Stifel Financial Corp. | Stifel Reports Record Fourth Quarter and Full-Year Results

Stifel Reports Record Fourth Quarter and Full-Year Results

Gepubliceerd op 29 januari 2021 om 13:00

25^th consecutive year of record net revenues of $3.8 billion, an increase of 12.4% compared with 2019.
Quarterly record net revenues of $1.1 billion, an increase of 20.0% over the third quarter of 2020.
Record quarterly net income available to common shareholders of $180.8 million, or $1.55 per diluted common share.⁽¹⁾
Record non-GAAP net income available to common shareholders of $195.1 million, or $1.67 per diluted common share.⁽¹⁾
Record client assets of $357.4 billion, increased 8.5% compared with the year-ago quarter.
Annualized return on average tangible common shareholders’ equity⁽²⁾ was 30.8%.
Non-GAAP annualized return on average tangible common shareholders’ equity⁽²⁾ was 33.3%.
Increasing quarterly dividend by approximately 32% to $0.15 per common share starting in first quarter of 2021.

ST. LOUIS, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported record net income available to common shareholders of $180.8 million, or $1.55 per diluted common share⁽¹⁾on record net revenues of $1.1 billion for the three months ended December 31, 2020, compared with net income available to common shareholders of $125.8 million, or $1.08 per diluted common share,⁽¹⁾ on net revenues of $944.3 million for the fourth quarter of 2019.

For the three months ended December 31, 2020, the Company reported record non-GAAP net income available to common shareholders of $195.1 million, or $1.67 per diluted common share.⁽¹⁾ The Company’s reported GAAP net income for the three months ended December 31, 2020 was primarily impacted by merger-related expenses. Details discussed below and in the “Non-GAAP Financial Matters” section.

Chairman’s Comments

“Stifel’s performance in 2020 was a testament to the strength of our business model as we were able to navigate market challenges and generated our 25^th consecutive year of record net revenue. We entered the year expecting two of our primary growth drivers to be continued strength in net interest income and advisory revenue. However, following the pandemic outbreak, Stifel and our associates were able to successfully pivot to the subsequent changes in the market environment and we finished the year with record results from our brokerage and capital raising businesses. Our record revenue also generated record non-GAAP earnings per share of $4.56 and non-GAAP return on tangible equity of nearly 25%,” stated Ronald J. Kruszewski, Chairman and Chief Executive Officer of Stifel.

Mr. Kruszewski continued, “We entered 2021 with record recruiting and investment banking pipelines, record client assets, and more than $500 million of excess capital. These factors, combined with our long history of profitable growth, drive my optimism for 2021 and beyond.”

Fourth Quarter Review

Quarterly Highlights

Record net revenues of $1.1 billion, increased 12.2% with the year-ago quarter, and increased 20.0% sequentially.
Record net revenues in Global Wealth Management and Institutional Group segments.
Record net income available to common shareholders of $180.8 million, or $1.55 per diluted common share.⁽¹⁾
Record non-GAAP net income available to common shareholders of $195.1 million, or $1.67 per diluted common share.⁽¹⁾


Financial Highlights (Unaudited)	Three Months Ended
($ in 000s, except per share data)	GAAP 12/31/20			GAAP 12/31/19			% Change		GAAP 9/30/20			% Change			Non- GAAP ⁽³⁾ 12/31/20			Non- GAAP ⁽³⁾ 12/31/19			% Change
Net revenues	$	1,059,910		$	944,251			12.2	$	883,300			20.0		$	1,059,883		$	944,425			12.2
Net income applicable to Stifel Financial Corp.	$	188,469		$	130,690			44.2	$	120,527			56.4		$	202,731		$	151,442			33.9
Preferred dividends		7,677			4,843			58.5		9,897			(22.4	)		7,677			4,843			58.5
Net income available to common shareholders	$	180,792		$	125,847			43.7	$	110,630			63.4		$	195,054		$	146,599			33.1
Earnings per diluted common share ⁽¹⁾	$	1.61		$	1.12			43.8	$	1.06			51.9		$	1.74		$	1.30			33.8
Earnings per diluted common share available to common shareholders ⁽¹⁾	$	1.55		$	1.08			43.5	$	0.97			59.8		$	1.67		$	1.26			32.5
Compensation ratio		58.6	%		60.0	%				60.4	%					57.9	%		58.3	%
Non-compensation ratio		19.3	%		22.8	%				21.7	%					18.3	%		21.2	%
Pre-tax operating margin ⁽⁴⁾		22.1	%		17.2	%				17.9	%					23.8	%		20.5	%

Net Revenues

Net revenues were a record $1.1 billion for the fourth quarter of 2020, a 12.2% increase from the fourth quarter of 2019 and a 20.0% increase from the third quarter of 2020. Net revenues, compared with the fourth quarter of 2019, reflected higher brokerage revenues, an increase in capital raising and advisory fee revenues and asset management and service fees, partially offset by a decline in net interest income. Net revenues, compared with the third quarter of 2020, reflected increased capital raising and advisory fee revenues, growth in brokerage revenues and asset management and services fees, as well as higher net interest income.

Brokerage Revenues

Brokerage revenues, defined as commissions and principal transactions, were $342.6 million, an 18.3% increase compared with the fourth quarter of 2019 and a 9.3% increase compared with the third quarter of 2020.

	Three Months Ended
($ in 000s)	12/31/20		12/31/19		% Change		9/30/20		% Change
Global Wealth Management	$	185,719	$	174,000		6.7	$	162,627		14.2
Institutional brokerage:
Equity capital markets		69,201		45,989		50.5		54,204		27.7
Fixed income capital markets		87,664		69,563		26.0		96,706		(9.3	)
Total institutional brokerage		156,865		115,552		35.8		150,910		3.9
Total brokerage revenues	$	342,584	$	289,552		18.3	$	313,537		9.3

Global Wealth Management brokerage revenues were $185.7 million, a 6.7% increase compared with the fourth quarter of 2019 and a 14.2% increase compared with the third quarter of 2020.
Institutional equity brokerage revenues were $69.2 million, a 50.5% increase compared with the fourth quarter of 2019 and a 27.7% increase compared with the third quarter of 2020.
Institutional fixed income brokerage revenues were $87.7 million, a 26.0% increase compared with the fourth quarter of 2019 and a 9.3% decrease compared with the third quarter of 2020.

Investment Banking Revenues

Investment banking revenues were a record $337.7 million, a 21.8% increase compared with the fourth quarter of 2019 and a 54.8% increase compared with the third quarter of 2020.

	Three Months Ended
($ in 000s)	12/31/20		12/31/19		% Change		9/30/20		% Change
Capital raising:
Global Wealth Management	$	9,562	$	9,278		3.1	$	8,113		17.9

Equity capital markets		104,097		64,384		61.7		78,462		32.7
Fixed income capital markets		50,613		48,181		5.0		50,717		(0.2	)
Institutional Group		154,710		112,565		37.4		129,179		19.8
Total capital raising ⁽⁶⁾		164,272		121,843		34.8		137,292		19.7
Advisory fees		173,395		155,331		11.6		80,842		114.5
Total investment banking ⁽⁶⁾	$	337,667	$	277,174		21.8	$	218,134		54.8

Global Wealth Management capital raising revenues were $9.6 million, a 3.1% increase compared with the fourth quarter of 2019 and a 17.9% increase compared with the third quarter of 2020.
Institutional equity capital raising revenues were $104.1 million, a 61.7% increase compared with the fourth quarter of 2019 and a 32.7% increase compared with the third quarter of 2020.
Institutional fixed income capital raising revenues were $50.6 million, a 5.0% increase compared with the fourth quarter of 2019 and a 0.2% decrease compared with the third quarter of 2020.
Advisory fee revenues were $173.4 million, an 11.6% increase compared with the fourth quarter of 2019 and a 114.5% increase compared with the third quarter of 2020.

Asset Management and Service Fee Revenues

Asset management and service fee revenues were a record $249.9 million, an 11.6% increase compared with the fourth quarter of 2019 and an 8.3% increase compared with the third quarter of 2020. The increase from the comparative period in 2019 is primarily attributable to higher asset values and strong fee-based asset flows. Please refer to the Asset Management and Service Fee Break-down table for additional details.

Net Interest Income

Net interest income of $105.4 million, a 22.3% decrease compared with the fourth quarter of 2019 and a 4.7% increase compared with the third quarter of 2020. The decrease from the fourth quarter of 2019 was primarily driven by the impact of lower interest rates. Please refer to the Net Interest Income Analysis table for additional details.

Interest income was $119.9 million, a 28.3% decrease compared with the fourth quarter of 2019 and a 4.8% increase compared with the third quarter of 2020.
Interest expense was $14.5 million, a 53.8% decrease compared with the fourth quarter of 2019 and a 5.0% increase compared with the third quarter of 2020.

Annual Review

Annual Highlights

Record net revenues of $3.8 billion, increased 12.4% compared with 2019.
Record net revenues in Global Wealth Management.
Record net revenues and pre-tax operating income in Institutional Group.
Record net income available to common shareholders of $476.2 million, or $4.16 per diluted common share.⁽¹⁾
Record non-GAAP net income available to common shareholders of $522.8 million, or $4.56 per diluted common share.⁽¹⁾

For year ended December 31, 2020, the Company reported record net income available to common shareholders of $476.2 million, or $4.16 per diluted common share⁽¹⁾ on record net revenues of $3.8 billion, compared with net income available to common shareholders of $431.1 million, or $3.66 per diluted common share,⁽¹⁾ on net revenues of $3.3 billion for the comparable in 2019.

For the year ended December 31, 2020, the Company reported non-GAAP net income available to common shareholders of $522.8 million, or $4.56 per diluted common share.⁽¹⁾ The Company’s reported GAAP net income for the year ended December 31, 2020 was primarily impacted by merger-related expenses. Details are discussed below and in the “Non-GAAP Financial Matters” section.

Financial Highlights (Unaudited)	Year Ended
($ in 000s, except per share data)	GAAP 12/31/20			GAAP 12/31/19			% Change		Non- GAAP ⁽³⁾ 12/31/20			Non- GAAP ⁽³⁾ 12/31/19			% Change
Net revenues	$	3,752,061		$	3,337,030			12.4	$	3,752,213		$	3,337,204			12.4
Net income applicable to Stifel Financial Corp.	$	503,472		$	448,396			12.3	$	550,108		$	496,955			10.7
Preferred dividends		27,261			17,319			57.4		27,261			17,319			57.4
Net income available to common shareholders	$	476,211		$	431,077			10.5	$	522,847		$	479,636			9.0
Earnings per diluted common share ⁽¹⁾	$	4.39		$	3.80			15.5	$	4.80		$	4.22			13.7
Earnings per diluted common share available to common shareholders ⁽¹⁾	$	4.16		$	3.66			13.7	$	4.56		$	4.07			12.0
Compensation ratio		60.7	%		59.3	%				59.9	%		58.3	%
Non-compensation ratio		21.9	%		22.7	%				21.1	%		21.8	%
Pre-tax operating margin ⁽⁵⁾		17.4	%		18.0	%				19.0	%		19.9	%

Net Revenues

Net revenues were a record $3.8 billion for the year ended December 31, 2020, a 12.4% increase compared with 2019. Net revenues, compared with 2019, reflected significantly higher brokerage revenues, increased capital raising revenues, and asset management and service fees, partially offset by lower net interest income and advisory fee revenues.

Brokerage Revenues

Brokerage revenues were $1.3 billion, a 25.8% increase compared with 2019.

	Year Ended
($ in 000s)	12/31/20		12/31/19		% Change
Global Wealth Management	$	687,348	$	649,699		5.8
Institutional brokerage:
Equity capital markets		256,793		166,577		54.2
Fixed income capital markets		404,789		255,969		58.1
Total institutional brokerage		661,582		422,546		56.6
Total brokerage revenues	$	1,348,930	$	1,072,245		25.8

Global Wealth Management brokerage revenues were $687.3 million, a 5.8% increase compared with 2019.
Institutional equity brokerage revenues were $256.8 million, a 54.2% increase compared with 2019.
Institutional fixed income brokerage revenues were $404.8 million, a 58.1% increase compared with 2019.

Investment Banking Revenues

Investment banking revenues were $952.3 million, a 16.5% increase compared with 2019.

	Year Ended
($ in 000s)	12/31/20		12/31/19		% Change
Capital raising:
Global Wealth Management		36,005		37,915		(5.0	)

Equity capital markets		306,031		204,405		49.7
Fixed income capital markets		182,121		127,122		43.3
Institutional Group		488,152		331,527		47.2
Total capital raising ⁽⁶⁾		524,157		369,442		41.9
Advisory fees		428,147		447,979		(4.4	)
Total investment banking ⁽⁶⁾	$	952,304	$	817,421		16.5

Global Wealth Management capital raising revenues were $36.0 million, a 5.0% decrease compared with 2019.
Institutional equity capital raising revenues were $306.0 million, a 49.7% increase compared with 2019.
Institutional fixed income capital raising revenues were $182.1 million, a 43.3% increase compared with 2019.
Advisory fee revenues were $428.1 million, a 4.4% decrease compared with 2019.

Asset Management and Service Fee Revenues

Asset management and service fee revenues were $917.4 million, an 8.2% increase compared with 2019. The increase is primarily attributable to higher asset values and strong fee-based asset flows.

Net Interest Income

Net interest income of $458.1 million, a 16.3% decrease compared with 2019. The decrease is primarily driven by the impact of lower interest rates.

Interest income was $523.8 million, a 27.7% decrease compared with 2019.
Interest expense was $65.8 million, a 63.0% decrease compared with 2019.

Fourth Quarter & Full Year 2020

Compensation and Benefits Expenses

For the quarter ended December 31, 2020, compensation and benefits expenses were $621.3 million, which included $7.4 million of merger-related and severance expenses (non-GAAP adjustments). This compares with $567.0 million in the fourth quarter of 2019 and $533.6 million in the third quarter of 2020. Excluding the non-GAAP adjustments, compensation and benefits as a percentage of net revenues were 57.9% in the fourth quarter of 2020 (non-GAAP measure).

For the year ended December 31, 2020, compensation and benefits expenses were $2.3 billion, which included $30.3 million of merger-related and severance expenses (non-GAAP adjustments), compared to $2.0 billion in 2019. Excluding the non-GAAP adjustments, compensation and benefits as a percentage of net revenues were 59.9% in the year ended December 31, 2020 (non-GAAP measure).

The increase in compensation and benefits expenses was primarily attributable to the change in the composition of revenues as compared to 2019.

	Three Months Ended						Year Ended
($ in 000s)	12/31/20			12/31/19			12/31/20			12/31/19
GAAP compensation and benefits	$	621,344		$	566,981		$	2,279,335		$	1,978,116
As a percentage of net revenues		58.6	%		60.0	%		60.7	%		59.3	%
Non-GAAP adjustments:⁽⁷⁾
Merger-related and severance		(7,352	)		(16,304	)		(30,259	)		(32,367	)
Non-GAAP compensation and benefits	$	613,992		$	550,677		$	2,249,076		$	1,945,749
As a percentage of non-GAAP net revenues		57.9	%		58.3	%		59.9	%		58.3	%

Non-Compensation Operating Expenses

For the quarter ended December 31, 2020, non-compensation operating expenses were $203.9 million, which included $10.4 million of merger-related expenses (non-GAAP adjustments). This compares with $214.7 million in the fourth quarter of 2019 and $191.3 million in the third quarter of 2020. Excluding the non-GAAP adjustments, non-compensation operating expenses as a percentage of net revenues for the quarter ended December 31, 2020 were 18.3% (non-GAAP measure).

The decrease in non-compensation operating expenses compared with the fourth quarter of 2019 was primarily due to significantly lower travel, entertainment, and conference-related expenses. In addition, the provision for credit losses and net provisions for litigation matters were lower. These decreases were partially offset by higher volume-related expenses, including investment banking transaction expenses, reflecting an increase in activity levels. In addition, occupancy expense and professional fees were higher.

For the year ended December 31, 2020, non-compensation operating expenses were $821.6 million, which included $30.1 million of merger-related expenses (non-GAAP adjustments), compared with $759.8 million in 2019. Excluding the non-GAAP adjustments, non-compensation operating expenses as a percentage of net revenues for the year ended December 31, 2020 were 21.1% (non-GAAP measure).

The increase in non-compensation operating expenses compared with 2019 was primarily attributable to an increase in the provision for credit losses as a result of the impact of COVID-19 on the broader economic environment (incorporating the impact of accounting for credit losses under the CECL standard)⁽⁸⁾ and higher volume-related expenses, including investment banking transaction expenses, reflecting an increase in activity levels. In addition, occupancy expense and professional fees were higher. These increases were partially offset by significant decreases in travel, entertainment, and conference-related expenses as a result of the global pandemic.

	Three Months Ended						Year Ended
($ in 000s)	12/31/20			12/31/19			12/31/20			12/31/19
GAAP non-compensation expenses	$	203,865		$	214,677		$	821,566		$	759,776
As a percentage of net revenues		19.3	%		22.8	%		21.9	%		22.7	%
Non-GAAP adjustments:⁽⁷⁾
Merger-related		(10,381	)		(14,964	)		(30,053	)		(28,663	)
Litigation-related		—			—			—			(3,507	)
		(10,381	)		(14,964	)		(30,053	)		(32,170	)
Non-GAAP non-compensation expenses	$	193,484		$	199,713		$	791,513		$	727,606
As a percentage of non-GAAP net revenues		18.3	%		21.2	%		21.1	%		21.8	%

Provision for Income Taxes

The GAAP effective income tax rate for the quarter ended December 31, 2020 was 19.7%. This compares with an effective income tax rate of 19.6% for the fourth quarter of 2019 and 23.9% for the third quarter of 2020. The adjusted non-GAAP effective income tax rate for the quarter ended December 31, 2020 was 19.7%.

The GAAP effective income tax rate for the year ended December 31, 2020 was 22.7%, compared with 25.0% in 2019. The adjusted non-GAAP effective income tax rate for the year ended December 31, 2020 was 22.7%.

	Three Months Ended						Year Ended
($ in 000s)	12/31/20			12/31/19			12/31/20			12/31/19
GAAP provision for income taxes	$	46,232		$	31,925		$	147,688		$	149,152
GAAP effective tax rate		19.7	%		19.6	%		22.7	%		25.0	%
Non-GAAP adjustments:⁽⁷⁾
Merger-related, litigation-related, and severance		3,319			7,203			13,689			16,152
Other		125			3,487			139			—
		3,444			10,690			13,828			16,152
Non-GAAP provision for income taxes	$	49,676		$	42,615		$	161,516		$	165,304
Non-GAAP effective tax rate		19.7	%		22.0	%		22.7	%		25.0	%

Conference Call Information

Stifel Financial Corp. will host its fourth quarter 2020 financial results conference call on Friday, January 29, 2021, 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 (877) 876-9938 and referencing conference ID 1145988. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company's web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc. 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.

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. Forward-looking statements speak only as to the date they are made. Stifel Financial Corp. 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.

Statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position and liquidity may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected.


Summary Results of Operations (Unaudited)
	Three Months Ended														Year Ended
($ in 000s, except per share amounts)	12/31/20		12/31/19			% Change			9/30/20			% Change			12/31/20		12/31/19		% Change
Revenues:
Commissions	$	199,847	$	183,144			9.1		$	172,654			15.7		$	760,627	$	667,494		14.0
Principal transactions		142,737		106,408			34.1			140,883			1.3			588,303		404,751		45.3
Brokerage revenues		342,584		289,552			18.3			313,537			9.3			1,348,930		1,072,245		25.8

Advisory fees		173,395		155,331			11.6			80,842			114.5			428,147		447,979		(4.4	)
Capital raising		164,276		121,843			34.8			137,292			19.7			524,161		369,442		41.9
Investment banking		337,671		277,174			21.8			218,134			54.8			952,308		817,421		16.5
Asset management and service fees		249,928		223,969			11.6			230,782			8.3			917,424		848,035		8.2
Other income		24,366		17,917			36.0			20,258			20.3			75,345		52,378		43.8
Operating revenues		954,549		808,612			18.0			782,711			22.0			3,294,007		2,790,079		18.1
Interest revenue		119,876		167,087			(28.3	)		114,411			4.8			523,832		724,882		(27.7	)
Total revenues		1,074,425		975,699			10.1			897,122			19.8			3,817,839		3,514,961		8.6
Interest expense		14,515		31,448			(53.8	)		13,822			5.0			65,778		177,931		(63.0	)
Net revenues		1,059,910		944,251			12.2			883,300			20.0			3,752,061		3,337,030		12.4

Non-interest expenses:
Compensation and benefits		621,344		566,981			9.6			533,638			16.4			2,279,335		1,978,116		15.2
Occupancy and equipment rental		73,729		64,327			14.6			68,598			7.5			274,664		242,893		13.1
Communication and office supplies		40,443		39,845			1.5			40,123			0.8			164,736		147,428		11.7
Commissions and floor brokerage		12,687		11,505			10.3			13,254			(4.3	)		55,960		44,011		27.2
Provision for credit losses		—		4,412		n/m				(1,353	)	n/m				33,925		9,977		240.0
Other operating expenses		77,006		94,588			(18.6	)		70,647			9.0			292,281		315,467		(7.3	)
Total non-interest expenses		825,209		781,658			5.6			724,907			13.8			3,100,901		2,737,892		13.3
Income before income taxes		234,701		162,593			44.3			158,393			48.2			651,160		599,138		8.7
Provision for income taxes		46,232		31,925			44.8			37,866			22.1			147,688		149,152		(1.0	)
Net income		188,469		130,668			44.2			120,527			56.4			503,472		449,986		11.9
Net income/(loss) applicable to non-controlling interests		—		(22	)	n/m				—			—			—		1,590	n/m
Net income applicable to Stifel Financial Corp.		188,469		130,690			44.2			120,527			56.4			503,472		448,396		12.3
Preferred dividends		7,677		4,843			58.5			9,897			(22.4	)		27,261		17,319		57.4
Net income available to common shareholders	$	180,792	$	125,847			43.7		$	110,630			63.4		$	476,211	$	431,077		10.5
Earnings per common share: ⁽¹⁾
Basic	$	1.70	$	1.19			42.9		$	1.04			63.4		$	4.49	$	3.99		12.5
Diluted	$	1.55	$	1.08			43.5		$	0.97			59.8		$	4.16	$	3.66		13.7

Cash dividends declared per common share ⁽¹⁾	$	0.11	$	0.10			10.0		$	0.11			—		$	0.45	$	0.40		12.5

Weighted average number of common shares outstanding: ⁽¹⁾
Basic		106,041		105,705			0.3			105,941			0.1			106,174		107,997		(1.7	)
Diluted		116,828		116,720			0.1			113,775			2.7			114,573		117,878		(2.8	)

Summary Business Segment Results (Unaudited)
	Three Months Ended															Year Ended
($ in 000s)	12/31/20			12/31/19			% Change			9/30/20			% Change			12/31/20			12/31/19			% Change
Net revenues:
Global Wealth Management	$	575,252		$	552,945			4.0		$	526,836			9.2		$	2,190,826		$	2,130,559			2.8
Institutional Group		489,448			391,907			24.9			363,365			34.7			1,583,147			1,214,017			30.4
Other		(4,790	)		(601	)	n/m				(6,901	)	n/m				(21,912	)		(7,546	)	n/m
Total net revenues	$	1,059,910		$	944,251			12.2		$	883,300			20.0		$	3,752,061		$	3,337,030			12.4

Operating expenses:
Global Wealth Management	$	378,790		$	356,650			6.2		$	347,906			8.9		$	1,464,942		$	1,344,599			9.0
Institutional Group		365,793			336,366			8.7			286,524			27.7			1,257,862			1,038,347			21.1
Other		80,626			88,642			(9.0	)		90,477			(10.9	)		378,097			354,946			6.5
Total operating expenses	$	825,209		$	781,658			5.6		$	724,907			13.8		$	3,100,901		$	2,737,892			13.3

Operating contribution:
Global Wealth Management	$	196,462		$	196,295			0.1		$	178,930			9.8		$	725,884		$	785,960			(7.6	)
Institutional Group		123,655			55,541			122.6			76,841			60.9			325,285			175,670			85.2
Other		(85,416	)		(89,243	)		(4.3	)		(97,378	)		(12.3	)		(400,009	)		(362,492	)		10.3
Income before income taxes	$	234,701		$	162,593			44.3		$	158,393			48.2		$	651,160		$	599,138			8.7

As a percentage of net revenues:
Compensation and benefits
Global Wealth Management		52.8			49.7						52.7						52.0			49.1
Institutional Group		58.1			63.7						58.0						59.6			60.6
Non-compensation operating expenses
Global Wealth Management		13.0			14.8						13.3						14.9			14.0
Institutional Group		16.6			22.1						20.9						19.9			24.9
Income before income taxes
Global Wealth Management		34.2			35.5						34.0						33.1			36.9
Institutional Group		25.3			14.2						21.1						20.5			14.5
Consolidated pre-tax margin		22.1			17.2						17.9						17.4			18.0


Financial metrics (unaudited):	As of and For the Three Months Ended
($ in 000s, except percentages and per share amounts)	12/31/20			12/31/19			9/30/20
Total assets	$	26,604,254		$	24,610,225		$	25,549,182
Total Stifel Financial shareholders' equity		4,238,766			3,614,791			4,030,687
Book value per common share ^{(1) (}⁹⁾	$	35.91		$	32.24		$	33.97
Return on common equity ⁽¹⁰⁾		20.0	%		15.6	%		12.8	%
Non-GAAP return on common equity ^{(3) (}¹⁰⁾		21.6	%		18.2	%		14.0	%
Return on tangible common equity ⁽²⁾		30.8	%		25.7	%		20.4	%
Non-GAAP return on tangible common equity ^{(2) (3)}		33.3	%		29.9	%		22.2	%
Tier 1 common capital ratio ⁽¹¹⁾	16.5		%		15.2	%		15.4	%
Tier 1 risk based capital ratio ⁽¹¹⁾	20.2		%		17.6	%		19.2	%
Tier 1 leverage capital ratio ⁽¹¹⁾	11.9		%		10.0	%		11.3	%
Pre-tax margin on net revenues		22.1	%		17.2	%		17.9	%
Non-GAAP pre-tax margin on net revenues ^{(3) (4)}		23.8	%		20.5	%		19.4	%
Effective tax rate		19.7	%		19.6	%		23.9	%
Non-GAAP effective tax rate ⁽³⁾		19.7	%		22.0	%		23.9	%

Statistical Information (unaudited):	As of and For the Three Months Ended
($ in 000s, except financial advisors and locations)	12/31/20		12/31/19		% Change			9/30/20		% Change
Financial advisors		2,187		2,127		2.8			2,177		0.5
Independent contractors		93		95		(2.1	)		94		(1.1	)
Total financial advisors		2,280		2,222		2.6			2,271		0.4
Locations		450		446		0.9			451		(0.2	)
Total client assets ⁽¹²⁾	$	357,429,000	$	329,495,000		8.5		$	325,159,000		9.9
Fee-based client assets ⁽¹²⁾	$	129,372,000	$	117,189,000		10.4		$	115,162,000		12.3
Client money market and insured product	$	22,837,000	$	14,841,000		53.9		$	20,367,000		12.1
Secured client lending ⁽¹³⁾	$	2,816,973	$	3,363,450		(16.2	)	$	2,783,138		1.2

	Asset Management and Service Fee Break-down (unaudited)
Asset Management and Service Fee Revenues:	Three Months Ended
($ in 000s)	12/31/20			12/31/19			% Change			9/30/20			% Change
Private Client Group ⁽¹⁴⁾	$	208,238		$	177,987			17.0		$	190,799			9.1
Asset Management		28,298			31,653			(10.6	)		27,539			2.8
Third-party Bank Sweep Program		2,782			3,821			(27.2	)		1,623			71.4
Other ⁽¹⁵⁾		10,610			10,508			1.0			10,821			(1.9	)
Total asset management and service fee revenues	$	249,928		$	223,969			11.6		$	230,782			8.3

Fee-based Assets:	Three Months Ended
($ in millions)	12/31/20			12/31/19			% Change			9/30/20			% Change
Private Client Group ⁽¹⁴⁾	$	111,995		$	92,110			21.6		$	99,374			12.7
Asset Management		29,864			36,525			(18.2	)		27,196			9.8
Elimination ⁽¹⁶⁾		(12,487	)		(11,446	)		9.1			(11,408	)		9.5
Total fee-based assets	$	129,372		$	117,189			10.4		$	115,162			12.3

Third-party Bank Sweep Program	$	6,555		$	1,185			453.2		$	4,691			39.7

ROA (bps) ⁽¹⁷⁾
Private Client Group ⁽¹⁴⁾		83.8			83.6						83.5
Asset Management		37.9			34.7						40.5
Third-party Bank Sweep Program		18.9			123.7						15.2

Consolidated Net Interest Income Analysis (Unaudited):

	Three Months Ended
	December 31, 2020								December 31, 2019							September 30, 2020
($ in millions, except percentages)	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	$	1,545.2	$	1.1			0.28	%	$	805.7	$	3.6		1.80	%	$	1,789.8	$	1.1			0.25	%
Financial instruments owned		670.9		2.2			1.33			1,074.2		5.1		1.91			801.3		2.9			1.46
Margin balances		869.0		5.9			2.70			1,291.7		11.6		3.58			872.5		5.8			2.66
Investments:
Asset-backed securities		4,826.6		21.5			1.78			4,511.8		38.8		3.44			4,838.7		25.3			2.09
Mortgage-backed securities		758.8		2.6			1.38			987.9		5.1		2.06			824.0		3.2			1.55
Corporate fixed income securities		602.8		4.1			2.74			663.7		4.8		2.89			551.8		3.5			2.50
State and municipal securities		2.4		—			1.98			27.7		0.2		2.22			2.4		—			1.97
Other		4.4		0.1			2.10			4.5		—		2.02			4.9		—			2.07
Total Investments		6,195.0		28.3			1.83			6,195.6		48.9		3.16			6,221.8		32.0			2.06
Loans:
Commercial and industrial		4,206.7		32.7			3.11			3,380.0		36.9		4.37			4,036.3		30.1			2.98
Residential real estate		3,820.8		27.7			2.90			3,144.9		24.0		3.06			3,711.2		26.1			2.81
Securities-based loans		1,899.7		9.6			2.03			2,064.7		18.5		3.59			1,787.1		9.2			2.05
Commercial real estate		379.1		3.3			3.52			386.2		5.8		6.03			400.0		3.8			3.76
Loans held for sale		489.1		3.0			2.45			335.3		4.0		4.80			460.1		2.6			2.25
Other		649.3		4.9			3.02			503.4		6.1		4.75			602.9		4.5			3.02
Total Loans		11,444.7		81.2			2.84			9,814.5		95.3		3.88			10,997.6		76.3			2.77
Other interest-bearing assets		469.6		1.2			1.00			642.4		2.6		1.59			547.7		(3.7	)		(2.69	)
Total interest-earning assets/interest income		21,194.4		119.9			2.26			19,824.1		167.1		3.37			21,230.7		114.4			2.16
Interest-bearing liabilities:
Short-term borrowings		—		—			—			31.5		0.1		1.66			—		—			—
Senior notes		1,311.0		14.4			4.39			1,016.8		11.1		4.38			1,411.8		15.4			4.37
Deposits		16,429.1		1.2			0.03			14,672.8		13.6		0.37			16,379.2		1.5			0.04
FHLB		137.0		0.1			0.34			513.0		2.1		1.67			157.1		0.5			1.31
Other interest-bearing liabilities		513.9		(1.2	)		(0.94	)		1,595.6		4.5		1.12			1,071.6		(3.6	)		(1.34	)
Total interest-bearing liabilities/interest expense	$	18,391.0	$	14.5			0.32	%	$	17,829.7	$	31.4		0.71	%	$	19,019.7	$	13.8			0.29	%
Net interest income/margin			$	105.4			1.99	%			$	135.7		2.74	%			$	100.6			1.90	%


Stifel Bancorp, Inc. ⁽¹⁸⁾ Net Interest Income Analysis (Unaudited):

	Three Months Ended
	December 31, 2020							December 31, 2019							September 30, 2020
($ in millions, except percentages)	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	$	546.7	$	0.2		0.15	%	$	255.7	$	1.2		1.83	%	$	786.0	$	0.3		0.14	%
Investments		6,195.0		28.3		1.83			6,195.6		48.9		3.16			6,221.8		32.0		2.06
Loans		11,444.6		81.2		2.84			9,814.5		95.3		3.88			10,997.6		76.3		2.77
Other interest-bearing assets		42.9		0.4		3.20			57.4		0.5		3.77			42.9		0.2		2.86
Total interest-earning assets/interest income	$	18,229.2	$	110.1		2.42		$	16,323.2	$	145.9		3.58		$	18,048.3	$	108.8		2.41
Interest-bearing liabilities:
Deposits		16,429.1		1.2		0.03			14,672.8		13.6		0.37			16,379.2		1.5		0.04
FHLB		137.0		0.1		0.34			513.0		2.1		1.67			157.1		0.5		1.31
Other interest-bearing liabilities		1.4		0.1		9.87			1.6		—		7.85			1.5		—		6.08
Total interest-bearing liabilities/interest expense	$	16,567.5		1.4		0.03	%	$	15,187.4		15.7		0.41	%	$	16,537.8		2.0		0.05	%
Net interest income/margin			$	108.7		2.39	%			$	130.2		3.19	%			$	106.8		2.37	%


Stifel Bancorp, Inc. ⁽¹⁸⁾ - a component of Global Wealth Management

Selected operating data (unaudited):	Three Months Ended														Year Ended
($ in 000s, except percentages)	12/31/20			12/31/19			% Change			9/30/20			% Change		12/31/20			12/31/19			% Change
Net interest income	$	108,699		$	130,157			(16.5	)	$	106,812			1.8	$	466,940		$	520,377			(10.3	)
Credit loss provision/(release)		—			4,412		n/m				(4,731	)	n/m			30,547			9,977			206.2
Charge-offs		—			220		n/m				23		n/m			193			386			(50.0	)
Net interest margin		2.39	%		3.19	%	(80) bps				2.37	%	2 bps			2.60	%		3.15	%	(55) bps

Financial Metrics (unaudited):	As of
($ in 000s, except percentages)	12/31/20			12/31/19			9/30/20
Total assets	$	18,867,133		$	16,941,877		$	17,854,768
Total shareholders' equity		1,399,382			1,207,469			1,378,981
Total loans, net (includes loans held for sale)		11,558,008			10,013,735			10,932,235
Total deposits		17,396,497			15,332,581			16,400,001
Available-for-sale securities, at fair value		2,229,878			3,253,588			2,823,885
Held-to-maturity securities, at amortized cost		4,114,840			2,853,360			3,395,115
Commercial and industrial		4,296,089			3,438,953			4,080,939
Residential real estate		3,956,670			3,309,548			3,804,836
Securities-based loans		1,933,974			2,098,211			1,841,516
Commercial real estate		366,485			428,549			386,957
Loans held for sale		551,248			389,693			281,475
Stifel Bank & Trust:
Common equity tier 1 capital ratio ⁽¹¹⁾	11.4		%		12.1	%		11.7	%
Tier 1 capital ratio ⁽¹¹⁾	11.4		%		12.1	%		11.7	%
Total capital ratio ⁽¹¹⁾	12.7		%		13.3	%		13.0	%
Tier 1 leverage ratio ⁽¹¹⁾	7.1		%		7.1	%		7.2	%
Stifel Bank:
Common equity tier 1 capital ratio ⁽¹¹⁾	16.5		%		17.0	%		18.0	%
Tier 1 capital ratio ⁽¹¹⁾	16.5		%		17.0	%		18.0	%
Total capital ratio ⁽¹¹⁾	17.7		%		18.0	%		19.3	%
Tier 1 leverage ratio ⁽¹¹⁾	7.3		%		7.1	%		7.3	%
Credit Metrics:
Allowance for credit losses	$	135,295		$	95,579		$	135,275
Allowance as a percentage of retained loans		1.22	%		0.98	%		1.26	%
Net charge-offs as a percentage of average loans		0.00	%		0.00	%		0.00	%
Total nonperforming assets		13,925			14,748			14,615
Nonperforming assets as % of total assets		0.07	%		0.09	%		0.08	%

Global Wealth Management Summary Results of Operations (Unaudited)
	Three Months Ended											Year Ended
($ in 000s)	12/31/20		12/31/19		% Change			9/30/20		% Change		12/31/20		12/31/19		% Change
Revenues:
Commissions	$	139,594	$	129,129		8.1		$	120,600		15.7	$	513,247	$	477,401		7.5
Principal transactions		46,125		44,871		2.8			42,027		9.8		174,101		172,298		1.0
Brokerage revenues		185,719		174,000		6.7			162,627		14.2		687,348		649,699		5.8

Asset management and service fees		249,907		223,952		11.6			230,765		8.3		917,353		847,977		8.2
Net interest		110,521		138,060		(19.9	)		108,181		2.2		478,948		558,891		(14.3	)
Investment banking ⁽¹⁹⁾		9,562		9,278		3.1			8,113		17.9		36,024		37,915		(5.0	)
Other income		19,543		7,655		155.3			17,150		14.0		71,153		36,077		97.2
Net revenues		575,252		552,945		4.0			526,836		9.2		2,190,826		2,130,559		2.8
Non-interest expenses:
Compensation and benefits		303,961		274,954		10.5			277,903		9.4		1,138,525		1,046,429		8.8
Non-compensation operating expenses		74,829		81,696		(8.4	)		70,003		6.9		326,417		298,170		9.5
Total non-interest expenses		378,790		356,650		6.2			347,906		8.9		1,464,942		1,344,599		9.0
Income before income taxes	$	196,462	$	196,295		0.1		$	178,930		9.8	$	725,884	$	785,960		(7.6	)

As a percentage of net revenues:
Compensation and benefits		52.8		49.7					52.7				52.0		49.1
Non-compensation operating expenses		13.0		14.8					13.3				14.9		14.0
Income before income taxes		34.2		35.5					34.0				33.1		36.9

Institutional Group Summary Results of Operations (Unaudited)
	Three Months Ended												Year Ended
($ in 000s)	12/31/20		12/31/19		% Change			9/30/20		% Change			12/31/20		12/31/19		% Change
Revenues:
Commissions	$	60,253	$	54,015		11.5		$	52,054		15.8		$	247,380	$	190,093		30.1
Principal transactions		96,612		61,537		57.0			98,856		(2.3	)		414,202		232,453		78.2
Brokerage revenues		156,865		115,552		35.8			150,910		3.9			661,582		422,546		56.6
Advisory fees		173,399		155,331		11.6			80,842		114.5			428,132		447,979		(4.4	)
Capital raising		154,710		112,565		37.4			129,179		19.8			488,152		331,527		47.2
Investment banking		328,109		267,896		22.5			210,021		56.2			916,284		779,506		17.5
Other ⁽²⁰⁾		4,474		8,459		(47.1	)		2,434		83.8			5,281		11,965		(55.9	)
Net revenues		489,448		391,907		24.9			363,365		34.7			1,583,147		1,214,017		30.4
Non-interest expenses:
Compensation and benefits		284,607		249,574		14.0			210,754		35.0			942,769		736,298		28.0
Non-compensation operating expenses		81,186		86,792		(6.5	)		75,770		7.1			315,093		302,049		4.3
Total non-interest expenses		365,793		336,366		8.7			286,524		27.7			1,257,862		1,038,347		21.1
Income before income taxes	$	123,655	$	55,541		122.6		$	76,841		60.9		$	325,285	$	175,670		85.2

As a percentage of net revenues:
Compensation and benefits		58.1		63.7					58.0					59.6		60.6
Non-compensation operating expenses		16.6		22.1					20.9					19.9		24.9
Income before income taxes		25.3		14.2					21.1					20.5		14.5

Non-GAAP Financial Measures

The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three months ended December 31, 2020, December 31, 2019, and September 30, 2020 and the years ended December 31, 2020 and 2019. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company’s core operating results and business outlook. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company’s results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors' overall understanding of the Company’s current financial performance. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of on-going business.

A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these charges do, in fact, reflect the underlying financial results of the Company’s business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measures and the same respective non-GAAP measures of the Company’s financial performance should be considered together.

The following table provides details with respect to reconciling net income and earnings per diluted common share on a GAAP basis for the three months ended December 31, 2020, December 31, 2019, and September 30, 2020, and the years ended December 31, 2020 and 2019 to net income and earnings per diluted common share on a non-GAAP basis for the same period.

	Three Months Ended									Year Ended
($ in 000s)	12/31/20			12/31/19			9/30/20			12/31/20			12/31/19
GAAP net income applicable to Stifel Financial Corp.	$	188,469		$	130,690		$	120,527		$	503,472		$	448,396
Preferred dividends		7,677			4,843			9,897			27,261			17,319
Net income available to common shareholders		180,792			125,847			110,630			476,211			431,077

Non-GAAP adjustments:
Merger-related and severance ⁽²¹⁾		17,706			31,442			12,989			60,464			61,204
Litigation-related ⁽²²⁾		—			—			—			—			3,507
Provision for income taxes ⁽²³⁾		(3,444	)		(10,690	)		(3,094	)		(13,828	)		(16,152	)
Total non-GAAP adjustments		14,262			20,752			9,895			46,636			48,559
Non-GAAP net income available to common shareholders	$	195,054		$	146,599		$	120,525		$	522,847		$	479,636

Weighted average diluted shares outstanding ⁽¹⁾		116,828			116,720			113,775			114,573			117,878

GAAP earnings per diluted common share ⁽¹⁾	$	1.61		$	1.12		$	1.06		$	4.39		$	3.80
Non-GAAP adjustments ⁽¹⁾		0.13			0.18			0.09			0.41			0.42
Non-GAAP earnings per diluted common share ⁽¹⁾	$	1.74		$	1.30		$	1.15		$	4.80		$	4.22

GAAP earnings per diluted common share available to common shareholders ⁽¹⁾	$	1.55		$	1.08		$	0.97		$	4.16		$	3.66
Non-GAAP adjustments ⁽¹⁾		0.12			0.18			0.09			0.40			0.41
Non-GAAP earnings per diluted common share available to common shareholders ⁽¹⁾	$	1.67		$	1.26		$	1.06		$	4.56		$	4.07

Footnotes

⁽¹⁾	All share and per share information has been retroactively adjusted to reflect the December 2020 three-for-two stock split.
⁽²⁾	Annualized return on average tangible common shareholders’ equity (“ROTE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible shareholders’ equity. Tangible common shareholders’ equity equals total Stifel Financial 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 $50.7 million, $46.5 million, and $49.6 million, as of December 31, 2020 and 2019, and September 30, 2020, respectively. Historical periods have been restated to conform with the current period presentation.
⁽³⁾	Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures.”
⁽⁴⁾	Non-GAAP pre-tax margin for the three months ended December 31, 2020 of 23.8% is calculated by adding non-GAAP adjustments of $17.7 million to GAAP income before income taxes of $234.7 million and dividing it by non-GAAP net revenues for the quarter of $1.1 billion. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”
⁽⁵⁾	Non-GAAP pre-tax margin for the year ended December 31, 2020 of 19.0% is calculated by adding non-GAAP adjustments of $60.5 million to GAAP income before income taxes of $651.2 million and dividing it by non-GAAP net revenues of $3.8 billion. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”
⁽⁶⁾	Excludes revenue included in the Other segment.
⁽⁷⁾	See further discussion of non-GAAP adjustments under “Non-GAAP Financial Measures.”
⁽⁸⁾	In the first quarter of 2020, the Company adopted ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments,” which amends several aspects of the measurement of credit losses on certain financial instruments, including replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses (CECL) model. For further information about ASU No. 2016-13, see Note 2 “Summary of Significant Accounting Policies” in Part II, Item 8 “Financial Statements and Supplementary Data” in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.
⁽⁹⁾	Book value per common share represents shareholders’ equity (excluding preferred stock and non-controlling interests) divided by period end common shares outstanding.
⁽¹⁰⁾	Annualized return on average common shareholders’ equity (“ROE”) is calculated by dividing annualized net income applicable to common shareholders by average Stifel Financial common shareholders’ equity or, in the case of non-GAAP ROE, calculated by dividing non-GAAP net income applicable to commons shareholders by average Stifel Financial common shareholders’ equity.
⁽¹¹⁾	Capital ratios are estimates at time of the Company’s earnings release.
⁽¹²⁾	On March 27, 2020, the Company sold Ziegler Capital Management LLC, which had approximately $10.5 billion of fee-based client assets at December 31, 2019.
⁽¹³⁾	Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
⁽¹⁴⁾	Includes Private Client Group and Trust Business.
⁽¹⁵⁾	Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
⁽¹⁶⁾	Asset management assets managed in Private Client Group or Trust accounts.
⁽¹⁷⁾	Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average quarterly balances for Individual Program Banks.
⁽¹⁸⁾	Includes Stifel Bank & Trust, Stifel Bank, Stifel Trust Company, N.A, and Stifel Trust Company Delaware, N.A.
⁽¹⁹⁾	Includes capital raising and advisory fees.
⁽²⁰⁾	Includes net interest, asset management and service fees, and other income.
⁽²¹⁾	Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards and promissory notes issued as retention, 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.
⁽²²⁾	Primarily related to costs associated with Company’s legal matters.
⁽²³⁾	See details of non-GAAP adjustments under “Provision for Income Taxes.”

Media Contact: Neil Shapiro (212) 271-3447
Investor Contact: Joel Jeffrey (212) 271-3610
www.stifel.com/investor-relations

Stifel Financial Corp. SF

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