スティーフルフィナンシャルの適時開示・決算・その他

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 24, 2024

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)


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

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

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

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

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


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

5.20% Senior Notes due 2047	SFB	New York Stock Exchange

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On January 24, 2024, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter and year ended December 31, 2023. 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, 2023 is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, January 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.

(d) Exhibits.


Exhibit Number		Description

99.1		Press release dated January 24, 2024.
99.2		Financial Supplement for the quarter and year ended December 31, 2023.
99.3		Financial Results Presentation, dated January 24, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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


		STIFEL FINANCIAL CORP.
		(Registrant)

Date: January 24, 2024	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

EX-99.1 2 d720720dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Stifel Reports Fourth Quarter and Full Year Results

ST. LOUIS, MO, January 24, 2024 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.15 billion for the three months ended December 31, 2023, compared with $1.12 billion a year ago. Net income available to common shareholders of $153.2 million, or $1.38 per diluted common share, compared with $167.3 million, or $1.43 per diluted common share for the fourth quarter of 2022. Non-GAAP net income available to common shareholders of $166.6 million, or $1.50 per diluted common share for the fourth quarter of 2023.

Net revenues of $4.35 billion for the year ended December 31, 2023 compared to $4.39 billion a year ago. Net income available to common shareholders of $485.3 million, or $4.28 per diluted common share, compared with $624.9 million, or $5.32 per diluted common share in 2022. Non-GAAP net income available to common shareholders of $531.5 million, or $4.68 per diluted common share in 2023.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel’s strong 2023 results underscore the importance of our diversified business model as the operating environment was less than ideal. Given our position as a premier wealth management firm and middle market investment bank, as well as the increased scale of our business, we see significant opportunities for top and bottom line growth as market conditions improve.”

Full Year Highlights

•

The Company reported net revenues of $4.35 billion, the third highest year in its history, as our business navigated an environment that remains challenging.

•

Non-GAAP net income available to common shareholders of $4.68.

•

Record net interest income, up 28% over 2022.

•

Record asset management revenues, up 3% over 2022.

•

Recruited 171 financial advisors during the year, including 76 experienced employee advisors and 9 experienced independent advisors.

•

Non-GAAP pre-tax margin of 18% was negatively impacted by elevated provisions for legal and regulatory matters.

•

Return on average tangible common equity (ROTCE) (5) of 17%.

Fourth Quarter Highlights

•

Quarterly net revenues of $1.15 billion.

•

Non-GAAP net income available to common shareholders of $1.50.

•

Recruited 40 financial advisors during the quarter, including 12 experienced employee advisors and 1 experienced independent advisor.

•

Non-GAAP pre-tax margin of 19%.

•

Annualized ROTCE (5) of 21%.

•

Tangible book value per common share (7) of $31.28, up 2% from prior year.

Other Highlights

•

Board of Directors authorized a 17% increase in common stock dividend starting in the first quarter of 2024.


Financial Summary (Unaudited)
(000s)	4Q 2023			4Q 2022			FY 2023			FY 2022
GAAP Financial Highlights:
Net revenues	$	1,146,379		$	1,121,647		$	4,348,944		$	4,391,439
Net income (1)	$	153,164		$	167,301		$	485,255		$	624,874
Diluted EPS (1)	$	1.38		$	1.43		$	4.28		$	5.32
Comp. ratio		58.8	%		57.8	%		58.7	%		58.9	%
Non-comp. ratio		23.2	%		21.4	%		25.1	%		20.9	%
Pre-tax margin		18.0	%		20.8	%		16.2	%		20.2	%
Non-GAAP Financial Highlights:
Net revenues	$	1,146,419		$	1,121,643		$	4,348,958		$	4,391,490
Net income (1) (2)	$	166,587		$	184,875		$	531,524		$	675,071
Diluted EPS (1) (2)	$	1.50		$	1.58		$	4.68		$	5.74
Comp. ratio (2)		58.0	%		56.5	%		58.0	%		58.0	%
Non-comp. ratio (2)		22.6	%		20.6	%		24.3	%		20.3	%
Pre-tax margin (3)		19.4	%		22.9	%		17.7	%		21.7	%
ROCE (4)		14.6	%		16.0	%		11.5	%		15.0	%
ROTCE (5)		21.3	%		22.9	%		16.6	%		21.8	%
Global Wealth Management (assets and loans in millions)
Net revenues	$	766,028		$	744,341		$	3,049,962		$	2,825,866
Pre-tax net income	$	301,360		$	317,071		$	1,215,822		$	1,067,571
Total client assets	$	444,318		$	389,818
Fee-based client assets	$	165,301		$	144,952
Bank loans (6)	$	19,730		$	20,622
Institutional Group
Net revenues	$	359,292		$	353,882		$	1,226,317		$	1,536,017
Equity	$	200,915		$	220,033		$	709,286		$	935,507
Fixed Income	$	158,377		$	133,849		$	517,031		$	600,510
Pre-tax net income	$	7,771		$	44,512		$	2,100		$	254,132

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 $766.0 million for the three months ended December 31, 2023 compared with $744.3 million during the fourth quarter of 2022.

LOGO

Global Wealth Management

Fourth Quarter Results

Pre-tax net income was $301.4 million compared with $317.1 million in the fourth quarter of 2022.

Highlights

•

Recruited 40 financial advisors during the quarter, including 12 experienced employee advisors and 1 experienced independent advisor with total trailing 12 month production of $8 million.

•

Client assets of $444.3 billion, up 14% over the year-ago quarter.

•

Fee-based client assets of $165.3 billion, up 14% over the year-ago quarter.

Net revenues increased 3% from a year ago:

•

Transactional revenues increased 2% over the year-ago quarter reflecting an increase in client activity.

•

Asset management revenues increased 14% over the year-ago quarter reflecting higher asset values.

•

Net interest income decreased 10% from the year-ago quarter driven by changes in deposit mix, partially offset by higher interest rates.

Total Expenses:

•

Compensation expense as percent of net revenues increased to 46.9% primarily as a result of higher compensable revenues.

•

Provision for credit losses decreased from a year ago as a result of reserve reductions in certain asset classes driven by an improved macroeconomic environment, partially offset by deteriorating conditions in the commercial real estate sector.

•

Non-compensation operating expenses as a percent of net revenues increased to 13.8% primarily as a result of higher litigation-related and insurance expenses, partially offset by revenue growth and a decrease in the provision for credit losses over the year-ago quarter.


Summary Results of Operations
(000s)	4Q 2023			4Q 2022
Net revenues	$	766,028		$	744,341
Transactional revenues		169,471			165,557
Asset management		330,498			289,445
Net interest income		257,920			284,998
Investment banking		4,562			4,814
Other income		3,577			(473	)
Total expenses	$	464,668		$	427,270
Compensation expense		359,376			328,099
Provision for credit losses		(37	)		6,028
Non-comp. opex		105,329			93,143
Pre-tax net income	$	301,360		$	317,071
Compensation ratio		46.9	%		44.1	%
Non-compensation ratio		13.8	%		13.3	%
Pre-tax margin		39.3	%		42.6	%

Stifel Financial Corp. | Page 2

LOGO

Institutional Group

Fourth Quarter Results

Institutional Group reported net revenues of $359.3 million for the three months ended December 31, 2023 compared with $353.9 million during the fourth quarter of 2022. Pre-tax net income was $7.8 million compared with $44.5 million in the fourth quarter of 2022.

Highlights

Investment banking revenues decreased 8% from a year ago:

•

Advisory revenues of $129.4 million decreased 23% from the year-ago quarter driven by lower levels of completed advisory transactions.

•

Equity capital raising revenues increased 31% over the year-ago quarter driven by higher volumes.

•

Fixed income capital raising revenues increased 45% over the year-ago quarter driven by an increase in our public finance business.

Fixed income transactional revenues increased 32% from a year ago:

•

Fixed income transactional revenues increased from the year-ago quarter driven by improved market conditions and increased client activity.

Equity transactional revenues increased 9% from a year ago:

•

Equity transactional revenues increased from the year-ago quarter driven by higher trading gains.

Total Expenses:

•

Compensation expense as a percent of net revenues increased to 69.3% primarily driven by lower compensable revenues.

•

Non-compensation operating expenses as a percent of net revenues increased to 28.5% as a result of higher professional fees, travel-related expenses, and occupancy costs, as well as continued investments in technology.


Summary Results of Operations
(000s)	4Q 2023			4Q 2022
Net revenues	$	359,292		$	353,882
Investment banking		201,102			218,891
Advisory		129,378			166,935
Equity capital raising		31,510			24,127
Fixed income capital raising		40,214			27,829
Fixed income transactional		102,019			77,320
Equity transactional		56,501			51,850
Other		(330	)		5,821
Total expenses	$	351,521		$	309,370
Compensation expense		248,970			220,730
Non-comp. opex.		102,551			88,640
Pre-tax net income	$	7,771		$	44,512
Compensation ratio		69.3	%		62.4	%
Non-compensation ratio		28.5	%		25.0	%
Pre-tax margin		2.2	%		12.6	%

Stifel Financial Corp. | Page 3

LOGO

Global Wealth Management

Full Year Results

Global Wealth Management reported record net revenues of $3.0 billion for the year ended December 31, 2023 compared with $2.8 billion in 2022. Pre-tax net income was $1.2 billion compared with $1.1 million in 2022.

Highlights

•

Recruited 171 financial advisors during the year, including 76 experienced employee advisors and 9 experienced independent advisors with total trailing 12 month production of $69 million.

•

Pre-tax margin of 40%, up from 38% in 2022.

Net revenues increased 8% from prior year:

•

Transactional revenues decreased 2% from prior year reflecting a decrease in client activity amid uncertainty in the markets.

•

Asset management revenues increased 3% from prior year reflecting higher asset values.

•

Net interest income increased 24% from prior year primarily driven by higher interest rates.

Total Expenses:

•

Compensation expense as a percent of net revenues decreased to 46.4% primarily as a result of higher net interest income.

•

Provision for credit losses was primarily impacted by a slightly better macroeconomic forecast, partially offset by a deterioration in certain asset classes.

•

Non-compensation operating expenses as a percent of net revenues decreased to 13.7% primarily as a result of revenue growth and expense discipline.


Summary Results of Operations
(000s)	FY 2023			FY 2022
Net revenues	$	3,049,962		$	2,825,866
Transactional revenues		654,231			668,912
Asset management		1,299,361			1,262,841
Net interest income		1,086,628			879,780
Investment banking		16,680			19,515
Other income		(6,938	)		(5,182	)
Total expenses	$	1,834,140		$	1,758,295
Compensation expense		1,415,210			1,368,576
Provision for credit losses		22,699			33,506
Non-comp. opex		396,231			356,213
Pre-tax net income	$	1,215,822		$	1,067,571
Compensation ratio		46.4	%		48.4	%
Non-compensation ratio		13.7	%		13.8	%
Pre-tax margin		39.9	%		37.8	%

Stifel Financial Corp. | Page 4

LOGO

Institutional Group

Full Year Results

Institutional Group reported net revenues of $1.2 billion for the year ended December 31, 2023 compared with $1.5 billion in 2022. Pre-tax net income was $2.1 million compared with $254.1 million in 2022.

Highlights

Investment banking revenues decreased 25% from prior year:

•

Advisory revenues of $465.6 million decreased 35% from prior year driven by lower levels of completed advisory transactions.

•

Equity capital raising revenues increased 4% from prior year driven by higher volumes.

•

Fixed income capital raising revenues increased 6% from prior year driven by an increase in our corporate debt issuance business.

Fixed income transactional revenues decreased 17% from prior year:

•

Fixed income transactional revenues decreased from prior year driven by declines across most products as a result of lower volumes and lower market volatility compared with elevated levels in the prior year, partially offset by higher trading gains.

Equity transactional revenues remained relatively consistent with prior year:

•

Equity transactional revenues increased slightly from prior year driven by an increase trading gains.

Total Expenses:

•

Compensation expense as a percent of net revenues increased to 68.6% primarily as a result of lower compensable revenues.

•

Non-compensation operating expenses as a percent of net revenues increased to 31.2% as a result of lower net revenues, higher travel-related expenses, and investments in technology, partially offset by lower investment banking expenses.


Summary Results of Operations
(000s)	FY 2023			FY 2022
Net revenues	$	1,226,317		$	1,536,017
Investment banking		714,575			951,970
Advisory		465,588			714,623
Equity capital raising		107,340			103,437
Fixed income capital raising		141,647			133,910
Fixed income transactional		308,393			370,198
Equity transactional		201,413			200,512
Other		1,936			13,337
Total expenses	$	1,224,217		$	1,281,885
Compensation expense		841,671			929,606
Non-comp. opex.		382,546			352,279
Pre-tax net income	$	2,100		$	254,132
Compensation ratio		68.6	%		60.5	%
Non-compensation ratio		31.2	%		23.0	%
Pre-tax margin		0.2	%		16.5	%

Stifel Financial Corp. | Page 5

LOGO

Other Matters

Highlights

•

Total assets increased $531.3 million, or 1%, over the year-ago quarter.

•

The Board of Directors approved a 17% increase in the quarterly dividend to $0.42 per common share starting in the first quarter of 2024.

•

The Company repurchased $141.1 million of its outstanding common stock during the fourth quarter. During 2023, the Company repurchased $441.3 million of its outstanding common stock.

•

Weighted average diluted shares outstanding decreased as a result of the increase in share repurchases over the comparable periods.

•

The Board of Directors declared a $0.36 quarterly dividend per share payable on December 15, 2023 to common shareholders of record on December 1, 2023.

•

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on December 15, 2023 to shareholders of record on December 1, 2023.


	4Q 2023			4Q 2022			FY 2023			FY 2022
Common stock repurchases
Repurchases (000s) (8)	$	141,138		$	75,164		$	441,289		$	105,831
Number of shares (000s) (8)		2,345			1,252			7,175			1,757
Average price	$	60.18		$	60.06		$	61.16		$	64.50
Period end shares (000s)		101,062			105,348			101,062			105,348
Weighted average diluted shares outstanding (000s)		111,330			117,223			113,453			117,540
Effective tax rate		21.1	%		24.4	%		26.1	%		25.2	%
Stifel Financial Corp. (9)
Tier 1 common capital ratio		14.2	%		14.6	%
Tier 1 risk based capital ratio		17.2	%		17.6	%
Tier 1 leverage capital ratio		10.5	%		11.1	%
Tier 1 capital (MM)	$	3,916		$	4,048
Risk weighted assets (MM)	$	22,738		$	23,027
Average assets (MM)	$	37,451		$	36,479
Quarter end assets (MM)	$	37,727		$	37,196
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 2023 financial results conference call on Wednesday, January 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 4717221. 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; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

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

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

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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)	12/31/2023		12/31/2022		% Change			9/30/2023		% Change			12/31/2023		12/31/2022		% Change
Revenues:
Commissions	$	173,614	$	168,945		2.8		$	165,075		5.2		$	673,597	$	710,589		(5.2	)
Principal transactions		154,377		125,781		22.7			114,841		34.4			490,440		529,033		(7.3	)
Investment banking		205,664		223,706		(8.1	)		146,887		40.0			731,255		971,485		(24.7	)
Asset management		330,536		289,462		14.2			333,127		(0.8	)		1,299,496		1,262,919		2.9
Other income		9,687		11,862		(18.3	)		459		nm			8,747		19,685		(55.6	)
Operating revenues		873,878		819,756		6.6			760,389		14.9			3,203,535		3,493,711		(8.3	)
Interest revenue		516,213		416,731		23.9			505,198		2.2			1,955,745		1,099,115		77.9
Total revenues		1,390,091		1,236,487		12.4			1,265,587		9.8			5,159,280		4,592,826		12.3
Interest expense		243,712		114,840		112.2			220,536		10.5			810,336		201,387		302.4
Net revenues		1,146,379		1,121,647		2.2			1,045,051		9.7			4,348,944		4,391,439		(1.0	)
Non-interest expenses:
Compensation and benefits		674,437		647,962		4.1			613,287		10.0			2,554,581		2,586,232		(1.2	)
Non-compensation operating expenses		265,947		239,988		10.8			322,335		(17.5	)		1,087,671		920,091		18.2
Total non-interest expenses		940,384		887,950		5.9			935,622		0.5			3,642,252		3,506,323		3.9
Income before income taxes		205,995		233,697		(11.9	)		109,429		88.2			706,692		885,116		(20.2	)
Provision for income taxes		43,511		57,076		(23.8	)		41,268		5.4			184,156		222,961		(17.4	)
Net income		162,484		176,621		(8.0	)		68,161		138.4			522,536		662,155		(21.1	)
Preferred dividends		9,320		9,320		0.0			9,321		(0.0	)		37,281		37,281		0.0
Net income available to common shareholders	$	153,164	$	167,301		(8.5	)	$	58,840		160.3		$	485,255	$	624,874		(22.3	)
Earnings per common share:
Basic	$	1.47	$	1.54		(4.5	)	$	0.55		167.3		$	4.55	$	5.74		(20.7	)
Diluted	$	1.38	$	1.43		(3.5	)	$	0.52		165.4		$	4.28	$	5.32		(19.5	)
Cash dividends declared per common share	$	0.36	$	0.30		20.0		$	0.36		—		$	1.44	$	1.20		20.0
Weighted average number of common shares outstanding:
Basic		103,934		108,344		(4.1	)		106,068		(2.0	)		106,661		108,848		(2.0	)
Diluted		111,330		117,223		(5.0	)		113,195		(1.6	)		113,453		117,540		(3.5	)

Stifel Financial Corp. | Page 8

Non-GAAP Financial Measures (10)


	Three Months Ended						Year Ended
(000s, except per share amounts)	12/31/2023			12/31/2022			12/31/2023			12/31/2022
GAAP net income	$	162,484		$	176,621		$	522,536		$	662,155
Preferred dividend		9,320			9,320			37,281			37,281
Net income available to common shareholders		153,164			167,301			485,255			624,874

Non-GAAP adjustments:
Merger-related (11)		16,921			23,497			63,222			67,099
Provision for income taxes (12)		(3,498	)		(5,923	)		(16,953	)		(16,902	)
Total non-GAAP adjustments		13,423			17,574			46,269			50,197
Non-GAAP net income available to common shareholders	$	166,587		$	184,875		$	531,524		$	675,071
Weighted average diluted shares outstanding		111,330			117,223			113,453			117,540

GAAP earnings per diluted common share	$	1.46		$	1.51		$	4.61		$	5.63
Non-GAAP adjustments		0.12			0.15			0.40			0.43
Non-GAAP earnings per diluted common share	$	1.58		$	1.66		$	5.01		$	6.06
GAAP earnings per diluted common share available to common shareholders	$	1.38		$	1.43		$	4.28		$	5.32
Non-GAAP adjustments		0.12			0.15			0.40			0.42
Non-GAAP earnings per diluted common share available to common shareholders	$	1.50		$	1.58		$	4.68		$	5.74

GAAP to Non-GAAP Reconciliation (10)


	Three Months Ended						Year Ended
(000s)	12/31/2023			12/31/2022			12/31/2023			12/31/2022
GAAP compensation and benefits	$	674,437		$	647,962		$	2,554,581		$	2,586,232
As a percentage of net revenues		58.8	%		57.8	%		58.7	%		58.9	%
Non-GAAP adjustments:
Merger-related (11)		(9,203	)		(14,570	)		(32,150	)		(39,114	)
Non-GAAP compensation and benefits	$	665,234		$	633,392		$	2,522,431		$	2,547,118
As a percentage of non-GAAP net revenues		58.0	%		56.5	%		58.0	%		58.0	%

GAAP non-compensation expenses	$	265,947		$	239,988		$	1,087,671		$	920,091
As a percentage of net revenues		23.2	%		21.4	%		25.1	%		20.9	%
Non-GAAP adjustments:
Merger-related (11)		(7,678	)		(8,931	)		(31,058	)		(27,934	)
Non-GAAP non-compensation expenses	$	258,269		$	231,057		$	1,056,613		$	892,157
As a percentage of non-GAAP net revenues		22.6	%		20.6	%		24.3	%		20.3	%
Total merger-related expenses	$	16,921		$	23,497		$	63,222		$	67,099

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 $71.1 million and $60.4 million as of December 31, 2023 and 2022, 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)	Common stock repurchases for the years ended December 31, 2023 and 2022 exclude $77.0 million (1.3 million shares) and $86.6 million (1.2 million shares), respectively, of net-share settlements in connection with the Company’s equity compensation plan.

(9)	Capital ratios are estimates as time of the Company’s earnings release, January 24, 2024.

(10)

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.

(11)

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.

(12)	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 d720720dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

LOGO

Fourth Quarter and Full Year 2023 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

Stifel Bancorp - Loan and Investment Portfolio		12

Loans and Lending Commitments - Allowance for Credit Losses		13

Consolidated Net Interest Income		14

Stifel Bancorp Net Interest Income		15

GAAP to Core Reconciliation		16

Footnotes		17

Disclaimer and Legal Notice		18


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 1 of 18

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Consolidated Financial Highlights


	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2023		12/31/2022		% Change			9/30/2023		% Change			12/31/2023		12/31/2022		% Change
Net revenues	$	1,146,379	$	1,121,647		2.2	%	$	1,045,051		9.7	%	$	4,348,944	$	4,391,439		(1.0	%)
Net income	$	162,484	$	176,621		(8.0	%)	$	68,161		138.4	%	$	522,536	$	662,155		(21.1	%)
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		37,281		37,281		0.0	%

Net income available to common shareholders	$	153,164	$	167,301		(8.5	%)	$	58,840		160.3	%	$	485,255	$	624,874		(22.3	%)
Earnings per diluted common share	$	1.46	$	1.51		(3.3	%)	$	0.60		143.3	%	$	4.61	$	5.63		(18.1	%)
Earnings per diluted common share available to common shareholders	$	1.38	$	1.43		(3.5	%)	$	0.52		165.4	%	$	4.28	$	5.32		(19.5	%)
Non-GAAP financial summary (1):
Net revenues	$	1,146,419	$	1,121,643		2.2	%	$	1,045,028		9.7	%	$	4,348,958	$	4,391,490		(1.0	%)
Net income	$	175,907	$	194,195		(9.4	%)	$	76,734		129.2	%	$	568,805	$	712,352		(20.2	%)
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		37,281		37,281		0.0	%

Net income available to common shareholders	$	166,587		184,875		(9.9	%)		67,413		147.1	%		531,524		675,071		(21.3	%)
Earnings per diluted common share	$	1.58	$	1.66		(4.8	%)	$	0.68		132.4	%	$	5.01	$	6.06		(17.3	%)
Earnings per diluted common share available to common shareholders	$	1.50	$	1.58		(5.1	%)	$	0.60		150.0	%	$	4.68	$	5.74		(18.5	%)

Weighted average number of common shares outstanding:
Basic		103,934		108,344		(4.1	%)		106,068		(2.0	%)		106,661		108,848		(2.0	%)
Diluted		111,330		117,223		(5.0	%)		113,195		(1.6	%)		113,453		117,540		(3.5	%)
Period end common shares outstanding		101,062		105,348		(4.1	%)		103,120		(2.0	%)		101,062		105,348		(4.1	%)
Cash dividends declared per common share	$	0.36	$	0.30		20.0	%	$	0.36		0.0	%	$	1.44	$	1.20		20.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 2 of 18

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GAAP Consolidated Results of Operations


	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2023		12/31/2022		% Change			9/30/2023		% Change			12/31/2023		12/31/2022		% Change
Revenues:
Commissions	$	173,614	$	168,945		2.8	%	$	165,075		5.2	%	$	673,597	$	710,589		(5.2	%)
Principal transactions		154,377		125,781		22.7	%		114,841		34.4	%		490,440		529,033		(7.3	%)

Transactional revenues		327,991		294,726		11.3	%		279,916		17.2	%		1,164,037		1,239,622		(6.1	%)
Capital raising		76,286		56,771		34.4	%		49,615		53.8	%		265,667		256,862		3.4	%
Advisory		129,378		166,935		(22.5	%)		97,272		33.0	%		465,588		714,623		(34.8	%)

Investment banking		205,664		223,706		(8.1	%)		146,887		40.0	%		731,255		971,485		(24.7	%)
Asset management		330,536		289,462		14.2	%		333,127		(0.8	%)		1,299,496		1,262,919		2.9	%
Other income		9,687		11,862		(18.3	%)		459		nm			8,747		19,685		(55.6	%)

Operating revenues		873,878		819,756		6.6	%		760,389		14.9	%		3,203,535		3,493,711		(8.3	%)
Interest revenue		516,213		416,731		23.9	%		505,198		2.2	%		1,955,745		1,099,115		77.9	%

Total revenues		1,390,091		1,236,487		12.4	%		1,265,587		9.8	%		5,159,280		4,592,826		12.3	%
Interest expense		243,712		114,840		112.2	%		220,536		10.5	%		810,336		201,387		302.4	%

Net revenues		1,146,379		1,121,647		2.2	%		1,045,051		9.7	%		4,348,944		4,391,439		(1.0	%)

Non-interest expenses:
Compensation and benefits		674,437		647,962		4.1	%		613,287		10.0	%		2,554,581		2,586,232		(1.2	%)
Occupancy and equipment rental		88,182		80,740		9.2	%		84,396		4.5	%		339,322		313,247		8.3	%
Communication and office supplies		47,332		45,209		4.7	%		46,215		2.4	%		184,652		175,135		5.4	%
Commissions and floor brokerage		15,379		13,183		16.7	%		14,413		6.7	%		58,344		57,752		1.0	%
Provision for credit losses		2,263		6,028		(62.5	%)		9,992		(77.4	%)		24,999		33,506		(25.4	%)
Other operating expenses		112,791		94,828		18.9	%		167,319		(32.6	%)		480,354		340,451		41.1	%

Total non-interest expenses		940,384		887,950		5.9	%		935,622		0.5	%		3,642,252		3,506,323		3.9	%
Income before income taxes		205,995		233,697		(11.9	%)		109,429		88.2	%		706,692		885,116		(20.2	%)
Provision for income taxes		43,511		57,076		(23.8	%)		41,268		5.4	%		184,156		222,961		(17.4	%)

Net income		162,484		176,621		(8.0	%)		68,161		138.4	%		522,536		662,155		(21.1	%)
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		37,281		37,281		0.0	%

Net income available to common shareholders	$	153,164	$	167,301		(8.5	%)	$	58,840		160.3	%	$	485,255	$	624,874		(22.3	%)

Earnings per common share:
Basic	$	1.47	$	1.54		(4.5	%)	$	0.55		167.3	%	$	4.55	$	5.74		(20.7	%)
Diluted	$	1.38	$	1.43		(3.5	%)	$	0.52		165.4	%	$	4.28	$	5.32		(19.5	%)
Weighted average number of common shares outstanding:
Basic		103,934		108,344		(4.1	%)		106,068		(2.0	%)		106,661		108,848		(2.0	%)
Diluted		111,330		117,223		(5.0	%)		113,195		(1.6	%)		113,453		117,540		(3.5	%)
Cash dividends declared per common share	$	0.36	$	0.30		20.0	%	$	0.36		0.0	%	$	1.44	$	1.20		20.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 3 of 18

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Non-GAAP Consolidated Results of Operations (1)


	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2023		12/31/2022		% Change			9/30/2023		% Change			12/31/2023		12/31/2022		% Change
Revenues:
Commissions	$	173,614	$	168,945		2.8	%	$	165,075		5.2	%	$	673,597	$	710,589		(5.2	%)
Principal transactions		154,377		125,781		22.7	%		114,841		34.4	%		490,440		529,033		(7.3	%)

Transactional revenues		327,991		294,726		11.3	%		279,916		17.2	%		1,164,037		1,239,622		(6.1	%)
Capital raising		76,286		56,771		34.4	%		49,615		53.8	%		265,667		256,862		3.4	%
Advisory		129,378		166,935		(22.5	%)		97,272		33.0	%		465,588		714,623		(34.8	%)

Investment banking		205,664		223,706		(8.1	%)		146,887		40.0	%		731,255		971,485		(24.7	%)
Asset management		330,536		289,462		14.2	%		333,127		(0.8	%)		1,299,496		1,262,919		2.9	%
Other income		9,726		11,857		(18.0	%)		436		nm			8,763		19,680		(55.5	%)

Operating revenues		873,917		819,751		6.6	%		760,366		14.9	%		3,203,551		3,493,706		(8.3	%)
Interest revenue		516,213		416,731		23.9	%		505,198		2.2	%		1,955,745		1,099,115		77.9	%

Total revenues		1,390,130		1,236,482		12.4	%		1,265,564		9.8	%		5,159,296		4,592,821		12.3	%
Interest expense		243,711		114,839		112.2	%		220,536		10.5	%		810,338		201,331		302.5	%

Net revenues		1,146,419		1,121,643		2.2	%		1,045,028		9.7	%		4,348,958		4,391,490		(1.0	%)

Non-interest expenses:
Compensation and benefits		665,234		633,392		5.0	%		606,116		9.8	%		2,522,431		2,547,118		(1.0	%)
Occupancy and equipment rental		88,127		80,555		9.4	%		84,342		4.5	%		339,087		312,590		8.5	%
Communication and office supplies		47,328		45,203		4.7	%		46,215		2.4	%		184,642		175,066		5.5	%
Commissions and floor brokerage		15,379		13,183		16.7	%		14,413		6.7	%		58,344		57,752		1.0	%
Provision for credit losses		2,263		6,028		(62.5	%)		9,992		(77.4	%)		24,999		33,506		(25.4	%)
Other operating expenses		105,172		86,088		22.2	%		160,750		(34.6	%)		449,541		313,243		43.5	%

Total non-interest expenses		923,503		864,449		6.8	%		921,828		0.2	%		3,579,044		3,439,275		4.1	%
Income before income taxes		222,916		257,194		(13.3	%)		123,200		80.9	%		769,914		952,215		(19.1	%)
Provision for income taxes		47,009		62,999		(25.4	%)		46,466		1.2	%		201,109		239,863		(16.2	%)

Net income		175,907		194,195		(9.4	%)		76,734		129.2	%		568,805		712,352		(20.2	%)
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		37,281		37,281		0.0	%

Net income available to common shareholders	$	166,587	$	184,875		(9.9	%)	$	67,413		147.1	%	$	531,524	$	675,071		(21.3	%)

Earnings per common share:
Basic	$	1.60	$	1.71		(6.4	%)	$	0.64		150.0	%	$	4.98	$	6.20		(19.7	%)
Diluted	$	1.50	$	1.58		(5.1	%)	$	0.60		150.0	%	$	4.68	$	5.74		(18.5	%)
Weighted average number of common shares outstanding:
Basic		103,934		108,344		(4.1	%)		106,068		(2.0	%)		106,661		108,848		(2.0	%)
Diluted		111,330		117,223		(5.0	%)		113,195		(1.6	%)		113,453		117,540		(3.5	%)
Cash dividends declared per common share	$	0.36	$	0.30		20.0	%	$	0.36		0.0	%	$	1.44	$	1.20		20.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 4 of 18

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Consolidated Financial Summary


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2023			12/31/2022			% Change			9/30/2023			% Change			12/31/2023			12/31/2022			% Change
Net revenues:
Global Wealth Management	$	766,028		$	744,341			2.9	%	$	768,558			(0.3	%)	$	3,049,962		$	2,825,866			7.9	%
Institutional Group		359,292			353,882			1.5	%		256,888			39.9	%		1,226,317			1,536,017			(20.2	%)
Other		21,059			23,424			(10.1	%)		19,605			7.4	%		72,665			29,556			145.9	%

Total net revenues	$	1,146,379		$	1,121,647			2.2	%	$	1,045,051			9.7	%	$	4,348,944		$	4,391,439			(1.0	%)
Operating expenses:
Global Wealth Management	$	464,668		$	427,270			8.8	%	$	470,109			(1.2	%)	$	1,834,140		$	1,758,295			4.3	%
Institutional Group		351,521			309,370			13.6	%		284,692			23.5	%		1,224,217			1,281,885			(4.5	%)
Other		124,195			151,310			(17.9	%)		180,821			(31.3	%)		583,895			466,143			25.3	%

Total operating expenses	$	940,384		$	887,950			5.9	%	$	935,622			0.5	%	$	3,642,252		$	3,506,323			3.9	%
Operating contribution:
Global Wealth Management	$	301,360		$	317,071			(5.0	%)	$	298,449			1.0	%	$	1,215,822		$	1,067,571			13.9	%
Institutional Group		7,771			44,512			(82.5	%)		(27,804	)		(127.9	%)		2,100			254,132			(99.2	%)
Other		(103,136	)		(127,886	)		(19.4	%)		(161,216	)		(36.0	%)		(511,230	)		(436,587	)		17.1	%

Income before income taxes	$	205,995		$	233,697			(11.9	%)	$	109,429			88.2	%	$	706,692		$	885,116			(20.2	%)
Financial ratios:
Compensation and benefits		58.8	%		57.8	%		100			58.7	%		10			58.7	%		58.9	%		(20	)
Non-compensation operating expenses		23.2	%		21.4	%		180			30.8	%		(760	)		25.1	%		20.9	%		420
Income before income taxes		18.0	%		20.8	%		(280	)		10.5	%		750			16.2	%		20.2	%		(400	)
Effective tax rate		21.1	%		24.4	%		(330	)		37.7	%		(1,660	)		26.1	%		25.2	%		90


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 5 of 18

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Consolidated Financial Information and Metrics


	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	12/31/2023			12/31/2022			% Change			9/30/2023			% Change
Financial Information:
Total assets	$	37,727,460		$	37,196,124			1.4	%	$	37,877,577			(0.4	%)
Total shareholders’ equity	$	5,294,431		$	5,328,471			(0.6	%)	$	5,242,594			1.0	%
Total common equity	$	4,609,431		$	4,643,471			(0.7	%)	$	4,557,594			1.1	%
Goodwill and intangible assets	$	(1,521,522	)	$	(1,457,137	)		4.4	%	$	(1,526,572	)		(0.3	%)
DTL on goodwill and intangible assets	$	72,927		$	61,225			19.1	%	$	69,187			5.4	%

Tangible common equity	$	3,160,836		$	3,247,559			(2.7	%)	$	3,100,209			2.0	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	45.61		$	44.08			3.5	%	$	44.20			3.2	%
Tangible book value per common share (2)	$	31.28		$	30.83			1.5	%	$	30.06			4.1	%
Return on common equity (3)		13.4	%		14.5	%					5.1	%
Non-GAAP return on common equity (1)(3)		14.6	%		16.0	%					5.8	%
Return on tangible common equity (4)		19.6	%		20.7	%					7.4	%
Non-GAAP return on tangible common equity (1)(4)		21.3	%		22.9	%					8.5	%
Pre-tax margin on net revenues		18.0	%		20.8	%					10.5	%
Non-GAAP pre-tax margin on net revenues (1)		19.4	%		22.9	%					11.8	%
Effective tax rate		21.1	%		24.4	%					37.7	%
Non-GAAP effective tax rate (1)		21.1	%		24.5	%					37.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 6 of 18

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Regulatory Capital


	As of and for the Three Months Ended
(Unaudited, 000s)	12/31/2023			12/31/2022			% Change			9/30/2023			% Change
SF Regulatory Capital (5):
Common equity tier 1 capital	$	3,230,965		$	3,363,138			(3.9	%)	$	3,228,952			0.1	%
Tier 1 capital	$	3,915,965		$	4,048,138			(3.3	%)	$	3,913,952			0.1	%
Risk-weighted assets	$	22,737,914		$	23,026,900			(1.3	%)	$	23,218,858			(2.1	%)
Common equity tier 1 capital ratio		14.2	%		14.6	%					13.9	%
Tier 1 risk based capital ratio		17.2	%		17.6	%					16.9	%
Tier 1 leverage capital ratio		10.5	%		11.1	%					10.8	%
Stifel Bank & Trust Regulatory Capital (5):
Common equity tier 1 capital	$	1,344,589		$	1,620,995			(17.1	%)	$	1,489,819			(9.7	%)
Tier 1 capital	$	1,344,589		$	1,620,995			(17.1	%)	$	1,489,819			(9.7	%)
Risk-weighted assets	$	11,349,836		$	14,680,996			(22.7	%)	$	13,782,746			(17.7	%)
Common equity tier 1 capital ratio		11.8	%		11.0	%					10.8	%
Tier 1 risk based capital ratio		11.8	%		11.0	%					10.8	%
Tier 1 leverage capital ratio		7.3	%		7.2	%					7.7	%
Stifel Bank Regulatory Capital (5):
Common equity tier 1 capital	$	788,811		$	468,437			68.4	%	$	690,456			14.2	%
Tier 1 capital	$	788,811		$	468,437			68.4	%	$	690,456			14.2	%
Risk-weighted assets	$	6,622,892		$	4,229,316			56.6	%	$	4,724,176			40.2	%
Common equity tier 1 capital ratio		11.9	%		11.1	%					14.6	%
Tier 1 risk based capital ratio		11.9	%		11.1	%					14.6	%
Tier 1 leverage capital ratio		7.2	%		7.1	%					7.1	%
Stifel Net Capital (5):
Net capital	$	457,900		$	538,600			(15.0	%)	$	395,400			15.8	%
Excess net capital	$	435,900		$	516,300			(15.6	%)	$	373,800			16.6	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 7 of 18

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Global Wealth Management - Summary Results of Operations


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2023			12/31/2022			% Change			9/30/2023			% Change			12/31/2023			12/31/2022			% Change
Revenues:
Commissions	$	112,622		$	112,644			(0.0	%)	$	112,300			0.3	%	$	444,949		$	473,638			(6.1	%)
Principal transactions		56,849			52,913			7.4	%		53,247			6.8	%		209,282			195,274			7.2	%

Transactional revenues		169,471			165,557			2.4	%		165,547			2.4	%		654,231			668,912			(2.2	%)
Asset management		330,498			289,445			14.2	%		333,088			(0.8	%)		1,299,361			1,262,841			2.9	%
Net interest		257,920			284,998			(9.5	%)		269,431			(4.3	%)		1,086,628			879,780			23.5	%
Investment banking (6)		4,562			4,814			(5.2	%)		3,895			17.1	%		16,680			19,515			(14.5	%)
Other income		3,577			(473	)		856.2	%		(3,403	)		205.1	%		(6,938	)		(5,182	)		(33.9	%)

Net revenues		766,028			744,341			2.9	%		768,558			(0.3	%)		3,049,962			2,825,866			7.9	%
Non-interest expenses:
Compensation and benefits		359,376			328,099			9.5	%		359,325			0.0	%		1,415,210			1,368,576			3.4	%
Non-compensation operating expenses		105,292			99,171			6.2	%		110,784			(5.0	%)		418,930			389,719			7.5	%

Total non-interest expenses		464,668			427,270			8.8	%		470,109			(1.2	%)		1,834,140			1,758,295			4.3	%

Income before income taxes	$	301,360		$	317,071			(5.0	%)	$	298,449			1.0	%	$	1,215,822		$	1,067,571			13.9	%

As a percentage of net revenues:
Compensation and benefits		46.9	%		44.1	%		280			46.8	%		10			46.4	%		48.4	%		(200	)
Non-compensation operating expenses		13.8	%		13.3	%		50			14.4	%		(60	)		13.7	%		13.8	%		(10	)
Income before income taxes		39.3	%		42.6	%		(330	)		38.8	%		50			39.9	%		37.8	%		210


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 8 of 18

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Global Wealth Management - Statistical Information


	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors)	12/31/2023			12/31/2022			% Change			9/30/2023			% Change
Financial advisors (including independent contractors) (7)		2,386			2,344			1.8	%		2,374			0.5	%
Total client assets	$	444,318,000		$	389,818,000			14.0	%	$	412,458,000			7.7	%
Fee-based client assets	$	165,301,000		$	144,952,000			14.0	%	$	150,982,000			9.5	%
Transactional assets	$	279,017,000		$	244,866,000			13.9	%	$	261,476,000			6.7	%
Secured client lending (8)	$	3,064,000		$	3,576,000			(14.3	%)	$	3,083,000			(0.6	%)
Asset Management Revenue (000s):
Private Client Group (9)	$	275,405		$	240,446			14.5	%	$	279,807			(1.6	%)
Asset Management		33,938			30,690			10.6	%		33,211			2.2	%
Third-party Bank Sweep Program		8,821			5,522			59.7	%		7,023			25.6	%
Other (10)		12,372			12,804			(3.4	%)		13,086			(5.5	%)

Total asset management revenues	$	330,536		$	289,462			14.2	%	$	333,127			(0.8	%)
Fee-based Assets (millions):
Private Client Group (9)	$	145,513		$	126,043			15.4	%	$	132,712			9.6	%
Asset Management		36,085			32,233			12.0	%		33,519			7.7	%
Elimination (11)		(16,297	)		(13,324	)		22.3	%		(15,249	)		6.9	%

Total fee-based assets	$	165,301		$	144,952			14.0	%	$	150,982			9.5	%
Third-party Bank Sweep Program	$	2,044		$	1,984			3.0	%	$	578			253.6	%
ROA (bps) (12):
Private Client Group (9)		83.0			80.9						82.5
Asset Management		37.6			38.1						39.6
Third-party Bank Sweep Program		451.2			137.2						429.7
Stifel Bancorp Deposits (millions):
Sweep Deposits	$	9,642		$	16,628			(42.0	%)	$	11,142			(13.5	%)
Smart Rate Deposits		14,465			8,710			66.1	%		13,605			6.3	%
Direct Wealth Management Deposits at Stifel Bancorp		402			43			nm			397			1.3	%

Total Stifel Bancorp Wealth Management Deposits		24,509			25,381			(3.4	%)		25,144			(2.5	%)
Other Bank Deposits		2,826			1,736			62.8	%		2,450			15.3	%

Total Stifel Bancorp Deposits	$	27,335		$	27,117			0.8	%	$	27,594			(0.9	%)

Short-term Treasuries (millions) (13)	$	7,855		$	4,431			77.3	%	$	7,586			3.5	%
Wealth Management Cash (millions):
Stifel Bancorp Wealth Management Deposits	$	24,509		$	25,381			(3.4	%)	$	25,144			(2.5	%)
Third-party Bank Sweep Program		2,044			1,984			3.0	%		578			253.6	%
Other Sweep Cash		324			187			73.3	%		173			87.3	%
Money Market Mutual Funds		9,374			6,529			43.6	%		8,760			7.0	%

Total Wealth Management Cash	$	36,251		$	34,081			6.4	%	$	34,655			4.6	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 9 of 18

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Institutional Group - Summary Results of Operations


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2023			12/31/2022			% Change			9/30/2023			% Change			12/31/2023			12/31/2022			% Change
Revenues:
Commissions	$	60,992		$	56,301			8.3	%	$	52,775			15.6	%	$	228,648		$	236,951			(3.5	%)
Principal transactions		97,528			72,869			33.8	%		61,594			58.3	%		281,158			333,759			(15.8	%)

Transactional revenues		158,520			129,170			22.7	%		114,369			38.6	%		509,806			570,710			(10.7	%)
Capital raising		71,724			51,956			38.0	%		45,719			56.9	%		248,987			237,347			4.9	%
Advisory		129,378			166,935			(22.5	%)		97,272			33.0	%		465,588			714,623			(34.8	%)

Investment banking		201,102			218,891			(8.1	%)		142,991			40.6	%		714,575			951,970			(24.9	%)
Other income (14)		(330	)		5,821			(105.7	%)		(472	)		30.1	%		1,936			13,337			(85.5	%)

Net revenues		359,292			353,882			1.5	%		256,888			39.9	%		1,226,317			1,536,017			(20.2	%)
Non-interest expenses:
Compensation and benefits		248,970			220,730			12.8	%		192,638			29.2	%		841,671			929,606			(9.5	%)
Non-compensation operating expenses		102,551			88,640			15.7	%		92,054			11.4	%		382,546			352,279			8.6	%

Total non-interest expenses		351,521			309,370			13.6	%		284,692			23.5	%		1,224,217			1,281,885			(4.5	%)

Income/(loss) before income taxes	$	7,771		$	44,512			(82.5	%)	$	(27,804	)		127.9	%	$	2,100		$	254,132			(99.2	%)

As a percentage of net revenues:
Compensation and benefits		69.3	%		62.4	%		690			75.0	%		(570	)		68.6	%		60.5	%		810
Non-compensation operating expenses		28.5	%		25.0	%		350			35.8	%		(730	)		31.2	%		23.0	%		820
Income before income taxes		2.2	%		12.6	%		(1,040	)		(10.8	%)		1,300			0.2	%		16.5	%		(1,630	)


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 10 of 18

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	12/31/2023			12/31/2022			% Change			9/30/2023			% Change
Stifel Bancorp Financial Information:
Total assets	$	29,722,320		$	29,318,421			1.4	%	$	29,872,977			(0.5	%)
Total shareholder’s equity	$	2,154,839		$	2,071,882			4.0	%	$	2,162,000			(0.3	%)
Total loans, net (includes loans held for sale)	$	19,729,804		$	20,622,004			(4.3	%)	$	20,435,170			(3.5	%)
Residential real estate		8,047,647			7,371,671			9.2	%		7,957,027			1.1	%
Fund banking		3,633,126			4,182,641			(13.1	%)		4,114,889			(11.7	%)
Commercial and industrial		3,566,987			4,897,176			(27.2	%)		4,367,671			(18.3	%)
Securities-based loans		2,306,455			2,724,551			(15.3	%)		2,317,631			(0.5	%)
Construction and land		1,034,370			593,191			74.4	%		851,709			21.4	%
Commercial real estate		660,631			675,599			(2.2	%)		670,907			(1.5	%)
Other		192,251			157,729			21.9	%		172,555			11.4	%
Loans held for sale		423,999			156,912			170.2	%		142,617			197.3	%
Investment securities	$	7,439,109		$	7,624,448			(2.4	%)	$	7,411,040			0.4	%
Available-for-sale securities, at fair value		1,551,686			1,636,041			(5.2	%)		1,512,233			2.6	%
Held-to-maturity securities, at amortized cost		5,887,423			5,988,407			(1.7	%)		5,898,807			(0.2	%)
Unrealized gains/(losses) on available-for-sale securities		(175,943	)		(227,178	)		(22.6	%)		(250,506	)		(29.8	%)
Total deposits	$	27,334,579		$	27,117,111			0.8	%	$	27,594,358			(0.9	%)
Demand deposits (interest-bearing)		27,111,072			26,805,073			1.1	%		27,335,890			(0.8	%)
Demand deposits (non-interest-bearing)		223,505			305,138			(26.8	%)		258,466			(13.5	%)
Certificates of deposit		2			6,900			nm			2			0.0	%

Credit Metrics:
Allowance for credit losses	$	161,605		$	147,853			9.3	%	$	169,822			(4.8	%)
Allowance as a percentage of retained loans		0.83	%		0.72	%					0.83	%
Net charge-offs as a percentage of average loans		0.04	%		0.00	%					0.00	%
Total nonperforming assets	$	45,456		$	10,374			338.2	%	$	50,719			(10.4	%)
Nonperforming assets as a percentage of total assets		0.15	%		0.04	%					0.17	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 11 of 18

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	12/31/2023		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	8,048		31	%	Industrials	$	881	25	%
Securities-based loans		2,306		9	%	Financials		831	23	%
Home equity lines of credit and other		192		1	%	Information technology		510	14	%

Total consumer		10,546		41	%	Consumer discretionary		375	11	%

Fund banking		3,633		14	%	REITs		218	6	%
Commercial and industrial		3,567		14	%	Materials		196	5	%
Construction and land		1,034		4	%	Healthcare		195	5	%
Commercial real estate		661		3	%	Hotel, leisure, restaurants		120	3	%

Total commercial		8,895		35	%	Communication services		119	3	%

Total loan portfolio		19,441		76	%	Consumer staples		85	2	%

Unfunded commitments		6,299		24	%

Total	$	25,740		100	%

						CLO by Major Sector
						High tech industries	$	591	10	%
Investment Portfolio						Healthcare & pharmaceuticals		585	10	%
CLO	$	5,854		77	%	Services: business		522	9	%
Agency MBS		858		11	%	Banking, finance, insurance, & real estate		518	9	%
Corporate bonds		615		8	%	Media: broadcasting & subscription		253	4	%
SBA		123		2	%	Construction & building		248	4	%
Student loan ARS		92		1	%	Chemicals, plastics, & rubber		244	4	%
CMBS		70		1	%	Services: consumer		244	4	%
Other		3		0	%	Telecommunications		234	4	%

Total Portfolio	$	7,615		100	%	Hotel, gaming, & leisure		228	4	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 12 of 18

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Loans and Lending Commitments - Allowance for Credit Losses


	December 31, 2023
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %			Q4 Provision
Residential real estate	$	8,047,647	$	13,855		0.17	%	$	(752	)
Fund banking		3,633,126		10,173		0.28	%		(1,345	)
Commercial and industrial		3,566,987		67,077		1.88	%		598
Securities-based loans		2,306,455		3,035		0.13	%		17
Construction and land		1,034,370		11,817		1.14	%		317
Commercial real estate		660,631		21,386		3.24	%		1,521
Other		192,251		949		0.49	%		320

Loans held for investment, gross		19,441,467		128,292		0.66	%		676
Loans held for sale		423,999

Total loans, gross		19,865,466
Lending-related commitments (unfunded)		6,298,530		33,313		0.53	%		(713	)

Loans and lending-related commitments	$	26,163,996	$	161,605				$	(37	)


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 13 of 18

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Consolidated Net Interest Income


	Three Months Ended
	December 31, 2023							December 31, 2022							September 30, 2023
(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	$	2,956.9	$	40.1		5.42	%	$	1,641.8	$	18.3		4.45	%	$	2,595.1	$	35.6		5.48	%
Financial instruments owned		962.2		4.0		1.65	%		906.2		7.5		3.31	%		875.6		4.4		2.01	%
Margin balances		750.0		15.3		8.14	%		985.2		15.6		6.33	%		768.2		15.6		8.15	%
Investments:
Asset-backed securities		6,079.2		112.4		7.39	%		6,216.5		86.1		5.54	%		6,130.3		111.0		7.25	%
Mortgage-backed securities		935.5		5.3		2.27	%		1,003.6		5.4		2.15	%		957.3		5.3		2.22	%
Corporate fixed income securities		617.1		4.3		2.78	%		646.4		4.5		2.79	%		619.5		4.3		2.77	%
Other		4.7		—		2.55	%		4.5		—		2.18	%		4.8		0.1		2.55	%

Total investments		7,636.5		122.0		6.39	%		7,871.0		96.0		4.88	%		7,711.9		120.7		6.26	%
Loans:
Residential real estate		8,027.0		69.4		3.46	%		7,240.6		55.7		3.08	%		7,839.4		61.7		3.15	%
Commercial and industrial		4,073.9		90.5		8.89	%		4,997.7		84.4		6.75	%		4,372.4		96.8		8.86	%
Fund banking		4,076.5		80.9		7.94	%		4,348.7		65.3		6.01	%		4,155.7		83.0		7.99	%
Securities-based loans		2,318.7		42.5		7.33	%		2,735.5		40.0		5.85	%		2,342.4		42.7		7.30	%
Commercial real estate		659.3		12.3		7.49	%		805.3		12.5		6.22	%		668.0		13.4		8.00	%
Construction and land		942.8		20.2		8.57	%		583.7		9.9		6.77	%		820.5		17.3		8.44	%
Loans held for sale		254.0		4.7		7.40	%		168.0		2.1		5.09	%		202.2		2.6		5.06	%
Other		186.9		3.7		7.90	%		147.6		2.3		6.46	%		162.2		3.2		7.86	%

Total loans		20,539.1		324.2		6.31	%		21,027.1		272.2		5.18	%		20,562.8		320.7		6.24	%
Other interest-bearing assets		812.3		10.6		5.26	%		770.6		7.1		3.69	%		730.9		8.2		4.49	%

Total interest-bearing assets/ interest income		33,657.0		516.2		6.13	%		33,201.9		416.7		5.02	%		33,244.5		505.2		6.08	%
Interest-bearing liabilities:
Senior notes		1,115.5		12.5		4.48	%		1,114.4		10.5		3.77	%		1,115.2		12.5		4.49	%
Deposits		27,457.7		218.0		3.18	%		27,267.0		98.7		1.45	%		27,247.4		198.2		2.91	%
Other interest-bearing liabilities		1,384.6		13.2		3.81	%		1,303.0		5.6		1.72	%		1,218.9		9.8		3.23	%

Total interest-bearing liabilities/ interest expense	$	29,957.8		243.7		3.25	%	$	29,684.4		114.8		1.55	%	$	29,581.5		220.5		2.98	%

Net interest income/margin			$	272.5		3.24	%			$	301.9		3.64	%			$	284.7		3.43	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 14 of 18

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Stifel Bancorp Net Interest Income


	Three Months Ended
	December 31, 2023							December 31, 2022							September 30, 2023
(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	$	1,841.8	$	26.4		5.73	%	$	889.4	$	9.4		4.24	%	$	1,536.8	$	21.9		5.70	%
Investments		7,636.5		122.0		6.39	%		7,871.0		96.0		4.88	%		7,711.9		120.7		6.26	%
Loans		20,539.1		324.2		6.31	%		21,027.1		272.2		5.18	%		20,562.8		320.7		6.24	%
Other interest-bearing assets		64.7		0.7		4.55	%		55.1		0.7		4.56	%		64.9		0.7		4.08	%

Total interest-bearing assets/ interest income	$	30,082.1	$	473.3		6.29	%	$	29,842.6	$	378.3		5.07	%	$	29,876.4	$	464.0		6.21	%
Interest-bearing liabilities:
Deposits	$	27,457.7	$	218.0		3.18	%	$	27,267.0	$	98.7		1.45	%	$	27,247.4	$	198.2		2.91	%
Other interest-bearing liabilities		73.2		1.4		7.70	%		0.9		0.1		15.64	%		0.9		0.2		80.57	%

Total interest-bearing liabilities/ interest expense	$	27,530.9		219.4		3.19	%	$	27,267.9		98.8		1.45	%	$	27,248.3		198.4		2.91	%

Net interest income/margin			$	253.9		3.38	%			$	279.5		3.75	%			$	265.6		3.56	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 15 of 18

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GAAP to Core Reconciliation


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2023			12/31/2022			Change			9/30/2023			Change			12/31/2023			12/31/2022			Change
GAAP net revenues	$	1,146,379		$	1,121,647					$	1,045,051					$	4,348,944		$	4,391,439
Non-GAAP adjustments		40			(4	)					(23	)					14			51

Non-GAAP net revenues		1,146,419			1,121,643						1,045,028						4,348,958			4,391,490

GAAP compensation and benefits expense		674,437			647,962						613,287						2,554,581			2,586,232
Merger-related (15)		(9,203	)		(14,570	)					(7,171	)					(32,150	)		(39,114	)

Non-GAAP compensation and benefits expense		665,234			633,392						606,116						2,522,431			2,547,118

GAAP non-compensation operating expenses		265,947			239,988						322,335						1,087,671			920,091
Merger-related (15)		(7,678	)		(8,931	)					(6,623	)					(31,058	)		(27,934	)

Non-GAAP non-compensation operating expenses		258,269			231,057						315,712						1,056,613			892,157

Total merger-related adjustments		(16,921	)		(23,497	)					(13,771	)					(63,222	)		(67,099	)

GAAP provision for income taxes		43,511			57,076						41,268						184,156			222,961
Merger-related and other (15)		3,498			5,923						5,198						16,953			16,902

Non-GAAP provision for income taxes		47,009			62,999						46,466						201,109			239,863

Financial ratios:
Compensation and benefits		58.0	%		56.5	%		150			58.0	%		—			58.0	%		58.0	%		—
Non-compensation operating expenses		22.6	%		20.6	%		200			30.2	%		(760	)		24.3	%		20.3	%		400
Income before income taxes		19.4	%		22.9	%		(350	)		11.8	%		760			17.7	%		21.7	%		(400	)
Effective tax rate		21.1	%		24.5	%		(340	)		37.7	%		(1,660	)		26.1	%		25.2	%		90


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 16 of 18

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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 $71.1 million, $60.4 million, and $67.4 million, as of December 31, 2023 and 2022, and September 30, 2023, respectively.

(5)	Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, January 24, 2024.

(6)	Includes capital raising and advisory revenues.

(7)	Includes independent contractors of 108, 102, and 108 as of December 31, 2023 and 2022, and September 30, 2023, 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)	Includes net interest, asset management, and other income.

(15)


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 17 of 18

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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, 2022. 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 24, 2024.


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2023 Earnings Release		Page 18 of 18

EX-99.3 4 d720720dex993.htm EX-99.3 EX-99.3

Exhibit 99.3 Fourth Quarter 2024 Financial Results Presentation January 24, 2024 Quarterly Earnings Report

2023 Snapshot 2023 RESULTS millions, except per share and ratios (1) NET REVENUE PRE-TAX MARGIN NET EARNINGS GAAP & NON-GAAP $4,349 GAAP 16.2% NON-GAAP 19.2% GAAP $485 NON-GAAP $532 (1) (1) EPS ROCE ROTCE * GAAP $4.28 NON-GAAP $4.68 GAAP 10.5% NON-GAAP 12.9% GAAP 15.2% NON-GAAP 18.7% (1) Non-GAAP Pre-Tax Margin, ROCE, & ROTCE exclude the impact of $67 mil. legal charge in third quarter 2023 * Please see our definition of ROTCE in our fourth quarter 2023 earnings release HIGHLIGHTS 3rd Highest Record Net Revenue Net Interest Income Record Revenue for Repurchased Global Wealth Management 7.2 million Common Shares Record Asset Increased Common Management Revenue Dividend by 17% Quarterly Earnings Report 1

Impressive Track Record of Growth 8 yr. 4 yr. Growth Growth (millions) 2015 2019 2023 Rate Rate 3 Total Net Revenue $2,335 $3,337 $4,349 86% 30% Global Wealth Management $1,377 $2,131 $3,050 121% 43% Net Interest Income $133 $547 $1,145 761% 109% Institutional Group $976 $1,214 $1,226 26% 1% Advisory $193 $448 $466 141% 4% 1,2,3 Earnings per share $1.27 $4.07 $4.68 269% 15% Assets $13,326 $24,610 $37,727 183% 53% Loans $3,333 $10,014 $19,730 492% 97% (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 Equity 30.9% 32.0% 32.0% 24.6% 24.7% 24.4% 23.9% 24.0% 21.7% 21.8% 24.0% 20.6% 19.9% 19.6% 19.2% 19.0% 18.7% 17.1% 16.0% 16.0% 12.3% 11.9% 10.0% 10.0% 8.0% 8.0% 0.0% 0.0% 2015(1) 2016(1) 2017 2018 2019 2020 2021 2022 2023* 2015(1)2016(1) 2017 2018 2019 2020 2021 2022 2023* *Excludes impact of $67 million in one time legal reserves *Excludes impact of $67 million in one time legal reserves Quarterly Earnings Report 2

Fourth Quarter Snapshot 4Q23 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 4Q23: GAAP & NON-GAAP $1,146 4Q23: GAAP $1.38 & NON-GAAP $1.50 4Q23: GAAP $153 & NON-GAAP $167 ANNUALIZED ROTCE* BOOK VALUE PER SHARE ANNUALIZED ROCE TBV $31.28 BV $45.61 4Q23:GAAP 13.4% & NON-GAAP 14.6% 4Q23:GAAP 19.6% & NON-GAAP 21.3% * Please see our definition of ROTCE in our fourth quarter 2023 earnings release HIGHLIGHTS Third Highest Record Client Assets Net Revenue Under Management Second Highest Net Revenue Increased Wealth Management Cash Global Wealth Management $1.6 billion 40% Sequential Increase in Repurchased Institutional Revenue 2.3 million Common Shares Quarterly Earnings Report 3

Variance to Consensus Estimates Fourth Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates (in Millions, except diluted EPS and share data) 4Q23 4Q23 Mean % Δ ■ Commissions & Principal Transactions: Revenues Operating ANALYST Commissions + Principal transactions $328 $299 10% ■ Stronger Revenue from Fixed Income Investment banking $206 $185 11% ■ Investment Banking: Asset management and service fees $331 $328 1% Net interest $273 $272 0% ■ Stronger Advisory Revenue Net revenues $1,146 $1,086 6% ■ Stronger Fixed Income Underwriting Revenue Non-interest expenses Compensation and benefits 665 629 5% ■ Net Interest Income Compensation Ratio 58.0% 58.0% 0 bps ■ Modest Cash Sorting Non-compensation expenses 258 248 4% Total non-interest expenses 924 878 5% ■ Non-compensation Expense: Income before income taxes 223 208 7% ■ Higher Occupancy Expense Provision for income taxes 47 53 (12%) Tax Rate 21.1% 25.6% (450 bps) ■ Higher Legal Expense Net Income $176 $155 13% ■ Tax Rate: Diluted Operating EPS $1.50 $1.31 15% ■ Benefitted from Share Price Increase on Equity Based Compensation * Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of 25%, divided by the diluted average share count. Quarterly Earnings Report 4

Wealth Management: A Key Growth Driver CONSISTENT GROWTH $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Brokerage Asset Management & Service Fees Net Interest Investment Banking & Other *2023 GWM Net Revenue based on annualized results through 9/30/2023 INCREASING PERCENTAGE OF RECURRING REVENUE RECRUITING DRIVES REVENUE GROWTH 100% $450 750 90% 700 22% 24% $400 34% 32% 32% 650 80% 39% 33% 46% 600 51% 55% $350 70% 550 60% $300 500 50% 450 $250 400 40% 78% 76% 350 66% 66% 66% $200 64% 30% 60% 53% 300 47% 44% 20% $150 250 200 10% $100 150 0% 100 $50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 50 $- 0 Net Interest Income & Asset Management Fees Transactional & Investment Banking 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 T-12 Cumulative Production Cumulative Gross FAs Quarterly Earnings Report 5 Net Revenue (millions) millions Financial Advisors

Fourth Quarter Results FINANCIAL RESULTS NET REVENUE Sequential millions 4Q23 Y/Y Change 2023 VS 2022 Change $1,400 Global Wealth Management $766 3% 0% $3,050 8% $1,146 $1,122 $1,200 $1,107 Institutional 359 2% 40% 1,226 -20% $1,051 $1,045 Other 21 -10% 7% 73 146% $1,000 Net revenue 1,146 2% 10% 4,349 -1% $800 Compensation expense 665 5% 10% 2,522 -1% $600 1 257 14% -16% 1032 20% Operating expense 2 $400 2 -62% -77% 25 -25% Provision for credit loss Pre-tax pre-provision income 225 -14% 69% 795 -19% $200 Pre-tax income 223 -13% 81% 770 -19% $0 4Q22 1Q23 2Q23 3Q23 4Q23 Taxes 47 -25% 1% 201 -16% Net income 176 -9% 129% 569 -20% Preferred dividends 9 0% 0% 37 0% Net income available to common 167 -10% 147% 532 -21% shareholders Diluted EPS $1.50 -5% 150% $4.68 -19% Compensation ratio 58.0% 0 bps 0 bps 58.0% 0 bps 3 22.5% 240 bps -680 bps 23.7% 410 bps Operating expense ratio Pre-tax operating margin 19.4% -350 bps 760 bps 17.7% -400 bps Book value per share $45.61 4% 3% Tangible book value per share $31.28 2% 4% 4 21.3% -160 bps 1280 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 6 millions

Global Wealth Management HIGHLIGHTS GLOBAL WEALTH MANAGEMENT REVENUE Sequential millions 4Q23 Y/Y Change 2023 VS 2022 Change■ Record Annual Net Revenue Transactional $169 2% 2% $654 -2% ■ Second Highest Quarterly Net Revenue Asset Management 330 14% -1% 1,299 3% ■ Record Annual Asset Management Revenue Net Interest 258 -10% -4% 1,087 24% ■ Added 40 Financial Advisors, Including 13 Investment Banking 5 -5% 17% 17 -15% Experienced with Total Trailing Twelve Month Other 4 nm nm (7) -34% Production of $8.1 million Total Global Wealth Management Net $766 3% 0% $3,050 8% Revenue ■ 28% Increase in Recruited Advisors in 2023 Comp. Ratio 46.9% 280 bps 10 bps 46.4% -200 bps Non-Comp. Ratio 13.8% 50 bps -60 bps 13.7% -10 bps Provision for credit loss $0 nm nm $23 -32% Pre-tax Margin 39.3% -330 bps 50 bps 39.9% 210 bps NET REVENUE & MARGIN Pre-tax Pre-provision Margin 39.3% -410 bps -80 bps 40.7% 170 bps $790 $769 $766 44% $757 $758 $765 FINANCIAL ADVISOR & CLIENT ASSET METRICS $744 42% $740 Sequential millions 4Q23 Y/Y 42.6% 40% Change $715 41.7% Financial Advisors 2,278 2% 1% 38% 39.3% $690 38.8% 39.6% 36% Independent Contractors 108 6% 0% $665 34% Total Financial Advisors 2,386 2% 1% $640 32% Client AUA $444,318 14% 8% $615 Fee-based Client Assets $165,301 14% 9% 30% $590 4Q22 1Q23 2Q23 3Q23 4Q23 Private Client Fee-based Client Assets $145,513 15% 10% Net Revenue Pre-tax Margin Quarterly Earnings Report 7 Margin Net Revenue (millions)

Strong Bank Fundamentals SLOWING CASH SORTING STRONG NIM DESPITE RISING DEPOSIT $3,969 COSTS 7.00% $2,068 $1,747 6.00% $1,080 $905 $859 $726 $599 $614 $288 5.00% 3.64% ($35) 3.57% 3.53% 4.00% 3.43% 3.24% ($1,230) 3.00% ($2,022) 2.00% ($2,494) 1.00% ($3,640) 0.00% 4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 Sweep Smart Rate Ticketed MMF Net Interest Margin Deposit Costs Asset Yields ALLOWANCE FOR CREDIT LOSSES / TOTAL LOANS WELL CAPITALIZED UNDER STRESS SCENARIO 3.50% 12.0% 11.0% 3.00% 10.0% 2.50% 9.0% 2.00% 8.0% 1.50% 7.0% 0.86% 0.85% 0.80% 1.00% 0.75% 6.0% 0.74% 5.0% 0.50% 4.0% 0.00% 4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 Tier 1 R atio (ex. AOCI & HTM Losses) Tier 1 Ratio Well Capitalized Residential SBL CRE Construction C&I Unfunded / Other reserves* Total Reserve Ratio Quarterly Earnings Report 8 millions

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 4Q23 Y/Y Change 2023 VS 2022 Change ■ Ranked #1 in Municipal Issuance in Number of Advisory $129 -23% 33% $466 -35% Issues in2023 with 14.7% Market Share Capital Raising $72 38% 57% $249 5% Transactional $159 23% 39% $510 -11% ■ Ranked 1# National Development Banking in 2023 by Par Value with 32.5% Market Share Total Institutional Revenue* $359 2% 40% $1,226 -20% Comp. Ratio 69.3% 690 bps -570 bps 68.6% 810 bps ■ Increased Market Share in Equity Transactions Non-Comp. Ratio 28.5% 350 bps -730 bps 31.2% 820 bps ■ Improving Investment Banking Backlogs Pre-tax Margin 2.2% -1040 bps 1300 bps 0.2% -1630 bps Managing Directors (IB) 228 0% * Includes net interest, asset management, and other income EQUITIES REVENUE FIXED INCOME REVENUE $142 $100 $150 $89 $77 $76 $76 $113 $80 $105 $103 $40 $68 $110 $92 $32 $60 $24 $25 $28 $32 $21 $30 $45 $25 $70 $40 $30 $20 $77 $71 $68 $67 $102 $52 $52 $46 $47 $57 $0 -$10 4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 Transactional Underwriting Transactional Underwriting * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 9 millions millions

Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 35% millions 4Q23 4Q22 Y/Y Change 63% 30% 61% 25% Compensation $665 $633 5% 59% 20% Non-compensation Expense, 57% 15% $249 $219 14% 58.0% 58.0% 58.0% 58.0% Ex. IB Gross Up & Credit Loss 56.5% 55% 10% Credit Loss Provision & IB Gross Up $9 $12 -25% 53% 5% 51% 0% Non-compensation $259 $231 12% 4Q22 1Q23 2Q23 3Q23 4Q23 Pre-tax Income $223 $257 -13% 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) 4Q23 $700 $600 GAAP Net Income $162,484 $500 $400 Preferred Dividend $9,320 $300 $200 Net Income available to common Shareholders $153,164 $100 $0 Non-GAAP After Tax Adjustments $13,423 2019 2020 2021 2022 2023 Non-GAAP Net Income Available to Common $166,587 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 2023 earnings release. *2023 annual GAAP to non-GAAP results based on annualized results through 12/31/2023 Quarterly Earnings Report 10 millions Compensation Ratio Non-compensation Ratio

Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $40,000 22.0% $38,598 $37,878 $37,727 ■ Repurchased 2.3 million Shares $37,298 $37,196 $38,000 20.0% $36,000 ■ 11.8 million Shares in Total Authorization 18.0% $34,000 $32,000■ Total Assets Decreased $150 million 17.6% 16.9% 17.2% 16.0% 17.3% 16.8% $30,000 14.0% ■ Bank Funding Increased at CAGR of 14% Since 2019 $28,000 $26,000 12.0% $24,000 10.0% 11.1% 11.1% 10.9% 10.8% $22,000 10.5% $20,000 8.0% 4Q22 1Q23 2Q23 3Q23 4Q23 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 $50,000 $45,000 $1,200,000 $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 $0 $5,000 2018 2019 2020 2021 2022 2023 $0 ($200,000) 2017 2018 2019 2020 2021 2022 2023 ($400,000) Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) Bank Deposits Available Funding Acquisitions *2023 based on results through 9/30/2023 *2023 Estimated Capital Generated based annualized 3Q23 Net Income plus current capital in excess of regulatory minimum. Quarterly Earnings Report 11 (000s) millions millions

2023 Consensus & Outlook % Change From Guidance Actual Consensus 2024 2023 2024 millions 2023 Operating Net Revenue $3,204 $3,607 13% $3,550 - $3,800 Transactional $1,164 $1,224 5% Investment Banking $731 $911 25% Asset Management $1,299 $1,450 12% Other $9 $21 144% Net Interest Income $1,145 $1,065 -7% $1,000 - $1,100 Net Revenue $4,349 $4,672 7% $4,550 - $4,900 Compensation Ratio 58.0% 57.4% -60 bps 56% - 58% Non-Compensation Opex. Ratio* 23.2% 21.0% -220 bps 19% - 21% Pre-tax Margin 17.7% 20.7% 300 bps Earnings Per Common Share $4.68 $6.34 35% Diluted Shares 113.5 107.8 -5% * Non-Compensation Opex. Ratio =Non-Compensation Expense – Credit Provision & investment Banking Gross Up / Net Revenue Quarterly Earnings Report 12

Fourth Quarter 2023 Financial Results Presentation January 24, 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, 2022. 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 14