EX-99.2 3 sf-ex992_7.htm EX-99.2 sf-ex992_7.htm

Exhibit 99.2

 


 

Third Quarter 2021 Earnings Results

 

 

 

 

 

Quarterly Financial Supplement

 

Page

 

 

 

Consolidated Financial Highlights

 

2

GAAP Consolidated Results of Operations

 

3

Non-GAAP Consolidated Results of Operations

 

4

Consolidated Financial Summary

 

5

Consolidated Financial Information and Metrics

 

6

Regulatory Capital

 

7

Global Wealth Management - Summary Results of Operations

 

8

Global Wealth Management - Statistical Information

 

9

Institutional Group - Summary Results of Operations

 

10

Stifel Bancorp - Financial Information and Credit Metrics

 

11

Loans and Lending Commitments - Allowance for Credit Losses

 

12

Consolidated Net Interest Income

 

13

Stifel Bancorp Net Interest Income

 

14

GAAP to Core Reconciliation

 

15

Footnotes

 

16

Disclaimer and Legal Notice

 

17

 

 

Consolidated Financial Highlights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(Unaudited, $ in 000s except per share information)

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

 

6/30/2021

 

 

% Change

 

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

Net revenues

 

$

1,144,938

 

 

$

883,300

 

 

 

29.6

%

 

$

1,153,136

 

 

 

(0.7

%)

 

$

3,432,863

 

 

$

2,692,151

 

 

 

27.5

%

Net income

 

$

192,376

 

 

$

120,527

 

 

 

59.6

%

 

$

198,077

 

 

 

(2.9

%)

 

$

563,468

 

 

$

315,003

 

 

 

78.9

%

Preferred dividends

 

 

9,689

 

 

 

9,897

 

 

 

(2.1

%)

 

 

8,289

 

 

 

16.9

%

 

 

26,267

 

 

 

19,584

 

 

 

34.1

%

Net income available to common shareholders

 

$

182,687

 

 

$

110,630

 

 

 

65.1

%

 

$

189,788

 

 

 

(3.7

%)

 

$

537,201

 

 

$

295,419

 

 

 

81.8

%

Earnings per diluted common share (1)

 

$

1.62

 

 

$

1.06

 

 

 

52.8

%

 

$

1.67

 

 

 

(3.0

%)

 

$

4.76

 

 

$

2.77

 

 

 

71.8

%

Earnings per diluted common share available to common shareholders (1)

 

$

1.54

 

 

$

0.97

 

 

 

58.8

%

 

$

1.60

 

 

 

(3.8

%)

 

$

4.54

 

 

$

2.60

 

 

 

74.6

%

Non-GAAP financial summary (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

1,144,938

 

 

$

883,300

 

 

 

29.6

%

 

$

1,153,098

 

 

 

(0.7

%)

 

$

3,433,016

 

 

$

2,692,330

 

 

 

27.5

%

Net income

 

$

205,342

 

 

$

130,422

 

 

 

57.4

%

 

$

210,356

 

 

 

(2.4

%)

 

$

600,412

 

 

$

347,377

 

 

 

72.8

%

Preferred dividends

 

 

9,689

 

 

 

9,897

 

 

 

(2.1

%)

 

 

8,289

 

 

 

16.9

%

 

 

26,267

 

 

 

19,584

 

 

 

34.1

%

Net income available to common shareholders

 

$

195,653

 

 

 

120,525

 

 

 

62.3

%

 

 

202,067

 

 

 

(3.2

%)

 

 

574,145

 

 

 

327,793

 

 

 

75.2

%

Earnings per diluted common share (1)

 

$

1.73

 

 

$

1.15

 

 

 

50.4

%

 

$

1.77

 

 

 

(2.3

%)

 

$

5.07

 

 

$

3.06

 

 

 

65.7

%

Earnings per diluted common share available to common shareholders (1)

 

$

1.65

 

 

$

1.06

 

 

 

55.7

%

 

$

1.70

 

 

 

(2.9

%)

 

$

4.85

 

 

$

2.89

 

 

 

67.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

107,379

 

 

 

105,941

 

 

 

1.4

%

 

 

107,837

 

 

 

(0.4

%)

 

 

107,655

 

 

 

106,221

 

 

 

1.4

%

Diluted

 

 

118,475

 

 

 

113,775

 

 

 

4.1

%

 

 

118,602

 

 

 

(0.1

%)

 

 

118,355

 

 

 

113,568

 

 

 

4.2

%

Period end common shares outstanding (1)

 

 

104,263

 

 

 

102,916

 

 

 

1.3

%

 

 

104,865

 

 

 

(0.6

%)

 

 

104,263

 

 

 

102,916

 

 

 

1.3

%

Cash dividends declared per common share (1)

 

$

0.15

 

 

$

0.11

 

 

 

36.4

%

 

$

0.15

 

 

 

0.0

%

 

$

0.45

 

 

$

0.33

 

 

 

36.4

%

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 1 of 17

 

 

GAAP Results of Operations (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

($ in 000s except per share information)

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

 

6/30/2021

 

 

% Change

 

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

189,239

 

 

$

172,654

 

 

 

9.6

%

 

$

195,579

 

 

 

(3.2

%)

 

$

598,432

 

 

$

560,780

 

 

 

6.7

%

Principal transactions

 

 

118,977

 

 

 

140,883

 

 

 

(15.5

%)

 

 

152,597

 

 

 

(22.0

%)

 

 

436,580

 

 

 

445,566

 

 

 

(2.0

%)

Brokerage revenues

 

 

308,216

 

 

 

313,537

 

 

 

(1.7

%)

 

 

348,176

 

 

 

(11.5

%)

 

 

1,035,012

 

 

 

1,006,346

 

 

 

2.8

%

Capital raising

 

 

164,061

 

 

 

137,292

 

 

 

19.5

%

 

 

169,778

 

 

 

(3.4

%)

 

 

542,645

 

 

 

359,885

 

 

 

50.8

%

Advisory fees

 

 

208,218

 

 

 

80,842

 

 

 

157.6

%

 

 

206,665

 

 

 

0.8

%

 

 

545,365

 

 

 

254,752

 

 

 

114.1

%

Investment banking

 

 

372,279

 

 

 

218,134

 

 

 

70.7

%

 

 

376,443

 

 

 

(1.1

%)

 

 

1,088,010

 

 

 

614,637

 

 

 

77.0

%

Asset management and service fees

 

 

313,862

 

 

 

230,782

 

 

 

36.0

%

 

 

295,869

 

 

 

6.1

%

 

 

887,878

 

 

 

667,496

 

 

 

33.0

%

Other income

 

 

18,760

 

 

 

20,258

 

 

 

(7.4

%)

 

 

13,235

 

 

 

41.7

%

 

 

57,629

 

 

 

50,979

 

 

 

13.0

%

Operating revenues

 

 

1,013,117

 

 

 

782,711

 

 

 

29.4

%

 

 

1,033,723

 

 

 

(2.0

%)

 

 

3,068,529

 

 

 

2,339,458

 

 

 

31.2

%

Interest revenue

 

 

141,844

 

 

 

114,411

 

 

 

24.0

%

 

 

133,591

 

 

 

6.2

%

 

 

402,975

 

 

 

403,956

 

 

 

(0.2

%)

Total revenues

 

 

1,154,961

 

 

 

897,122

 

 

 

28.7

%

 

 

1,167,314

 

 

 

(1.1

%)

 

 

3,471,504

 

 

 

2,743,414

 

 

 

26.5

%

Interest expense

 

 

10,023

 

 

 

13,822

 

 

 

(27.5

%)

 

 

14,178

 

 

 

(29.3

%)

 

 

38,641

 

 

 

51,263

 

 

 

(24.6

%)

Net revenues

 

 

1,144,938

 

 

 

883,300

 

 

 

29.6

%

 

 

1,153,136

 

 

 

(0.7

%)

 

 

3,432,863

 

 

 

2,692,151

 

 

 

27.5

%

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

672,385

 

 

 

533,638

 

 

 

26.0

%

 

 

692,054

 

 

 

(2.8

%)

 

 

2,062,353

 

 

 

1,657,991

 

 

 

24.4

%

Occupancy and equipment rental

 

 

72,160

 

 

 

68,598

 

 

 

5.2

%

 

 

70,971

 

 

 

1.7

%

 

 

215,163

 

 

 

200,935

 

 

 

7.1

%

Communication and office supplies

 

 

40,432

 

 

 

40,123

 

 

 

0.8

%

 

 

41,308

 

 

 

(2.1

%)

 

 

123,565

 

 

 

124,293

 

 

 

(0.6

%)

Commissions and floor brokerage

 

 

14,744

 

 

 

13,254

 

 

 

11.2

%

 

 

13,977

 

 

 

5.5

%

 

 

44,424

 

 

 

43,273

 

 

 

2.7

%

Provision for credit losses

 

 

(660

)

 

 

(1,353

)

 

 

(51.2

%)

 

 

(9,652

)

 

 

(93.2

%)

 

 

(15,564

)

 

 

33,925

 

 

 

(145.9

%)

Other operating expenses

 

 

89,375

 

 

 

70,647

 

 

 

26.5

%

 

 

80,453

 

 

 

11.1

%

 

 

254,503

 

 

 

215,275

 

 

 

18.2

%

Total non-interest expenses

 

 

888,436

 

 

 

724,907

 

 

 

22.6

%

 

 

889,111

 

 

 

(0.1

%)

 

 

2,684,444

 

 

 

2,275,692

 

 

 

18.0

%

Income before income taxes

 

 

256,502

 

 

 

158,393

 

 

 

61.9

%

 

 

264,025

 

 

 

(2.8

%)

 

 

748,419

 

 

 

416,459

 

 

 

79.7

%

Provision for income taxes

 

 

64,126

 

 

 

37,866

 

 

 

69.3

%

 

 

65,948

 

 

 

(2.8

%)

 

 

184,951

 

 

 

101,456

 

 

 

82.3

%

Net income

 

 

192,376

 

 

 

120,527

 

 

 

59.6

%

 

 

198,077

 

 

 

(2.9

%)

 

 

563,468

 

 

 

315,003

 

 

 

78.9

%

Preferred dividends

 

 

9,689

 

 

 

9,897

 

 

 

(2.1

%)

 

 

8,289

 

 

 

16.9

%

 

 

26,267

 

 

 

19,584

 

 

 

34.1

%

Net income available to common shareholders

 

$

182,687

 

 

$

110,630

 

 

 

65.1

%

 

$

189,788

 

 

 

(3.7

%)

 

$

537,201

 

 

$

295,419

 

 

 

81.8

%

Earnings per common share: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.70

 

 

$

1.04

 

 

 

63.5

%

 

$

1.76

 

 

 

(3.4

%)

 

$

4.99

 

 

$

2.78

 

 

 

79.5

%

Diluted

 

$

1.54

 

 

$

0.97

 

 

 

58.8

%

 

$

1.60

 

 

 

(3.8

%)

 

$

4.54

 

 

$

2.60

 

 

 

74.6

%

Weighted average number of common shares outstanding: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

107,379

 

 

 

105,941

 

 

 

1.4

%

 

 

107,837

 

 

 

(0.4

%)

 

 

107,655

 

 

 

106,221

 

 

 

1.4

%

Diluted

 

 

118,475

 

 

 

113,775

 

 

 

4.1

%

 

 

118,602

 

 

 

(0.1

%)

 

 

118,355

 

 

 

113,568

 

 

 

4.2

%

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 2 of 17

 

Cash dividends declared per common share (1)

 

$

0.15

 

 

$

0.11

 

 

 

36.4

%

 

$

0.15

 

 

 

0.0

%

 

$

0.45

 

 

$

0.33

 

 

 

36.4

%

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 3 of 17

 

 

Non-GAAP Results of Operations (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

($ in 000s except per share information)

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

 

6/30/2021

 

 

% Change

 

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

189,239

 

 

$

172,654

 

 

 

9.6

%

 

$

195,579

 

 

 

(3.2

%)

 

$

598,432

 

 

$

560,780

 

 

 

6.7

%

Principal transactions

 

 

118,977

 

 

 

140,883

 

 

 

(15.5

%)

 

 

152,597

 

 

 

(22.0

%)

 

 

436,580

 

 

 

445,566

 

 

 

(2.0

%)

Brokerage revenues

 

 

308,216

 

 

 

313,537

 

 

 

(1.7

%)

 

 

348,176

 

 

 

(11.5

%)

 

 

1,035,012

 

 

 

1,006,346

 

 

 

2.8

%

Capital raising

 

 

164,061

 

 

 

137,292

 

 

 

19.5

%

 

 

169,778

 

 

 

(3.4

%)

 

 

542,645

 

 

 

359,885

 

 

 

50.8

%

Advisory fees

 

 

208,218

 

 

 

80,842

 

 

 

157.6

%

 

 

206,665

 

 

 

0.8

%

 

 

545,365

 

 

 

254,752

 

 

 

114.1

%

Investment banking

 

 

372,279

 

 

 

218,134

 

 

 

70.7

%

 

 

376,443

 

 

 

(1.1

%)

 

 

1,088,010

 

 

 

614,637

 

 

 

77.0

%

Asset management and service fees

 

 

313,862

 

 

 

230,782

 

 

 

36.0

%

 

 

295,869

 

 

 

6.1

%

 

 

887,878

 

 

 

667,496

 

 

 

33.0

%

Other income

 

 

18,760

 

 

 

20,258

 

 

 

(7.4

%)

 

 

13,197

 

 

 

42.2

%

 

 

57,657

 

 

 

51,158

 

 

 

12.7

%

Operating revenues

 

 

1,013,117

 

 

 

782,711

 

 

 

29.4

%

 

 

1,033,685

 

 

 

(2.0

%)

 

 

3,068,557

 

 

 

2,339,637

 

 

 

31.2

%

Interest revenue

 

 

141,844

 

 

 

114,411

 

 

 

24.0

%

 

 

133,591

 

 

 

6.2

%

 

 

402,975

 

 

 

403,956

 

 

 

(0.2

%)

Total revenues

 

 

1,154,961

 

 

 

897,122

 

 

 

28.7

%

 

 

1,167,276

 

 

 

(1.1

%)

 

 

3,471,532

 

 

 

2,743,593

 

 

 

26.5

%

Interest expense

 

 

10,023

 

 

 

13,822

 

 

 

(27.5

%)

 

 

14,178

 

 

 

(29.3

%)

 

 

38,516

 

 

 

51,263

 

 

 

(24.9

%)

Net revenues

 

 

1,144,938

 

 

 

883,300

 

 

 

29.6

%

 

 

1,153,098

 

 

 

(0.7

%)

 

 

3,433,016

 

 

 

2,692,330

 

 

 

27.5

%

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

666,605

 

 

 

526,868

 

 

 

26.5

%

 

 

685,935

 

 

 

(2.8

%)

 

 

2,044,280

 

 

 

1,635,084

 

 

 

25.0

%

Occupancy and equipment rental

 

 

72,129

 

 

 

68,493

 

 

 

5.3

%

 

 

70,938

 

 

 

1.7

%

 

 

215,068

 

 

 

200,252

 

 

 

7.4

%

Communication and office supplies

 

 

40,432

 

 

 

40,017

 

 

 

1.0

%

 

 

41,232

 

 

 

(1.9

%)

 

 

123,489

 

 

 

123,790

 

 

 

(0.2

%)

Commissions and floor brokerage

 

 

14,744

 

 

 

13,254

 

 

 

11.2

%

 

 

13,977

 

 

 

5.5

%

 

 

44,424

 

 

 

43,273

 

 

 

2.7

%

Provision for credit losses

 

 

(660

)

 

 

(1,353

)

 

 

(51.2

%)

 

 

(9,652

)

 

 

(93.2

%)

 

 

(15,564

)

 

 

33,925

 

 

 

(145.9

%)

Other operating expenses

 

 

77,903

 

 

 

64,639

 

 

 

20.5

%

 

 

70,275

 

 

 

10.9

%

 

 

223,820

 

 

 

196,789

 

 

 

13.7

%

Total non-interest expenses

 

 

871,153

 

 

 

711,918

 

 

 

22.4

%

 

 

872,705

 

 

 

(0.2

%)

 

 

2,635,517

 

 

 

2,233,113

 

 

 

18.0

%

Income before income taxes

 

 

273,785

 

 

 

171,382

 

 

 

59.8

%

 

 

280,393

 

 

 

(2.4

%)

 

 

797,499

 

 

 

459,217

 

 

 

73.7

%

Provision for income taxes

 

 

68,443

 

 

 

40,960

 

 

 

67.1

%

 

 

70,037

 

 

 

(2.3

%)

 

 

197,087

 

 

 

111,840

 

 

 

76.2

%

Net income

 

 

205,342

 

 

 

130,422

 

 

 

57.4

%

 

 

210,356

 

 

 

(2.4

%)

 

 

600,412

 

 

 

347,377

 

 

 

72.8

%

Preferred dividends

 

 

9,689

 

 

 

9,897

 

 

 

(2.1

%)

 

 

8,289

 

 

 

16.9

%

 

 

26,267

 

 

 

19,584

 

 

 

34.1

%

Net income available to common shareholders

 

$

195,653

 

 

$

120,525

 

 

 

62.3

%

 

$

202,067

 

 

 

(3.2

%)

 

$

574,145

 

 

$

327,793

 

 

 

75.2

%

Earnings per common share: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.82

 

 

$

1.14

 

 

 

59.6

%

 

$

1.87

 

 

 

(2.7

%)

 

$

5.33

 

 

$

3.09

 

 

 

72.5

%

Diluted

 

$

1.65

 

 

$

1.06

 

 

 

55.7

%

 

$

1.70

 

 

 

(2.9

%)

 

$

4.85

 

 

$

2.89

 

 

 

67.8

%

Weighted average number of common shares outstanding: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

107,379

 

 

 

105,941

 

 

 

1.4

%

 

 

107,837

 

 

 

(0.4

%)

 

 

107,655

 

 

 

106,221

 

 

 

1.4

%

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 4 of 17

 

Diluted

 

 

118,475

 

 

 

113,775

 

 

 

4.1

%

 

 

118,602

 

 

 

(0.1

%)

 

 

118,355

 

 

 

113,568

 

 

 

4.2

%

Cash dividends declared per common share (1)

 

$

0.15

 

 

$

0.11

 

 

 

36.4

%

 

$

0.15

 

 

 

0.0

%

 

$

0.45

 

 

$

0.33

 

 

 

36.4

%

 

Consolidated Financial Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(Unaudited, $ in 000s except percentages)

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

 

6/30/2021

 

 

% Change

 

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Wealth Management

 

$

655,533

 

 

$

526,836

 

 

 

24.4

%

 

$

637,567

 

 

 

2.8

%

 

$

1,924,595

 

 

$

1,615,574

 

 

 

19.1

%

Institutional Group

 

 

492,284

 

 

 

363,365

 

 

 

35.5

%

 

 

520,811

 

 

 

(5.5

%)

 

 

1,519,176

 

 

 

1,093,699

 

 

 

38.9

%

Other

 

 

(2,879

)

 

 

(6,901

)

 

 

(58.3

%)

 

 

(5,242

)

 

 

(45.1

%)

 

 

(10,908

)

 

 

(17,122

)

 

 

(36.3

%)

Total net revenues

 

$

1,144,938

 

 

$

883,300

 

 

 

29.6

%

 

$

1,153,136

 

 

 

(0.7

%)

 

$

3,432,863

 

 

$

2,692,151

 

 

 

27.5

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Wealth Management

 

$

423,414

 

 

$

347,906

 

 

 

21.7

%

 

$

410,262

 

 

 

3.2

%

 

$

1,241,940

 

 

$

1,086,152

 

 

 

14.3

%

Institutional Group

 

 

367,192

 

 

 

286,524

 

 

 

28.2

%

 

 

379,317

 

 

 

(3.2

%)

 

 

1,135,402

 

 

 

892,069

 

 

 

27.3

%

Other

 

 

97,830

 

 

 

90,477

 

 

 

8.1

%

 

 

99,532

 

 

 

(1.7

%)

 

 

307,102

 

 

 

297,471

 

 

 

3.2

%

Total operating expenses

 

$

888,436

 

 

$

724,907

 

 

 

22.6

%

 

$

889,111

 

 

 

(0.1

%)

 

$

2,684,444

 

 

$

2,275,692

 

 

 

18.0

%

Operating contribution:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Wealth Management

 

$

232,119

 

 

$

178,930

 

 

 

29.7

%

 

$

227,305

 

 

 

2.1

%

 

$

682,655

 

 

$

529,422

 

 

 

28.9

%

Institutional Group

 

 

125,092

 

 

 

76,841

 

 

 

62.8

%

 

 

141,494

 

 

 

(11.6

%)

 

 

383,774

 

 

 

201,630

 

 

 

90.3

%

Other

 

 

(100,709

)

 

 

(97,378

)

 

 

3.4

%

 

 

(104,774

)

 

 

(3.9

%)

 

 

(318,010

)

 

 

(314,593

)

 

 

1.1

%

Income before income taxes

 

$

256,502

 

 

$

158,393

 

 

 

61.9

%

 

$

264,025

 

 

 

(2.8

%)

 

$

748,419

 

 

$

416,459

 

 

 

79.7

%

Financial ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

58.7

%

 

 

60.4

%

 

 

(170

)

 

 

60.0

%

 

 

(130

)

 

 

60.1

%

 

 

61.6

%

 

 

(150

)

Non-compensation operating expenses

 

 

18.9

%

 

 

21.7

%

 

 

(280

)

 

 

17.1

%

 

 

180

 

 

 

18.1

%

 

 

22.9

%

 

 

(480

)

Income before income taxes

 

 

22.4

%

 

 

17.9

%

 

 

450

 

 

 

22.9

%

 

 

(50

)

 

 

21.8

%

 

 

15.5

%

 

 

630

 

Effective tax rate

 

 

25.0

%

 

 

23.9

%

 

 

110

 

 

 

25.0

%

 

 

-

 

 

 

24.7

%

 

 

24.4

%

 

 

30

 

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 5 of 17

 

 

 

Consolidated Financial Information and Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

(Unaudited, $ in 000s except percentages and per share data)

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

 

6/30/2021

 

 

% Change

 

Financial Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

30,820,334

 

 

$

25,549,182

 

 

 

20.6

%

 

$

29,744,764

 

 

 

3.6

%

Total shareholders' equity

 

$

4,791,324

 

 

$

4,030,687

 

 

 

18.9

%

 

$

4,508,790

 

 

 

6.3

%

Total common equity

 

$

4,106,324

 

 

$

3,495,687

 

 

 

17.5

%

 

$

3,973,790

 

 

 

3.3

%

Less: Goodwill and intangible assets

 

$

(1,310,038

)

 

$

(1,327,470

)

 

 

(1.3

%)

 

$

(1,314,818

)

 

 

(0.4

%)

Less: DTL on goodwill and intangible assets

 

$

55,430

 

 

$

50,389

 

 

 

10.0

%

 

$

54,049

 

 

 

2.6

%

Tangible common equity

 

$

2,851,716

 

 

$

2,218,606

 

 

 

28.5

%

 

$

2,713,021

 

 

 

5.1

%

Preferred equity

 

$

685,000

 

 

$

535,000

 

 

 

28.0

%

 

$

535,000

 

 

 

28.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Metrics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share (1)(3)

 

$

39.38

 

 

$

33.97

 

 

 

15.9

%

 

$

37.89

 

 

 

3.9

%

Tangible book value per common share (1) (3)

 

$

27.35

 

 

$

21.56

 

 

 

26.9

%

 

$

25.87

 

 

 

5.7

%

Return on common equity (4)

 

 

17.9

%

 

 

12.8

%

 

 

 

 

 

 

19.4

%

 

 

 

 

Non-GAAP return on common equity (2)(4)

 

 

19.2

%

 

 

14.0

%

 

 

 

 

 

 

20.6

%

 

 

 

 

Return on tangible common equity (5)

 

 

25.9

%

 

 

20.4

%

 

 

 

 

 

 

28.6

%

 

 

 

 

Non-GAAP return on tangible common equity (2)(5)

 

 

27.7

%

 

 

22.2

%

 

 

 

 

 

 

30.5

%

 

 

 

 

Pre-tax margin on net revenues

 

 

22.4

%

 

 

17.9

%

 

 

 

 

 

 

22.9

%

 

 

 

 

Non-GAAP pre-tax margin on net revenues (2)

 

 

23.9

%

 

 

19.4

%

 

 

 

 

 

 

24.3

%

 

 

 

 

Effective tax rate

 

 

25.0

%

 

 

23.9

%

 

 

 

 

 

 

25.0

%

 

 

 

 

Non-GAAP effective tax rate (2)

 

 

25.0

%

 

 

23.9

%

 

 

 

 

 

 

25.0

%

 

 

 

 

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 6 of 17

 

 

 

Regulatory Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

(Unaudited, $ in 000s except percentages)

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

 

6/30/2021

 

 

% Change

 

SF Regulatory Capital (6):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity tier 1 capital

 

$

2,816,734

 

 

$

2,197,654

 

 

 

28.2

%

 

$

2,672,682

 

 

 

5.4

%

Tier 1 capital

 

$

3,501,734

 

 

$

2,732,654

 

 

 

28.1

%

 

$

3,207,682

 

 

 

9.2

%

Risk-weighted assets

 

$

16,993,177

 

 

$

14,226,930

 

 

 

19.4

%

 

$

16,952,415

 

 

 

0.2

%

Common equity tier 1 capital ratio

 

 

16.6

%

 

 

15.4

%

 

 

 

 

 

 

15.8

%

 

 

 

 

Tier 1 risk based capital ratio

 

 

20.6

%

 

 

19.2

%

 

 

 

 

 

 

18.9

%

 

 

 

 

Tier 1 leverage capital ratio

 

 

12.0

%

 

 

11.3

%

 

 

 

 

 

 

11.7

%

 

 

 

 

Stifel Bank & Trust Regulatory Capital (6):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity tier 1 capital

 

$

1,145,805

 

 

$

1,034,480

 

 

 

10.8

%

 

$

1,069,763

 

 

 

7.1

%

Tier 1 capital

 

$

1,145,805

 

 

$

1,034,480

 

 

 

10.8

%

 

$

1,069,763

 

 

 

7.1

%

Risk-weighted assets

 

$

10,727,146

 

 

$

8,828,450

 

 

 

21.5

%

 

$

9,958,105

 

 

 

7.7

%

Common equity tier 1 capital ratio

 

 

10.7

%

 

 

11.7

%

 

 

 

 

 

 

10.7

%

 

 

 

 

Tier 1 risk based capital ratio

 

 

10.7

%

 

 

11.7

%

 

 

 

 

 

 

10.7

%

 

 

 

 

Tier 1 leverage capital ratio

 

 

7.0

%

 

 

7.2

%

 

 

 

 

 

 

7.0

%

 

 

 

 

Stifel Bank Regulatory Capital (6):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity tier 1 capital

 

$

309,150

 

 

$

201,106

 

 

 

53.7

%

 

$

326,622

 

 

 

(5.3

%)

Tier 1 capital

 

$

309,150

 

 

$

201,106

 

 

 

53.7

%

 

$

326,622

 

 

 

(5.3

%)

Risk-weighted assets

 

$

1,480,711

 

 

$

1,117,013

 

 

 

32.6

%

 

$

1,593,962

 

 

 

(7.1

%)

Common equity tier 1 capital ratio

 

 

20.9

%

 

 

18.0

%

 

 

 

 

 

 

20.5

%

 

 

 

 

Tier 1 risk based capital ratio

 

 

20.9

%

 

 

18.0

%

 

 

 

 

 

 

20.5

%

 

 

 

 

Tier 1 leverage capital ratio

 

 

7.1

%

 

 

7.3

%

 

 

 

 

 

 

7.1

%

 

 

 

 

Stifel Net Capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net capital

 

$

654,900

 

 

$

468,500

 

 

 

39.8

%

 

$

614,500

 

 

 

6.6

%

Excess net capital

 

$

628,600

 

 

$

443,700

 

 

 

41.7

%

 

$

584,000

 

 

 

7.6

%

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 7 of 17

 

 

 

Global Wealth Management - Summary Results of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(Unaudited, $ in 000s except percentages)

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

 

6/30/2021

 

 

% Change

 

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

133,998

 

 

$

120,600

 

 

 

11.1

%

 

$

139,653

 

 

 

(4.0

%)

 

$

421,156

 

 

$

373,653

 

 

 

12.7

%

Principal transactions

 

 

50,074

 

 

 

42,027

 

 

 

19.1

%

 

 

55,209

 

 

 

(9.3

%)

 

 

158,882

 

 

 

127,976

 

 

 

24.1

%

Brokerage revenues

 

 

184,072

 

 

 

162,627

 

 

 

13.2

%

 

 

194,862

 

 

 

(5.5

%)

 

 

580,038

 

 

 

501,629

 

 

 

15.6

%

Asset management and service fees

 

 

313,838

 

 

 

230,765

 

 

 

36.0

%

 

 

295,847

 

 

 

6.1

%

 

 

887,794

 

 

 

667,446

 

 

 

33.0

%

Net interest

 

 

130,341

 

 

 

108,181

 

 

 

20.5

%

 

 

124,686

 

 

 

4.5

%

 

 

372,802

 

 

 

368,427

 

 

 

1.2

%

Investment banking (7)

 

 

11,580

 

 

 

8,113

 

 

 

42.7

%

 

 

11,898

 

 

 

(2.7

%)

 

 

37,027

 

 

 

26,462

 

 

 

39.9

%

Other income

 

 

15,702

 

 

 

17,150

 

 

 

(8.4

%)

 

 

10,274

 

 

 

52.8

%

 

 

46,934

 

 

 

51,610

 

 

 

(9.1

%)

Net revenues

 

 

655,533

 

 

 

526,836

 

 

 

24.4

%

 

 

637,567

 

 

 

2.8

%

 

 

1,924,595

 

 

 

1,615,574

 

 

 

19.1

%

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

342,792

 

 

 

277,903

 

 

 

23.3

%

 

 

341,367

 

 

 

0.4

%

 

 

1,020,880

 

 

 

834,564

 

 

 

22.3

%

Non-compensation operating expenses

 

 

80,622

 

 

 

70,003

 

 

 

15.2

%

 

 

68,895

 

 

 

17.0

%

 

 

221,060

 

 

 

251,588

 

 

 

(12.1

%)

Total non-interest expenses

 

 

423,414

 

 

 

347,906

 

 

 

21.7

%

 

 

410,262

 

 

 

3.2

%

 

 

1,241,940

 

 

 

1,086,152

 

 

 

14.3

%

Income before income taxes

 

$

232,119

 

 

$

178,930

 

 

 

29.7

%

 

$

227,305

 

 

 

2.1

%

 

$

682,655

 

 

$

529,422

 

 

 

28.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As a percentage of net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

52.3

%

 

 

52.7

%

 

 

(40

)

 

 

53.5

%

 

 

(120

)

 

 

53.0

%

 

 

51.7

%

 

 

130

 

Non-compensation operating expenses

 

 

12.3

%

 

 

13.3

%

 

 

(100

)

 

 

10.8

%

 

 

150

 

 

 

11.5

%

 

 

15.5

%

 

 

(400

)

Income before income taxes

 

 

35.4

%

 

 

34.0

%

 

 

140

 

 

 

35.7

%

 

 

(30

)

 

 

35.5

%

 

 

32.8

%

 

 

270

 

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 8 of 17

 

 

 

Global Wealth Management - Statistical Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

(Unaudited, $ in 000s except financial advisors and locations)

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

 

6/30/2021

 

 

% Change

 

Financial advisors

 

 

2,212

 

 

 

2,177

 

 

 

1.6

%

 

 

2,190

 

 

 

1.0

%

Independent contractors

 

 

90

 

 

 

94

 

 

 

(4.3

%)

 

 

92

 

 

 

(2.2

%)

Total financial advisors

 

 

2,302

 

 

 

2,271

 

 

 

1.4

%

 

 

2,282

 

 

 

0.9

%

Locations

 

 

447

 

 

 

451

 

 

 

(0.9

%)

 

 

446

 

 

 

0.2

%

Total client assets

 

$

406,959,000

 

 

$

325,159,000

 

 

 

25.2

%

 

$

402,442,000

 

 

 

1.1

%

Fee-based client assets

 

$

150,472,000

 

 

$

115,162,000

 

 

 

30.7

%

 

$

148,838,000

 

 

 

1.1

%

Brokerage assets

 

$

256,487,000

 

 

$

209,997,000

 

 

 

22.1

%

 

$

253,604,000

 

 

 

1.1

%

Client money market and insured product

 

$

24,974,000

 

 

$

20,367,000

 

 

 

22.6

%

 

$

23,615,000

 

 

 

5.8

%

Secured client lending (8)

 

$

3,588,799

 

 

$

2,783,138

 

 

 

28.9

%

 

$

3,451,625

 

 

 

4.0

%

Asset Management and Service Fee Revenue ($ in 000s):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private Client Group (9)

 

$

267,300

 

 

$

190,799

 

 

 

40.1

%

 

$

249,273

 

 

 

7.2

%

Asset Management

 

 

33,145

 

 

 

27,539

 

 

 

20.4

%

 

 

32,202

 

 

 

2.9

%

Third-party Bank Sweep Program

 

 

791

 

 

 

1,623

 

 

 

(51.3

%)

 

 

1,516

 

 

 

(47.8

%)

Other (10)

 

 

12,626

 

 

 

10,821

 

 

 

16.7

%

 

 

12,878

 

 

 

(2.0

%)

Total asset management and service fee revenues

 

$

313,862

 

 

$

230,782

 

 

 

36.0

%

 

$

295,869

 

 

 

6.1

%

Fee-based Assets ($ in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private Client Group (9)

 

$

130,931

 

 

 

99,374

 

 

 

31.8

%

 

$

129,565

 

 

 

1.1

%

Asset Management

 

 

33,655

 

 

 

27,196

 

 

 

23.7

%

 

 

33,289

 

 

 

1.1

%

Elimination (11)

 

 

(14,114

)

 

 

(11,408

)

 

 

23.7

%

 

 

(14,015

)

 

 

0.7

%

Total fee-based assets

 

$

150,472

 

 

$

115,162

 

 

 

30.7

%

 

$

148,839

 

 

 

1.1

%

Third-party Bank Sweep Program

 

$

6,051

 

 

$

4,691

 

 

 

29.0

%

 

$

5,795

 

 

 

4.4

%

ROA (bps) (12):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private Client Group (9)

 

 

82.5

 

 

 

83.5

 

 

 

 

 

 

 

83.2

 

 

 

 

 

Asset Management

 

 

39.4

 

 

 

40.5

 

 

 

 

 

 

 

38.7

 

 

 

 

 

Third-party Bank Sweep Program

 

 

5.0

 

 

 

15.2

 

 

 

 

 

 

 

9.9

 

 

 

 

 

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 9 of 17

 

 

 

Institutional Group - Summary Results of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(Unaudited, $ in 000s except percentages)

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

 

6/30/2021

 

 

% Change

 

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

55,241

 

 

$

52,054

 

 

 

6.1

%

 

$

55,926

 

 

 

(1.2

%)

 

$

177,276

 

 

$

187,127

 

 

 

(5.3

%)

Principal transactions

 

 

68,904

 

 

 

98,856

 

 

 

(30.3

%)

 

 

97,388

 

 

 

(29.2

%)

 

 

277,699

 

 

 

317,590

 

 

 

(12.6

%)

Brokerage revenues

 

 

124,145

 

 

 

150,910

 

 

 

(17.7

%)

 

 

153,314

 

 

 

(19.0

%)

 

 

454,975

 

 

 

504,717

 

 

 

(9.9

%)

Capital raising

 

 

152,481

 

 

 

129,179

 

 

 

18.0

%

 

 

157,880

 

 

 

(3.4

%)

 

 

505,618

 

 

 

333,442

 

 

 

51.6

%

Advisory fees

 

 

208,218

 

 

 

80,842

 

 

 

157.6

%

 

 

206,665

 

 

 

0.8

%

 

 

545,365

 

 

 

254,733

 

 

 

114.1

%

Investment banking

 

 

360,699

 

 

 

210,021

 

 

 

71.7

%

 

 

364,545

 

 

 

(1.1

%)

 

 

1,050,983

 

 

 

588,175

 

 

 

78.7

%

Other income (13)

 

 

7,440

 

 

 

2,434

 

 

 

205.7

%

 

 

2,952

 

 

 

152.0

%

 

 

13,218

 

 

 

807

 

 

nm

 

Net revenues

 

 

492,284

 

 

 

363,365

 

 

 

35.5

%

 

 

520,811

 

 

 

(5.5

%)

 

 

1,519,176

 

 

 

1,093,699

 

 

 

38.9

%

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

283,063

 

 

 

210,754

 

 

 

34.3

%

 

 

299,469

 

 

 

(5.5

%)

 

 

884,156

 

 

 

658,162

 

 

 

34.3

%

Non-compensation operating expenses

 

 

84,129

 

 

 

75,770

 

 

 

11.0

%

 

 

79,848

 

 

 

5.4

%

 

 

251,246

 

 

 

233,907

 

 

 

7.4

%

Total non-interest expenses

 

 

367,192

 

 

 

286,524

 

 

 

28.2

%

 

 

379,317

 

 

 

(3.2

%)

 

 

1,135,402

 

 

 

892,069

 

 

 

27.3

%

Income before income taxes

 

$

125,092

 

 

$

76,841

 

 

 

62.8

%

 

$

141,494

 

 

 

(11.6

%)

 

$

383,774

 

 

$

201,630

 

 

 

90.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As a percentage of net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

57.5

%

 

 

58.0

%

 

 

(50

)

 

 

57.5

%

 

 

-

 

 

 

58.2

%

 

 

60.2

%

 

 

(200

)

Non-compensation operating expenses

 

 

17.1

%

 

 

20.9

%

 

 

(380

)

 

 

15.3

%

 

 

180

 

 

 

16.5

%

 

 

21.4

%

 

 

(490

)

Income before income taxes

 

 

25.4

%

 

 

21.1

%

 

 

430

 

 

 

27.2

%

 

 

(180

)

 

 

25.3

%

 

 

18.4

%

 

 

690

 

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 10 of 17

 

 

 

Stifel Bancorp - Financial Information and Credit Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

(Unaudited, $ in 000s except percentages)

 

9/30/2021

 

 

9/30/2020

 

 

% Change

 

 

6/30/2021

 

 

% Change

 

Stifel Bancorp Financial Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

22,164,598

 

 

$

17,854,768

 

 

 

24.1

%

 

$

21,250,293

 

 

 

4.3

%

Total shareholder's equity

 

$

1,607,936

 

 

$

1,378,981

 

 

 

16.6

%

 

$

1,563,380

 

 

 

2.8

%

Total loans, net (includes loans held for sale)

 

$

13,658,697

 

 

$

10,932,235

 

 

 

24.9

%

 

$

13,164,958

 

 

 

3.8

%

Commercial and industrial

 

 

5,033,313

 

 

 

4,080,939

 

 

 

23.3

%

 

 

4,950,516

 

 

 

1.7

%

Residential real estate

 

 

4,952,372

 

 

 

3,804,836

 

 

 

30.2

%

 

 

4,567,467

 

 

 

8.4

%

Securities-based loans

 

 

2,581,705

 

 

 

1,841,516

 

 

 

40.2

%

 

 

2,331,737

 

 

 

10.7

%

Commercial real estate

 

 

369,502

 

 

 

386,957

 

 

 

(4.5

%)

 

 

370,517

 

 

 

(0.3

%)

Other

 

 

694,395

 

 

 

639,440

 

 

 

8.6

%

 

 

678,570

 

 

 

2.3

%

Loans held for sale

 

 

156,110

 

 

 

281,475

 

 

 

(44.5

%)

 

 

394,017

 

 

 

(60.4

%)

Investment securities

 

$

7,587,896

 

 

$

6,219,000

 

 

 

22.0

%

 

$

7,264,849

 

 

 

4.4

%

Available-for-sale securities, at fair value

 

 

2,242,465

 

 

 

2,823,885

 

 

 

(20.6

%)

 

 

2,279,678

 

 

 

(1.6

%)

Held-to-maturity securities, at amortized cost

 

 

5,345,431

 

 

 

3,395,115

 

 

 

57.4

%

 

 

4,985,171

 

 

 

7.2

%

Total deposits

 

$

20,398,874

 

 

$

16,400,001

 

 

 

24.4

%

 

$

19,608,800

 

 

 

4.0

%

Demand deposits (interest-bearing)

 

 

19,729,032

 

 

 

16,017,047

 

 

 

23.2

%

 

 

18,908,576

 

 

 

4.3

%

Demand deposits (non interest-bearing)

 

 

635,059

 

 

 

271,056

 

 

 

134.3

%

 

 

643,890

 

 

 

(1.4

%)

Certificates of deposit

 

 

34,783

 

 

 

111,898

 

 

 

(68.9

%)

 

 

56,334

 

 

 

(38.3

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Metrics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

$

114,531

 

 

$

135,275

 

 

 

(15.3

%)

 

$

115,190

 

 

 

(0.6

%)

Allowance as a percentage of retained loans

 

 

0.84

%

 

 

1.26

%

 

 

 

 

 

 

0.90

%

 

 

 

 

Net charge-offs as a percentage of average loans

 

 

0.00

%

 

 

0.00

%

 

 

 

 

 

 

0.03

%

 

 

 

 

Total nonperforming assets

 

$

8,449

 

 

$

14,615

 

 

 

(42.2

%)

 

$

9,808

 

 

 

(13.9

%)

Nonperforming assets as a percentage of total assets

 

 

0.04

%

 

 

0.08

%

 

 

 

 

 

 

0.05

%

 

 

 

 

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 11 of 17

 

 

 

Loans and Lending Commitments - Allowance for Credit Losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans and Lending

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited, $ in 000s except percentages)

 

Commitments

 

 

ACL

 

 

ACL %

 

 

Q3 Provision

 

Commercial and industrial

 

$

5,033,313

 

 

$

46,687

 

 

 

0.9

%

 

$

(256

)

Residential real estate

 

 

4,952,372

 

 

 

23,904

 

 

 

0.5

%

 

 

2,637

 

Securities-based loans

 

 

2,581,705

 

 

 

3,327

 

 

 

0.1

%

 

 

808

 

Commercial real estate

 

 

369,502

 

 

 

5,321

 

 

 

1.4

%

 

 

(6,582

)

Other

 

 

694,395

 

 

 

15,054

 

 

 

2.2

%

 

 

(1,510

)

Loans held for investment, gross

 

 

13,631,287

 

 

 

94,293

 

 

 

0.7

%

 

 

(4,903

)

Loans held for sale

 

 

156,110

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans, gross

 

 

13,787,397

 

 

 

 

 

 

 

 

 

 

 

 

 

Lending commitments

 

 

3,519,000

 

 

 

20,238

 

 

 

0.6

%

 

 

4,243

 

Loans and lending commitments

 

$

17,306,397

 

 

$

114,531

 

 

 

 

 

 

$

(660

)

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 12 of 17

 

 

 

Consolidated Net Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30, 2021

 

 

September 30, 2020

 

 

June 30, 2021

 

($ 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

 

$

1,537.9

 

 

$

1.0

 

 

 

0.27

%

 

$

1,789.8

 

 

$

1.1

 

 

 

0.25

%

 

$

1,249.2

 

 

$

0.8

 

 

 

0.26

%

Financial instruments owned

 

 

1,001.2

 

 

 

3.6

 

 

 

1.43

%

 

 

801.3

 

 

 

2.9

 

 

 

1.46

%

 

 

979.7

 

 

 

2.5

 

 

 

1.04

%

Margin balances

 

 

1,081.0

 

 

 

6.6

 

 

 

2.45

%

 

 

872.5

 

 

 

5.8

 

 

 

2.66

%

 

 

1,059.3

 

 

 

6.3

 

 

 

2.37

%

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

 

5,393.1

 

 

 

25.2

 

 

 

1.87

%

 

 

4,838.7

 

 

 

25.3

 

 

 

2.09

%

 

 

5,132.9

 

 

 

22.8

 

 

 

1.77

%

Mortgage-backed securities

 

 

1,068.4

 

 

 

3.7

 

 

 

1.40

%

 

 

824.0

 

 

 

3.2

 

 

 

1.55

%

 

 

1,070.5

 

 

 

4.1

 

 

 

1.53

%

Corporate fixed income securities

 

 

775.7

 

 

 

5.3

 

 

 

2.72

%

 

 

551.8

 

 

 

3.5

 

 

 

2.50

%

 

 

709.7

 

 

 

4.6

 

 

 

2.61

%

Other

 

 

4.9

 

 

 

-

 

 

 

1.95

%

 

 

7.3

 

 

 

-

 

 

 

2.04

%

 

 

5.8

 

 

 

-

 

 

 

2.11

%

Total investments

 

 

7,242.1

 

 

 

34.2

 

 

 

1.89

%

 

 

6,221.8

 

 

 

32.0

 

 

 

2.06

%

 

 

6,918.9

 

 

 

31.5

 

 

 

1.82

%

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

 

4,915.9

 

 

 

40.9

 

 

 

3.33

%

 

 

4,036.3

 

 

 

30.1

 

 

 

2.98

%

 

 

5,055.4

 

 

 

43.3

 

 

 

3.43

%

Residential real estate

 

 

4,743.3

 

 

 

30.7

 

 

 

2.59

%

 

 

3,711.2

 

 

 

26.1

 

 

 

2.81

%

 

 

4,296.5

 

 

 

28.5

 

 

 

2.66

%

Securities-based loans

 

 

2,425.0

 

 

 

11.7

 

 

 

1.94

%

 

 

1,787.1

 

 

 

9.2

 

 

 

2.05

%

 

 

2,214.1

 

 

 

10.8

 

 

 

1.94

%

Commercial real estate

 

 

365.3

 

 

 

3.4

 

 

 

3.77

%

 

 

400.0

 

 

 

3.8

 

 

 

3.76

%

 

 

417.7

 

 

 

3.0

 

 

 

2.89

%

Loans held for sale

 

 

364.1

 

 

 

2.8

 

 

 

3.02

%

 

 

460.1

 

 

 

2.6

 

 

 

2.25

%

 

 

286.7

 

 

 

1.6

 

 

 

2.20

%

Other

 

 

677.4

 

 

 

5.6

 

 

 

3.30

%

 

 

602.9

 

 

 

4.5

 

 

 

3.02

%

 

 

688.6

 

 

 

5.2

 

 

 

3.03

%

Total loans

 

 

13,491.0

 

 

 

95.1

 

 

 

2.82

%

 

 

10,997.6

 

 

 

76.3

 

 

 

2.77

%

 

 

12,959.0

 

 

 

92.4

 

 

 

2.85

%

Other interest-bearing assets

 

 

702.5

 

 

 

1.3

 

 

 

0.74

%

 

 

547.7

 

 

 

(3.7

)

 

 

(2.69

%)

 

 

698.9

 

 

 

0.1

 

 

 

0.01

%

Total interest-bearing assets/ interest income

 

 

25,055.7

 

 

 

141.8

 

 

 

2.26

%

 

 

21,230.7

 

 

 

114.4

 

 

 

2.16

%

 

 

23,865.0

 

 

 

133.6

 

 

 

2.24

%

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior notes

 

 

1,113.0

 

 

 

11.9

 

 

 

4.26

%

 

 

1,411.8

 

 

 

15.4

 

 

 

4.37

%

 

 

1,112.7

 

 

 

12.0

 

 

 

4.30

%

Deposits

 

 

19,545.5

 

 

 

1.1

 

 

 

0.02

%

 

 

16,379.2

 

 

 

1.5

 

 

 

0.04

%

 

 

18,637.1

 

 

 

1.2

 

 

 

0.03

%

Federal Home Loan advances

 

 

5.7

 

 

 

-

 

 

 

0.28

%

 

 

157.1

 

 

 

0.5

 

 

 

1.31

%

 

 

60.3

 

 

 

-

 

 

 

0.27

%

Other interest-bearing liabilities

 

 

1,346.0

 

 

 

(3.0

)

 

 

(0.87

%)

 

 

1,071.6

 

 

 

(3.6

)

 

 

(1.34

%)

 

 

1,441.9

 

 

 

1.0

 

 

 

0.26

%

Total interest-bearing liabilities/ interest expense

 

$

22,010.2

 

 

 

10.0

 

 

 

0.18

%

 

$

19,019.7

 

 

 

13.8

 

 

 

0.29

%

 

$

21,252.0

 

 

 

14.2

 

 

 

0.27

%

Net interest income/margin

 

 

 

 

 

$

131.8

 

 

 

2.10

%

 

 

 

 

 

$

100.6

 

 

 

1.90

%

 

 

 

 

 

$

119.4

 

 

 

2.00

%

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 13 of 17

 

 

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 14 of 17

 

 

 

Stifel Bancorp Net Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

September 30, 2021

 

 

September 30, 2020

 

 

June 30, 2021

 

($ 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

 

$

730.0

 

 

$

0.3

 

 

 

0.19

%

 

$

786.0

 

 

$

0.3

 

 

 

0.14

%

 

$

611.9

 

 

$

0.2

 

 

 

0.14

%

Investments

 

 

7,242.1

 

 

 

34.2

 

 

 

1.89

%

 

 

6,221.8

 

 

 

32.0

 

 

 

2.06

%

 

 

6,918.9

 

 

 

31.5

 

 

 

1.82

%

Loans

 

 

13,491.0

 

 

 

95.1

 

 

 

2.82

%

 

 

10,997.6

 

 

 

76.3

 

 

 

2.77

%

 

 

12,959.0

 

 

 

92.4

 

 

 

2.85

%

Other interest-bearing assets

 

 

43.5

 

 

 

0.4

 

 

 

3.10

%

 

 

42.9

 

 

 

0.2

 

 

 

2.86

%

 

 

44.5

 

 

 

0.4

 

 

 

3.21

%

Total interest-bearing assets/ interest income

 

$

21,506.6

 

 

$

130.0

 

 

 

2.42

%

 

$

18,048.3

 

 

$

108.8

 

 

 

2.41

%

 

$

20,534.3

 

 

$

124.5

 

 

 

2.42

%

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

19,545.5

 

 

$

1.1

 

 

 

0.02

%

 

$

16,379.2

 

 

$

1.5

 

 

 

0.04

%

 

$

18,637.1

 

 

$

1.2

 

 

 

0.03

%

Federal Home Loan advances

 

 

5.7

 

 

 

-

 

 

 

0.28

%

 

 

157.1

 

 

 

0.5

 

 

 

1.31

%

 

 

60.3

 

 

 

-

 

 

 

0.27

%

Other interest-bearing liabilities

 

 

1.3

 

 

 

-

 

 

 

6.87

%

 

 

1.5

 

 

 

-

 

 

 

6.08

%

 

 

1.3

 

 

 

0.1

 

 

 

7.44

%

Total interest-bearing liabilities/ interest expense

 

$

19,552.5

 

 

 

1.1

 

 

 

0.02

%

 

$

16,537.8

 

 

 

2.0

 

 

 

0.05

%

 

$

18,698.7

 

 

 

1.3

 

 

 

0.03

%

Net interest income/margin

 

 

 

 

 

$

128.9

 

 

 

2.40

%

 

 

 

 

 

$

106.8

 

 

 

2.37

%

 

 

 

 

 

$

123.2

 

 

 

2.40

%

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 15 of 17

 

 

 

GAAP to Core Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

(Unaudited, $ in 000s except percentages)

 

9/30/2021

 

 

9/30/2020

 

 

Change

 

 

6/30/2021

 

 

Change

 

 

9/30/2021

 

 

9/30/2020

 

 

Change

 

GAAP net revenues

 

$

1,144,938

 

 

$

883,300

 

 

 

 

 

 

$

1,153,136

 

 

 

 

 

 

$

3,432,863

 

 

$

2,692,151

 

 

 

 

 

Non-GAAP adjustments

 

 

-

 

 

 

-

 

 

 

 

 

 

 

(38

)

 

 

 

 

 

 

153

 

 

 

179

 

 

 

 

 

Non-GAAP net revenues

 

 

1,144,938

 

 

 

883,300

 

 

 

 

 

 

 

1,153,098

 

 

 

 

 

 

 

3,433,016

 

 

 

2,692,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP compensation and benefits expense

 

 

672,385

 

 

 

533,638

 

 

 

 

 

 

 

692,054

 

 

 

 

 

 

 

2,062,353

 

 

 

1,657,991

 

 

 

 

 

Merger-related (14)

 

 

(5,780

)

 

 

(6,770

)

 

 

 

 

 

 

(6,119

)

 

 

 

 

 

 

(18,073

)

 

 

(22,907

)

 

 

 

 

Non-GAAP compensation and benefits expense

 

 

666,605

 

 

 

526,868

 

 

 

 

 

 

 

685,935

 

 

 

 

 

 

 

2,044,280

 

 

 

1,635,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP non-compensation operating expenses

 

 

216,051

 

 

 

191,269

 

 

 

 

 

 

 

197,057

 

 

 

 

 

 

 

622,091

 

 

 

617,701

 

 

 

 

 

Merger-related (14)

 

 

(11,503

)

 

 

(6,219

)

 

 

 

 

 

 

(10,287

)

 

 

 

 

 

 

(30,854

)

 

 

(19,672

)

 

 

 

 

Non-GAAP non-compensation operating expenses

 

 

204,548

 

 

 

185,050

 

 

 

 

 

 

 

186,770

 

 

 

 

 

 

 

591,237

 

 

 

598,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP provision for income taxes

 

 

64,126

 

 

 

37,866

 

 

 

 

 

 

 

65,948

 

 

 

 

 

 

 

184,951

 

 

 

101,456

 

 

 

 

 

Merger-related and other (14)

 

 

4,317

 

 

 

3,094

 

 

 

 

 

 

 

4,089

 

 

 

 

 

 

 

12,136

 

 

 

10,384

 

 

 

 

 

Non-GAAP provision for income taxes

 

 

68,443

 

 

 

40,960

 

 

 

 

 

 

 

70,037

 

 

 

 

 

 

 

197,087

 

 

 

111,840

 

 

 

 

 

Total merger-related adjustments

 

 

(17,283

)

 

 

(12,989

)

 

 

 

 

 

 

(16,368

)

 

 

 

 

 

 

(49,080

)

 

 

(42,758

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

58.2

%

 

 

59.6

%

 

 

(140

)

 

 

59.5

%

 

 

(130

)

 

 

59.5

%

 

 

60.7

%

 

 

(120

)

Non-compensation operating expenses

 

 

17.9

%

 

 

21.0

%

 

 

(310

)

 

 

16.2

%

 

 

170

 

 

 

17.3

%

 

 

22.2

%

 

 

(490

)

Income before income taxes

 

 

23.9

%

 

 

19.4

%

 

 

450

 

 

 

24.3

%

 

 

(40

)

 

 

23.2

%

 

 

17.1

%

 

 

610

 

Effective tax rate

 

 

25.0

%

 

 

23.9

%

 

 

110

 

 

 

25.0

%

 

 

-

 

 

 

24.7

%

 

 

24.4

%

 

 

30

 

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 16 of 17

 

 

 

Footnotes

 

 

 

(1)

 

All share and per share information has been retroactively adjusted to reflect the December 2020 three-for-two stock split.

(2)

 

Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.

(3)

 

Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per share represents tangible common shareholders' equity (defined below) divided by period end common shares outstanding.

(4)

 

Annualized return on average common shareholders’ equity (“ROE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

(5)

 

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 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 $54.5 million, $49.6 million, and $53.1 million, as of September 30, 2021 and 2020, and June 30, 2021, respectively. Historical periods have been restated to conform with the current period presentation.

(6)

 

Regulatory capital amounts and ratios are estimates at the time of the Company's earnings release on October 27, 2021.

(7)

 

Includes capital raising and advisory fee revenues.

(8)

 

Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.

(9)

 

Includes Private Client Group and Trust Business

(10)

 

Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.

(11)

 

Asset management assets managed in Private Client Group or Trust accounts.

(12)

 

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.

(13)

 

Includes net interest, asset management and service fees, and other income.

(14)

 

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.

 


Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 17 of 17

 

 

Disclaimer and Legal Notice

 

 

 

 

 

 

 

 

 

 

 

 

Stifel Financial Corp. Quarterly Financial Supplement  |  Third Quarter 2021 Earnings Release

Page 18 of 17