		2,337			0.3	%
Locations		398			396			0.5	%		398			0.0	%
Total client assets	$	389,818,000		$	435,978,000			(10.6	%)	$	364,824,000			6.9	%
Fee-based client assets	$	144,952,000		$	162,428,000			(10.8	%)	$	135,521,000			7.0	%
Transactional assets	$	244,866,000		$	273,550,000			(10.5	%)	$	229,303,000			6.8	%
Client money market and insured product (7)	$	27,509,000		$	28,267,000			(2.7	%)	$	26,082,000			5.5	%
Secured client lending (8)	$	3,576,415		$	3,892,609			(8.1	%)	$	3,841,430			(6.9	%)
Asset Management Revenue (000s):
Private Client Group (9)	$	240,446		$	270,685			(11.2	%)	$	252,487			(4.8	%)
Asset Management		30,690			34,179			(10.2	%)		30,648			0.1	%
Third-party Bank Sweep Program		5,522			862			540.6	%		3,851			43.4	%
Other (10)		12,804			12,912			(0.8	%)		13,571			(5.7	%)

Total asset management revenues	$	289,462		$	318,638			(9.2	%)	$	300,557			(3.7	%)
Fee-based Assets (millions):
Private Client Group (9)	$	126,043			141,456			(10.9	%)	$	118,850			6.1	%
Asset Management		32,233			36,299			(11.2	%)		30,095			7.1	%
Elimination (11)		(13,324	)		(15,327	)		(13.1	%)		(13,424	)		(0.7	%)

Total fee-based assets	$	144,952		$	162,428			(10.8	%)	$	135,521			7.0	%
Third-party Bank Sweep Program	$	1,984		$	6,253			(68.3	%)	$	1,114			78.1	%
ROA (bps) (12):
Private Client Group (9)		80.9			82.7						81.6
Asset Management		38.1			37.7						40.7
Third-party Bank Sweep Program		137.2			5.5						104.3


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 9 of 17

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Institutional Group - Summary Results of Operations


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change			12/31/2022			12/31/2021			% Change
Revenues:
Commissions	$	56,301		$	64,733			(13.0	%)	$	50,840			10.7	%	$	236,951		$	242,009			(2.1	%)
Principal transactions		72,869			95,990			(24.1	%)		70,027			4.1	%		333,759			373,689			(10.7	%)

Transactional revenues		129,170			160,723			(19.6	%)		120,867			6.9	%		570,710			615,698			(7.3	%)
Capital raising		51,956			155,470			(66.6	%)		50,625			2.6	%		237,347			661,088			(64.1	%)
Advisory		166,935			310,718			(46.3	%)		166,736			0.1	%		714,623			856,083			(16.5	%)

Investment banking		218,891			466,188			(53.0	%)		217,361			0.7	%		951,970			1,517,171			(37.3	%)
Other income (13)		5,821			6,352			(8.4	%)		1,180			393.3	%		13,337			19,570			(31.8	%)

Net revenues		353,882			633,263			(44.1	%)		339,408			4.3	%		1,536,017			2,152,439			(28.6	%)
Non-interest expenses:
Compensation and benefits		220,730			367,439			(39.9	%)		211,818			4.2	%		929,606			1,251,595			(25.7	%)
Non-compensation operating expenses		88,640			90,661			(2.2	%)		87,590			1.2	%		352,279			341,907			3.0	%

Total non-interest expenses		309,370			458,100			(32.5	%)		299,408			3.3	%		1,281,885			1,593,502			(19.6	%)

Income before income taxes	$	44,512		$	175,163			(74.6	%)	$	40,000			11.3	%	$	254,132		$	558,937			(54.5	%)

As a percentage of net revenues:
Compensation and benefits		62.4	%		58.0	%		440			62.4	%		0			60.5	%		58.1	%		240
Non-compensation operating expenses		25.0	%		14.3	%		1,070			25.8	%		(80	)		23.0	%		15.9	%		710
Income before income taxes		12.6	%		27.7	%		(1,510	)		11.8	%		80			16.5	%		26.0	%		(950	)


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 10 of 17

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change
Stifel Bancorp Financial Information:
Total assets	$	29,318,421		$	25,073,605			16.9	%	$	29,307,718			0.0	%
Total shareholder’s equity	$	2,071,882		$	1,720,746			20.4	%	$	1,995,933			3.8	%
Total loans, net (includes loans held for sale)	$	20,622,004		$	16,835,562			22.5	%	$	20,910,895			(1.4	%)
Residential real estate		7,371,671			5,482,026			34.5	%		7,048,762			4.6	%
Commercial and industrial		4,897,176			4,208,950			16.4	%		5,040,682			(2.8	%)
Fund banking		4,182,641			3,136,803			33.3	%		4,353,875			(3.9	%)
Securities-based loans		2,724,551			2,880,158			(5.4	%)		2,785,679			(2.2	%)
Commercial real estate		675,599			409,847			64.8	%		872,010			(22.5	%)
Construction and land		593,191			511,084			16.1	%		564,581			5.1	%
Other		157,729			114,619			37.6	%		153,661			2.6	%
Loans held for sale		156,912			207,715			(24.5	%)		234,927			(33.2	%)
Investment securities	$	7,624,448		$	7,460,111			2.2	%	$	7,650,130			(0.3	%)
Available-for-sale securities, at fair value		1,636,041			2,113,893			(22.6	%)		1,660,847			(1.5	%)
Held-to-maturity securities, at amortized cost		5,988,407			5,346,218			12.0	%		5,989,283			(0.0	%)
Unrealized gains/(losses) on available-for-sale securities		(227,178	)		9,380			nm			(247,188	)		(8.1	%)
Total deposits	$	27,117,111		$	23,280,348			16.5	%	$	27,190,619			(0.3	%)
Demand deposits (interest-bearing)		26,805,073			22,626,560			18.5	%		26,783,010			0.1	%
Demand deposits (non-interest-bearing)		305,138			626,633			(51.3	%)		397,573			(23.2	%)
Certificates of deposit		6,900			27,155			(74.6	%)		10,036			(31.2	%)
Credit Metrics:
Allowance for credit losses	$	147,853		$	118,562			24.7	%	$	141,998			4.1	%
Allowance as a percentage of retained loans		0.72	%		0.71	%					0.68	%
Net charge-offs as a percentage of average loans		0.00	%		0.00	%					0.02	%
Total nonperforming assets	$	10,374		$	17,470			(40.6	%)	$	11,291			(8.1	%)
Nonperforming assets as a percentage of total assets		0.04	%		0.07	%					0.04	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 11 of 17

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Loans and Lending Commitments - Allowance for Credit Losses


	December 31, 2022
	Loans and Lending
(Unaudited, 000s)	Commitments		ACL		ACL %			Q4 Provision
Residential real estate	$	7,371,671	$	20,441		0.28	%	$	2,976
Commercial and industrial		4,897,176		54,143		1.11	%		2,241
Fund banking		4,182,641		11,711		0.28	%		(460	)
Securities-based loans		2,724,551		3,157		0.12	%		(160	)
Commercial real estate		675,599		12,897		1.91	%		934
Construction and land		593,191		8,568		1.44	%		1,038
Other		157,729		736		0.47	%		233

Loans held for investment, gross		20,602,558		111,653		0.54	%		6,802
Loans held for sale		156,912

Total loans, gross		20,759,470
Lending-related commitments (unfunded)		6,146,000		36,200		0.59	%		(774	)

Loans and lending-related commitments	$	26,905,470	$	147,853				$	6,028


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Consolidated Net Interest Income


	Three Months Ended
	December 31, 2022							December 31, 2021								September 30, 2022
(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	$	1,641.8	$	18.3		4.45	%	$	1,616.7	$	1.1			0.26	%	$	1,302.9	$	7.7		2.38	%
Financial instruments owned		906.2		7.5		3.31	%		1,160.1		6.0			2.08	%		982.7		3.6		1.45	%
Margin balances		985.2		15.6		6.33	%		1,072.2		6.8			2.53	%		1,062.3		12.5		4.71	%
Investments:
Asset-backed securities		6,216.5		86.1		5.54	%		5,583.7		24.1			1.73	%		6,178.0		61.0		3.95	%
Mortgage-backed securities		1,003.6		5.4		2.15	%		1,062.4		4.2			1.59	%		1,032.7		5.3		2.08	%
Corporate fixed income securities		646.4		4.5		2.79	%		794.7		5.8			2.90	%		722.7		5.1		2.81	%
Other		4.5		—		2.18	%		4.3		—			2.09	%		4.6		—		1.77	%

Total investments		7,871.0		96.0		4.88	%		7,445.1		34.1			1.83	%		7,938.0		71.4		3.60	%
Loans:
Residential real estate		7,240.6		55.7		3.08	%		5,180.9		32.9			2.54	%		6,824.3		44.8		2.63	%
Commercial and industrial		4,997.7		84.4		6.75	%		3,941.2		34.3			3.48	%		4,947.8		65.2		5.27	%
Fund banking		4,348.7		65.3		6.01	%		1,861.2		13.5			2.91	%		4,090.2		47.6		4.66	%
Securities-based loans		2,735.5		40.0		5.85	%		2,763.9		13.2			1.91	%		2,901.9		31.7		4.36	%
Commercial real estate		805.3		12.5		6.22	%		372.4		2.6			2.83	%		733.4		8.6		4.68	%
Construction and land		583.7		9.9		6.77	%		572.6		4.6			3.19	%		493.3		6.4		5.21	%
Loans held for sale		168.0		2.1		5.09	%		219.5		1.4			2.64	%		231.2		2.1		3.57	%
Other		147.6		2.3		6.46	%		119.5		0.9			2.64	%		154.0		2.0		5.06	%

Total loans		21,027.1		272.2		5.18	%		15,031.2		103.4			2.75	%		20,376.1		208.4		4.09	%
Other interest-bearing assets		770.6		7.1		3.69	%		748.8		(6.0	)		(3.18	%)		889.5		0.6		0.27	%

Total interest-bearing assets/interest income		33,201.9		416.7		5.02	%		27,074.1		145.4			2.15	%		32,551.5		304.2		3.74	%
Interest-bearing liabilities:
Senior notes		1,114.4		10.5		3.77	%		1,113.3		11.6			4.16	%		1,114.1		11.2		4.03	%
Deposits		27,267.0		98.7		1.45	%		21,056.3		0.9			0.02	%		25,998.2		43.4		0.67	%
Federal Home Loan advances		—		—		0.00	%		137.3		0.1			0.31	%		542.2		3.3		2.41	%
Other interest-bearing liabilities		1,303.0		5.6		1.72	%		1,454.9		(5.2	)		(1.44	%)		1,416.4		1.9		0.54	%

Total interest-bearing liabilities/interest expense	$	29,684.4		114.8		1.55	%	$	23,761.8		7.4			0.12	%	$	29,070.9		59.8		0.82	%

Net interest income/margin			$	301.9		3.64	%			$	138.0			2.04	%			$	244.4		3.00	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 13 of 17

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Stifel Bancorp Net Interest Income


	Three Months Ended
	December 31, 2022							December 31, 2021							September 30, 2022
(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	$	889.4	$	9.4		4.24	%	$	717.9	$	0.3		0.17	%	$	520.5	$	3.2		2.45	%
Investments		7,871.0		96.0		4.88	%		7,445.1		34.1		1.83	%		7,938.0		71.4		3.60	%
Loans		21,027.1		272.2		5.18	%		15,031.2		103.4		2.75	%		20,376.1		208.4		4.09	%
Other interest-bearing assets		55.1		0.7		4.56	%		51.5		0.4		3.07	%		75.8		0.8		4.37	%

Total interest-bearing assets/interest income	$	29,842.6	$	378.3		5.07	%	$	23,245.7	$	138.2		2.38	%	$	28,910.4	$	283.8		3.93	%
Interest-bearing liabilities:
Deposits	$	27,267.0	$	98.7		1.45	%	$	21,056.3	$	0.9		0.02	%	$	25,998.2	$	43.4		0.67	%
Federal Home Loan advances		—		—		0.00	%		137.3		0.1		0.31	%		542.2		3.3		2.41	%
Other interest-bearing liabilities		0.9		0.1		15.64	%		1.0		—		16.71	%		1.0		—		14.26	%

Total interest-bearing liabilities/interest expense	$	27,267.9		98.8		1.45	%	$	21,194.6		1.0		0.02	%	$	26,541.4		46.7		0.70	%

Net interest income/margin			$	279.5		3.75	%			$	137.2		2.36	%			$	237.1		3.28	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 14 of 17

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GAAP to Core Reconciliation


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2022			12/31/2021			Change			9/30/2022			Change			12/31/2022			12/31/2021			Change
GAAP net revenues	$	1,121,647		$	1,304,225					$	1,045,139					$	4,391,439		$	4,737,088
Non-GAAP adjustments		(4	)		—						(6	)					51			153

Non-GAAP net revenues		1,121,643			1,304,225						1,045,133						4,391,490			4,737,241
GAAP compensation and benefits expense		647,962			757,948						611,870						2,586,232			2,820,301
Merger-related (14)		(14,570	)		(8,019	)					(6,059	)					(39,114	)		(26,092	)

Non-GAAP compensation and benefits expense		633,392			749,929						605,811						2,547,118			2,794,209
GAAP non-compensation operating expenses		239,988			227,615						227,500						920,091			849,706
Merger-related (14)		(8,931	)		(8,215	)					(5,905	)					(27,934	)		(39,069	)

Non-GAAP non-compensation operating expenses		231,057			219,400						221,595						892,157			810,637

Total merger-related adjustments		(23,497	)		(16,234	)					(11,958	)					(67,099	)		(65,314	)

GAAP provision for income taxes		57,076			57,272						54,600						222,961			242,223
Merger-related and other (14)		5,923			2,916						3,051						16,902			15,052

Non-GAAP provision for income taxes		62,999			60,188						57,651						239,863			257,275
Financial ratios:
Compensation and benefits		56.5	%		57.5	%		(100	)		58.0	%		(150	)		58.0	%		59.0	%		(100	)
Non-compensation operating expenses		20.6	%		16.8	%		380			21.2	%		(60	)		20.3	%		17.1	%		320
Income before income taxes		22.9	%		25.7	%		(280	)		20.8	%		210			21.7	%		23.9	%		(220	)
Effective tax rate		24.5	%		18.0	%		650			26.5	%		(200	)		25.2	%		22.7	%		250


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 15 of 17

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Footnotes

(1)	Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.

(2)	Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per share represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.

(3)

(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 $60.4 million, $56.3 million, and $59.2 million, as of December 31, 2022 and 2021, and September 30, 2022, respectively.

(5)	Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, January 25, 2023.

(6)	Includes capital raising and advisory revenues.

(7)	Includes Stifel Smart Rate Program balances. Historical periods have been restated to conform to the current presentation.

(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 quarterly balances for Individual Program Banks.

(13)	Includes net interest, asset management, and other income.

(14)


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 16 of 17

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Disclaimer and Legal Notice

Forward-Looking Statements

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

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s fourth quarter earnings release issued January 25, 2023.


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2022 Earnings Release		Page 17 of 17

EX-99.3 4 d443273dex993.htm EX-99.3 EX-99.3

Exhibit 99.3 Fourth Quarter & Full Year 2022 Financial Results Presentation January 25, 2023 Quarterly Earnings Report

2022 Snapshot 2022 RESULTS millions, except per share and ratios NET REVENUE PRE-TAX MARGIN NET EARNINGS GAAP & NON-GAAP $4,391 GAAP 20.2% NON-GAAP 21.7% GAAP $625 NON-GAAP $675 EPS ROCE ROTCE* GAAP $5.32 NON-GAAP $5.74 GAAP 13.9% NON-GAAP 15.0% GAAP 20.2% NON-GAAP 21.8% * Please see our definition of ROTCE in our fourth quarter 2022 earnings release HIGHLIGHTS nd 2 Highest Record Net Revenue Net Interest Income nd Record Revenue for 2 Highest Global Wealth Management Earnings Per Share rd 3 Highest Increased Common Institutional Revenue Dividend by 20% Quarterly Earnings Report 1

Impressive Track Record of Growth 7 yr. 2 yr. Growth Growth (millions) 2015 2020 2022 Rate Rate 3 Total Net Revenue $2,335 $3,752 $4,391 88% 17% Global Wealth Management $1,377 $2,191 $2,826 105% 29% Net Interest Income $133 $458 $898 575% 96% Institutional Group $976 $1,583 $1,536 57% -3% Advisory $193 $428 $715 270% 67% 1,2,3 Earnings per share $1.27 $4.56 $5.74 353% 26% Assets $13,326 $26,604 $37,196 179% 40% Loans $3,333 $11,558 $20,622 519% 78% (1) 2015 & 2016 duplicative acquisition costs (2) Earnings per share have been adjusted to reflect December 2020 three for two stock split (3) Non-GAAP Non-GAAP Pre-tax Margin Non-GAAP Return on Tangible Common 23.9% Equity 25.0% 21.7% 30.9% 32.0% 19.9% 19.6% 19.0% 20.0% 24.7% 17.1% 24.4% 24.6% 21.8% 24.0% 20.6% 15.0% 11.9% 10.0% 16.0% 12.3% 10.0% 10.0% 8.0% 5.0% 0.0% 0.0% 2015(1) 2016(1) 2017 2018 2019 2020 2021 2022 2015(1) 2016(1) 2017 2018 2019 2020 2021 2022 Quarterly Earnings Report 2

Long-term Strategic Objectives Global Wealth Management ■ Achieve $1 Trillion in Client Assets ■ Recruiting & Acquisitions Solidify our Position ■ Technology as Premier Wealth ■ Continue to Build Stifel Bank ■ Expand Client Deposits Management Firm & ■ Smart Rate Investment Bank ■ Corporate Deposits ■ Leverage Stifel Franchise for Loan Growth Institutional Group Capital Deployment ■ Gain Market Share■ Continued Focus on Risk Adjusted Returns ■ Recruiting ■ Reinvest in Business ■ Acquisitions■ Recruiting ■ Increase Relevancy to Clients■ Bank Growth ■ Expand Product Offerings■ Acquisitions ■ Leverage Stifel Franchise■ Dividend Growth ■ Improve Operating Efficiencies■ Share Repurchases Quarterly Earnings Report 3

Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $40,000 24.0% $37,612 ■ Balance Sheet Flat in 4Q22 $37,196 $38,000 $36,476 22.0% $36,000 $35,088 $34,050 ■ Total Loans Declined by 1% sequentially 20.0% $34,000 $32,000■ Capital Ratios Remained Strong 18.0% 18.7% 18.6% $30,000 18.0% 17.6% 17.0% 16.0% ■ Client Cash Levels increased $28,000 $26,000 14.0% 11.7% $24,000 11.3% 11.1% 11.1% 11.2% 12.0% $22,000 $20,000 10.0% 4Q21 1Q22 2Q22 3Q22 4Q22 Assets Tier 1 Leverage Tier 1 Risk Based Capital $1,600,000 DEPLOYING EXCESS CAPITAL BANK FUNDING: A TRACK RECORD of GROWTH $1,400,000 10% CAGR Since 2016 $50,000 $1,200,000 $45,000 $40,000 $1,000,000 $35,000 $800,000 $30,000 $600,000 $25,000 $20,000 $400,000 $15,000 $200,000 $10,000 $5,000 $0 2018 2019 2020 2021 2022 2023E $0 ($200,000) Capital Generated Balance Sheet Growth Common Stock Repurchases 2016 2017 2018 2019 2020 2021 2022 Dividends (Common & Preferred) Acquisitions Bank Deposits Available Funding *2023 Estimated Capital Generated based on 2023 consensus net income estimate multiplied by ratio of GAAP / Core Net Income in 2022 Quarterly Earnings Report 4 millions (000s) millions

Valuation & Performance Comparison SF RJF MS 1 Price $62.97 $117.00 $95.51 2 Price/Tangible Book Value 2.1X 3.3X 2.4X 3 Price / Trailing Earnings Per Share 9.8X 15.6X 13.9X 4 Price / Forward Earnings Per Share 8.9X 11.4X 13.1X 5 Earnings Growth 142% 100% 125% 6 Tangible Book Value Growth 79% 51% 19% 3 Return on Tangible Common Equity 25.3% 21.1% 17.0% Sources: Factset, Company Filings & Stifel Research (1) Price as of 1/24/2023 (2) Tangible Book Value as of 9/30/2022 (3) LTM as of 9/30/2022 (4) Forward Earnings Per Share based on Consensus Calendar 2023 (5) Adjusted Earnings Per Share from 12/31/2017 – 9/30/2022 (6) Tangible Book Value from 12/31/2017 – 9/30/2022 Quarterly Earnings Report 5

2023 Consensus & Outlook % Change From 2022 2023 Guidance millions 2022 Consensus 2023 Operating Net Revenue $3,494 $3,561 2% $3,400 - $3,700 Transactional $1,240$1,216-2% Investment Banking $971 $1,052 8% Asset Management $1,263 $1,263 0% Other $20 $30 50% Net Interest Income $898 $1,254 40% $1,200 - $1,300 Net Revenue $4,391 $4,815 10% $4,600 - $5,000 Compensation Ratio 58.0% 56.8% -120 bps 56.0% - 58.0% Non-Compensation Opex. Ratio* 19.6% 18.4% -120 bps 18.0% - 19.0% Pre-tax Margin 21.7% 23.6% 190 bps $5.74 $7.11 24% Earnings Per Common Share Diluted Shares 117.5 113.9 -3% * Non-Compensation Opex. Ratio =Non-Compensation Expense – Credit Provision & investment Banking Gross Up / Net Revenue Quarterly Earnings Report 6

Fourth Quarter Snapshot 4Q22 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS GAAP $1.43 NON-GAAP $1.58 GAAP & NON-GAAP $1,122 GAAP $167 NON-GAAP $185 ANNUALIZED ROCE ANNUALIZED ROTCE* BOOK VALUE PER SHARE GAAP 14.5% NON-GAAP 16.0% GAAP 20.7% NON-GAAP 22.9% TBV $30.83 BV $44.08 * Please see our definition of ROTCE in our fourth quarter 2022 earnings release HIGHLIGHTS nd 2 Highest Fourth Quarter Continued Net Revenue Recruiting Strength Record Repurchased Global Wealth Management Revenue 1.3 million Common Shares Record Announced Acquisition of Net Interest Income Torreya Partners Quarterly Earnings Report 7

Fourth Quarter Results FINANCIAL RESULTS NET REVENUE Sequential millions 4Q22 Y/Y Change 2022 VS 2021 Change $1,400 $1,304 Global Wealth Management $744 10% 6% $2,826 9% $1,117 $1,122 $1,200 $1,108 Institutional 354 -44% 4% 1,536 -29% $1,045 Other 23n/m n/m 30n/m $1,000 Net revenue 1,122 -14% 7% 4,391 -7% $800 Compensation expense 633 -16% 5% 2,547 -9% $600 1 Operating expense 225 5% 5% 859 5% 2 $400 6 48% -7% 34 n/m Provision for credit loss Pre-tax pre-provision income 263 -22% 17% 986 -12% $200 Pre-tax income 257 -23% 18% 952 -16% $0 4Q21 1Q22 2Q22 3Q22 4Q22 Taxes 63 5% 9% 240 -7% Net income 194 -29% 21% 712 -19% Preferred dividends 9 0% 0% 37 5% Net income available to common 185 -30% 23% 675 -20% shareholders Diluted EPS $1.58 -29% 23% $5.74 -19% Compensation ratio 56.5% -100 bps -150 bps 58.0% -100 bps 3 20.1% 360 bps -50 bps 19.6% 220 bps Operating expense ratio Pre-tax operating margin 22.9% -280 bps 210 bps 21.7% -220 bps Book value per share $44.08 6% 3% Tangible book value per share $30.83 9% 4% 4 22.9% -1370 bps 370 bps ROTCE (1) Operating Expense = Non-Compensation Expense – Provision for Credit Loss (2) Provision for Credit Loss at bank subsidiary (3) Operating Expense Ratio excludes Provision for Credit Loss (4) Please see our definition of ROTCE in our fourth quarter earnings release Quarterly Earnings Report 8 millions

Global Wealth Management HIGHLIGHTS GLOBAL WEALTH MANAGEMENT REVENUE Sequential millions 4Q22 Y/Y Change 2022 VS 2021 ■ Record Quarterly & Full Year Net Revenue Change Transactional $166 -15% 6% $669 -14% ■ Record Quarterly & Full Year Net Interest Income Asset Management 289 -9% -4% 1,263 5% ■ Record Full Year Asset Management Revenue Net Interest 285 105% 18% 880 72% ■ Added 36 Financial Advisors with Total Trailing Twelve Investment Banking 5 -57% 7% 20 -60% Month Production of $14 million Other (0) nm nm (5) nm Total Global Wealth Management Net $744 10% 6% $2,826 9% Revenue Comp. Ratio 44.1% -770 bps -240 bps 48.4% -430 bps Non-Comp. Ratio 13.3% -40 bps -30 bps 13.8% 170 bps Provision for credit loss $6 48% -7% $34 nm Pre-tax Margin 42.6% 810 bps 270 bps 37.8% 260 bps NET REVENUE & MARGIN Pre-tax Pre-provision Margin 43.4% 830 bps 260 bps 39.0% 250 bps $744 45% $750 $730 FINANCIAL ADVISOR & CLIENT ASSET METRICS $702 $698 40% $710 42.6% $682 Sequential $690 $674 millions 4Q22 Y/Y 39.9% Change 35% $670 Financial Advisors 2,242 1% 0% $650 34.5% 35.1% 30% $630 Independent Contractors 102 12% 0% $610 33.1% Total Financial Advisors 2,344 1% 0% 25% $590 Client AUA $389,818 -11% 7% $570 Fee-based Client Assets $144,952 -11% 7% 20% $550 4Q21 1Q22 2Q22 3Q22 4Q22 Private Client Fee-based Client Assets $126,043 -11% 6% Net Revenue Pre-tax Margin Quarterly Earnings Report 9 Margin Net Revenue (millions)

Wealth Management Metrics INCREASING PERCENTAGE OF RECURRING REVENUE RECRUITING DRIVES REVENUE GROWTH 100% $400 600 550 90% 24% $350 500 34% 32% 32% 80% 39% 33% $300 450 46% 51% 70% 400 $250 350 60% $200 300 50% 250 $150 40% 76% 200 66% 66% 66% 64% 30% $100 150 60% 53% 47% 100 20% $50 50 10% $- 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 Net Interest Income & Asset Management Fees Transactional & Investment Banking T-12 Cumulative Production Cumulative Gross FAs SUBSTANTIAL LOAN GROWTH TECHNOLOGY TO SUPPORT ADVICE-BASED MODEL $22,000 $20,622 ■ Stifel Wealth Tracker – online and mobile app: free/ secure / smart $20,000 aggregation / budgeting tools / advice when you want it / $16,836 $18,000 understand the markets / understand your complete financial $16,000 picture $14,000 $11,558 ■ Performance reporting tools – enhanced platform-wide capabilities $12,000 $10,014 with key vendor partners collaborating $10,000 $8,723 $7,174 $8,000 $5,820 ■ Cash management and digital banking capabilities in WM platform, $6,000 including client mobile app $3,333 $4,000 $2,000 ■ Video meetings, centralized technology support $0 2015 2016 2017 2018 2019 2020 2021 2022 Quarterly Earnings Report 10 millions millions Financial Advisors

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 4Q22 Y/Y Change 2022 VS 2021 Change ■ Third Highest Full Year Institutional Revenue Advisory $167 -46% 0% $715 -17% Capital Raising $52 -67% 3% $237 -64% ■ Second Highest Full Year Advisory Revenue Transactional $129 -20% 7% $571 -7% ■ Third Highest Full Year Transactional Revenue Total Institutional Revenue* $354 -44% 4% $1,536 -29% ■ Record Electronic Trading Platform Activity Comp. Ratio 62.4% 440 bps 0 bps 60.5% 240 bps Levels Non-Comp. Ratio 25.0% 1070 bps -80 bps 23.0% 710 bps Pre-tax Margin 12.6% -1510 bps 80 bps 16.5% -950 bps * Includes net interest, asset management, and other income MANAGING DIRECTORS BUILDING CAPACITY 229 240 $2,500 220 205 194 200 180 $2,000 180 163 152 160 146 $1,500 140 123 114 120 105 $1,000 87 100 80 $500 60 40 20 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Transactional Advisory Capital Raising *2022 revenue based on annualized results through 9/30/2022 * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 11 millions

Institutional Equities & Fixed Income INSTITUTIONAL EQUITIES REVENUE INSTITUTIONAL FIXED INCOME REVENUE Sequential Sequential millions 4Q22 Y/Y Change 2022 VS 2021 millions 4Q22 Y/Y Change 2022 VS 2021 Change Change Transactional $52 -21% 13% $201 -21% Transactional $77 -19% 4% $370 3% Capital Raising $24 -73% 1% $103 -76% Capital Raising $28 -57% 3% $134 -41% Total Equities $76 -51% 9% $304 -56% Total Fixed Income $105 -34% 4% $504 -14% HIGHLIGHTS HIGHLIGHTS ■ Third Highest Annual Institutional Fixed Income Revenue ■ Increased Market Share in U.S. Transactional Volume (High & Low Touch Trading) nd ■ 2 Highest Annual Fixed Income Transactional Revenue ■ Second Highest Crossing Rate for U.S. Transactional Volume ■ Increased Market Share to 15.3% for Number of Negotiated Transactions ■ Record Electronic Trading Results Driven by Growth in Algorithmic Trading REVENUE REVENUE $180 $200 $157 $161 $180 $160 $160 $160 $140 $136 $140 $39 $120 $105 $120 $101 $100 $86 $65 $40 $100 $76 $72 $70 $28 $27 $80 $91 $80 $29 $24 $60 $26 $24 $60 $40 $40 $20 $20 $95 $122 $96 $74 $77 $66 $57 $46 $46 $52 $0 $0 4Q21 1Q22 2Q22 3Q22 4Q22 4Q21 1Q22 2Q22 3Q22 4Q22 Transactional Underwriting Transactional Underwriting Quarterly Earnings Report 12 millions millions

Net Interest Income CONDENSED NET INTEREST INCOME NET INTEREST COMMENTARY Y/Y Change Sequential Change 4Q22 ■ 4Q22 Net Interest Income Increased 119% Y/Y. Average Average Average Average Average Average Balance Interest Balance Interest Balance Interest ■ Average Interest Earning Assets Increased $6.1 billion in 2022. Interest-earning Cash & Fed Funds Sold $1,642 4.45% 2% 419bps 26% 207 bps ■ Quarter End Deposits up 16% year-on-year Investment Portfolio $7,871 4.88% 6% 305 bps -1% 128 bps Loans $21,027 5.18% 40% 243 bps 3% 109 bps ■ NII Forecast for 2023: $1.2 billion - $1.3 billion Total Interest-earning Assets $33,202 5.02% 23% 287 bps 2% 128 bps ■ Up to $2 billion of loan growth Deposits $27,267 1.45% 29% 143 bps 5% 78 bps ■ Bank NIM of 405 bps – 425 bps Other Interest-bearing Liabilities $2,417 2.66% -11% 171 bps -21% 214 bps ■ 40% - 50% deposit beta Total Interest-bearing Liabilities $29,684 1.55% 25% 143 bps 2% 73 bps Net Interest Margin 3.64% 160 bps 64 bps NET INTEREST MARGIN LOAN & NII GROWTH 3.75% 4.00% 3.64% $25,000 $900 3.28% $800 3.50% 3.00% 2.88% $20,000 $700 3.00% 2.53% 2.44% $600 2.36% 2.50% 2.13% $15,000 2.04% $500 2.00% $400 $10,000 1.50% $300 1.00% $200 $5,000 $100 0.50% $0 $0 0.00% 2015 2016 2017 2018 2019 2020 2021 2022 4Q21 1Q22 2Q22 3Q22 4Q22 Loans NII NIM Bank NIM *2022 Represents $6 billion of loan growth & NII guidance Quarterly Earnings Report 13 Loans, net (millions) NII (millions)

Stifel Bancorp Inc. Loan & Investment Portfolio LOAN PORTFOLIO COMMERCIAL PORTFOLIO BY MAJOR SECTOR % of Total millions 4Q22 Portfolio Residential Real Estate $7,372 28% Fund (PE/VC Capital Call Lines) $4,175 16% Securities Based Lending 2,725 10% Industrials 1,124 4% Financials 884 3% Home Equity lines of Credit & Other $157 1% Total Consumer $10,254 38% Consumer Discretionary 797 3% Commercial Real Estate $676 3% Information Technology 601 2% Materials 332 1% Commercial 9,080 34% Healthcare 327 1% Construction and Land $593 2% Total Commercial $10,349 39% REITs 263 1% Communication Services 232 1% Total Loan Portfolio $20,603 77% Hotel, Leisure, Restaurants 142 1% Unfunded Commitments $6,146 23% Total $26,749 * Total excludes $157 million of loans classified as held for sale CLO BY MAJOR SECTOR INVESTMENT PORTFOLIO % of Total Healthcare & Pharmaceuticals $623 11% Portfolio Book Value (millions) 4Q22 High Tech Industries 598 10% CLO $5,932 76% Services: Business 537 9% Agency MBS 924 12% Banking, Finance, Insurance & Real Estate 503 8% Corporate Bonds 643 8% Construction & Building 249 4% SBA 156 2% Hotel, Gaming & Leisure 247 4% Student Loan ARS 122 2% Media: Broadcasting & Subscription 245 4% CMBS 71 1% Telecommunications 244 4% Others 40% Services: Consumer 241 4% Total Portfolio $7,852 100% Chemicals, Plastics & Rubber 239 4% Quarterly Earnings Report 14

CECL & Credit Metrics Economic Economic Economic Economic Economic Factors & Factors & Factors & Factors & Factors & Portfolio Portfolio Portfolio Portfolio Portfolio ASSUMPTIONS Changes, net of Changes, net of Changes, net of Changes, net of Changes, net of charge offs charge offs charge offs charge offs charge offs • Moody’s Forecast • 40% Baseline $6.0 • 30% Downside • 30% Upside $2.5 • Forecast Update for Most Recent Scenarios $11.7 • Includes Slowing Growth $151.8 • Incorporated a Management Overlay to Increase the $8.2 $145.9 $143.5 Severity of the Forecasted Economic Variables $4.0 $131.9 $123.6 ACL - 12.31.2021 ACL - 3.31.2022 ACL - 6.30.2022 ACL - 9.30.2022 ACL - 12.31.2022 ALLOWANCE FOR CREDIT LOSSES / TOTAL LOANS CREDIT BALANCES & NET CHARGE-OFFS 2.50% 3.00% 30,000,000 1.50% 1.30% 2.50% 25,000,000 2.00% 1.10% 20,000,000 2.00% 0.90% 1.50% 15,000,000 0.70% 1.50% 0.50% 1.00% 10,000,000 1.00% 0.30% 5,000,000 0.50% 0.10% 0.50% 0 -0.10% 2020 2021 1Q22 2Q22 3Q22 4Q22 0.00% 0.00% 4Q21 1Q22 2Q22 3Q22 4Q22 CLOs Retained Loans NCO (Recovery) as % Credit Balances Residential SBL CRE Construction C&I Unfunded / Other reserves* Total Reserve Ratio 15 Quarterly Earnings Report Total Credit Balances (000s) NCO/ Recoveries as % of Credit Balances)

Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 25% millions 4Q22 4Q21 Y/Y Change 63% 20% 61% Compensation $633 $750 -16% 15% 59% 59.5% Non-compensation Expense, 57% $219 $203 8% 10% 58.0% 58.1% Ex. IB Gross Up & Credit Loss 55% 57.5% 56.5% 5% Credit Loss Provision & IB Gross Up $12 $17 -27% 53% 51% 0% Non-compensation $231 $219 5% 4Q21 1Q22 2Q22 3Q22 4Q22 Pre-tax Income $257 $335 -23% Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $900 $800 (000s) 4Q22 $700 $600 GAAP Net Income $176,621 $500 $400 Preferred Dividend $9,320 $300 $200 Net Income available to common Shareholders $167,301 $100 $0 Non-GAAP After Tax Adjustments $17,574 2018 2019 2020 2021 2022 Non-GAAP Net Income Available to Common $184,875 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our fourth quarter 2022 earnings release. *2022 revenue based on annualized results through 930/2022 Quarterly Earnings Report 16 millions Compensation Ratio Non-compensation Ratio

Concluding Remarks Quarterly Earnings Report

Fourth Quarter & Full Year 2022 Financial Results Presentation January 25, 2023 Quarterly Earnings Report

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, 2021. 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. Quarterly Earnings Report 19