UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification N ...

Operating expense ratio3 29.3% 870 bps 670 bps 24.2% 480 bps Pre-tax operating margin 11.8% -900 bps -690 bps 17.1% -420 bps Book value per share $44.20 3% -1% Tangible book value per share $30.06 2% -2% ROTCE4 8.5% -1070 bps -830 bps NET REVENUE millions 3Q23 Y/Y Change Sequential Change 2023 YTD VS 2022 YTD $1,045 $1,122 $1,107 $1,051 $1,045 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 3Q22 4Q22 1Q23 2Q23 3Q23 millions (1) Operating Expense = Non-Compensation Expense – Provision for Credit Loss (2) Provisi ...

Stifel Financial Corp. (NYSE:SF) Q3 2023 Earnings Conference Call October 25, 2023 9:30 AM ET Company Participants Joel Jeffrey - SVP, IR Ron Kruszewski - Chairman & CEO James Marischen - CFO Conference Call Participants Steven Chubak - Wolfe Research Devin Ryan - JMP Securities Alex Blostein - Goldman Sachs Brennan Hawken - UBS Operator Good day, and welcome to the Stifel Financial Third Quarter Financial Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conf ...

FORM 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-09305 STIFEL FINANCIAL CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Empl ...

Stifel Financial Corp. (NYSE:SF) Q2 2023 Results Conference Call July 26, 2023 9:30 AM ET Company Participants Joel Jeffrey - Senior Vice President Investor Relations Ron Kruszewski - Chairman and CEO Victor Nesi - Co-President Jim Zemlyak - Co-President Jim Marischen - CFO Conference Call Participants Steven Chubak - Wolfe Research Devin Ryan - JMP Securities Brennan Hawken - UBS Alex Blostein - Goldman Sachs Chris Allen - Citi Operator Good day. And welcome to the Stifel Financial Second Quarter Financial ...

Financial Performance - For the three months ended March 31, 2023, net revenues decreased 0.9% to $1.11 billion from $1.12 billion during the comparable period in 2022[229]. - Net income available to common shareholders decreased 9.7% to $148.2 million, or $1.28 per diluted common share, compared to $164.2 million, or $1.39 per diluted common share during the same period in 2022[229]. - Commission revenues decreased 13.5% to $169.6 million from $195.9 million in the comparable period in 2022[236]. - Principal transaction revenues decreased 27.5% to $115.5 million from $159.3 million in the comparable period in 2022[237]. - Investment banking revenues decreased 16.9% to $211.9 million from $254.8 million in the comparable period in 2022[239]. - Capital-raising revenues decreased 17.2% to $60.8 million for the three months ended March 31, 2023, from $73.5 million in the comparable period in 2022[240]. - Advisory revenues decreased 16.7% to $151.1 million for the three months ended March 31, 2023, from $181.4 million in the comparable period in 2022[241]. - For the three months ended March 31, 2023, asset management revenues decreased by 7.6% to $315.6 million from $341.6 million in the comparable period in 2022[243]. - Other income for the same period decreased by 125.8% to a loss of $2.3 million from a gain of $8.9 million in the comparable period, primarily due to investment losses[244]. Interest Income and Expenses - Interest income increased 173.0% to $451.6 million from $165.4 million in the comparable period in 2022[234]. - Net interest income increased to $296.6 million for the three months ended March 31, 2023, up from $156.0 million in the comparable period in 2022[247]. - Interest revenue surged by 173.0% to $451.6 million from $165.4 million in the comparable period, driven by higher interest rates and interest-earning assets[248]. - Interest expense rose to $155.0 million from $9.5 million during the same period, mainly due to increased interest rates and interest-bearing liabilities[249]. - Interest expense rose significantly to $148.6 million in Q1 2023 from $7.2 million in Q1 2022, reflecting higher interest rates and interest-bearing liabilities[277]. - Interest expense increased significantly to $137.4 million from $1.0 million, reflecting a rise in average interest-bearing liabilities from $23.2 billion to $27.1 billion[284]. Non-Interest Expenses - Total non-interest expenses for the three months ended March 31, 2023, were $896.9 million, a slight increase of 0.8% from $889.4 million in the comparable period[250]. - Compensation and benefits expense decreased by 3.3% to $651.2 million from $673.7 million in the comparable period, attributed to lower variable compensation[251]. - Other operating expenses increased by 36.0% to $98.1 million from $72.1 million in the comparable period, driven by higher travel, litigation, and professional fees[258]. - Non-interest expenses decreased by 3.3% to $441.1 million in Q1 2023, down from $456.3 million in Q1 2022[268]. - Compensation and benefits expense decreased by 6.2% to $342.4 million, with a percentage of net revenues dropping from 53.5% to 45.2%[288][289]. Client and Asset Management - Global Wealth Management net revenues increased 11.1% to a record $757.2 million for the three months ended March 31, 2023, compared to $681.7 million in the same period in 2022[269]. - Total revenues for the Global Wealth Management segment rose 31.5% to $905.8 million in Q1 2023, compared to $688.9 million in Q1 2022[268]. - Client assets totaled $405.99 billion as of March 31, 2023, a decrease of 3.7% from $421.41 billion a year earlier[273]. - The number of client accounts increased by 4.2% to 1,188,000 as of March 31, 2023, compared to 1,140,000 in the same period in 2022[273]. - Asset management revenues fell 7.6% to $315.5 million in Q1 2023, down from $341.6 million in Q1 2022, mainly due to lower asset values[272]. Regulatory and Compliance - The company operates in a highly regulated environment, with its broker-dealer subsidiaries consistently exceeding minimum net capital requirements[374]. - Stifel Bancorp is subject to regulatory capital requirements by the Federal Reserve and FDIC, with failure to meet these requirements potentially impacting financial statements[405]. Acquisitions and Strategic Moves - The Company acquired Torreya Partners LLC, a leading independent M&A and private capital advisory firm, on March 1, 2023[228]. - On March 1, 2023, the company acquired Torreya Partners LLC, enhancing its advisory capabilities in the life sciences sector[373]. Liquidity and Capital Management - Cash and cash equivalents increased by $565.8 million to $2.8 billion at March 31, 2023, from $2.2 billion at December 31, 2022[325]. - Total deposits increased to $28.3 billion as of March 31, 2023, up from $27.1 billion at December 31, 2022[350]. - The company has borrowing capacity with the Federal Home Loan Bank of $5.8 billion as of March 31, 2023, with no outstanding advances[358]. - The company performed daily liquidity reviews and reported no violations of internal liquidity policy limits[345]. - Available cash and highly liquid investments comprised approximately 19% of Stifel Bancorp's assets as of March 31, 2023, exceeding internal targets[344]. Risk Management - The company has established limits for acceptable interest rate risk and portfolio value risk, with quarterly analyses presented to the Board of Directors[393]. - Operational risk management includes policies to mitigate risks from business disruptions and technology deficiencies, with business continuity plans for critical systems[402]. - Legal risk encompasses potential claims for sales practice violations and regulatory compliance, with extensive procedures in place to address these issues[403]. - Concentration risk is monitored carefully, especially regarding large positions or loans to single counterparties or groups within the same industry[401]. Future Projections - Future estimated amortization expense of upfront notes is projected to be $121.2 million for 2024, decreasing in subsequent years[369]. - The future estimated compensation expense for deferred awards is projected to be $181.5 million in 2023, $213.3 million in 2024, and decreasing to $43.8 million thereafter[372]. - The estimated change in net interest income based on shifts in interest rates shows a potential increase of 10.3% with a +200 basis points shift and a decrease of 7.9% with a -200 basis points shift[394].

Financial Data and Key Metrics Changes - Stifel Financial reported revenue of $1.11 billion for Q1 2023, marking the third strongest first quarter and consistent with the average revenue over the previous four quarters [20][32] - Earnings per share (EPS) for the quarter was $1.40, with a pretax margin of 21% and a return on tangible common equity of 20% [32] - Net interest income (NII) totaled $297 million, reflecting a sequential decline attributed to a one-time benefit in the previous quarter [46][108] - The consolidated net interest margin increased to 3.57% from 2.13% a year ago, while the yield on assets rose to 5.43% from 2.26% [113] Business Line Data and Key Metrics Changes - Global Wealth Management revenue increased by 11% to a record $757 million, with pretax margins rising by 860 basis points to 42% [45] - The Institutional Group generated total revenue of $333 million, with investment banking revenue at $212 million, aligning with the high end of guidance [23] - Fixed income generated net revenue of $103 million, with capital raising activity improving by 15% sequentially, although transactional revenue declined by 8% [116] Market Data and Key Metrics Changes - The bank's total loans reached approximately $21 billion, with growth in the residential mortgage portfolio and fund banking business [22] - Client cash has shifted significantly, with transactional balances decreasing by $8 billion while savings balances increased by over $10 billion [14] - Third-party money market funds increased by $1.5 billion over the past year, indicating a shift in client asset management strategies [15] Company Strategy and Development Direction - Stifel aims to continue recruiting high-quality financial advisers and targets $1 trillion in assets under management, leveraging its adviser-friendly culture and competitive compensation [18] - The company plans to opportunistically invest in its Institutional Group while focusing on enhancing its commercial banking capabilities [19] - Stifel's strategy includes reinvesting excess capital into the business to generate risk-adjusted returns and enhance client relevance [42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant uncertainty in the operating environment for 2023 but expressed confidence in Stifel's ability to perform through economic cycles [27] - The company anticipates that cash sorting will slow down, potentially leading to organic net new asset growth in the second half of the year [39][71] - Management remains optimistic about benefiting from strong net interest income and asset management revenue, despite the cyclicality of the institutional business [69] Other Important Information - The company has a robust liquidity profile with high-quality deposits and low levels of uninsured deposits [106] - Stifel's Tier 1 common equity ratio remains strong at 12.7%, even when factoring in potential unrealized losses [35] - The bank's credit metrics are solid, with nonperforming assets at just 4 basis points and charge-offs essentially at zero [11] Q&A Session Summary Question: Can you unpack your assumptions regarding Fed policy actions and NII? - Management discussed the impact of cash inflows and market uncertainty on NII, noting that they held cash in response to volatility [56] Question: What is the outlook for M&A opportunities in the current banking environment? - Management indicated that while the environment is uncertain, they remain open to attractive M&A opportunities [60] Question: How do you see the fund finance space evolving? - Management noted increased activity in fund banking and venture banking, suggesting opportunities due to market disruptions [91] Question: What are your expectations for expense management given the shifting revenue environment? - Management expressed confidence in maintaining their comp ratio guidance despite current challenges [92]

Financial Performance - Net revenue for the first quarter was $1107 million, a decrease of 1% year-over-year[7] - Non-GAAP net income available to common shareholders was $161 million, with diluted EPS of $1.40[7] - Global Wealth Management net revenue was $757 million, an increase of 11% year-over-year[22] - Institutional Group revenue was $333 million, a decrease of 23% year-over-year[22] - Net Interest Income increased 90% year-over-year[29] Capital and Liquidity - Tier 1 Leverage Ratio was 10.9%[8] - CET 1 Ratio was 13.9%[8] - Total assets reached $38598 million[80] - Deposits totaled $27138 million[29] Wealth Management - Total Global Wealth Management Net Revenue was $757 million, an increase of 11% year-over-year[24] - Client AUA was $405988 million, a decrease of 4% year-over-year[24] - Fee-based Client Assets were $149541 million, a decrease of 5% year-over-year[24] Institutional Group - Institutional Equities revenue totaled $77 million, a decrease of 10% year-over-year[66] - Institutional Fixed Income revenue totaled $103 million, a decrease of 36% year-over-year[70]

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR STIFEL FINANCIAL CORP. (Exact name of registrant as specified in its charter) Delaware 43-1273600 (State or other jurisdiction of (I.R.S. Employer incorporation ...

Stifel Financial Corp. (NYSE:SF) Q4 2022 Earnings Conference Call January 25, 2023 9:30 AM ET Company Participants Joel Jeffrey - Senior Vice President of Investor Relations Ronald Kruszewski - Chairman and Chief Executive Officer James Marischen - Chief Financial Officer Conference Call Participants Devin Ryan - JMP Securities LLC Michael Anagnostakis - Wolfe Research, LLC Alexander Blostein - Goldman Sachs Group, Inc. Brennan Hawken - UBS Operator Good day, and welcome to the Stifel Financial Fourth Quart ...