ST. LOUIS, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE:SF) today announced it has been named 2023 US Mid-Market Equity House of the Year by International Financing Review (IFR), recognizing outstanding capital markets achievement. In announcing the award, IFR noted that Stifel was a bookrunner on nine of 32 US-listed initial public offerings (IPOs), more than any of its middle-market peers. IFR also recognized that Stifel, combined with its wholly owned financial services-focused speciali ...

Stifel Financial Corp. (NYSE:SF) Q4 2023 Earnings Conference Call January 24, 2024 9:30 AM ET Company Participants Joel Jeffrey - Head, Investor Relations Ron Kruszewski - Chairman & Chief Executive Officer Jim Marischen - Chief Financial Officer Conference Call Participants Devin Ryan - JMP Securities Alex Blostein - Goldman Sachs Bill Katz - TD Cowen Steven Chubak - Wolfe Research Chris Allen - Citi Brennan Hawken - UBS Operator Good day, and welcome to the Stifel Financial Fourth Quarter Financial Result ...

ST. LOUIS, Jan. 19, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE:SF) will release its fourth quarter & full year 2023 financial results before the market opens on Wednesday, January 24, 2024. The company will host a conference call to review the results at 9:30 a.m. Eastern time that same day. The conference call may include forward-looking statements. All interested parties are invited to listen to Stifel Chairman and CEO Ronald J. Kruszewski by dialing (866) 409-1555 and referencing participant I ...

ST. LOUIS, Jan. 19, 2024 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) will release its fourth quarter & full year 2023 financial results before the market opens on Wednesday, January 24, 2024. The company will host a conference call to review the results at 9:30 a.m. Eastern time that same day. The conference call may include forward-looking statements. All interested parties are invited to listen to Stifel Chairman and CEO Ronald J. Kruszewski by dialing (866) 409-1555 and referencing participant ...

ST. LOUIS, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE:SF) today reported selected operating results for November 30, 2023 in an effort to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed. Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, "In November, client money market and insured balances increased by more than 1% from October's levels, as cash ...

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 ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Q2 2023 financial statements show total assets at $37.3 billion, with net revenues decreasing 5.2% to $1.05 billion and net income declining 17.5% to $125.0 million [Consolidated Statements of Financial Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Consolidated Balance Sheet Highlights (as of June 30, 2023) | Metric | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$37.30 billion** | **$37.20 billion** | | Cash and cash equivalents | $1.91 billion | $2.20 billion | | Loans held for investment, net | $20.34 billion | $20.47 billion | | **Total Liabilities** | **$31.96 billion** | **$31.87 billion** | | Bank deposits | $27.00 billion | $27.12 billion | | **Total Equity** | **$5.34 billion** | **$5.33 billion** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Key Performance Indicators (Q2 & H1 2023 vs 2022) | Metric | Q2 2023 | Q2 2022 | YoY Change | H1 2023 | H1 2022 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | **$1,050.7M** | **$1,108.1M** | **-5.2%** | **$2,157.5M** | **$2,224.7M** | **-3.0%** | | Investment banking | $166.8M | $271.1M | -38.5% | $378.7M | $525.9M | -28.0% | | Net Interest Income | $291.7M | $195.4M | +49.3% | $588.2M | $351.4M | +67.4% | | **Net Income to Common** | **$125.0M** | **$151.5M** | **-17.5%** | **$273.3M** | **$315.7M** | **-13.5%** | | **Diluted EPS** | **$1.10** | **$1.29** | **-14.7%** | **$2.38** | **$2.68** | **-11.2%** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($6.3 million) | ($238.8 million) | | Net cash provided by/(used in) investing activities | $33.6 million | ($2,889.1 million) | | Net cash (used in)/provided by financing activities | ($331.3 million) | $2,565.3 million | - For the first six months of 2023, financing activities used **$331.3 million**, primarily due to **$181.3 million** in common stock repurchases and a **$112.3 million** net decrease in bank deposits[25](index=25&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company's loan portfolio primarily comprises **residential real estate (37.5%)**, **commercial and industrial (21.8%)**, and **fund banking (21.2%)** as of June 30, 2023[93](index=93&type=chunk) - On March 1, 2023, the Company acquired Torreya Partners, LLC, recording **$61.2 million** in goodwill and intangible assets[116](index=116&type=chunk) - The company is under investigation by the **SEC** and **CFTC** regarding compliance with records preservation for off-channel business communications[140](index=140&type=chunk)[141](index=141&type=chunk) - As of June 30, 2023, the company was categorized as **'well capitalized'**, with Stifel Financial Corp reporting a Common equity Tier 1 capital ratio of **14.3%**[148](index=148&type=chunk)[150](index=150&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 5.2% Q2 net revenue decline to lower fees, partially offset by increased net interest income, while maintaining strong liquidity and a 'well capitalized' status [Results of Operations](index=54&type=section&id=Results%20of%20Operations) Net Revenues Breakdown (Q2 2023 vs Q2 2022) | Revenue Category | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Transactional Revenues | $271.1M | $312.3M | -13.2% | | Investment Banking | $166.8M | $271.1M | -38.5% | | Asset Management | $320.3M | $331.3M | -3.3% | | Net Interest Income | $291.7M | $195.4M | +49.3% | - The **38.5% decrease** in Investment Banking revenue was driven by a **56.0% drop** in advisory fees, partially offset by a **10.4% increase** in capital-raising revenues[250](index=250&type=chunk)[251](index=251&type=chunk)[252](index=252&type=chunk) - Compensation and benefits expense as a percentage of net revenues was **58.6%** for Q2 2023, slightly down from **58.9%** in Q2 2022[269](index=269&type=chunk) [Segment Analysis](index=62&type=section&id=Segment%20Analysis) Income Before Income Taxes by Segment (Q2 2023 vs Q2 2022) | Segment | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Global Wealth Management | $299.9M | $245.2M | +22.3% | | Institutional Group | ($12.9M) | $73.0M | -117.7% | | Other | ($105.6M) | ($99.6M) | -6.0% | - The Global Wealth Management segment's pre-tax income grew **22.3%** YoY, with its profit margin increasing to **39.6%** from **35.1%**[320](index=320&type=chunk)[321](index=321&type=chunk) - The Institutional Group segment reported a pre-tax loss of **$12.9 million**, a sharp reversal from a **$73.0 million** profit in the prior year[346](index=346&type=chunk) [Liquidity and Capital Resources](index=66&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2023, the company held **$11.4 billion** in cash or readily convertible assets to meet obligations and operating needs[358](index=358&type=chunk)[363](index=363&type=chunk) - Deposits, primarily from brokerage clients, represent the largest funding source at **$27.0 billion**, with brokerage client deposits totaling **$24.2 billion**[386](index=386&type=chunk)[387](index=387&type=chunk) - The company has an ongoing share repurchase authorization, with **6.1 million shares** remaining available for purchase as of June 30, 2023[368](index=368&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=72&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market, credit, operational, and legal risks, with H1 2023 average daily VaR at $7.6 million and a 100 bps rate increase projected to boost net interest income by 3.5% Daily Value-at-Risk (VaR) for Trading Portfolios | Period | High | Low | Daily Average | Period End (6/30/23) | | :--- | :--- | :--- | :--- | :--- | | H1 2023 | $11.95M | $4.04M | $7.63M | $6.85M | Stifel Bancorp Net Interest Income Sensitivity (as of June 30, 2023) | Hypothetical Change in Interest Rates | Projected Change in Net Interest Income | | :--- | :--- | | +200 bps | +7.1% | | +100 bps | +3.5% | | -100 bps | -0.1% | | -200 bps | -4.8% | [Controls and Procedures](index=75&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were **adequate and effective** as of June 30, 2023[449](index=449&type=chunk) - **No material changes** were identified in the company's internal control over financial reporting during Q2 2023[450](index=450&type=chunk) [PART II – OTHER INFORMATION](index=76&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=76&type=section&id=Item%201.%20Legal%20Proceedings) The company faces various legal and regulatory proceedings, but management anticipates no material adverse impact on its financial position - The company is involved in various legal and regulatory proceedings, expecting **no material adverse impact** on its financial position[139](index=139&type=chunk)[451](index=451&type=chunk) [Risk Factors](index=76&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported from the prior Annual Report on Form 10-K - **No material changes** to risk factors were reported for the quarter ended June 30, 2023[453](index=453&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 1.5 million common shares for $86.8 million in Q2 2023, with 6.1 million shares remaining authorized for repurchase Common Stock Repurchases (Q2 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2023 | — | $— | | May 2023 | 899,205 | $58.19 | | June 2023 | 592,339 | $58.24 | | **Total Q2 2023** | **1,491,544** | **$58.21** | - As of June 30, 2023, the company had authorization to repurchase an additional **6.1 million shares**[455](index=455&type=chunk)

Financial Data and Key Metrics Changes - The company reported revenue of over $1.05 billion with a non-GAAP EPS of $1.20, reflecting a pretax margin of 19% and a return on tangible common equity of 17% [4][17] - Revenue was approximately $20 million below consensus estimates due to delays in four advisory transactions, which are expected to close in the third quarter [5][10] - Net interest income (NII) declined to $292 million, with updated full-year NII guidance set at approximately $1.17 billion [7][10] Business Line Data and Key Metrics Changes - Global wealth management revenue increased 9% to a record $758 million, with pre-tax margins rising to 40%, an increase of 450 basis points year-on-year [17] - Institutional group revenue totaled $276 million, with investment banking revenue at $167 million, below guidance due to delayed closings [8] - Equity revenues increased by 6% year-on-year to $76 million, while fixed income generated net revenue of $113 million, up 10% sequentially [8] Market Data and Key Metrics Changes - The company noted a decline in commercial deposits by nearly $1 billion quarter-over-quarter, attributed to high-cost wholesale deposits that were deemed unnecessary [58] - The nonperforming asset ratio stood at 4 basis points, with charge-offs less than $600,000, indicating strong credit metrics [18] Company Strategy and Development Direction - The company aims to streamline operations and rightsizing the business, with a focus on maintaining profitability despite a challenging investment banking environment [10][11] - Continued investment in wealth management resources and technology is expected to support advisor performance and recruitment [5][16] Management Comments on Operating Environment and Future Outlook - Management expressed uncertainty in the market for the remainder of 2023 and into 2024, with revenue expectations for the full year aligning with the Street at $4.5 billion [10] - The outlook for the second half of 2023 anticipates a 7% increase in wealth management and a 23% increase in institutional business revenue [10] Other Important Information - The company ranked number one in J.D. Power's annual employee advisor satisfaction survey, which is expected to enhance recruitment efforts [4][16] - The effective tax rate for the quarter was 25.9%, slightly higher than anticipated due to losses in foreign operations [19] Q&A Session Summary Question: Capital return and buyback strategy - Management noted that buybacks were muted due to being out of the market for most of April, but they repurchased $87 million during the quarter, approximately 70% of GAAP net income [24][25] Question: NII expectations and modeling - Management confirmed that current NII guidance is reasonable, factoring in potential rate cuts and the impact of recent hires on net interest earning assets [50][51] Question: Institutional revenue guidance and market conditions - Management indicated that the guidance for the back half of the year does not assume a significant improvement in the operating environment, focusing instead on visible pipelines [36][38] Question: Recruiting environment and competitive landscape - Management highlighted strong recruiting momentum, particularly among larger teams, and noted that the J.D. Power results have positively impacted their profile in the market [57][67] Question: Non-comp expenses and cost management - Management acknowledged higher non-comp expenses due to increased FDIC assessments and investments in brand marketing, but emphasized the long-term benefits of these investments [69][83]