Form 8-K - Current report

Name	Symbol	Market	Type
Stifel Financial Corporation	NYSE:SF-D	NYSE	Preference Share

	Price Change	% Change	Price	High Price	Low Price	Open Price	Traded	Last Trade
	0.00	0.00%	20.63				0	08:09:56

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 24, 2024

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)


Delaware	001-09305	43-1273600
(State of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

501 N. Broadway, St. Louis, Missouri 63102-2188

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.15 par value per share	SF	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B	SF-PB	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C	SF-PC	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D	SF-PD	New York Stock Exchange
5.20% Senior Notes due 2047	SFB	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 24, 2024, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended June 30, 2024. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K.

In addition, a copy of the Company’s Financial Supplement for the quarter ended June 30, 2024 is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, July 24, 2024, at 9:30 a.m. Eastern time, the Company will hold a conference call to discussion its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.

The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits.


Exhibit Number		Description

99.1		Press release dated July 24, 2024.

99.2		Financial Supplement for the quarter ended June 30, 2024.

99.3		Financial Results Presentation, dated July 24, 2024.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


		STIFEL FINANCIAL CORP. (Registrant)

Date: July 24, 2024	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

Exhibit 99.1

LOGO

Stifel Reports Second Quarter 2024 Results

ST. LOUIS, MO, July 24, 2024 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three months ended June 30, 2024, compared with $1.1 billion a year ago. Net income available to common shareholders was $156.0 million, or $1.41 per diluted common share, compared with $125.0 million, or $1.10 per diluted common share for the second quarter of 2023. Non-GAAP net income available to common shareholders was $176.6 million, or $1.60 per diluted common share for the second quarter of 2024.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel generated our second highest quarterly net revenue in company history, as each of our operating segments generated solid year-on-year gains. Stifel’s strong results reflect improved market conditions and illustrate the benefits of our balanced businesses and inherent operating leverage, particularly in our Institutional Group. Given current market trends, we believe that Stifel is well positioned for a strong second half of 2024.”

Highlights

•

The Company reported net revenues of $1.2 billion, the second best quarter in its history, driven by higher investment banking revenues, transactional revenues, and asset management revenues.

•

Non-GAAP net income available to common shareholders of $1.60 per diluted common share.

•

Record asset management revenues, up 19% over the year-ago quarter.

•

Advisory revenues increased 50% over the year-ago quarter.

•

Capital raising revenues increased 29% over the year-ago quarter.

•

Record client assets of $474.1 billion, up 14% over the year-ago quarter.

•

Recruited 42 financial advisors during the quarter, including 13 experienced employee advisors and 1 experienced independent advisor.

•

Non-GAAP pre-tax margin of 20.6% as the Company maintained its focus on expense discipline, while continuing to invest in the business.

•

Annualized return on tangible common equity (ROTCE)⁽⁵⁾ of 22%.

•

Tangible book value per common share ⁽⁷⁾ of $32.00, up 4% from prior year.



Financial Summary (Unaudited)

(000s)	2Q 2024			2Q 2023			6m 2024			6m 2023

GAAP Financial Highlights:

Net revenues	$	1,217,932		$	1,050,721		$	2,380,970		$	2,157,514
Net income ⁽¹⁾	$	155,973		$	125,032		$	310,228		$	273,251
Diluted EPS ⁽¹⁾	$	1.41		$	1.10		$	2.82		$	2.38
Comp. ratio		59.3	%		58.6	%		58.9	%		58.7	%
Non-comp. ratio		22.1	%		24.1	%		22.4	%		23.2	%
Pre-tax margin		18.6	%		17.3	%		18.7	%		18.1	%

Non-GAAP Financial Highlights:
Net revenues	$	1,217,941		$	1,050,721		$	2,380,979		$	2,157,511
Net income ⁽¹⁾ ⁽²⁾	$	176,570		$	136,256		$	339,916		$	297,524
Diluted EPS ^(1) (2)	$	1.60		$	1.20		$	3.09		$	2.59
Comp. ratio ⁽²⁾		58.0	%		58.0	%		58.0	%		58.0	%
Non-comp. ratio ⁽²⁾		21.4	%		23.3	%		21.8	%		22.4	%
Pre-tax margin ⁽³⁾		20.6	%		18.7	%		20.2	%		19.6	%
ROCE ⁽⁴⁾		15.1	%		11.6	%		14.7	%		12.8	%
ROTCE ⁽⁵⁾		21.9	%		16.8	%		21.4	%		18.4	%
*Global Wealth Management (assets and loans in millions***)
Net revenues	$	801,135		$	758,190		$	1,591,635		$	1,515,376
Pre-tax net income	$	299,173		$	299,904		$	589,921		$	616,013
Total client assets	$	474,137		$	417,669
Fee-based client assets	$	179,749		$	154,538
Bank loans ⁽⁶⁾	$	19,820		$	20,562
Institutional Group
Net revenues	$	390,721		$	277,524		$	742,097		$	610,137
Equity	$	217,694		$	149,035		$	424,111		$	363,607
Fixed Income	$	173,027		$	128,489		$	317,986		$	246,530
Pre-tax net income/ (loss)	$	48,813		($	11,593	)	$	85,922		$	22,133

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

LOGO

Global Wealth Management reported record net revenues of $801.1 million for the three months ended June 30, 2024 compared with $758.2 million during the second quarter of 2023. Pre-tax net income was $299.2 million compared with $299.9 million in the second quarter of 2023.

Highlights

•

Ranked No. 1 in Overall Employee Advisor Satisfaction for the second straight year.

•

Recruited 42 financial advisors during the quarter, including 13 experienced employee advisors, and 1 experienced independent advisor, with total trailing 12 month production of $12 million.

•

Client assets of $474.1 billion, up 14% over the year-ago quarter.

•

Fee-based client assets of $179.7 billion, up 16% over the year-ago quarter.

Net revenues increased 6% from a year ago:

•

Transactional revenues increased 12% over the year-ago quarter reflecting an increase in client activity.

•

Asset management revenues increased 19% over the year-ago quarter reflecting higher asset values.

•

Net interest income decreased 15% from the year-ago quarter driven by changes in deposit mix, partially offset by higher interest rates.

Total Expenses:

•

Compensation expense as a percent of net revenues increased to 49.0% primarily as a result of higher compensable revenues.

•

Provision for credit losses decreased from the year-ago quarter as a result of reserve reductions in certain asset classes driven by an improved macroeconomic environment, partially offset by growth in the loan portfolio.

•

Non-compensation operating expenses as a percent of net revenues remained consistent with the year-ago quarter.


Summary Results of Operations
(000s)	2Q 2024			2Q 2023
Net revenues	$	801,135		$	758,190
Transactional revenues		177,308			157,958
Asset management		380,737			320,238
Net interest income		236,281			277,345
Investment banking		5,780			4,065
Other income		1,029			(1,416	)
Total expenses	$	501,962		$	458,286
Compensation expense		392,941			354,086
Provision for credit losses		2,954			7,824
Non-comp. opex		106,067			96,376
Pre-tax net income	$	299,173		$	299,904
Compensation ratio		49.0	%		46.7	%
Non-compensation ratio		13.7	%		13.7	%
Pre-tax margin		37.3	%		39.6	%

Stifel Financial Corp. | Page 2

LOGO

Institutional Group

Institutional Group reported net revenues of $390.7 million for the three months ended June 30, 2024 compared with $277.5 million during the second quarter of 2023. Institutional Group reported pre-tax net income of $48.8 million for the three months ended June 30, 2024 compared with pre-tax net loss of $11.6 million in the second quarter of 2023.

Highlights

Investment banking revenues increased 40% from a year ago:

•

Advisory revenues increased 50% from the year-ago quarter driven by higher levels of completed advisory transactions.

•

Fixed income capital raising revenues increased 8% over the year-ago quarter primarily driven by higher bond issuances.

•

Equity capital raising revenues increased 59% over the year-ago quarter driven by higher volumes.

Fixed income transactional revenues increased 58% from a year ago:

•

Fixed income transactional revenues increased from the year-ago quarter driven by improved market conditions and realized trading gains.

Equity transactional revenues increased 16% from a year ago:

•

Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions.

Total Expenses:

•

Compensation expense as a percent of net revenues decreased to 61.2% primarily as a result of higher revenues.

•

Non-compensation operating expenses as a percent of net revenues decreased to 26.3% primarily as a result of revenue growth and expense discipline.


Summary Results of Operations
(000s)	2Q 2024			2Q 2023
Net revenues	$	390,721		$	277,524
Investment banking		227,501			162,761
Advisory		131,411			87,875
Fixed income capital raising		48,143			44,777
Equity capital raising		47,947			30,109
Fixed income transactional		106,685			67,508
Equity transactional		52,907			45,592
Other		3,628			1,663
Total expenses	$	341,908		$	289,117
Compensation expense		239,036			194,158
Non-comp. opex.		102,872			94,959
Pre-tax net income/(loss)	$	48,813		($	11,593	)
Compensation ratio		61.2	%		70.0	%
Non-compensation ratio		26.3	%		34.2	%
Pre-tax margin		12.5	%		(4.2	%)

Stifel Financial Corp. | Page 3

LOGO

Other Matters

Highlights

•

On July 18, 2024, the Company’s 4.25% Senior Notes matured resulting in the retirement of the $500.0 million outstanding balance.

•

The Company repurchased $17.6 million of its outstanding common stock during the second quarter.

•

Weighted average diluted shares outstanding decreased primarily as a result of share repurchases. The Company has repurchased 5.3 million shares under its share repurchase program since the second quarter of 2023.

•

The Board of Directors declared a $0.42 quarterly dividend per share payable on June 17, 2024 to common shareholders of record on June 3, 2024.

•

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on June 17, 2024 to shareholders of record on June 3, 2024.


	2Q 2024			2Q 2023
Common stock repurchases
Repurchases (000s)	$	17,597		$	86,821
Number of shares (000s)		229			1,492
Average price	$	76.97		$	58.21
Period end shares (000s)		102,518			104,889
Weighted average diluted shares outstanding (000s)		110,285			113,864
Effective tax rate		27.1	%		25.9	%
Stifel Financial Corp. ⁽⁸⁾
Tier 1 common capital ratio		14.8	%		14.3	%
Tier 1 risk based capital ratio		17.8	%		17.3	%
Tier 1 leverage capital ratio		11.1	%		11.1	%
Tier 1 capital (MM)	$	4,044		$	3,999
Risk weighted assets (MM)	$	22,737		$	23,165
Average assets (MM)	$	36,275		$	36,041
Quarter end assets (MM)	$	37,809		$	37,298
Agency		Rating			Outlook
Fitch Ratings		BBB+			Stable
S&P Global Ratings		BBB			Stable

Stifel Financial Corp. | Page 4

Conference Call Information

Stifel Financial Corp. will host its second quarter 2024 financial results conference call on Wednesday, July 24, 2024, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. 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, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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.

Stifel Financial Corp. | Page 5

Summary Results of Operations (Unaudited)


	Three Months Ended									Six Months Ended
(000s, except per share amounts)	6/30/2024		6/30/2023		% Change			3/31/2024		% Change			6/30/2024		6/30/2023			% Change
Revenues:
Commissions	$	183,317	$	165,358		10.9		$	185,476		(1.2	)	$	368,793	$	334,908			10.1
Principal transactions		153,574		105,700		45.3			139,014		10.5			292,588		221,222			32.3
Investment banking		233,281		166,825		39.8			213,949		9.0			447,230		378,704			18.1
Asset management		380,757		320,264		18.9			367,476		3.6			748,233		635,833			17.7
Other income		16,180		894		nm			4,950		226.9			21,130		(1,399	)		nm
Operating revenues		967,109		759,041		27.4			910,865		6.2			1,877,974		1,569,268			19.7
Interest revenue		498,152		482,770		3.2			506,828		(1.7	)		1,004,980		934,334			7.6
Total revenues		1,465,261		1,241,811		18.0			1,417,693		3.4			2,882,954		2,503,602			15.2
Interest expense		247,329		191,090		29.4			254,655		(2.9	)		501,984		346,088			45.0
Net revenues		1,217,932		1,050,721		15.9			1,163,038		4.7			2,380,970		2,157,514			10.4
Non-interest expenses:
Compensation and benefits		722,719		615,667		17.4			679,695		6.3			1,402,414		1,266,857			10.7
Non-compensation operating expenses		268,319		253,669		5.8			264,652		1.4			532,971		499,389			6.7
Total non-interest expenses		991,038		869,336		14.0			944,347		4.9			1,935,385		1,766,246			9.6
Income before income taxes		226,894		181,385		25.1			218,691		3.8			445,585		391,268			13.9
Provision for income taxes		61,600		47,033		31.0			55,116		11.8			116,716		99,377			17.4
Net income		165,294		134,352		23.0			163,575		1.1			328,869		291,891			12.7
Preferred dividends		9,321		9,320		0.0			9,320		0.0			18,641		18,640			0.0
Net income available to common shareholders	$	155,973	$	125,032		24.7		$	154,255		1.1		$	310,228	$	273,251			13.5
Earnings per common share:
Basic	$	1.50	$	1.16		29.3		$	1.48		1.4		$	2.98	$	2.52			18.3
Diluted	$	1.41	$	1.10		28.2		$	1.40		0.7		$	2.82	$	2.38			18.5
Cash dividends declared per common share	$	0.42	$	0.36		16.7		$	0.42		0.0		$	0.84	$	0.72			16.7
Weighted average number of common shares outstanding:
Basic		104,150		107,944		(3.5	)		104,275		(0.1	)		104,217		108,360			(3.8	)
Diluted		110,285		113,864		(3.1	)		109,985		0.3			110,156		114,658			(3.9	)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures ⁽⁹⁾


	Three Months Ended						Six Months Ended
(000s, except per share amounts)	6/30/2024			6/30/2023			6/30/2024			6/30/2023
GAAP net income	$	165,294		$	134,352		$	328,869		$	291,891
Preferred dividend		9,321			9,320			18,641			18,640
Net income available to common shareholders		155,973			125,032			310,228			273,251

Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		13,821			15,144			25,975			32,530
Restructuring and severance ⁽¹¹⁾		9,961			—			9,961			—
Provision for income taxes ⁽¹²⁾		(3,185	)		(3,920	)		(6,248	)		(8,257	)
Total non-GAAP adjustments		20,597			11,224			29,688			24,273
Non-GAAP net income available to common shareholders	$	176,570		$	136,256		$	339,916		$	297,524
Weighted average diluted shares outstanding		110,285			113,864			110,156			114,658
GAAP earnings per diluted common share	$	1.50		$	1.18		$	2.98		$	2.55
Non-GAAP adjustments		0.19			0.10			0.27			0.21
Non-GAAP earnings per diluted common share	$	1.69		$	1.28		$	3.25		$	2.76
GAAP earnings per diluted common share available to common shareholders	$	1.41		$	1.10		$	2.82		$	2.38
Non-GAAP adjustments		0.19			0.10			0.27			0.21
Non-GAAP earnings per diluted common share available to common shareholders	$	1.60		$	1.20		$	3.09		$	2.59

Stifel Financial Corp. | Page 7

GAAP to Non-GAAP Reconciliation ⁽⁹⁾


	Three Months Ended						Six Months Ended
(000s)	6/30/2024			6/30/2023			6/30/2024			6/30/2023
GAAP compensation and benefits	$	722,719		$	615,667		$	1,402,414		$	1,266,857
As a percentage of net revenues		59.3%			58.6%			58.9%			58.7%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(5,764	)		(6,523	)		(11,297	)		(15,776	)
Restructuring and severance ⁽¹¹⁾		(9,961	)		—			(9,961	)		—
Total non-GAAP adjustments		(15,725	)		(6,523	)		(21,258	)		(15,776	)
Non-GAAP compensation and benefits	$	706,994		$	609,144		$	1,381,156		$	1,251,081
As a percentage of non-GAAP net revenues		58.0%			58.0%			58.0%			58.0%
GAAP non-compensation expenses	$	268,319		$	253,669		$	532,971		$	499,389
As a percentage of net revenues		22.1%			24.1%			22.4%			23.2%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(8,048	)		(8,621	)		(14,669	)		(16,757	)
Non-GAAP non-compensation expenses	$	260,271		$	245,048		$	518,302		$	482,632
As a percentage of non-GAAP net revenues		21.4%			23.3%			21.8%			22.4%
Total adjustments	$	23,782		$	15,144		$	35,936		$	32,530

Stifel Financial Corp. | Page 8

Footnotes

⁽¹⁾	Represents available to common shareholders.

⁽²⁾	Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

⁽³⁾	Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

⁽⁴⁾

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.

⁽⁵⁾

Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ 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 $75.8 million and $64.6 million as of June 30, 2024 and 2023, respectively.

⁽⁶⁾	Includes loans held for sale.

⁽⁷⁾

Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.

⁽⁸⁾	Capital ratios are estimates at time of the Company’s earnings release, July 24, 2024.

⁽⁹⁾

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.

⁽¹⁰⁾

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.

⁽¹¹⁾	The Company recorded severance costs in the second quarter of 2024 associated with workforce reductions in certain of its foreign subsidiaries.

⁽¹²⁾	Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

Stifel Financial Corp. | Page 9

Exhibit 99.2

LOGO

Second Quarter 2024 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		11

Stifel Bancorp - Financial Information and Credit Metrics		12

Stifel Bancorp - Loan and Investment Portfolio		13

Loans and Lending Commitments - Allowance for Credit Losses		14

Consolidated Net Interest Income		15

Stifel Bancorp Net Interest Income		16

GAAP to Core Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 1 of 19

LOGO

Consolidated Financial Highlights


	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2024		6/30/2023		% Change			3/31/2024		% Change			6/30/2024		6/30/2023		% Change
Net revenues	$	1,217,932	$	1,050,721		15.9%		$	1,163,038		4.7%		$	2,380,970	$	2,157,514		10.4%
Net income	$	165,294	$	134,352		23.0%		$	163,575		1.1%		$	328,869	$	291,891		12.7%
Preferred dividends		9,321		9,320		0.0%			9,320		0.0%			18,641		18,640		0.0%

Net income available to common shareholders	$	155,973	$	125,032		24.7%		$	154,255		1.1%		$	310,228	$	273,251		13.5%
Earnings per diluted common share	$	1.50	$	1.18		27.1%		$	1.49		0.7%		$	2.98	$	2.55		16.9%
Earnings per diluted common share available to common shareholders	$	1.41	$	1.10		28.2%		$	1.40		0.7%		$	2.82	$	2.38		18.5%
Non-GAAP financial summary (1):
Net revenues	$	1,217,941	$	1,050,721		15.9%		$	1,163,038		4.7%		$	2,380,979	$	2,157,511		10.4%
Net income	$	185,891	$	145,576		27.7%		$	172,666		7.7%		$	358,557	$	316,164		13.4%
Preferred dividends		9,321		9,320		0.0%			9,320		0.0%			18,641		18,640		0.0%

Net income available to common shareholders	$	176,570		136,256		29.6%			163,346		8.1%			339,916		297,524		14.2%
Earnings per diluted common share	$	1.69	$	1.28		32.0%		$	1.57		7.6%		$	3.25	$	2.76		17.8%
Earnings per diluted common share available to common shareholders	$	1.60	$	1.20		33.3%		$	1.49		7.4%		$	3.09	$	2.59		19.3%

Weighted average number of common shares outstanding:
Basic		104,150		107,944		(3.5%	)		104,275		(0.1%	)		104,217		108,360		(3.8%	)
Diluted		110,285		113,864		(3.1%	)		109,985		0.3%			110,156		114,658		(3.9%	)
Period end common shares outstanding		102,518		104,889		(2.3%	)		102,649		(0.1%	)		102,518		104,889		(2.3%	)
Cash dividends declared per common share	$	0.42	$	0.36		16.7%		$	0.42		0.0%		$	0.84	$	0.72		16.7%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 2 of 19

LOGO

GAAP Consolidated Results of Operations


	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2024		6/30/2023		% Change			3/31/2024		% Change			6/30/2024		6/30/2023			% Change
Revenues:
Commissions	$	183,317	$	165,358		10.9%		$	185,476		(1.2%	)	$	368,793	$	334,908			10.1%
Principal transactions		153,574		105,700		45.3%			139,014		10.5%			292,588		221,222			32.3%

Transactional revenues		*336,891*		271,058		24.3%			324,490		3.8%			*661,381*		556,130			18.9%
Capital raising		101,870		78,950		29.0%			94,697		7.6%			196,567		139,766			40.6%
Advisory		131,411		87,875		49.5%			119,252		10.2%			250,663		238,938			4.9%

Investment banking		*233,281*		166,825		39.8%			213,949		9.0%			*447,230*		378,704			18.1%
Asset management		380,757		320,264		18.9%			367,476		3.6%			748,233		635,833			17.7%
Other income		16,180		894		nm			4,950		226.9%			21,130		(1,399	)		nm

Operating revenues		967,109		759,041		27.4%			910,865		6.2%			1,877,974		1,569,268			19.7%
Interest revenue		498,152		482,770		3.2%			506,828		(1.7%	)		1,004,980		934,334			7.6%

Total revenues		1,465,261		1,241,811		18.0%			1,417,693		3.4%			2,882,954		2,503,602			15.2%
Interest expense		247,329		191,090		29.4%			254,655		(2.9%	)		501,984		346,088			45.0%

Net revenues		1,217,932		1,050,721		15.9%			1,163,038		4.7%			2,380,970		2,157,514			10.4%

Non-interest expenses:
Compensation and benefits		722,719		615,667		17.4%			679,695		6.3%			1,402,414		1,266,857			10.7%
Occupancy and equipment rental		89,852		84,604		6.2%			88,712		1.3%			178,564		166,744			7.1%
Communication and office supplies		48,181		44,969		7.1%			47,367		1.7%			95,548		91,105			4.9%
Commissions and floor brokerage		14,383		14,112		1.9%			15,767		(8.8%	)		30,150		28,552			5.6%
Provision for credit losses		2,954		7,824		(62.2%	)		5,268		(43.9%	)		8,222		12,744			(35.5%	)
Investment banking expenses		9,253		7,125		29.9%			7,729		19.7%			16,982		13,038			30.3%
Other operating expenses		103,696		95,035		9.1%			99,809		3.9%			203,505		187,206			8.7%

Total non-interest expenses		991,038		869,336		14.0%			944,347		4.9%			1,935,385		1,766,246			9.6%
Income before income taxes		226,894		181,385		25.1%			218,691		3.8%			445,585		391,268			13.9%
Provision for income taxes		61,600		47,033		31.0%			55,116		11.8%			116,716		99,377			17.4%

Net income		165,294		134,352		23.0%			163,575		1.1%			328,869		291,891			12.7%
Preferred dividends		9,321		9,320		0.0%			9,320		0.0%			18,641		18,640			0.0%

Net income available to common shareholders	$	155,973	$	125,032		24.7%		$	154,255		1.1%		$	310,228	$	273,251			13.5%

Earnings per common share:
Basic	$	1.50	$	1.16		29.3%		$	1.48		1.4%		$	2.98	$	2.52			18.3%
Diluted	$	1.41	$	1.10		28.2%		$	1.40		0.7%		$	2.82	$	2.38			18.5%
Weighted average number of common shares outstanding:
Basic		104,150		107,944		(3.5%	)		104,275		(0.1%	)		104,217		108,360			(3.8%	)
Diluted		110,285		113,864		(3.1%	)		109,985		0.3%			110,156		114,658			(3.9%	)
Cash dividends declared per common share	$	0.42	$	0.36		16.7%		$	0.42		0.0%		$	0.84	$	0.72			16.7%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 3 of 19

LOGO

Non-GAAP Consolidated Results of Operations ⁽¹⁾


	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2024		6/30/2023		% Change			3/31/2024		% Change			6/30/2024		6/30/2023			% Change
Revenues:
Commissions	$	183,317	$	165,358		10.9	%	$	185,476		(1.2	%)	$	368,793	$	334,908			10.1	%
Principal transactions		153,583		105,700		45.3	%		139,014		10.5	%		292,597		221,222			32.3	%

Transactional revenues		*336,900*		271,058		24.3	%		324,490		3.8	%		*661,390*		556,130			18.9	%
Capital raising		101,870		78,950		29.0	%		94,697		7.6	%		196,567		139,766			40.6	%
Advisory		131,411		87,875		49.5	%		119,252		10.2	%		250,663		238,938			4.9	%

Investment banking		*233,281*		166,825		39.8	%		213,949		9.0	%		*447,230*		378,704			18.1	%
Asset management		380,757		320,264		18.9	%		367,476		3.6	%		748,233		635,833			17.7	%
Other income		16,180		894		nm			4,950		226.9	%		21,130		(1,399	)		nm

Operating revenues		967,118		759,041		27.4	%		910,865		6.2	%		1,877,983		1,569,268			19.7	%
Interest revenue		498,152		482,770		3.2	%		506,828		(1.7	%)		1,004,980		934,334			7.6	%

Total revenues		1,465,270		1,241,811		18.0	%		1,417,693		3.4	%		2,882,963		2,503,602			15.2	%
Interest expense		247,329		191,090		29.4	%		254,655		(2.9	%)		501,984		346,091			45.0	%

Net revenues		1,217,941		1,050,721		15.9	%		1,163,038		4.7	%		2,380,979		2,157,511			10.4	%

Non-interest expenses:
Compensation and benefits		706,994		609,144		16.1	%		674,162		4.9	%		1,381,156		1,251,081			10.4	%
Occupancy and equipment rental		89,727		84,579		6.1	%		88,665		1.2	%		178,392		166,618			7.1	%
Communication and office supplies		48,148		44,965		7.1	%		47,364		1.7	%		95,512		91,099			4.8	%
Commissions and floor brokerage		14,383		14,112		1.9	%		15,767		(8.8	%)		30,150		28,552			5.6	%
Provision for credit losses		2,954		7,824		(62.2	%)		5,268		(43.9	%)		8,222		12,744			(35.5	%)
Investment banking expenses		9,253		7,125		29.9	%		7,729		19.7	%		16,982		13,038			30.3	%
Other operating expenses		95,806		86,443		10.8	%		93,238		2.8	%		189,044		170,581			10.8	%

Total non-interest expenses		967,265		854,192		13.2	%		932,193		3.8	%		1,899,458		1,733,713			9.6	%
Income before income taxes		250,676		196,529		27.6	%		230,845		8.6	%		481,521		423,798			13.6	%
Provision for income taxes		64,785		50,953		27.1	%		58,179		11.4	%		122,964		107,634			14.2	%

Net income		185,891		145,576		27.7	%		172,666		7.7	%		358,557		316,164			13.4	%
Preferred dividends		9,321		9,320		0.0	%		9,320		0.0	%		18,641		18,640			0.0	%

Net income available to common shareholders	$	176,570	$	136,256		29.6	%	$	163,346		8.1	%	$	339,916	$	297,524			14.2	%

Earnings per common share:
Basic	$	1.70	$	1.26		34.9	%	$	1.57		8.3	%	$	3.26	$	2.75			18.5	%
Diluted	$	1.60	$	1.20		33.3	%	$	1.49		7.4	%	$	3.09	$	2.59			19.3	%
Weighted average number of common shares outstanding:
Basic		104,150		107,944		(3.5	%)		104,275		(0.1	%)		104,217		108,360			(3.8	%)
Diluted		110,285		113,864		(3.1	%)		109,985		0.3	%		110,156		114,658			(3.9	%)
Cash dividends declared per common share	$	0.42	$	0.36		16.7	%	$	0.42		0.0	%	$	0.84	$	0.72			16.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 4 of 19

LOGO

Consolidated Financial Summary


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2024			6/30/2023			% Change			3/31/2024			% Change			6/30/2024			6/30/2023			% Change
Net revenues:
Global Wealth Management	$	801,135		$	758,190			5.7	%	$	790,500			1.3	%	$	1,591,635		$	1,515,376			5.0	%
Institutional Group		390,721			277,524			40.8	%		351,376			11.2	%		742,097			610,137			21.6	%
Other		26,076			15,007			73.8	%		21,162			23.2	%		47,238			32,001			47.6	%

Total net revenues	$	1,217,932		$	1,050,721			15.9	%	$	1,163,038			4.7	%	$	2,380,970		$	2,157,514			10.4	%
Operating expenses:
Global Wealth Management	$	501,962		$	458,286			9.5	%	$	499,752			0.4	%	$	1,001,714		$	899,363			11.4	%
Institutional Group		341,908			289,117			18.3	%		314,267			8.8	%		656,175			588,004			11.6	%
Other		147,168			121,933			20.7	%		130,328			12.9	%		277,496			278,879			(0.5	%)

Total operating expenses	$	991,038		$	869,336			14.0	%	$	944,347			4.9	%	$	1,935,385		$	1,766,246			9.6	%
Operating contribution:
Global Wealth Management	$	299,173		$	299,904			(0.2	%)	$	290,748			2.9	%	$	589,921		$	616,013			(4.2	%)
Institutional Group		48,813			(11,593	)		521.1	%		37,109			31.5	%		85,922			22,133			288.2	%
Other		(121,092	)		(106,926	)		13.2	%		(109,166	)		10.9	%		(230,258	)		(246,878	)		(6.7	%)

Income before income taxes	$	226,894		$	181,385			25.1	%	$	218,691			3.8	%	$	445,585		$	391,268			13.9	%
Financial ratios:
Compensation and benefits		59.3	%		58.6	%		70			58.4	%		90			58.9	%		58.7	%		20
Non-compensation operating expenses		22.1	%		24.1	%		(200	)		22.8	%		(70	)		22.4	%		23.2	%		(80	)
Income before income taxes		18.6	%		17.3	%		130			18.8	%		(20	)		18.7	%		18.1	%		60
Effective tax rate		27.1	%		25.9	%		120			25.2	%		190			26.2	%		25.4	%		80


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 5 of 19

LOGO

Consolidated Financial Information and Metrics


	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	6/30/2024			6/30/2023			% Change			3/31/2024			% Change
Financial Information:
Total assets	$	37,809,278		$	37,298,239			1.4	%	$	38,258,280			(1.2	%)
Total shareholders’ equity	$	5,398,207		$	5,342,987			1.0	%	$	5,273,941			2.4	%
Total common equity	$	4,713,207		$	4,657,987			1.2	%	$	4,588,941			2.7	%
Goodwill and intangible assets	$	(1,509,642	)	$	(1,509,431	)		0.0	%	$	(1,515,588	)		(0.4	%)
DTL on goodwill and intangible assets	$	76,805		$	65,651			17.0	%	$	74,841			2.6	%

Tangible common equity	$	3,280,370		$	3,214,207			2.1	%	$	3,148,194			4.2	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%

Financial Metrics:
Book value per common share (2)	$	45.97		$	44.41			3.5	%	$	44.71			2.8	%
Tangible book value per common share (2)	$	32.00		$	30.64			4.4	%	$	30.67			4.3	%
Return on common equity (3)		13.4	%		10.7	%					13.5	%
Non-GAAP return on common equity (1)(3)		15.1	%		11.6	%					14.3	%
Return on tangible common equity (4)		19.3	%		15.5	%					19.7	%
Non-GAAP return on tangible common equity (1)(4)		21.9	%		16.8	%					20.9	%
Pre-tax margin on net revenues		18.6	%		17.3	%					18.8	%
Non-GAAP pre-tax margin on net revenues (1)		20.6	%		18.7	%					19.8	%
Effective tax rate		27.1	%		25.9	%					25.2	%
Non-GAAP effective tax rate (1)		25.8	%		25.9	%					25.2	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 6 of 19

LOGO

Regulatory Capital


(Unaudited, 000s)	6/30/2024			6/30/2023			% Change			3/31/2024			% Change
SF Regulatory Capital (5):
Common equity tier 1 capital	$	3,359,436		$	3,314,189			1.4	%	$	3,225,964			4.1	%
Tier 1 capital	$	4,044,436		$	3,999,189			1.1	%	$	3,910,964			3.4	%
Risk-weighted assets	$	22,737,181		$	23,164,596			(1.8	%)	$	22,588,330			0.7	%
Common equity tier 1 capital ratio		14.8	%		14.3	%					14.3	%
Tier 1 risk based capital ratio		17.8	%		17.3	%					17.3	%
Tier 1 leverage capital ratio		11.1	%		11.1	%					10.6	%
Stifel Bank & Trust Regulatory Capital (5):
Common equity tier 1 capital	$	1,268,458		$	1,513,202			(16.2	%)	$	1,242,565			2.1	%
Tier 1 capital	$	1,268,458		$	1,513,202			(16.2	%)	$	1,242,565			2.1	%
Risk-weighted assets	$	11,622,832		$	13,967,683			(16.8	%)	$	11,502,316			1.0	%
Common equity tier 1 capital ratio		10.9	%		10.8	%					10.8	%
Tier 1 risk based capital ratio		10.9	%		10.8	%					10.8	%
Tier 1 leverage capital ratio		7.1	%		7.5	%					7.1	%
Stifel Bank Regulatory Capital (5):
Common equity tier 1 capital	$	742,135		$	639,967			16.0	%	$	838,002			(11.4	%)
Tier 1 capital	$	742,135		$	639,967			16.0	%	$	838,002			(11.4	%)
Risk-weighted assets	$	5,662,622		$	5,145,958			10.0	%	$	5,663,726			(0.0	%)
Common equity tier 1 capital ratio		13.1	%		12.4	%					14.8	%
Tier 1 risk based capital ratio		13.1	%		12.4	%					14.8	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.2	%
Stifel Net Capital (5):
Net capital	$	455,400		$	456,500			(0.2	%)	$	446,400			2.0	%
Excess net capital	$	432,600		$	433,900			(0.3	%)	$	421,100			2.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 7 of 19

LOGO

Global Wealth Management - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2024			6/30/2023			% Change			3/31/2024			% Change			6/30/2024			6/30/2023			% Change
Revenues:
Commissions	$	121,465		$	109,836			10.6	%	$	121,217			0.2	%	$	242,682		$	220,027			10.3	%
Principal transactions		55,843			48,122			16.0	%		60,536			(7.8	%)		116,379			99,186			17.3	%

Transactional revenues		177,308			157,958			12.3	%		181,753			(2.4	%)		359,061			319,213			12.5	%
Asset management		380,737			320,238			18.9	%		367,450			3.6	%		748,187			635,775			17.7	%
Net interest		236,281			277,345			(14.8	%)		236,269			0.0	%		472,550			559,277			(15.5	%)
Investment banking (6)		5,780			4,065			42.2	%		4,280			35.0	%		10,060			8,223			22.3	%
Other income		1,029			(1,416	)		172.7	%		748			37.6	%		1,777			(7,112	)		125.0	%

Net revenues		801,135			758,190			5.7	%		790,500			1.3	%		1,591,635			1,515,376			5.0	%
Non-interest expenses:
Compensation and benefits		392,941			354,086			11.0	%		389,536			0.9	%		782,477			696,509			12.3	%
Non-compensation operating expenses		109,021			104,200			4.6	%		110,216			(1.1	%)		219,237			202,854			8.1	%

Total non-interest expenses		501,962			458,286			9.5	%		499,752			0.4	%		1,001,714			899,363			11.4	%

Income before income taxes	$	299,173		$	299,904			(0.2	%)	$	290,748			2.9	%	$	589,921		$	616,013			(4.2	%)

As a percentage of net revenues:
Compensation and benefits		49.0	%		46.7	%		230			49.3	%		(30	)		49.2	%		46.0	%		320
Non-compensation operating expenses		13.7	%		13.7	%		—			13.9	%		(20	)		13.7	%		13.3	%		40
Income before income taxes		37.3	%		39.6	%		(230	)		36.8	%		50			37.1	%		40.7	%		(360	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 8 of 19

LOGO


Global Wealth Management - Statistical Information


	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors)	6/30/2024			6/30/2023			% Change			3/31/2024			% Change
Financial advisors (including independent contractors) (7)		2,359			2,369			(0.4	%)		2,356			0.1	%
Total client assets	$	474,137,000		$	417,669,000			13.5	%	$	467,697,000			1.4	%
Fee-based client assets	$	179,749,000		$	154,538,000			16.3	%	$	177,108,000			1.5	%
Transactional assets	$	294,388,000		$	263,131,000			11.9	%	$	290,589,000			1.3	%
Secured client lending (8)	$	3,250,000		$	3,163,000			2.8	%	$	3,353,000			(3.1	%)
Asset Management Revenue (000s):
Private Client Group (9)	$	317,616		$	266,510			19.2	%	$	299,027			6.2	%
Asset Management		37,556			33,154			13.3	%		36,205			3.7	%
Third-party Bank Sweep Program		11,319			7,452			51.9	%		18,314			(38.2	%)
Other (10)		14,266			13,148			8.5	%		13,930			2.4	%

Total asset management revenues	$	380,757		$	320,264			18.9	%	$	367,476			3.6	%
Fee-based Assets (millions):
Private Client Group (9)	$	157,124		$	135,606			15.9	%	$	155,144			1.3	%
Asset Management		39,714			34,766			14.2	%		39,214			1.3	%
Elimination (11)		(17,089	)		(15,834	)		7.9	%		(17,250	)		(0.9	%)

Total fee-based assets	$	179,749		$	154,538			16.3	%	$	177,108			1.5	%
Third-party Bank Sweep Program	$	820		$	657			24.8	%	$	1,172			(30.0	%)
ROA (bps) (12):
Private Client Group (9)		81.9			81.1						82.2
Asset Management		37.8			38.1						36.9
Third-party Bank Sweep Program		487.3			362.3						478.5


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 9 of 19

LOGO

Global Wealth Management - Statistical Information (Cont.)


	As of and for the Three Months Ended
(Unaudited, millions)	6/30/2024		6/30/2023		% Change			3/31/2024		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	15,819	$	11,858		33.4%		$	15,561		1.7%
Sweep Deposits		9,148		12,293		(25.6%)			9,771		(6.4%)
Direct Wealth Management Deposits at Stifel Bancorp		225		319		(29.5%)			176		27.8%

Total Stifel Bancorp Wealth Management Deposits		25,192		24,470		3.0	%		25,508		(1.2	%)
Other Bank Deposits		1,948		2,535		(23.2%)			2,046		(4.8%)

Total Stifel Bancorp Deposits	$	27,140	$	27,005		0.5	%	$	27,554		(1.5	%)

Short-term Treasuries (13)	$	8,136	$	7,104		14.5	%	$	7,698		5.7	%
Third-party Commercial Treasury Deposits (14)	$	1,539	$	—		nm		$	1,295		18.8	%
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	25,192	$	24,470		3.0%		$	25,508		(1.2%)
Third-party Bank Sweep Program		820		657		24.8%			1,172		(30.0%)
Third-party Treasury		153		—		nm			222		(31.1%)
Other Sweep Cash		417		284		46.8%			398		4.8%
Money Market Mutual Funds		10,530		8,034		31.1%			9,879		6.6%

Total Wealth Management Cash	$	37,112	$	33,445		11.0	%	$	37,179		(0.2	%)

Client money market and insured product (15)	$	26,204	$	25,092		4.4	%	$	26,902		(2.6	%)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 10 of 19

LOGO

Institutional Group - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2024			6/30/2023			% Change			3/31/2024			% Change			6/30/2024			6/30/2023			% Change
Revenues:
Commissions	$	61,852		$	55,522			11.4	%	$	64,259			(3.7	%)	$	126,111		$	114,881			9.8	%
Principal transactions		97,740			57,578			69.8	%		78,478			24.5	%		176,218			122,036			44.4	%

Transactional revenues		159,592			113,100			41.1	%		142,737			11.8	%		302,329			236,917			27.6	%
Capital raising		96,090			74,886			28.3	%		90,417			6.3	%		186,507			131,544			41.8	%
Advisory		131,411			87,875			49.5	%		119,252			10.2	%		250,663			238,938			4.9	%

Investment banking		227,501			162,761			39.8	%		209,669			8.5	%		437,170			370,482			18.0	%
Other income (16)		3,628			1,663			118.2	%		(1,030	)		452.2	%		2,598			2,738			(5.1	%)

Net revenues		390,721			277,524			40.8	%		351,376			11.2	%		742,097			610,137			21.6	%
Non-interest expenses:
Compensation and benefits		239,036			194,158			23.1	%		215,749			10.8	%		454,785			400,063			13.7	%
Non-compensation operating expenses		102,872			94,959			8.3	%		98,518			4.4	%		201,390			187,941			7.2	%

Total non-interest expenses		341,908			289,117			18.3	%		314,267			8.8	%		656,175			588,004			11.6	%

Income/(loss) before income taxes	$	48,813		$	(11,593	)		521.1	%	$	37,109			31.5	%	$	85,922		$	22,133			288.2	%

As a percentage of net revenues:
Compensation and benefits		61.2	%		70.0	%		(880	)		61.4	%		(20	)		61.3	%		65.6	%		(430	)
Non-compensation operating expenses		26.3	%		34.2	%		(790	)		28.0	%		(170	)		27.1	%		30.8	%		(370	)
Income before income taxes		12.5	%		(4.2	%)		1,670			10.6	%		190			11.6	%		3.6	%		800


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 11 of 19

LOGO

Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	6/30/2024			6/30/2023			% Change			3/31/2024			% Change
Stifel Bancorp Financial Information:
Total assets	$	29,325,680		$	29,260,431			0.2	%	$	29,800,815			(1.6	%)
Total shareholder’s equity	$	1,996,585		$	2,148,221			(7.1	%)	$	2,062,271			(3.2	%)
Total loans, net (includes loans held for sale)	$	19,819,771		$	20,562,492			(3.6	%)	$	19,484,389			1.7	%
Residential real estate		8,253,851			7,708,506			7.1	%		8,096,975			1.9	%
Fund banking		3,346,785			4,349,541			(23.1	%)		3,129,642			6.9	%
Commercial and industrial		3,689,379			4,471,031			(17.5	%)		3,541,770			4.2	%
Securities-based loans		2,253,045			2,399,328			(6.1	%)		2,302,250			(2.1	%)
Construction and land		1,198,395			772,571			55.1	%		1,167,300			2.7	%
Commercial real estate		608,911			677,521			(10.1	%)		655,355			(7.1	%)
Other		204,392			154,469			32.3	%		198,568			2.9	%
Loans held for sale		472,804			224,017			111.1	%		534,593			(11.6	%)
Investment securities	$	7,641,586		$	7,532,175			1.5	%	$	7,292,490			4.8	%
Available-for-sale securities, at fair value		1,583,477			1,582,418			0.1	%		1,499,982			5.6	%
Held-to-maturity securities, at amortized cost		6,058,109			5,949,757			1.8	%		5,792,508			4.6	%
Unrealized losses on available-for-sale securities		(187,259	)		(215,038	)		(12.9	%)		(187,163	)		0.1	%
Total deposits	$	27,139,753		$	27,004,807			0.5	%	$	27,554,411			(1.5	%)
Demand deposits (interest-bearing)		26,754,212			26,744,730			0.0	%		27,357,692			(2.2	%)
Demand deposits (non-interest-bearing)		304,795			260,075			17.2	%		196,717			54.9	%
Certificates of deposit		80,746			2			nm			2			nm

Credit Metrics:
Allowance for credit losses	$	164,959		$	160,132			3.0	%	$	163,936			0.6	%
Allowance as a percentage of retained loans		0.84	%		0.78	%					0.86	%
Net charge-offs as a percentage of average loans		0.01	%		0.00	%					0.01	%
Total nonperforming assets	$	85,247		$	11,420			646.5	%	$	59,429			43.4	%
Nonperforming assets as a percentage of total assets		0.29	%		0.04	%					0.20	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 12 of 19

LOGO

Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	6/30/2024		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	8,254		33	%	Industrials	$	911	25	%
Securities-based loans		2,253		9	%	Financials		881	24	%
Home equity lines of credit and other		205		1	%	Information technology		599	16	%

Total consumer		10,712		43	%	Consumer discretionary		392	11	%

Commercial and industrial		3,689		15	%	REITs		219	6	%
Fund banking		3,347		13	%	Materials		211	6	%
Construction and land		1,198		5	%	Healthcare		159	4	%
Commercial real estate		609		2	%	Hotel, leisure, restaurants		131	4	%

Total commercial		8,843		35	%	Communication services		84	2	%

Total loan portfolio		19,555		78	%	Consumer staples		67	2	%

Unfunded commitments		5,572		22	%

Total	$	25,127		100	%

						CLO by Major Sector
						High tech industries	$	591	10	%
Investment Portfolio						Healthcare & pharmaceuticals		564	9	%
CLO	$	6,022		77	%	Banking, finance, insurance, & real estate		544	9	%
Agency MBS		974		12	%	Services: business		534	9	%
Corporate bonds		563		7	%	Construction & building		273	5	%
SBA		106		1	%	Hotel, gaming, & leisure		254	4	%
Student loan ARS		91		1	%	Chemicals, plastics, & rubber		251	4	%
CMBS		70		1	%	Services: consumer		240	4	%
Other		3		0	%	Media: broadcasting & subscription		229	4	%

Total Portfolio	$	7,829		100	%	Telecommunications		224	4	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 13 of 19

LOGO

Loans and Lending Commitments - Allowance for Credit Losses


	June 30, 2024
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %			Q2 Provision
Residential real estate	$	8,253,851	$	11,242		0.1	%	$	(1,265	)
Fund banking		3,346,785		12,179		0.4	%		3,416
Commercial and industrial		3,689,379		76,354		2.1	%		10,708
Securities-based loans		2,253,045		2,813		0.1	%		(255	)
Construction and land		1,198,395		16,379		1.4	%		(2,210	)
Commercial real estate		608,911		15,312		2.5	%		(3,687	)
Other		204,392		835		0.4	%		125

Loans held for investment, gross		19,554,758		135,114		0.7	%		6,832
Loans held for sale		472,804

Total loans, gross		20,027,562
Lending commitments		5,572,281		29,845		0.5	%		(3,878	)

Loans and lending commitments	$	25,599,843	$	164,959				$	2,954


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 14 of 19

LOGO

Consolidated Net Interest Income


	Three Months Ended
	June 30, 2024							June 30, 2023							March 31, 2024
(Unaudited, millions)	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	$	2,833.7	$	37.8		5.34	%	$	2,015.4	$	25.0		4.96	%	$	4,060.3	$	54.3		5.35	%
Financial instruments owned		1,165.7		6.3		2.18	%		864.7		4.6		2.14	%		911.7		4.9		2.13	%
Margin balances		694.3		14.0		8.04	%		795.6		15.4		7.72	%		699.8		14.2		8.12	%
Investments:
Asset-backed securities		5,982.6		108.1		7.23	%		6,162.8		106.5		6.91	%		6,011.1		109.1		7.26	%
Mortgage-backed securities		929.8		5.6		2.41	%		974.9		5.4		2.20	%		916.5		5.2		2.29	%
Corporate fixed income securities		589.8		4.1		2.77	%		622.5		4.3		2.77	%		606.5		4.2		2.76	%
Other		4.8		—		2.55	%		4.7		—		2.55	%		4.7		—		2.55	%

Total investments		7,507.0		117.8		6.28	%		7,764.9		116.2		5.99	%		7,538.8		118.5		6.29	%
Loans:
Residential real estate		8,182.5		71.0		3.47	%		7,605.8		57.2		3.01	%		8,060.6		67.8		3.37	%
Commercial and industrial		3,643.7		79.9		8.77	%		4,715.2		96.7		8.21	%		3,527.5		81.3		9.21	%
Fund banking		3,299.5		67.0		8.13	%		4,403.6		82.9		7.53	%		3,418.8		67.8		7.94	%
Securities-based loans		2,292.4		41.6		7.26	%		2,469.1		43.0		6.96	%		2,297.1		41.6		7.25	%
Commercial real estate		637.6		11.5		7.20	%		688.3		13.1		7.59	%		658.3		11.9		7.20	%
Construction and land		1,181.5		24.9		8.42	%		702.3		14.2		8.07	%		1,099.9		22.9		8.34	%
Loans held for sale		462.7		11.2		9.68	%		178.9		3.0		6.72	%		489.3		9.0		7.36	%
Other		206.2		4.0		7.77	%		161.6		2.9		7.65	%		191.7		3.8		7.92	%

Total loans		19,906.1		311.1		6.25	%		20,924.8		313.0		5.98	%		19,743.2		306.1		6.20	%
Other interest-bearing assets		860.4		11.1		5.16	%		718.2		8.6		4.76	%		755.0		8.8		4.63	%

Total interest-bearing assets/interest income		32,967.2		498.1		6.04	%		33,083.6		482.8		5.84	%		33,708.8		506.8		6.01	%
Interest-bearing liabilities:
Senior notes		1,116.0		12.5		4.48	%		1,114.9		12.5		4.49	%		1,115.7		12.5		4.48	%
Deposits		26,758.7		220.3		3.29	%		27,223.3		171.4		2.52	%		27,607.8		230.1		3.33	%
Other interest-bearing liabilities		1,461.1		14.5		3.98	%		1,181.3		7.2		2.45	%		1,385.8		12.1		3.49	%

Total interest-bearing liabilities/interest expense	$	29,335.8		247.3		3.37	%	$	29,519.5		191.1		2.59	%	$	30,109.3		254.7		3.38	%

Net interest income/margin			$	250.8		3.04	%			$	291.7		3.53	%			$	252.1		2.99	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 15 of 19

LOGO

Stifel Bancorp Net Interest Income


	Three Months Ended
	June 30, 2024							June 30, 2023							March 31, 2024
(Unaudited, millions)	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	$	1,765.4	$	25.0		5.67	%	$	1,128.4	$	15.0		5.31	%	$	2,845.9	$	39.6		5.56	%
Investments		7,507.0		117.8		6.28	%		7,764.9		116.2		5.99	%		7,538.8		118.5		6.29	%
Loans		19,906.1		311.1		6.25	%		20,924.8		313.0		5.98	%		19,743.2		306.1		6.20	%
Other interest-bearing assets		66.7		1.0		5.71	%		62.9		0.7		4.13	%		62.7		0.8		4.71	%

Total interest-bearing assets/interest income	$	29,245.2	$	454.9		6.22	%	$	29,881.0	$	444.9		5.96	%	$	30,190.6	$	465.0		6.16	%
Interest-bearing liabilities:
Deposits	$	26,758.7	$	220.3		3.29	%	$	27,223.3	$	171.4		2.52	%	$	27,607.8	$	230.1		3.33	%
Other interest-bearing liabilities		90.1		1.7		7.44	%		0.8		0.1		50.62	%		55.1		1.0		7.61	%

Total interest-bearing liabilities/interest expense	$	26,848.8		222.0		3.31	%	$	27,224.1		171.5		2.52	%	$	27,662.9		231.1		3.34	%

Net interest income/margin			$	232.9		3.19	%			$	273.4		3.66	%			$	233.9		3.10	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 16 of 19

LOGO

GAAP to Core Reconciliation


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2024			6/30/2023			Change			3/31/2024			Change			6/30/2024			6/30/2023			Change
GAAP net revenues	$	1,217,932		$	1,050,721					$	1,163,038					$	2,380,970		$	2,157,514
Non-GAAP adjustments		9			—						—						9			(3	)

Non-GAAP net revenues		1,217,941			1,050,721						1,163,038						2,380,979			2,157,511

GAAP compensation and benefits expense		722,719			615,667						679,695						1,402,414			1,266,857
Merger-related (17)		(5,764	)		(6,523	)					(5,533	)					(11,297	)		(15,776	)
Restructuring and severance (18)		(9,961	)		—						—						(9,961	)		—

Total non-GAAP adjustments		(15,725	)		(6,523	)					(5,533	)					(21,258	)		(15,776	)

Non-GAAP compensation and benefits expense		706,994			609,144						674,162						1,381,156			1,251,081

GAAP non-compensation operating expenses		268,319			253,669						264,652						532,971			499,389
Merger-related (17)		(8,048	)		(8,621	)					(6,621	)					(14,669	)		(16,757	)

Non-GAAP non-compensation operating expenses		260,271			245,048						258,031						518,302			482,632

Total adjustments		(23,782	)		(15,144	)					(12,154	)					(35,936	)		(32,530	)


GAAP provision for income taxes		61,600			47,033						55,116						116,716			99,377
Merger-related and other (19)		3,185			3,920						3,063						6,248			8,257

Non-GAAP provision for income taxes		64,785			50,953						58,179						122,964			107,634

Financial ratios:
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—			58.0	%		58.0	%		—
Non-compensation operating expenses		21.4	%		23.3	%		(190	)		22.2	%		(80	)		21.8	%		22.4	%		(60	)
Income before income taxes		20.6	%		18.7	%		190			19.8	%		80			20.2	%		19.6	%		60
Effective tax rate		25.8	%		25.9	%		(10	)		25.2	%		60			25.5	%		25.4	%		10


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 17 of 19

LOGO

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)

(4)

Return on average tangible common equity (“ROTCE”) 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 $75.8 million, $64.6 million, and $73.9 million, as of June 30, 2024 and 2023, and March 31, 2024, respectively.

(5)	Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, July 24, 2024.

(6)	Includes capital raising and advisory fee revenues.

(7)	Includes independent contractors of 111, 109, and 114 as of June 30, 2024 and 2023, and March 31, 2024, respectively.

(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 daily balances for Individual Program Banks. Prior to Q4 2023, ROA for Individual Program Banks was calculated on average quarterly balances. Prior periods have not been restated to reflect the change as the differences are immaterial.

(13)	Represents client assets in Treasury Securities with maturities of 52 weeks or less.

(14)	During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks.

(15)	Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.

(16)	Includes net interest, asset management, and other income.

(17)

(18)	The Company recorded severance costs in the second quarter of 2024 associated with workforce reductions in certain of its foreign subsidiaries.

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


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 18 of 19

LOGO

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, 2023. 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.

Use of Non-GAAP Financial Measures

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 second quarter earnings release issued July 24, 2024.


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2024 Earnings Release		Page 19 of 19

Second Quarter 2024 Financial Results Presentation July 24, 2024 Exhibit 99.3

Second Highest Net Revenue Second Quarter Snapshot 2Q24 Results millions, except per share and ratios HIGHLIGHTS NET REVENUE 2Q24: GAAP & NON-GAAP $1,218 YTD: GAAP & NON-GAAP $2,381 ANNUALIZED ROTCE* 2Q24:GAAP 19.3% & NON-GAAP 21.9% YTD: GAAP 19.5% & NON-GAAP 21.4% BOOK VALUE PER SHARE TBV $32.00 BV $45.97 Ranked #1in Employee Advisor Satisfaction by JD Power for 2nd Consecutive Year Record Net Revenue Global Wealth Management Record Client Assets Under Management Highest Institutional Group Revenue Since Second Quarter 2022 Retired $500 million Senior Secured Long-term Notes * Please see our definition of ROTCE in our second quarter 2024 earnings release NET EARNINGS 2Q24: GAAP $165 & NON-GAAP $186 YTD: GAAP $329 & NON-GAAP $359 EPS 2Q24: GAAP $1.41 & NON-GAAP $1.60 YTD: GAAP $2.82 & NON-GAAP $3.09 ANNUALIZED ROCE 2Q24:GAAP 13.4% & NON-GAAP 15.1% YTD: GAAP 13.4% & NON-GAAP 14.7%

Commentary on Variance to Analyst Estimates Commissions & Principal Transactions: Stronger Revenue from Institutional Fixed Income & Equities Investment Banking: Stronger Advisory Revenue Stronger Equity & Fixed Income Underwriting Revenue Net Interest Income Lower Average Asset Levels Non-compensation Expense: Higher Investment Banking Gross Up Variance to Consensus Estimates *Non-GAAP

Highly Complementary Business Lines *2024 based on results through 6/30/2024 *2024 based on results through 6/30/2024

Recognition For Wealth Management Platform

Second Quarter Results Operating Expense = Non-Compensation Expense – Provision for Credit Loss Provision for Credit Loss at bank subsidiary Operating Expense Ratio excludes Provision for Credit Loss Please see our definition of ROTCE in our second quarter earnings release

HIGHLIGHTS Record Quarterly Net Revenue Record Quarterly Asset Management Revenue Record Client Assets Under Administration Added 42 Financial Advisors, Including 14 Experienced with Total Trailing Twelve Month Production of $12.2 million Global Wealth Management

Wealth Management: A Key Growth Driver *2024 GWM Net Revenue based on annualized results through 6/30/2024 STRATEGIC LONG-TERM OBJECTIVES Achieve $1 Trillion in Client Assets Recruiting & Acquisitions Technology Continue to Build Stifel Bank Expand Client Deposits Smart Rate Corporate Deposits Leverage Stifel Franchise for Loan Growth

Institutional Group * Includes net interest, asset management, and other income HIGHLIGHTS Named US Mid-Market Equity House for 2023 by International Financing Review Ranked #1 in Municipal Issuance in Number of Issues in 2024 with 14.9% Market Share Highest Underwriting Revenue Since 4Q21 Highest Transactional Revenue Since 1Q22 * 2021 revenue based on annualized results through 9/30/2021

Strong Bank Fundamentals

Expenses * For reconciliation of GAAP to non-GAAP expenses, refer to our second quarter 2024 earnings release. Bar chart header numbers are a graphic *2024 annual GAAP to non-GAAP results based on annualized results through 6/30/2024

Capital Utilization *2024 Estimated Capital Generated based annualized 1H24 Net Income plus current capital in excess of regulatory minimum. HIGHLIGHTS Retired $500 million of 4.25% Senior Notes Repurchased 229,000 shares Bank Funding Increased at CAGR of 12% Since 2019 *2024 based on results through 6/30/2024

2024 Performance & Outlook for Second Half * Annualized 2024 based on results through 06/30/2024 ** Operating non-compensation ratio excludes credit loss provision and investment banking gross up expense

Second Quarter 2024 Financial Results Presentation July 24, 2024

Disclaimer 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, 2023. 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. 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.

Document and Entity Information	Jul. 24, 2024
Document And Entity Information [Line Items]
Entity Registrant Name	STIFEL FINANCIAL CORP
Amendment Flag	false
Entity Central Index Key	0000720672
Document Type	8-K
Document Period End Date	Jul. 24, 2024
Entity Incorporation State Country Code	DE
Entity File Number	001-09305
Entity Tax Identification Number	43-1273600
Entity Address, Address Line One	501 N. Broadway
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63102-2188
City Area Code	(314)
Local Phone Number	342-2000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $0.15 par value per share
Trading Symbol	SF
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B
Trading Symbol	SF-PB
Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C
Trading Symbol	SF-PC
Security Exchange Name	NYSE
Series D Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D
Trading Symbol	SF-PD
Security Exchange Name	NYSE
Senior Notes [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.20% Senior Notes due 2047
Trading Symbol	SFB
Security Exchange Name	NYSE

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

SF-D Stifel Financial Corporation