Financial Performance - Net revenues for Q1 2025 were 1,255,469,a7.91,163,038 in Q1 2024, but an 8.0% decrease from 1,364,682inQ42024[5]−NetincomeforQ12025was52,992, representing a 67.6% decline from 163,575inQ12024anda78.3244,005 in Q4 2024[7] - Earnings per diluted common share decreased to 0.47,down68.21.48 in Q1 2024 and down 78.4% from 2.18inQ42024[5]−TotalrevenuesforQ12025were1,469,026, a 3.6% increase from 1,417,693inQ12024,buta7.81,592,872 in Q4 2024[7] - Total net revenues for the three months ended March 31, 2025, were 1,255,469,000,representinga7.91,163,038,000 in the same period last year[11] - GAAP net revenues for Q1 2025 were 1,255,469,000,upfrom1,163,038,000 in Q1 2024[36] - Non-GAAP net revenues for Q1 2025 were 1,255,455,000,comparedto1,163,038,000 in the same period last year[36] Expenses and Losses - Compensation and benefits expenses rose to 732,220,a7.7679,695 in Q1 2024[9] - Total non-interest expenses increased by 26.2% to 1,192,105from944,347 in Q1 2024[9] - Operating expenses rose by 26.2% to 1,192,105,000,upfrom944,347,000 in the previous year[11] - Provision for credit losses increased significantly by 128.2% to 12,020comparedto5,268 in Q1 2024[9] - Income before income taxes decreased significantly by 71.0% to 63,364,000from218,691,000 in Q1 2024[11] Revenue Growth Areas - Advisory revenues grew by 15.3% to 137,470inQ12025comparedto119,252 in Q1 2024[9] - Global Wealth Management revenues increased by 7.6% to 850,559,000comparedto790,500,000 in Q1 2024[17] - Net revenues for the Institutional Group rose to 384,929million,reflectinga9.540,383,727,000, a 5.6% increase from 38,258,280,000year−over−year[13]−Commonequitytier1capitalincreasedby7.83,478,477,000 compared to 3,225,964,000inQ12024[15]−Totalclientassetsreached485,860,000,000, reflecting a 3.9% increase from 467,697,000,000inthepreviousyear[19]−TotalassetsforStifelBancorpreached32,100,614 million, a 7.7% increase year-over-year[25] - Total loans, net, increased to 21,241,400million,representinga9.029,639 million, a 7.6% increase year-over-year[21] - Direct Wealth Management deposits at Stifel Bancorp surged by 119.9% to 387millioncomparedtothepreviousyear[21]−TotalWealthManagementCashincreasedby11.741,529 million compared to the previous year[21] Credit Quality - Nonperforming assets as a percentage of total assets rose to 0.50% from 0.20% year-over-year[25] - The allowance for credit losses was 170,266million,representinga3.9262.0 million, with a net interest margin of 2.97%[32] - Total interest-bearing assets increased to 35,263.7million,generatinginterestincomeof475.6 million, reflecting a yield of 5.40%[32] - Total loans reached 21,485.8million,withinterestincomeof305.0 million, resulting in a yield of 5.68%[34] - Total interest-bearing liabilities amounted to 30,693.1million,withinterestexpenseof213.6 million, yielding 2.78%[32] Future Outlook - Future business prospects include potential market expansion and new product development initiatives[41] - The Company emphasizes that all forward-looking statements are subject to risks and uncertainties that could lead to actual results differing materially from those expressed[42] - The Company prepares its financial statements in accordance with U.S. GAAP but may disclose non-GAAP financial measures for greater transparency[43] - The financial supplement contains important financial, statistical, and business-related information that should be read alongside the first quarter earnings release issued on April 23, 2025[44]
Stifel(SF)2025-04-23 11:00