Financial Performance - Net revenues for Q4 2024 reached 1,364,682,a19.01,146,379 in Q4 2023[2] - Net income for Q4 2024 was 244,005,reflectinga50.2162,484 in Q4 2023[3] - Earnings per diluted common share increased to 2.18inQ42024,up49.31.46 in Q4 2023[2] - Total revenues for the year ended 2024 were 5,951,686,a15.45,159,280 in 2023[3] - Total revenues for Q4 2024 reached 1,592,911,a14.61,390,130 in Q4 2023[4] - Net income for Q4 2024 was 259,030,reflectinga47.3175,907 in Q4 2023[4] - GAAP net revenues for the year ended December 31, 2024, reached 4,970,320,anincreasefrom4,348,944 in the previous year[19] - Non-GAAP net revenues for the three months ended December 31, 2024, were 1,364,721,comparedto1,146,419 for the same period in 2023[19] Revenue Sources - Investment banking revenues for Q4 2024 were 304,419,a48.0205,664 in Q4 2023[3] - Asset management revenues rose to 405,825inQ42024,up22.8330,536 in Q4 2023[3] - Global Wealth Management net revenues grew by 12.9% to 865,209inQ42024,upfrom766,028 in Q4 2023[5] - Revenues from asset management grew by 22.8% to 405,825,comparedto330,536 in the previous year[9] - Investment banking revenues increased by 48.8% year-over-year to 299.2million,drivenbya52.41,098,481, a 16.8% increase from 940,384inQ42023[3]−Totalnon−interestexpensesforQ42024were1,082,130, up 17.2% from 923,503inQ42023[4]−Compensationandbenefitsexpensesroseby16.7419,466 compared to 359,376inthesamequarterlastyear[8]−CompensationandbenefitsexpenseforthethreemonthsendedDecember31,2024,was795,750, up from 674,437intheprioryear[19]AssetsandCapital−TotalassetsasofDecember31,2024,were39,895,540, a 5.7% increase from 37,727,460ayearearlier[6]−Commonequitytier1capitalincreasedto3,645,786, a 12.8% rise from 3,230,965inthepreviousyear[7]−Totalclientassetsreached501,402,000, reflecting a 12.8% increase from 444,318,000year−over−year[9]−TotalassetsforStifelBancorpgrewto31.4 billion, reflecting a 5.6% increase from 29.7billionin2023[12]−Totalloans,net,increasedby8.021.3 billion, with significant growth in commercial and industrial loans, which rose by 13.9%[12] Credit Quality and Losses - The company reported a provision for credit losses of 11,893inQ42024,asignificantincreaseof425.52,263 in Q4 2023[3] - Nonperforming assets surged by 254.0% year-over-year to 160.9million,indicatingpotentialcreditqualityconcerns[12]−Theallowanceforcreditlossesstoodat170.0 million, representing 0.81% of retained loans[12] Tax and Regulatory Information - The effective tax rate for Q4 2024 was 8.3%, significantly lower than 21.1% in Q4 2023[6] - The effective tax rate for the three months ended December 31, 2024, was 8.3%, a decrease from 21.1% in the same period last year[19] - Regulatory capital amounts and ratios are estimates as of January 29, 2025, highlighting the company's ongoing compliance with financial regulations[1] Operational Adjustments - The company recorded severance costs associated with workforce reductions in certain foreign subsidiaries, reflecting operational adjustments[1] - The company began sweeping certain commercial treasury deposits to third-party banks in Q1 2024, enhancing liquidity management strategies[1] Miscellaneous - The weighted average number of diluted common shares outstanding was 112,089, a 0.7% increase from 111,330 in Q4 2023[3] - Financial advisors decreased to 2,342, down 1.8% from 2,386 in the previous year[9] - The investment portfolio totaled 8.3billion,withcollateralizedloanobligations(CLOs)makingup7880.3 million as of December 31, 2024, showing the impact of tax strategies on financial results[1] - Stifel Financial Corp. includes capital raising and advisory revenues in its financial performance metrics, emphasizing its diversified revenue streams[1] - The tangible book value per share as of December 31, 2024, was calculated based on tangible common shareholders' equity, reflecting the company's financial health[1]
Stifel(SF)2025-01-29 12:01