EX-99.2 3 d294855dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

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Fourth 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  

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 1 of 17

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Consolidated Financial Highlights

 

 

     Three Months Ended     Year Ended  
(Unaudited, $ in 000s except per share
information)		    12/31/2021      12/31/2020      % Change     9/30/2021      % Change     12/31/2021      12/31/2020      % Change  

Net revenues

    $ 1,304,225      $ 1,059,910        23.1 %    $ 1,144,938        13.9 %    $ 4,737,088      $ 3,752,061        26.3 % 

Net income

    $ 261,390      $ 188,469        38.7 %    $ 192,376        35.9 %    $ 824,858      $ 503,472        63.8 % 

Preferred dividends

      9,320        7,677        21.4 %      9,689        (3.8 %)      35,587        27,261        30.5 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net income available to common shareholders

    $ 252,070      $ 180,792        39.4 %    $ 182,687        38.0 %    $ 789,271      $ 476,211        65.7 % 

Earnings per diluted common share

    $ 2.20      $ 1.61        36.6 %    $ 1.62        35.8 %    $ 6.96      $ 4.39        58.5 % 

Earnings per diluted common share available to common shareholders

    $ 2.12      $ 1.55        36.8 %    $ 1.54        37.7 %    $ 6.66      $ 4.16        60.1 % 

Non-GAAP financial summary (1):

                      

Net revenues

    $ 1,304,225      $ 1,059,883        23.1 %    $ 1,144,938        13.9 %    $ 4,737,241      $ 3,752,213        26.3 % 

Net income

    $ 274,708      $ 202,731        35.5 %    $ 205,342        33.8 %    $ 875,120      $ 550,108        59.1 % 

Preferred dividends

      9,320        7,677        21.4 %      9,689        (3.8 %)      35,587        27,261        30.5 % 
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Net income available to common shareholders

    $ 265,388        195,054        36.1 %      195,653        35.6 %      839,533        522,847        60.6 % 

Earnings per diluted common share

    $ 2.31      $ 1.74        32.8 %    $ 1.73        33.5 %    $ 7.38      $ 4.80        53.8 % 

Earnings per diluted common share available to common shareholders

    $ 2.23      $ 1.67        33.5 %    $ 1.65        35.2 %    $ 7.08      $ 4.56        55.3 % 

Weighted average number of common shares outstanding

                     

Basic

      107,185        106,041        1.1 %      107,379        (0.2 %)      107,536        106,174        1.3 % 

Diluted

      118,959        116,828        1.8 %      118,475        0.4 %      118,530        114,573        3.5 % 

Period end common shares outstanding

      104,499        103,149        1.3 %      104,263        0.2 %      104,499        103,149        1.3 % 

Cash dividends declared per common share

    $ 0.15      $ 0.11        36.4 %    $ 0.15        0.0 %    $ 0.60      $ 0.45        33.3 % 

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 2 of 17

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GAAP Results of Operations (Unaudited)

 

 

     Three Months Ended     Year Ended  
($ in 000s except per share information)    12/31/2021      12/31/2020      % Change     9/30/2021     % Change     12/31/2021     12/31/2020      % Change  

Revenues:

                    

Commissions

    $ 211,068      $ 199,847        5.6 %    $ 189,239       11.5 %    $ 809,500     $ 760,627        6.4 % 

Principal transactions

      144,584        142,737        1.3 %      118,977       21.5 %      581,164       588,303        (1.2 %) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Transactional revenues

      355,652        342,584        3.8 %      308,216       15.4 %      1,390,664       1,348,930        3.1 % 

Capital raising

      166,591        164,276        1.4 %      164,061       1.5 %      709,236       524,161        35.3 % 

Advisory

      310,780        173,395        79.2 %      208,218       49.3 %      856,145       428,147        100.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Investment banking

      477,371        337,671        41.4 %      372,279       28.2 %      1,565,381       952,308        64.4 % 

Asset management

      318,638        249,928        27.5 %      313,862       1.5 %      1,206,516       917,424        31.5 % 

Other income

      14,496        24,366        (40.5 %)      18,760       (22.7 %)      72,125       75,345        (4.3 %) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Operating revenues

      1,166,157        954,549        22.2 %      1,013,117       15.1 %      4,234,686       3,294,007        28.6 % 

Interest revenue

      145,425        119,876        21.3 %      141,844       2.5 %      548,400       523,832        4.7 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total revenues

      1,311,582        1,074,425        22.1 %      1,154,961       13.6 %      4,783,086       3,817,839        25.3 % 

Interest expense

      7,357        14,515        (49.3 %)      10,023       (26.6 %)      45,998       65,778        (30.1 %) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net revenues

      1,304,225        1,059,910        23.1 %      1,144,938       13.9 %      4,737,088       3,752,061        26.3 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Non-interest expenses:

                    

Compensation and benefits

      757,948        621,344        22.0 %      672,385       12.7 %      2,820,301       2,279,335        23.7 % 

Occupancy and equipment rental

      75,080        73,729        1.8 %      72,160       4.0 %      290,243       274,664        5.7 % 

Communication and office supplies

      41,925        40,443        3.7 %      40,432       3.7 %      165,490       164,736        0.5 % 

Commissions and floor brokerage

      15,257        12,687        20.3 %      14,744       3.5 %      59,681       55,960        6.6 % 

Provision for credit losses

      4,062        —          nm       (660 )      nm       (11,502 )      33,925        (133.9 %) 

Other operating expenses

      91,291        77,006        18.6 %      89,375       2.1 %      345,794       292,281        18.3 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total non-interest expenses

      985,563        825,209        19.4 %      888,436       10.9 %      3,670,007       3,100,901        18.4 % 

Income before income taxes

      318,662        234,701        35.8 %      256,502       24.2 %      1,067,081       651,160        63.9 % 

Provision for income taxes

      57,272        46,232        23.9 %      64,126       (10.7 %)      242,223       147,688        64.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net income

      261,390        188,469        38.7 %      192,376       35.9 %      824,858       503,472        63.8 % 

Preferred dividends

      9,320        7,677        21.4 %      9,689       (3.8 %)      35,587       27,261        30.5 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net income available to common shareholders

    $ 252,070      $ 180,792        39.4 %    $ 182,687       38.0 %    $ 789,271     $ 476,211        65.7 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Earnings per common share:

                    

Basic

    $ 2.35      $ 1.70        38.2 %    $ 1.70       38.2 %    $ 7.34     $ 4.49        63.5 % 

Diluted

    $ 2.12      $ 1.55        36.8 %    $ 1.54       37.7 %    $ 6.66     $ 4.16        60.1 % 

Weighted average number of common shares outstanding:

                    

Basic

      107,185        106,041        1.1 %      107,379       (0.2 %)      107,536       106,174        1.3 % 

Diluted

      118,959        116,828        1.8 %      118,475       0.4 %      118,530       114,573        3.5 % 

Cash dividends declared per common share

    $ 0.15      $ 0.11        36.4 %    $ 0.15       0.0 %    $ 0.60     $ 0.45        33.3 % 

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 3 of 17

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Non-GAAP Results of Operations (Unaudited)

 

 

     Three Months Ended     Year Ended  
($ in 000s except per share information)    12/31/2021      12/31/2020      % Change     9/30/2021     % Change     12/31/2021     12/31/2020      % Change  

Revenues:

                    

Commissions

    $ 211,068      $ 199,847        5.6 %    $ 189,239       11.5 %    $ 809,500     $ 760,627        6.4 % 

Principal transactions

      144,584        142,737        1.3 %      118,977       21.5 %      581,164       588,303        (1.2 %) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Transactional revenues

      355,652        342,584        3.8 %      308,216       15.4 %      1,390,664       1,348,930        3.1 % 

Capital raising

      166,591        164,276        1.4 %      164,061       1.5 %      709,236       524,161        35.3 % 

Advisory

      310,780        173,395        79.2 %      208,218       49.3 %      856,145       428,147        100.0 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Investment banking

      477,371        337,671        41.4 %      372,279       28.2 %      1,565,381       952,308        64.4 % 

Asset management

      318,638        249,928        27.5 %      313,862       1.5 %      1,206,516       917,424        31.5 % 

Other income

      14,496        24,339        (40.4 %)      18,760       (22.7 %)      72,153       75,497        (4.4 %) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Operating revenues

      1,166,157        954,522        22.2 %      1,013,117       15.1 %      4,234,714       3,294,159        28.6 % 

Interest revenue

      145,425        119,876        21.3 %      141,844       2.5 %      548,400       523,832        4.7 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total revenues

      1,311,582        1,074,398        22.1 %      1,154,961       13.6 %      4,783,114       3,817,991        25.3 % 

Interest expense

      7,357        14,515        (49.3 %)      10,023       (26.6 %)      45,873       65,778        (30.3 %) 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net revenues

      1,304,225        1,059,883        23.1 %      1,144,938       13.9 %      4,737,241       3,752,213        26.3 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Non-interest expenses:

                    

Compensation and benefits

      749,929        613,992        22.1 %      666,605       12.5 %      2,794,209       2,249,076        24.2 % 

Occupancy and equipment rental

      75,062        72,009        4.2 %      72,129       4.1 %      290,130       272,261        6.6 % 

Communication and office supplies

      41,925        40,200        4.3 %      40,432       3.7 %      165,414       163,990        0.9 % 

Commissions and floor brokerage

      15,257        12,687        20.3 %      14,744       3.5 %      59,681       55,960        6.6 % 

Provision for credit losses

      4,062        —          nm       (660 )      nm       (11,502 )      33,925        (133.9 %) 

Other operating expenses

      83,094        68,588        21.1 %      77,903       6.7 %      306,914       265,377        15.7 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Total non-interest expenses

      969,329        807,476        20.0 %      871,153       11.3 %      3,604,846       3,040,589        18.6 % 

Income before income taxes

      334,896        252,407        32.7 %      273,785       22.3 %      1,132,395       711,624        59.1 % 

Provision for income taxes

      60,188        49,676        21.2 %      68,443       (12.1 %)      257,275       161,516        59.3 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net income

      274,708        202,731        35.5 %      205,342       33.8 %      875,120       550,108        59.1 % 

Preferred dividends

      9,320        7,677        21.4 %      9,689       (3.8 %)      35,587       27,261        30.5 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Net income available to common shareholders

    $ 265,388      $ 195,054        36.1 %    $ 195,653       35.6 %    $ 839,533     $ 522,847        60.6 % 
  

 

 

     

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  

Earnings per common share:

                    

Basic

    $ 2.48      $ 1.84        34.8 %    $ 1.82       36.3 %    $ 7.81     $ 4.92        58.7 % 

Diluted

    $ 2.23      $ 1.67        33.5 %    $ 1.65       35.2 %    $ 7.08     $ 4.56        55.3 % 

Weighted average number of common shares outstanding:

                    

Basic

      107,185        106,041        1.1 %      107,379       (0.2 %)      107,536       106,174        1.3 % 

Diluted

      118,959        116,828        1.8 %      118,475       0.4 %      118,530       114,573        3.5 % 

Cash dividends declared per common share

    $ 0.15      $ 0.11        36.4 %    $ 0.15       0.0 %    $ 0.60     $ 0.45        33.3 % 

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 4 of 17

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Consolidated Financial Summary

 

 

     Three Months Ended     Year Ended  
(Unaudited, $ in 000s except percentages)    12/31/2021     12/31/2020     % Change     9/30/2021     % Change     12/31/2021     12/31/2020     % Change  

Net revenues:

                 

Global Wealth Management

    $ 674,242     $ 575,252       17.2 %    $ 655,533       2.9 %    $ 2,598,837     $ 2,190,826       18.6 % 

Institutional Group

      633,263       489,448       29.4 %      492,284       28.6 %      2,152,439       1,583,147       36.0 % 

Other

      (3,280 )      (4,790 )      nm       (2,879 )      nm       (14,188 )      (21,912 )      nm  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total net revenues

    $ 1,304,225     $ 1,059,910       23.1 %    $ 1,144,938       13.9 %    $ 4,737,088     $ 3,752,061       26.3 % 

Operating expenses:

                 

Global Wealth Management

    $ 441,944     $ 378,790       16.7 %    $ 423,414       4.4 %    $ 1,683,884     $ 1,464,942       14.9 % 

Institutional Group

      458,100       365,793       25.2 %      367,192       24.8 %      1,593,502       1,257,862       26.7 % 

Other

      85,519       80,626       6.1 %      97,830       (12.6 %)      392,621       378,097       3.8 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

    $ 985,563     $ 825,209       19.4 %    $ 888,436       10.9 %    $ 3,670,007     $ 3,100,901       18.4 % 

Operating contribution:

                 

Global Wealth Management

    $ 232,298     $ 196,462       18.2 %    $ 232,119       0.1 %    $ 914,953     $ 725,884       26.0 % 

Institutional Group

      175,163       123,655       41.7 %      125,092       40.0 %      558,937       325,285       71.8 % 

Other

      (88,799 )      (85,416 )      4.0 %      (100,709 )      (11.8 %)      (406,809 )      (400,009 )      1.7 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

    $ 318,662     $ 234,701       35.8 %    $ 256,502       24.2 %    $ 1,067,081     $ 651,160       63.9 % 

Financial ratios:

                 

Compensation and benefits

      58.1 %      58.6 %      (50 )      58.7 %      (60 )      59.5 %      60.7 %      (120 ) 

Non-compensation operating expenses

      17.5 %      19.3 %      (180 )      18.9 %      (140 )      18.0 %      21.9 %      (390 ) 

Income before income taxes

      24.4 %      22.1 %      230       22.4 %      200       22.5 %      17.4 %      510  

Effective tax rate

      18.0 %      19.7 %      (170 )      25.0 %      (700 )      22.7 %      22.7 %      —    

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 5 of 17

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Consolidated Financial Information and Metrics

 

     Three Months Ended  
(Unaudited, $ in 000s except percentages and per share data)    12/31/2021     12/31/2020     % Change     9/30/2021     % Change  

Financial Information:

           

Total assets

    $ 34,049,715     $ 26,604,254       28.0 %    $ 30,820,334       10.5 % 

Total shareholders’ equity

    $ 5,034,959     $ 4,238,766       18.8 %    $ 4,791,324       5.1 % 

Total common equity

    $ 4,349,959     $ 3,703,766       17.4 %    $ 4,106,324       5.9 % 

Goodwill and intangible assets

    $ (1,455,049 )    $ (1,322,982 )      10.0 %    $ (1,310,038 )      11.1 % 

DTL on goodwill and intangible assets

    $ 58,126     $ 51,189       13.6 %    $ 55,430       4.9 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Tangible common equity

    $ 2,953,036     $ 2,431,973       21.4 %    $ 2,851,716       3.6 % 

Preferred equity

    $ 685,000     $ 535,000       28.0 %    $ 685,000       0.0 % 

Financial Metrics:

           

Book value per common share (2)

    $ 41.63     $ 35.91       15.9 %    $ 39.38       5.7 % 

Tangible book value per common share (2)

    $ 28.26     $ 23.58       19.8 %    $ 27.35       3.3 % 

Return on common equity (3)

      23.7 %      20.0 %        17.9 %   

Non-GAAP return on common equity (1)(3)

      25.0 %      21.6 %        19.2 %   

Return on tangible common equity (4)

      34.7 %      30.8 %        25.9 %   

Non-GAAP return on tangible common equity (1)(4)

      36.6 %      33.3 %        27.7 %   

Pre-tax margin on net revenues

      24.4 %      22.1 %        22.4 %   

Non-GAAP pre-tax margin on net revenues (1)

      25.7 %      23.8 %        23.9 %   

Effective tax rate

      18.0 %      19.7 %        25.0 %   

Non-GAAP effective tax rate (1)

      18.0 %      19.7 %        25.0 %   

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 6 of 17

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Regulatory Capital

 

     Three Months Ended  
(Unaudited, $ in 000s except percentages)    12/31/2021     12/31/2020     % Change     9/30/2021     % Change  

SF Regulatory Capital (5):

           

Common equity tier 1 capital

    $ 2,938,955     $ 2,391,296       22.9 %    $ 2,816,734       4.3 % 

Tier 1 capital

    $ 3,623,955     $ 2,926,296       23.8 %    $ 3,501,734       3.5 % 

Risk-weighted assets

    $ 19,366,321     $ 14,489,828       33.7 %    $ 16,993,177       14.0 % 

Common equity tier 1 capital ratio

      15.2 %      16.5 %        16.6 %   

Tier 1 risk based capital ratio

      18.7 %      20.2 %        20.6 %   

Tier 1 leverage capital ratio

      11.7 %      11.9 %        12.0 %   

Stifel Bank & Trust Regulatory Capital (5):

           

Common equity tier 1 capital

    $ 1,274,994     $ 1,029,659       23.8 %    $ 1,145,805       11.3 % 

Tier 1 capital

    $ 1,274,994     $ 1,029,659       23.8 %    $ 1,145,805       11.3 % 

Risk-weighted assets

    $ 12,001,325     $ 8,994,589       33.4 %    $ 10,727,146       11.9 % 

Common equity tier 1 capital ratio

      10.6 %      11.4 %        10.7 %   

Tier 1 risk based capital ratio

      10.6 %      11.4 %        10.7 %   

Tier 1 leverage capital ratio

      7.1 %      7.1 %        7.0 %   

Stifel Bank Regulatory Capital (5):

           

Common equity tier 1 capital

    $ 302,231     $ 209,795       44.1 %    $ 309,150       (2.2 %) 

Tier 1 capital

    $ 302,231     $ 209,795       44.1 %    $ 309,150       (2.2 %) 

Risk-weighted assets

    $ 2,197,216     $ 1,269,379       73.1 %    $ 1,480,711       48.4 % 

Common equity tier 1 capital ratio

      13.8 %      16.5 %        20.9 %   

Tier 1 risk based capital ratio

      13.8 %      16.5 %        20.9 %   

Tier 1 leverage capital ratio

      7.1 %      7.3 %        7.1 %   

Stifel Net Capital (5):

           

Net capital

    $ 614,200     $ 487,700       25.9 %    $ 654,900       (6.2 %) 

Excess net capital

    $ 584,800     $ 463,300       26.2 %    $ 628,600       (7.0 %) 

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 7 of 17

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Global Wealth Management - Summary Results of Operations

 

     Three Months Ended     Year Ended  
(Unaudited, $ in 000s except percentages)    12/31/2021     12/31/2020     % Change     9/30/2021     % Change     12/31/2021     12/31/2020     % Change  

Revenues:

                 

Commissions

    $ 146,335     $ 139,594       4.8 %    $ 133,998       9.2 %    $ 567,491     $ 513,247       10.6 % 

Principal transactions

      48,592       46,125       5.3 %      50,074       (3.0 %)      207,474       174,101       19.2 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactional revenues

      194,927       185,719       5.0 %      184,072       5.9 %      774,965       687,348       12.7 % 

Asset management

      318,612       249,907       27.5 %      313,838       1.5 %      1,206,406       917,353       31.5 % 

Net interest

      138,891       110,521       25.7 %      130,341       6.6 %      511,693       478,948       6.8 % 

Investment banking (6)

      11,183       9,562       17.0 %      11,580       (3.4 %)      48,210       36,024       33.8 % 

Other income

      10,629       19,543       (45.6 %)      15,702       (32.3 %)      57,563       71,153       (19.1 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net revenues

      674,242       575,252       17.2 %      655,533       2.9 %      2,598,837       2,190,826       18.6 % 

Non-interest expenses:

                 

Compensation and benefits

      349,428       303,961       15.0 %      342,792       1.9 %      1,370,308       1,138,525       20.4 % 

Non-compensation operating expenses

      92,516       74,829       23.6 %      80,622       14.8 %      313,576       326,417       (3.9 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total non-interest expenses

      441,944       378,790       16.7 %      423,414       4.4 %      1,683,884       1,464,942       14.9 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

    $ 232,298     $ 196,462       18.2 %    $ 232,119       0.1 %    $ 914,953     $ 725,884       26.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As a percentage of net revenues:

                 

Compensation and benefits

      51.8 %      52.8 %      (100 )      52.3 %      (50 )      52.7 %      52.0 %      70  

Non-compensation operating expenses

      13.7 %      13.0 %      70       12.3 %      140       12.1 %      14.9 %      (280 ) 

Income before income taxes

      34.5 %      34.2 %      30       35.4 %      (90 )      35.2 %      33.1 %      210  

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 8 of 17

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Global Wealth Management - Statistical Information

 

     Three Months Ended  
(Unaudited, $ in 000s except financial advisors and locations)    12/31/2021     12/31/2020     % Change     9/30/2021     % Change  

Financial advisors

      2,227       2,187       1.8 %      2,212       0.7 % 

Independent contractors

      91       93       (2.2 %)      90       1.1 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total financial advisors

      2,318       2,280       1.7 %      2,302       0.7 % 

Locations (7)

      396       392       1.0 %      391       1.3 % 

Total client assets

    $ 435,978,000     $ 357,429,000       22.0 %    $ 406,959,000       7.1 % 

Fee-based client assets

    $ 162,428,000     $ 129,372,000       25.6 %    $ 150,472,000       7.9 % 

Transactional assets

    $ 273,550,000     $ 228,057,000       19.9 %    $ 256,487,000       6.7 % 

Client money market and insured product

    $ 27,881,000     $ 22,837,000       22.1 %    $ 24,974,000       11.6 % 

Secured client lending (8)

    $ 3,892,609     $ 2,816,973       38.2 %    $ 3,588,799       8.5 % 

Asset Management Revenue ($ in 000s):

           

Private Client Group (9)

    $ 270,685     $ 208,238       30.0 %    $ 267,300       1.3 % 

Asset Management

      34,179       28,298       20.8 %      33,145       3.1 % 

Third-party Bank Sweep Program

      862       2,782       (69.0 %)      791       9.0 % 

Other (10)

      12,912       10,610       21.7 %      12,626       2.3 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total asset management revenues

    $ 318,638     $ 249,928       27.5 %    $ 313,862       1.5 % 

Fee-based Assets ($ in millions):

           

Private Client Group (9)

    $ 141,456       111,995       26.3 %    $ 130,931       8.0 % 

Asset Management

      36,299       29,864       21.5 %      33,655       7.9 % 

Elimination (11)

      (15,327 )      (12,487 )      22.7 %      (14,114 )      8.6 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fee-based assets

    $ 162,428     $ 129,372       25.6 %    $ 150,472       7.9 % 

Third-party Bank Sweep Program

    $ 6,253     $ 6,555       (4.6 %)    $ 6,051       3.3 % 

ROA (bps) (12):

           

Private Client Group (9)

      82.7       83.8         82.5    

Asset Management

      37.7       37.9         39.4    

Third-party Bank Sweep Program

      5.5       18.9         5.0    

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 9 of 17

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Institutional Group - Summary Results of Operations

 

     Three Months Ended     Year Ended  
(Unaudited, $ in 000s except percentages)    12/31/2021     12/31/2020     % Change     9/30/2021     % Change     12/31/2021     12/31/2020     % Change  

Revenues:

                 

Commissions

    $ 64,733     $ 60,253       7.4 %    $ 55,241       17.2 %    $ 242,009     $ 247,380       (2.2 %) 

Principal transactions

      95,990       96,612       (0.6 %)      68,904       39.3 %      373,689       414,202       (9.8 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Transactional revenues

      160,723       156,865       2.5 %      124,145       29.5 %      615,698       661,582       (6.9 %) 

Capital raising

      155,470       154,710       0.5 %      152,481       2.0 %      661,088       488,152       35.4 % 

Advisory

      310,718       173,399       79.2 %      208,218       49.2 %      856,083       428,132       100.0 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Investment banking

      466,188       328,109       42.1 %      360,699       29.2 %      1,517,171       916,284       65.6 % 

Other income (13)

      6,352       4,474       42.0 %      7,440       (14.6 %)      19,570       5,281       270.6 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net revenues

      633,263       489,448       29.4 %      492,284       28.6 %      2,152,439       1,583,147       36.0 % 

Non-interest expenses:

                 

Compensation and benefits

      367,439       284,607       29.1 %      283,063       29.8 %      1,251,595       942,769       32.8 % 

Non-compensation operating expenses

      90,661       81,186       11.7 %      84,129       7.8 %      341,907       315,093       8.5 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total non-interest expenses

      458,100       365,793       25.2 %      367,192       24.8 %      1,593,502       1,257,862       26.7 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

    $ 175,163     $ 123,655       41.7 %    $ 125,092       40.0 %    $ 558,937     $ 325,285       71.8 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

As a percentage of net revenues:

                 

Compensation and benefits

      58.0 %      58.1 %      (10 )      57.5 %      50       58.1 %      59.6 %      (150 ) 

Non-compensation operating expenses

      14.3 %      16.6 %      (230 )      17.1 %      (280 )      15.9 %      19.9 %      (400 ) 

Income before income taxes

      27.7 %      25.3 %      240       25.4 %      230       26.0 %      20.5 %      550  

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 10 of 17

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Stifel Bancorp - Financial Information and Credit Metrics

 

 

     Three Months Ended  
(Unaudited, $ in 000s except percentages)    12/31/2021     12/31/2020     % Change     9/30/2021     % Change  

Stifel Bancorp Financial Information:

           

Total assets

    $ 25,073,605     $ 18,867,133       32.9 %    $ 22,164,598       13.1 % 

Total shareholder’s equity

    $ 1,720,746     $ 1,399,382       23.0 %    $ 1,607,936       7.0 % 

Total loans, net (includes loans held for sale)

    $ 16,835,562     $ 11,558,008       45.7 %    $ 13,658,697       23.3 % 

Commercial and industrial

      7,345,753       4,296,089       71.0 %      5,033,313       45.9 % 

Residential real estate

      5,482,026       3,956,670       38.6 %      4,952,372       10.7 % 

Securities-based loans

      2,880,158       1,933,974       48.9 %      2,581,705       11.6 % 

Commercial real estate

      409,847       366,485       11.8 %      369,502       10.9 % 

Other

      625,703       617,595       1.3 %      694,395       (9.9 %) 

Loans held for sale

      207,715       551,248       (62.3 %)      156,110       33.1 % 

Investment securities

    $ 7,460,111     $ 6,344,718       17.6 %    $ 7,587,896       (1.7 %) 

Available-for-sale securities, at fair value

      2,113,893       2,229,878       (5.2 %)      2,242,465       (5.7 %) 

Held-to-maturity securities, at amortized cost

      5,346,218       4,114,840       29.9 %      5,345,431       0.0 % 

Total deposits

    $ 23,280,348     $ 17,396,497       33.8 %    $ 20,398,874       14.1 % 

Demand deposits (interest-bearing)

      22,626,560       16,886,953       34.0 %      19,729,032       14.7 % 

Demand deposits (non interest-bearing)

      626,633       411,890       52.1 %      635,059       (1.3 %) 

Certificates of deposit

      27,155       97,654       (72.2 %)      34,783       (21.9 %) 

Credit Metrics:

           

Allowance for credit losses

    $ 118,562     $ 135,295       (12.4 %)    $ 114,531       3.5 % 

Allowance as a percentage of retained loans

      0.71 %      1.22 %        0.84 %   

Net charge-offs as a percentage of average loans

      0.00 %      0.00 %        0.00 %   

Total nonperforming assets

    $ 17,470     $ 13,925       25.5 %    $ 8,449       106.8 % 

Nonperforming assets as a percentage of total assets

      0.07 %      0.07 %        0.04 %   

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 11 of 17

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Loans and Lending Commitments - Allowance for Credit Losses

 

 

     December 31, 2021               
(Unaudited, $ in 000s except percentages)    Loans and Lending
Commitments		      ACL      ACL %     Q4 Provision  

Commercial and industrial

    $ 7,345,753      $ 53,529        0.7 %    $ 6,872  

Residential real estate

      5,482,026        28,560        0.5 %      4,657  

Securities-based loans

      2,880,158        4,006        0.1 %      679  

Commercial real estate

      409,847        3,934        1.0 %      (1,388 ) 

Other

      625,703        9,315        1.5 %      (5,738 ) 
  

 

 

     

 

 

       

 

 

  

Loans held for investment, gross

      16,743,487        99,344        0.6 %      5,082  

Loans held for sale

      207,715          
  

 

 

          

Total loans, gross

      16,951,202          

Lending commitments

      3,088,000        19,218        0.6 %      (1,020 ) 
  

 

 

     

 

 

       

 

 

  

Loans and lending commitments

    $ 20,039,202      $ 118,562        $ 4,062  
  

 

 

     

 

 

       

 

 

  

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 12 of 17

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Consolidated Net Interest Income

 

 

     Three Months Ended  
     December 31, 2021     December 31, 2020     September 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

    $ 1,616.7      $ 1.1       0.26 %    $ 1,545.2      $ 1.1       0.28 %    $ 1,537.9      $ 1.0       0.27 % 

Financial instruments owned

      1,160.1        6.0       2.08 %      670.9        2.2       1.33 %      1,001.2        3.6       1.43 % 

Margin balances

      1,072.2        6.8       2.53 %      869.0        5.9       2.70 %      1,081.0        6.6       2.45 % 

Investments:

                      

Asset-backed securities

      5,583.7        24.1       1.73 %      4,826.6        21.5       1.78 %      5,393.1        25.2       1.87 % 

Mortgage-backed securities

      1,062.4        4.2       1.59 %      758.8        2.6       1.38 %      1,068.4        3.7       1.40 % 

Corporate fixed income securities

      794.7        5.8       2.90 %      602.8        4.1       2.74 %      775.7        5.3       2.72 % 

Other

      4.3        —         2.09 %      6.8        0.1       2.06 %      4.9        —         1.95 % 
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total investments

      7,445.1        34.1       1.83 %      6,195.0        28.3       1.83 %      7,242.1        34.2       1.89 % 

Loans:

                      

Commercial and industrial

      5,802.4        47.7       3.29 %      4,206.7        32.7       3.11 %      4,915.9        40.9       3.33 % 

Residential real estate

      5,180.9        32.9       2.54 %      3,820.8        27.7       2.90 %      4,743.3        30.7       2.59 % 

Securities-based loans

      2,763.9        13.2       1.91 %      1,899.7        9.6       2.03 %      2,425.0        11.7       1.94 % 

Commercial real estate

      372.4        2.7       2.92 %      379.1        3.3       3.52 %      365.3        3.4       3.77 % 

Loans held for sale

      219.5        1.4       2.64 %      489.1        3.0       2.45 %      364.1        2.8       3.02 % 

Other

      692.1        5.5       3.10 %      649.3        4.9       3.02 %      677.4        5.6       3.30 % 
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total loans

      15,031.2        103.4       2.75 %      11,444.7        81.2       2.84 %      13,491.0        95.1       2.82 % 

Other interest-bearing assets

      748.8        (6.0 )      (3.18 %)      469.6        1.2       1.00 %      702.5        1.3       0.74 % 
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total interest-bearing assets/ interest income

      27,074.1        145.4       2.15 %      21,194.4        119.9       2.26 %      25,055.7        141.8       2.26 % 

Interest-bearing liabilities:

                      

Senior notes

      1,113.3        11.6       4.16 %      1,311.0        14.4       4.39 %      1,113.0        11.9       4.26 % 

Deposits

      21,056.3        0.9       0.02 %      16,429.1        1.2       0.03 %      19,545.5        1.1       0.02 % 

Federal Home Loan advances

      137.3        0.1       0.31 %      137.0        0.1       0.34 %      5.7        —         0.28 % 

Other interest-bearing liabilities

      1,454.9        (5.2 )      (1.44 %)      513.9        (1.2 )      (0.94 %)      1,346.0        (3.0 )      (0.87 %) 
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total interest-bearing liabilities/ interest expense

    $ 23,761.8        7.4       0.12 %    $ 18,391.0        14.5       0.32 %    $ 22,010.2        10.0       0.18 % 
     

 

 

    

 

 

       

 

 

    

 

 

       

 

 

    

 

 

  

Net interest income/margin

       $ 138.0       2.04 %       $ 105.4       1.99 %       $ 131.8       2.10 % 
     

 

 

    

 

 

       

 

 

    

 

 

       

 

 

    

 

 

  

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 13 of 17

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Stifel Bancorp Net Interest Income

 
    Three Months Ended  
    December 31, 2021     December 31, 2020     September 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

   $ 717.9     $ 0.3       0.17 %    $ 546.7     $ 0.2       0.15 %    $ 730.0     $ 0.3       0.19 % 

Investments

     7,445.1       34.1       1.83 %      6,195.0       28.3       1.83 %      7,242.1       34.2       1.89 % 

Loans

     15,031.2       103.4       2.75 %      11,444.7       81.2       2.84 %      13,491.0       95.1       2.82 % 

Other interest-bearing assets

     51.5       0.4       3.07 %      42.8       0.4       3.20 %      43.5       0.4       3.10 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total interest-bearing assets/ interest income

   $ 23,245.7     $ 138.2       2.38 %    $ 18,229.2     $ 110.1       2.42 %    $ 21,506.6     $ 130.0       2.42 % 

Interest-bearing liabilities:

                  

Deposits

   $ 21,056.3     $ 0.9       0.02 %    $ 16,429.1     $ 1.2       0.03 %    $ 19,545.5     $ 1.1       0.02 % 

Federal Home Loan advances

     137.3       0.1       0.31 %      137.0       0.1       0.34 %      5.7       —         0.28 % 

Other interest-bearing liabilities

     1.0       —         16.71 %      1.4       0.1       9.87 %      1.3       —         6.87 % 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total interest-bearing liabilities/ interest expense

   $ 21,194.6       1.0       0.02 %    $ 16,567.5       1.4       0.03 %    $ 19,552.5       1.1       0.02 % 
   

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

  

Net interest income/margin

     $ 137.2       2.36 %      $ 108.7       2.39 %      $ 128.9       2.40 % 
   

 

 

    

 

 

      

 

 

    

 

 

      

 

 

    

 

 

  

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 14 of 17

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GAAP to Core Reconciliation

 
    Three Months Ended     Year Ended  
(Unaudited, $ in 000s except percentages)   12/31/2021     12/31/2020     Change     9/30/2021     Change     12/31/2021     12/31/2020     Change  

GAAP net revenues

   $ 1,304,225     $ 1,059,910       $ 1,144,938       $ 4,737,088     $ 3,752,061    

Non-GAAP adjustments

     —         (27 )        —           153       152    
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Non-GAAP net revenues

     1,304,225       1,059,883         1,144,938         4,737,241       3,752,213    

GAAP compensation and benefits expense

     757,948       621,344         672,385         2,820,301       2,279,335    

Merger-related (14)

     (8,019 )      (7,352 )        (5,780 )        (26,092 )      (30,259 )   
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Non-GAAP compensation and benefits expense

     749,929       613,992         666,605         2,794,209       2,249,076    

GAAP non-compensation operating expenses

     227,615       203,865         216,051         849,706       821,566    

Merger-related (14)

     (8,215 )      (10,381 )        (11,503 )        (39,069 )      (30,053 )   
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Non-GAAP non-compensation operating expenses

     219,400       193,484         204,548         810,637       791,513    

GAAP provision for income taxes

     57,272       46,232         64,126         242,223       147,688    

Merger-related and other (15)

     2,916       3,444         4,317         15,052       13,828    
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Non-GAAP provision for income taxes

     60,188       49,676         68,443         257,275       161,516    
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Total merger-related adjustments

     (16,234 )      (17,706 )        (17,283 )        (65,314 )      (60,464 )   
 

 

 

    

 

 

      

 

 

      

 

 

    

 

 

    

Financial ratios:

                

Compensation and benefits

     57.5 %      57.9 %      (40 )      58.2 %      (70 )      59.0 %      59.9 %      (90 ) 

Non-compensation operating expenses

     16.8 %      18.3 %      (150 )      17.9 %      (110 )      17.1 %      21.1 %      (400 ) 

Income before income taxes

     25.7 %      23.8 %      190       23.9 %      180       23.9 %      19.0 %      490  

Effective tax rate

     18.0 %      19.7 %      (170 )      25.0 %      (700 )      22.7 %      22.7 %      —    

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 15 of 17

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Footnotes

 

 

(1)

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

(2)

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.

(3)

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

(4)

Return on average tangible common equity (“ROTCE”), a non-GAAP financial measure, is calculated by dividing annualized net income applicable to common shareholders by average tangible common equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, 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 $56.3 million, $50.7 million, and $54.5 million, as of December 31, 2021 and 2020, and September 30, 2021, respectively.

(5)

Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, January 26, 2022.

(6)

Includes capital raising and advisory fee revenues.

(7)

Represents Global Wealth Management locations. Historical periods have been restated to conform with the current period presentation.

(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 other income.

(14)

Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, 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.

(15)

Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 16 of 17

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Disclaimer and Legal Notice

 

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position and liquidity may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected.

Use of Non-GAAP Financial Measures

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s fourth quarter earnings release issued January 26, 2022.

 

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter 2021 Earnings Release    Page 17 of 17