EX-99.2 3 d126265dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

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Fourth Quarter and Full Year 2024 Earnings Results

 

 

Financial Supplement    Page  

Consolidated Financial Highlights

      2  

GAAP Consolidated Results of Operations

      3  

Non-GAAP Consolidated Results of Operations

      4  

Consolidated Financial Summary

      5  

Consolidated Financial Information and Metrics

      6  

Regulatory Capital

      7  

Global Wealth Management - Summary Results of Operations

      8  

Global Wealth Management - Statistical Information

      9  

Institutional Group - Summary Results of Operations

      11  

Stifel Bancorp - Financial Information and Credit Metrics

      12  

Stifel Bancorp - Loan and Investment Portfolio

      13  

Loans and Lending Commitments - Allowance for Credit Losses

      14  

Consolidated Net Interest Income

      15  

Stifel Bancorp Net Interest Income

      16  

GAAP to Core Reconciliation

      17  

Footnotes

      18  

Disclaimer and Legal Notice

      19  

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 1 of 19

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Consolidated Financial Highlights

 

 

     Three Months Ended     Year Ended  
(Unaudited, 000s, except per share
information)		    12/31/2024      12/31/2023      % Change     9/30/2024      % Change     12/31/2024      12/31/2023      % Change  

Net revenues

    $ 1,364,682      $ 1,146,379        19.0 %    $ 1,224,668        11.4 %    $ 4,970,320      $ 4,348,944        14.3 % 

Net income

    $ 244,005      $ 162,484        50.2 %    $ 158,505        53.9 %    $ 731,379      $ 522,536        40.0 % 

Preferred dividends

      9,320        9,320        0.0 %      9,320        0.0 %      37,281        37,281        0.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net income available to common shareholders

    $ 234,685      $ 153,164        53.2 %    $ 149,185        57.3 %    $ 694,098      $ 485,255        43.0 % 

Earnings per diluted common share

    $ 2.18      $ 1.46        49.3 %    $ 1.42        53.5 %    $ 6.59      $ 4.61        43.0 % 

Earnings per diluted common share available to common shareholders

    $ 2.09      $ 1.38        51.4 %    $ 1.34        56.0 %    $ 6.25      $ 4.28        46.0 % 

Non-GAAP financial summary (1):

 

                   

Net revenues

    $ 1,364,721      $ 1,146,419        19.0 %    $ 1,225,351        11.4 %    $ 4,971,051      $ 4,348,958        14.3 % 

Net income

    $ 259,030      $ 175,907        47.3 %    $ 175,590        47.5 %    $ 793,177      $ 568,805        39.4 % 

Preferred dividends

      9,320        9,320        0.0 %      9,320        0.0 %      37,281        37,281        0.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net income available to common shareholders

    $ 249,710        166,587        49.9 %      166,270        50.2 %      755,896        531,524        42.2 % 

Earnings per diluted common share

    $ 2.32      $ 1.58        46.8 %    $ 1.58        46.8 %    $ 7.15      $ 5.01        42.7 % 

Earnings per diluted common share available to common shareholders

    $ 2.23      $ 1.50        48.7 %    $ 1.50        48.7 %    $ 6.81      $ 4.68        45.5 % 

Weighted average number of common shares outstanding:

 

                   

Basic

      103,856        103,934        (0.1 %)      103,966        (0.1 %)      104,066        106,661        (2.4 %) 

Diluted

      112,089        111,330        0.7 %      110,994        1.0 %      110,975        113,453        (2.2 %) 

Period end common shares outstanding

      102,171        101,062        1.1 %      102,313        (0.1 %)      102,171        101,062        1.1 % 

Cash dividends declared per common share

    $ 0.42      $ 0.36        16.7 %    $ 0.42        0.0 %    $ 1.68      $ 1.44        16.7 % 

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 2 of 19

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GAAP Consolidated Results of Operations

 

 

     Three Months Ended     Year Ended  
(Unaudited, 000s, except per share
information)		    12/31/2024      12/31/2023      % Change     9/30/2024      % Change     12/31/2024      12/31/2023      % Change  

Revenues:

                      

Commissions

    $ 203,786      $ 173,614        17.4 %    $ 183,445        11.1 %    $ 756,024      $ 673,597        12.2 % 

Principal transactions

      174,887        154,377        13.3 %      137,089        27.6 %      604,564        490,440        23.3 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Transactional revenues

      378,673        327,991        15.5 %      320,534        18.1 %      1,360,588        1,164,037        16.9 % 

Capital raising

      114,507        76,286        50.1 %      106,325        7.7 %      417,399        265,667        57.1 % 

Advisory

      189,912        129,378        46.8 %      136,857        38.8 %      577,432        465,588        24.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Investment banking

      304,419        205,664        48.0 %      243,182        25.2 %      994,831        731,255        36.0 % 

Asset management

      405,825        330,536        22.8 %      382,616        6.1 %      1,536,674        1,299,496        18.3 % 

Other income

      3,294        9,687        (66.0 %)      18,705        (82.4 %)      43,129        8,747        393.1 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Operating revenues

      1,092,211        873,878        25.0 %      965,037        13.2 %      3,935,222        3,203,535        22.8 % 

Interest revenue

      500,661        516,213        (3.0 %)      510,823        (2.0 %)      2,016,464        1,955,745        3.1 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total revenues

      1,592,872        1,390,091        14.6 %      1,475,860        7.9 %      5,951,686        5,159,280        15.4 % 

Interest expense

      228,190        243,712        (6.4 %)      251,192        (9.2 %)      981,366        810,336        21.1 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net revenues

      1,364,682        1,146,379        19.0 %      1,224,668        11.4 %      4,970,320        4,348,944        14.3 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Non-interest expenses:

                      

Compensation and benefits

      795,750        674,437        18.0 %      718,065        10.8 %      2,916,229        2,554,581        14.2 % 

Occupancy and equipment rental

      94,213        88,182        6.8 %      89,625        5.1 %      362,402        339,322        6.8 % 

Communication and office supplies

      49,965        47,332        5.6 %      48,869        2.2 %      194,382        184,652        5.3 % 

Commissions and floor brokerage

      16,434        15,379        6.9 %      16,239        1.2 %      62,823        58,344        7.7 % 

Provision for credit losses

      11,893        2,263        425.5 %      5,287        124.9 %      25,402        24,999        1.6 % 

Investment banking expenses

      8,822        6,601        33.6 %      12,997        (32.1 %)      38,801        23,430        65.6 % 

Other operating expenses

      121,404        106,190        14.3 %      116,928        3.8 %      441,837        456,924        (3.3 %) 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total non-interest expenses

      1,098,481        940,384        16.8 %      1,008,010        9.0 %      4,041,876        3,642,252        11.0 % 

Income before income taxes

      266,201        205,995        29.2 %      216,658        22.9 %      928,444        706,692        31.4 % 

Provision for income taxes

      22,196        43,511        (49.0 %)      58,153        (61.8 %)      197,065        184,156        7.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net income

      244,005        162,484        50.2 %      158,505        53.9 %      731,379        522,536        40.0 % 

Preferred dividends

      9,320        9,320        0.0 %      9,320        0.0 %      37,281        37,281        0.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net income available to common shareholders

    $ 234,685      $ 153,164        53.2 %    $ 149,185        57.3 %    $ 694,098      $ 485,255        43.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Earnings per common share:

                      

Basic

    $ 2.26      $ 1.47        53.7 %    $ 1.43        58.0 %    $ 6.67      $ 4.55        46.6 % 

Diluted

    $ 2.09      $ 1.38        51.4 %    $ 1.34        56.0 %    $ 6.25      $ 4.28        46.0 % 

Weighted average number of common shares outstanding:

 

                   

Basic

      103,856        103,934        (0.1 %)      103,966        (0.1 %)      104,066        106,661        (2.4 %) 

Diluted

      112,089        111,330        0.7 %      110,994        1.0 %      110,975        113,453        (2.2 %) 

Cash dividends declared per common share

    $ 0.42      $ 0.36        16.7 %    $ 0.42        0.0 %    $ 1.68      $ 1.44        16.7 % 

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 3 of 19

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Non-GAAP Consolidated Results of Operations (1)

 

 

     Three Months Ended     Year Ended  
(Unaudited, 000s, except per share
information)		    12/31/2024      12/31/2023      % Change     9/30/2024      % Change     12/31/2024      12/31/2023      % Change  

Revenues:

                      

Commissions

    $ 203,786      $ 173,614        17.4 %    $ 183,445        11.1 %    $ 756,024      $ 673,597        12.2 % 

Principal transactions

      174,887        154,377        13.3 %      137,080        27.6 %      604,564        490,440        23.3 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Transactional revenues

      378,673        327,991        15.5 %      320,525        18.1 %      1,360,588        1,164,037        16.9 % 

Capital raising

      114,507        76,286        50.1 %      106,325        7.7 %      417,399        265,667        57.1 % 

Advisory

      189,912        129,378        46.8 %      136,857        38.8 %      577,432        465,588        24.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Investment banking

      304,419        205,664        48.0 %      243,182        25.2 %      994,831        731,255        36.0 % 

Asset management

      405,825        330,536        22.8 %      382,616        6.1 %      1,536,674        1,299,496        18.3 % 

Other income

      3,333        9,726        (65.7 %)      19,399        (82.8 %)      43,862        8,763        400.5 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Operating revenues

      1,092,250        873,917        25.0 %      965,722        13.1 %      3,935,955        3,203,551        22.9 % 

Interest revenue

      500,661        516,213        (3.0 %)      510,821        (2.0 %)      2,016,462        1,955,745        3.1 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total revenues

      1,592,911        1,390,130        14.6 %      1,476,543        7.9 %      5,952,417        5,159,296        15.4 % 

Interest expense

      228,190        243,711        (6.4 %)      251,192        (9.2 %)      981,366        810,338        21.1 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net revenues

      1,364,721        1,146,419        19.0 %      1,225,351        11.4 %      4,971,051        4,348,958        14.3 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Non-interest expenses:

                      

Compensation and benefits

      791,539        665,234        19.0 %      710,703        11.4 %      2,883,398        2,522,431        14.3 % 

Occupancy and equipment rental

      94,168        88,127        6.9 %      89,469        5.3 %      362,029        339,087        6.8 % 

Communication and office supplies

      49,880        47,328        5.4 %      48,715        2.4 %      194,107        184,642        5.1 % 

Commissions and floor brokerage

      16,434        15,379        6.9 %      16,239        1.2 %      62,823        58,344        7.7 % 

Provision for credit losses

      11,893        2,263        425.5 %      5,287        124.9 %      25,402        24,999        1.6 % 

Investment banking expenses

      8,822        6,601        33.6 %      12,997        (32.1 %)      38,801        23,430        65.6 % 

Other operating expenses

      109,394        98,571        11.0 %      106,072        3.1 %      404,510        426,111        (5.1 %) 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total non-interest expenses

      1,082,130        923,503        17.2 %      989,482        9.4 %      3,971,070        3,579,044        11.0 % 

Income before income taxes

      282,591        222,916        26.8 %      235,869        19.8 %      999,981        769,914        29.9 % 

Provision for income taxes

      23,561        47,009        (49.9 %)      60,279        (60.9 %)      206,804        201,109        2.8 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net income

      259,030        175,907        47.3 %      175,590        47.5 %      793,177        568,805        39.4 % 

Preferred dividends

      9,320        9,320        0.0 %      9,320        0.0 %      37,281        37,281        0.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net income available to common shareholders

    $ 249,710      $ 166,587        49.9 %    $ 166,270        50.2 %    $ 755,896      $ 531,524        42.2 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Earnings per common share:

                      

Basic

    $ 2.40      $ 1.60        50.0 %    $ 1.60        50.0 %    $ 7.26      $ 4.98        45.8 % 

Diluted

    $ 2.23      $ 1.50        48.7 %    $ 1.50        48.7 %    $ 6.81      $ 4.68        45.5 % 

Weighted average number of common shares outstanding:

                      

Basic

      103,856        103,934        (0.1 %)      103,966        (0.1 %)      104,066        106,661        (2.4 %) 

Diluted

      112,089        111,330        0.7 %      110,994        1.0 %      110,975        113,453        (2.2 %) 

Cash dividends declared per common share

    $ 0.42      $ 0.36        16.7 %    $ 0.42        0.0 %    $ 1.68      $ 1.44        16.7 % 

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 4 of 19

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Consolidated Financial Summary

 

 

     Three Months Ended     Year Ended  
(Unaudited, 000s)    12/31/2024     12/31/2023     % Change     9/30/2024     % Change     12/31/2024     12/31/2023     % Change  

Net revenues:

                 

Global Wealth Management

    $ 865,209     $ 766,028       12.9 %    $ 827,116       4.6 %    $ 3,283,960     $ 3,049,962       7.7 % 

Institutional Group

      478,335       359,292       33.1 %      372,401       28.4 %      1,592,833       1,226,317       29.9 % 

Other

      21,138       21,059       0.4 %      25,151       (16.0 %)      93,527       72,665       28.7 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net revenues

    $ 1,364,682     $ 1,146,379       19.0 %    $ 1,224,668       11.4 %    $ 4,970,320     $ 4,348,944       14.3 % 

Operating expenses:

                 

Global Wealth Management

    $ 548,891     $ 464,668       18.1 %    $ 525,413       4.5 %    $ 2,076,018     $ 1,834,140       13.2 % 

Institutional Group

      382,654       351,521       8.9 %      330,604       15.7 %      1,369,433       1,224,217       11.9 % 

Other

      166,936       124,195       34.4 %      151,993       9.8 %      596,425       583,895       2.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

    $ 1,098,481     $ 940,384       16.8 %    $ 1,008,010       9.0 %    $ 4,041,876     $ 3,642,252       11.0 % 

Operating contribution:

                 

Global Wealth Management

    $ 316,318     $ 301,360       5.0 %    $ 301,703       4.8 %    $ 1,207,942     $ 1,215,822       (0.6 %) 

Institutional Group

      95,681       7,771       nm       41,797       128.9 %      223,400       2,100       nm  

Other

      (145,798 )      (103,136 )      41.4 %      (126,842 )      14.9 %      (502,898 )      (511,230 )      (1.6 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

    $ 266,201     $ 205,995       29.2 %    $ 216,658       22.9 %    $ 928,444     $ 706,692       31.4 % 

Financial ratios:

                 

Compensation and benefits

      58.3 %      58.8 %      (50 )      58.6 %      (30 )      58.7 %      58.7 %      —   

Non-compensation operating expenses

      22.2 %      23.2 %      (100 )      23.7 %      (150 )      22.6 %      25.1 %      (250 ) 

Income before income taxes

      19.5 %      18.0 %      150       17.7 %      180       18.7 %      16.2 %      250  

Effective tax rate

      8.3 %      21.1 %      (1,280 )      26.8 %      (1,850 )      21.2 %      26.1 %      (490 ) 

 

 

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Consolidated Financial Information and Metrics

 

 

     As of and for the Three Months Ended  
(Unaudited, 000s, except per share data)    12/31/2024     12/31/2023     % Change     9/30/2024     % Change  

Financial Information:

           

Total assets

    $ 39,895,540     $ 37,727,460       5.7 %    $ 38,934,504       2.5 % 

Total shareholders’ equity

    $ 5,686,770     $ 5,294,431       7.4 %    $ 5,557,080       2.3 % 

Total common equity

    $ 5,001,770     $ 4,609,431       8.5 %    $ 4,872,080       2.7 % 

Goodwill and intangible assets

    $ (1,508,792 )    $ (1,521,522 )      (0.8 %)    $ (1,511,258 )      (0.2 %) 

DTL on goodwill and intangible assets

    $ 81,569     $ 72,927       11.9 %    $ 79,071       3.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Tangible common equity

    $ 3,574,547     $ 3,160,836       13.1 %    $ 3,439,893       3.9 % 

Preferred equity

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

Financial Metrics:

           

Book value per common share (2)

    $ 48.95     $ 45.61       7.3 %    $ 47.62       2.8 % 

Tangible book value per common share (2)

    $ 34.99     $ 31.28       11.9 %    $ 33.62       4.1 % 

Return on common equity (3)

      18.9 %      13.4 %        12.3 %   

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

      20.1 %      14.6 %        13.7 %   

Return on tangible common equity (4)

      26.6 %      19.6 %        17.5 %   

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

      28.3 %      21.3 %        19.5 %   

Pre-tax margin on net revenues

      19.5 %      18.0 %        17.7 %   

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

      20.7 %      19.4 %        19.2 %   

Effective tax rate

      8.3 %      21.1 %        26.8 %   

Non-GAAP effective tax rate (1)

      8.3 %      21.1 %        25.6 %   

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 6 of 19

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Regulatory Capital (5)

 

 

(Unaudited, 000s)    12/31/2024     12/31/2023     % Change     9/30/2024     % Change  

SF Regulatory Capital:

           

Common equity tier 1 capital

    $ 3,645,786     $ 3,230,965       12.8 %    $ 3,474,276       4.9 % 

Tier 1 capital

    $ 4,330,786     $ 3,915,965       10.6 %    $ 4,159,276       4.1 % 

Risk-weighted assets

    $ 23,741,574     $ 22,748,215       4.4 %    $ 23,183,240       2.4 % 

Common equity tier 1 capital ratio

      15.4 %      14.2 %        15.0 %   

Tier 1 risk based capital ratio

      18.2 %      17.2 %        17.9 %   

Tier 1 leverage capital ratio

      11.4 %      10.5 %        11.3 %   

Stifel Bank & Trust Regulatory Capital:

           

Common equity tier 1 capital

    $ 1,366,711     $ 1,344,589       1.6 %    $ 1,306,476       4.6 % 

Tier 1 capital

    $ 1,366,711     $ 1,344,589       1.6 %    $ 1,306,476       4.6 % 

Risk-weighted assets

    $ 12,334,731     $ 11,365,270       8.5 %    $ 12,213,330       1.0 % 

Common equity tier 1 capital ratio

      11.1 %      11.8 %        10.7 %   

Tier 1 risk based capital ratio

      11.1 %      11.8 %        10.7 %   

Tier 1 leverage capital ratio

      7.1 %      7.3 %        7.1 %   

Stifel Bank Regulatory Capital:

           

Common equity tier 1 capital

    $ 768,652     $ 788,811       (2.6 %)    $ 758,397       1.4 % 

Tier 1 capital

    $ 768,652     $ 788,811       (2.6 %)    $ 758,397       1.4 % 

Risk-weighted assets

    $ 5,920,599     $ 6,622,892       (10.6 %)    $ 5,591,442       5.9 % 

Common equity tier 1 capital ratio

      13.0 %      11.9 %        13.6 %   

Tier 1 risk based capital ratio

      13.0 %      11.9 %        13.6 %   

Tier 1 leverage capital ratio

      7.1 %      7.2 %        7.1 %   

Stifel Net Capital:

           

Net capital

    $ 449,500     $ 457,900       (1.8 %)    $ 486,200       (7.5 %) 

Excess net capital

    $ 425,500     $ 435,900       (2.4 %)    $ 462,500       (8.0 %) 

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 7 of 19

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Global Wealth Management - Summary Results of Operations

 

 

     Three Months Ended     Year Ended  
(Unaudited, 000s)    12/31/2024     12/31/2023     % Change     9/30/2024     % Change     12/31/2024     12/31/2023     % Change  

Revenues:

                 

Commissions

    $ 136,805     $ 112,622       21.5 %    $ 129,230       5.9 %    $ 508,717     $ 444,949       14.3 % 

Principal transactions

      63,759       56,849       12.2 %      63,497       0.4 %      243,635       209,282       16.4 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactional revenues

      200,564       169,471       18.3 %      192,727       4.1 %      752,352       654,231       15.0 % 

Asset management

      405,800       330,498       22.8 %      382,309       6.1 %      1,536,296       1,299,361       18.2 % 

Net interest

      254,337       257,920       (1.4 %)      240,825       5.6 %      967,712       1,086,628       (10.9 %) 

Investment banking (6)

      5,198       4,562       13.9 %      6,217       (16.4 %)      21,475       16,680       28.7 % 

Other income

      (690 )      3,577       (119.3 %)      5,038       (113.7 %)      6,125       (6,938 )      188.3 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net revenues

      865,209       766,028       12.9 %      827,116       4.6 %      3,283,960       3,049,962       7.7 % 

Non-interest expenses:

                 

Compensation and benefits

      419,466       359,376       16.7 %      403,205       4.0 %      1,605,148       1,415,210       13.4 % 

Non-compensation operating expenses

      129,425       105,292       22.9 %      122,208       5.9 %      470,870       418,930       12.4 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total non-interest expenses

      548,891       464,668       18.1 %      525,413       4.5 %      2,076,018       1,834,140       13.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

    $ 316,318     $ 301,360       5.0 %    $ 301,703       4.8 %    $ 1,207,942     $ 1,215,822       (0.6 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As a percentage of net revenues:

                 

Compensation and benefits

      48.5 %      46.9 %      160       48.7 %      (20 )      48.9 %      46.4 %      250  

Non-compensation operating expenses

      14.9 %      13.8 %      110       14.8 %      10       14.3 %      13.7 %      60  

Income before income taxes

      36.6 %      39.3 %      (270 )      36.5 %      10       36.8 %      39.9 %      (310 ) 

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 8 of 19

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Global Wealth Management - Statistical Information

 

 

     As of and for the Three Months Ended  
(Unaudited, 000s, except financial advisors)    12/31/2024     12/31/2023     % Change     9/30/2024     % Change  

Financial advisors (including independent contractors) (7)

      2,342       2,386       (1.8 %)      2,357       (0.6 %) 

Total client assets

    $ 501,402,000     $ 444,318,000       12.8 %    $ 496,298,000       1.0 % 

Fee-based client assets

    $ 192,705,000     $ 165,301,000       16.6 %    $ 190,771,000       1.0 % 

Transactional assets

    $ 308,697,000     $ 279,017,000       10.6 %    $ 305,527,000       1.0 % 

Secured client lending (8)

    $ 3,214,000     $ 3,064,000       4.9 %    $ 2,934,000       9.5 % 

Asset Management Revenue:

           

Private Client Group (9)

    $ 343,154     $ 275,405       24.6 %    $ 322,758       6.3 % 

Asset Management

      39,281       33,938       15.7 %      38,314       2.5 % 

Third-party Bank Sweep Program

      8,706       8,821       (1.3 %)      8,417       3.4 % 

Other (10)

      14,684       12,372       18.7 %      13,127       11.9 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total asset management revenues

    $ 405,825     $ 330,536       22.8 %    $ 382,616       6.1 % 

Fee-based Assets (millions):

           

Private Client Group (9)

    $ 168,206     $ 145,513       15.6 %    $ 166,768       0.9 % 

Asset Management

      42,110       36,085       16.7 %      42,049       0.1 % 

Elimination (11)

      (17,611 )      (16,297 )      8.1 %      (18,046 )      (2.4 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fee-based assets

    $ 192,705     $ 165,301       16.6 %    $ 190,771       1.0 % 

Third-party Bank Sweep Program

    $ 1,609     $ 2,044       (21.3 %)    $ 698       130.5 % 

ROA (bps) (12):

           

Private Client Group (9)

      82.3       83.0         82.2    

Asset Management

      37.3       37.6         36.4    

Third-party Bank Sweep Program

      398.4       451.2         450.1    

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 9 of 19

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Global Wealth Management - Statistical Information (Cont.)

 

 

     As of and for the Three Months Ended  
(Unaudited, millions)    12/31/2024      12/31/2023      % Change     9/30/2024      % Change  

Stifel Bancorp Deposits:

              

Smart Rate Deposits

    $ 17,115      $ 14,465        18.3 %    $ 16,315        4.9 % 

Sweep Deposits

      9,950        9,642        3.2 %      9,637        3.2 % 

Direct Wealth Management Deposits at Stifel Bancorp

      328        402        (18.4 %)      369        (11.1 %) 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Stifel Bancorp Wealth Management Deposits

      27,393        24,509        11.8 %      26,321        4.1 % 

Other Bank Deposits

      1,709        2,826        (39.5 %)      1,800        (5.1 %) 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Stifel Bancorp Deposits

    $ 29,102      $ 27,335        6.5 %    $ 28,121        3.5 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Short-term Treasuries (13)

    $ 7,753      $ 7,855        (1.3 %)    $ 7,321        5.9 % 

Third-party Commercial Treasury Deposits (14)

    $ 3,199      $ —         nm     $ 2,215        44.4 % 

Wealth Management Cash:

              

Stifel Bancorp Wealth Management Deposits

    $ 27,393      $ 24,509        11.8 %    $ 26,321        4.1 % 

Third-party Bank Sweep Program (14)

      1,609        2,044        (21.3 %)      698        130.5 % 

Third-party Treasury (14)

      198        —         nm       149        32.9 % 

Other Sweep Cash

      355        324        9.6 %      320        10.9 % 

Money Market Mutual Funds

      12,606        9,374        34.5 %      11,301        11.5 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Wealth Management Cash

    $ 42,161      $ 36,251        16.3 %    $ 38,789        8.7 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Client money market and insured product (15)

    $ 29,029      $ 26,475        9.6 %    $ 26,970        7.6 % 

Third-party Deposits Available to Stifel Bancorp (14)

    $ 5,006      $ —         nm     $ 3,062        63.5 % 

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 10 of 19

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Institutional Group - Summary Results of Operations

 

 

     Three Months Ended     Year Ended  
(Unaudited, 000s)    12/31/2024     12/31/2023     % Change     9/30/2024     % Change     12/31/2024     12/31/2023     % Change  

Revenues:

                 

Commissions

    $ 66,981     $ 60,992       9.8 %    $ 54,215       23.5 %    $ 247,307     $ 228,648       8.2 % 

Principal transactions

      111,128       97,528       13.9 %      73,583       51.0 %      360,929       281,158       28.4 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactional revenues

      178,109       158,520       12.4 %      127,798       39.4 %      608,236       509,806       19.3 % 

Capital raising

      109,309       71,724       52.4 %      100,108       9.2 %      395,924       248,987       59.0 % 

Advisory

      189,912       129,378       46.8 %      136,857       38.8 %      577,432       465,588       24.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Investment banking

      299,221       201,102       48.8 %      236,965       26.3 %      973,356       714,575       36.2 % 

Other income (16)

      1,005       (330 )      404.5 %      7,638       (86.8 %)      11,241       1,936       480.6 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net revenues

      478,335       359,292       33.1 %      372,401       28.4 %      1,592,833       1,226,317       29.9 % 

Non-interest expenses:

                 

Compensation and benefits

      280,261       248,970       12.6 %      224,556       24.8 %      959,602       841,671       14.0 % 

Non-compensation operating expenses

      102,393       102,551       (0,2 %)      106,048       (3.4 %)      409,831       382,546       7.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total non-interest expenses

      382,654       351,521       8.9 %      330,604       15.7 %      1,369,433       1,224,217       11.9 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

    $ 95,681     $ 7,771       nm     $ 41,797       128.9 %    $ 223,400     $ 2,100       nm  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As a percentage of net revenues:

                 

Compensation and benefits

      58.6 %      69.3 %      (1,070 )      60.3 %      (170 )      60.2 %      68.6 %      (840 ) 

Non-compensation operating expenses

      21.4 %      28.5 %      (710 )      28.5 %      (710 )      25.8 %      31.2 %      (540 ) 

Income before income taxes

      20.0 %      2.2 %      1,780       11.2 %      880       14.0 %      0.2 %      1,380  

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 11 of 19

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Stifel Bancorp - Financial Information and Credit Metrics

 

 

(Unaudited, 000s)    12/31/2024     12/31/2023     % Change     9/30/2024     % Change  

Stifel Bancorp Financial Information:

           

Total assets

    $ 31,378,704     $ 29,722,320       5.6 %    $ 30,416,173       3.2 % 

Total shareholder’s equity

    $ 2,134,900     $ 2,154,839       (0.9 %)    $ 2,091,052       2.1 % 

Total loans, net (includes loans held for sale)

    $ 21,310,776     $ 19,729,804       8.0 %    $ 20,633,425       3.3 % 

Residential real estate

      8,565,193       8,047,647       6.4 %      8,406,932       1.9 % 

Commercial and industrial

      4,062,029       3,566,987       13.9 %      3,896,824       4.2 % 

Fund banking

      3,854,222       3,633,126       6.1 %      3,762,960       2.4 % 

Securities-based loans

      2,389,593       2,306,455       3.6 %      2,273,246       5.1 % 

Construction and land

      1,242,002       1,034,370       20.1 %      1,219,787       1.8 % 

Commercial real estate

      518,923       660,631       (21.5 %)      565,686       (8.3 %) 

Other

      247,783       192,251       28.9 %      224,146       10.5 % 

Loans held for sale

      578,980       423,999       36.6 %      465,739       24.3 % 

Investment securities

    $ 8,108,877     $ 7,439,109       9.0 %    $ 8,231,240       (1.5 %) 

Available-for-sale securities, at fair value

      1,584,598       1,551,686       2.1 %      1,618,289       (2.1 %) 

Held-to-maturity securities, at amortized cost

      6,524,279       5,887,423       10.8 %      6,612,951       (1.3 %) 

Unrealized losses on available-for-sale securities

      (170,111 )      (175,943 )      (3.3 %)      (134,116 )      26.8 % 

Total deposits

    $ 29,102,227     $ 27,334,579       6.5 %    $ 28,120,518       3.5 % 

Demand deposits (interest-bearing)

      28,580,415       27,111,072       5.4 %      27,539,904       3.8 % 

Demand deposits (non-interest-bearing)

      318,229       223,505       42.4 %      309,982       2.7 % 

Certificates of deposit

      203,583       2       nm       270,632       (24.8 %) 

Credit Metrics:

           

Allowance for credit losses

    $ 170,044     $ 161,605       5.2 %    $ 163,274       4.1 % 

Allowance as a percentage of retained loans

      0.81 %      0.83 %        0.80 %   

Net charge-offs as a percentage of average loans

      0.02 %      0.04 %        0.03 %   

Total nonperforming assets

    $ 160,901     $ 45,456       254.0 %    $ 144,122       11.6 % 

Nonperforming assets as a percentage of total assets

      0.51 %      0.15 %        0.47 %   

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 12 of 19

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Stifel Bancorp - Loan and Investment Portfolio

 

 

(Unaudited, millions)    12/31/2024      % of Total
Portfolio		  

Loan Portfolio

      

Residential real estate

    $ 8,565        33 % 

Securities-based loans

      2,390        9 % 

Home equity lines of credit and other

      248        1 % 
  

 

 

     

 

 

  

Total consumer

      11,203        43 % 
  

 

 

     

 

 

  

Commercial and industrial

      4,062        15 % 

Fund banking

      3,854        15 % 

Construction and land

      1,242        5 % 

Commercial real estate

      519        2 % 
  

 

 

     

 

 

  

Total commercial

      9,677        37 % 
  

 

 

     

 

 

  

Total loan portfolio

      20,880        80 % 
  

 

 

     

 

 

  

Unfunded commitments

      5,367        20 % 
  

 

 

     

 

 

  

Total

    $ 26,247        100 % 
  

 

 

     

 

 

  
     
               

Investment Portfolio

      

CLO

    $ 6,485        78 % 

Agency MBS

      1,048        13 % 

Corporate bonds

      508        6 % 

SBA

      95        1 % 

Student loan ARS

      71        1 % 

CMBS

      69        1 % 

Other

      3        0 % 
  

 

 

     

 

 

  

Total Portfolio

    $ 8,279        100 % 
  

 

 

     

 

 

  

 

 

Commercial Portfolio by Major Sector

      

Industrials

    $ 1,002        25 % 

Financials

      943        23 % 

Information technology

      653        16 % 

Consumer discretionary

      406        10 % 

Materials

      258        6 % 

REITs

      231        6 % 

Healthcare

      186        5 % 

Communication services

      148        4 % 

Hotel, leisure, restaurants

      127        3 % 

Consumer staples

      74        2 % 

Other

      34        1 % 
  

 

 

     
   $ 4,062     
     

CLO by Major Sector

      

High tech industries

    $ 636        10 % 

Banking, finance, insurance, & real estate

      635        10 % 

Services: business

      613        9 % 

Healthcare & pharmaceuticals

      602        9 % 

Hotel, gaming, & leisure

      300        5 % 

Construction & building

      297        5 % 

Chemicals, plastics, & rubber

      274        4 % 

Services: consumer

      235        4 % 

Capital equipment

      235        4 % 

Telecommunications

      232        4 % 
 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 13 of 19

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Loans and Lending Commitments - Allowance for Credit Losses

 

 

     December 31, 2024               
(Unaudited, 000s)    Loans and Lending
Commitments		      ACL      ACL %     Q4 Provision  

Residential real estate

    $ 8,565,193      $ 11,061        0.13 %    $ (209 ) 

Commercial and industrial

      4,062,029        92,696        2.28 %      12,892  

Fund banking

      3,854,222        10,792        0.28 %      255  

Securities-based loans

      2,389,593        2,918        0.12 %      64  

Construction and land

      1,242,002        12,866        1.04 %      (149 ) 

Commercial real estate

      518,923        8,057        1.55 %      (5,948 ) 

Other

      247,783        918        0.37 %      176  
  

 

 

     

 

 

       

 

 

  

Loans held for investment, gross

      20,879,745        139,308        0.67 %      7,081  

Loans held for sale

      578,980          
  

 

 

          

Total loans, gross

      21,458,725          

Lending commitments

      5,367,039        30,736        0.57 %      4,812  
  

 

 

     

 

 

       

 

 

  

Loans and lending commitments

    $ 26,825,764      $ 170,044        $ 11,893  
  

 

 

     

 

 

       

 

 

  

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 14 of 19

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Consolidated Net Interest Income

 

 

                         Three Months Ended                      
     December 31, 2024     December 31, 2023     September 30, 2024  
(Unaudited, millions)    Average
balance		      Interest
income/expense		      Average
interest
rate		     Average
balance		      Interest
income/expense		      Average
interest
rate		     Average
balance		      Interest
income/expense		      Average
interest
rate		  

Interest-earning assets:

                         

Cash and federal funds sold

    $ 2,892.8      $ 35.3        4.88 %    $ 2,956.9      $ 40.1        5.42 %    $ 2,733.0      $ 36.7        5.37 % 

Financial instruments owned

      1,238.5        6.8        2.19 %      962.2        4.0        1.65 %      1,191.9        7.0        2.36 % 

Margin balances

      724.1        13.3        7.34 %      750.0        15.3        8.14 %      675.7        13.7        8.12 % 

Investments:

                         

Asset-backed securities

      6,620.1        111.7        6.75 %      6,079.2        112.4        7.39 %      6,223.6        113.3        7.28 % 

Mortgage-backed securities

      1,079.7        7.9        2.94 %      935.5        5.3        2.27 %      1,047.0        7.6        2.89 % 

Corporate fixed income securities

      517.9        3.6        2.70 %      617.1        4.3        2.78 %      543.0        3.7        2.72 % 

Other

      4.7        —         2.55 %      4.7        —         2.55 %      4.7        —         2.55 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total investments

      8,222.4        123.2        5.99 %      7,636.5        122.0        6.39 %      7,818.3        124.6        6.37 % 

Loans:

                         

Residential real estate

      8,483.8        77.7        3.67 %      8,027.0        69.4        3.46 %      8,342.3        74.8        3.59 % 

Commercial and industrial

      3,977.0        80.4        8.09 %      4,073.9        90.5        8.89 %      3,785.0        81.9        8.65 % 

Fund banking

      3,606.1        67.9        7.53 %      4,076.5        80.9        7.94 %      3,506.1        71.2        8.12 % 

Securities-based loans

      2,320.4        38.1        6.57 %      2,318.7        42.5        7.33 %      2,258.9        40.8        7.23 % 

Commercial real estate

      551.1        10.1        7.30 %      659.3        12.3        7.49 %      603.4        11.3        7.48 % 

Construction and land

      1,260.1        24.3        7.73 %      942.8        20.2        8.57 %      1,164.4        24.8        8.51 % 

Loans held for sale

      499.4        10.4        8.30 %      254.0        4.7        7.40 %      493.4        10.5        8.51 % 

Other

      237.6        4.4        7.33 %      186.9        3.7        7.90 %      211.1        4.2        8.07 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total loans

      20,935.5        313.3        5.99 %      20,539.1        324.2        6.31 %      20,364.6        319.5        6.28 % 

Other interest-bearing assets

      909.7        8.8        3.89 %      812.3        10.6        5.26 %      830.3        9.3        4.49 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-bearing assets/ interest income

      34,923.0        500.7        5.73 %      33,657.0        516.2        6.13 %      33,613.8        510.8        6.08 % 

Interest-bearing liabilities:

                         

Senior notes

      616.5        7.1        4.64 %      1,115.5        12.5        4.48 %      779.3        8.2        4.20 % 

Deposits

      28,535.1        208.4        2.92 %      27,457.7        218.0        3.18 %      27,535.9        229.7        3.34 % 

Other interest-bearing liabilities

      1,328.9        12.7        3.81 %      1,384.6        13.2        3.81 %      1,340.6        13.3        3.96 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-bearing liabilities/ interest expense

    $ 30,480.5        228.2        2.99 %    $ 29,957.8        243.7        3.25 %    $ 29,655.8        251.2        3.39 % 
     

 

 

     

 

 

       

 

 

     

 

 

       

 

 

     

 

 

  

Net interest income/margin

       $ 272.5        3.12 %       $ 272.5        3.24 %       $ 259.6        3.09 % 
     

 

 

     

 

 

       

 

 

     

 

 

       

 

 

     

 

 

  

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 15 of 19

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Stifel Bancorp Net Interest Income

 

 

     Three Months Ended  
     December 31, 2024     December 31, 2023     September 30, 2024  
(Unaudited, millions)    Average
balance		      Interest
income/expense		      Average
interest
rate		     Average
balance		      Interest
income/expense		      Average
interest
rate		     Average
balance		      Interest
income/expense		      Average
interest
rate		  

Interest-earning assets:

                         

Cash and federal funds sold

    $ 1,870.0      $ 24.1        5.16 %    $ 1,841.8      $ 26.4        5.73 %    $ 1,705.6      $ 24.1        5.66 % 

Investments

      8,222.4        123.2        5.99 %      7,636.5        122.0        6.39 %      7,818.3        124.6        6.37 % 

Loans

      20,935.5        313.3        5.99 %      20,539.1        324.2        6.31 %      20,364.6        319.5        6.28 % 

Other interest-bearing assets

      66.5        0.9        5.11 %      64.7        0.7        4.55 %      66.3        0.9        5.51 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-bearing assets/interest income

    $ 31,094.4      $ 461.5        5.94 %    $ 30,082.1      $ 473.3        6.29 %    $ 29,954.8      $ 469.1        6.26 % 

Interest-bearing liabilities:

                         

Deposits

    $ 28,535.1        208.4        2.92 %    $ 27,457.7      $ 218.0        3.18 %    $ 27,535.9      $ 229.7        3.34 % 

Other interest-bearing liabilities

      92.3        1.5        6.67 %      73.2        1.4        7.70 %      91.6        1.6        7.11 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total interest-bearing liabilities/interest expense

    $ 28,627.4        209.9        2.93 %    $ 27,530.9     

 

219.4

 

      3.19 %    $ 27,627.5        231.3        3.35 % 

Net interest income/margin

       $ 251.6        3.24 %       $ 253.9        3.38 %       $ 237.8        3.17 % 
     

 

 

     

 

 

       

 

 

     

 

 

       

 

 

     

 

 

  

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 16 of 19

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GAAP to Core Reconciliation

 

 

     Three Months Ended     Year Ended  
(Unaudited, 000s)    12/31/2024     12/31/2023     Change     9/30/2024     Change     12/31/2024     12/31/2023     Change  

GAAP net revenues

    $ 1,364,682     $ 1,146,379       $ 1,224,668       $ 4,970,320     $ 4,348,944    

Non-GAAP adjustments

      39       40         683         731       14    
  

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Non-GAAP net revenues

      1,364,721       1,146,419         1,225,351         4,971,051       4,348,958    

GAAP compensation and benefits expense

      795,750       674,437         718,065         2,916,229       2,554,581    

Merger-related (17)

      (4,641 )      (9,203 )        (6,101 )        (22,039 )      (32,150 )   

Restructuring and severance (18)

      430       —          (1,261 )        (10,792 )      —     
  

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Total non-GAAP adjustments

      (4,211 )      (9,203 )        (7,362 )        (32,831 )      (32,150 )   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP compensation and benefits expense

      791,539       665,234         710,703         2,883,398       2,522,431    

GAAP non-compensation operating expenses

      302,731       265,947         289,945         1,125,647       1,087,671    

Merger-related (17)

      (12,140 )      (7,678 )        (11,166 )        (37,975 )      (31,058 )   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Non-GAAP non-compensation operating expenses

      290,591       258,269         278,779         1,087,672       1,056,613    
  

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Total adjustments

      (16,390 )      (16,921 )        (19,211 )        (71,537 )      (63,222 )   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

GAAP provision for income taxes

      22,196       43,511         58,153         197,065       184,156    

Merger-related and other (19)

      1,365       3,498         2,126         9,739       16,953    
  

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Non-GAAP provision for income taxes

      23,561       47,009         60,279         206,804       201,109    

Financial ratios:

                 

Compensation and benefits

      58.0 %      58.0 %      —        58.0 %      —        58.0 %      58.0 %      —   

Non-compensation operating expenses

      21.3 %      22.6 %      (130 )      22.8 %      (150 )      21.9 %      24.3 %      (240 ) 

Income before income taxes

      20.7 %      19.4 %      130       19.2 %      150       20.1 %      17.7 %      240  

Effective tax rate

      8.3 %      21.1 %      (1,280 )      25.6 %      (1,730 )      20.7 %      26.1 %      (540 ) 

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 17 of 19

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Footnotes

 

 

(1)

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

(2)

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

(3)

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

(4)

Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible common equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $80.3 million, $71.1 million, and $77.9 million, as of December 31, 2024 and 2023, and September 30, 2024, respectively.

(5)

Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, January 29, 2025.

(6)

Includes capital raising and advisory revenues.

(7)

Includes independent contractors of 113, 108, and 114 as of December 31, 2024 and 2023, and September 30, 2024, respectively.

(8)

Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.

(9)

Includes Private Client Group and Trust Business.

(10)

Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.

(11)

Asset management assets managed in Private Client Group or Trust accounts.

(12)

Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average daily balances for Individual Program Banks.

(13)

Represents client assets in Treasury Securities with maturities of 52 weeks or less.

(14)

During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks. The balances at third-party banks can be brought back on balance sheet to support liquidity needs.

(15)

Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.

(16)

Includes net interest, asset management, and other income.

(17)

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

(18)

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

(19)

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

 

 

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release    Page 18 of 19

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Disclaimer and Legal Notice

 

Forward-Looking Statements

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

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

Use of Non-GAAP Financial Measures

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

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s fourth quarter earnings release issued January 29, 2025.

 

 

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