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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2021

OR

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                     to                    

Commission File Number: 001-09305

 

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

43-1273600

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

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)

 

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

Title of Each Class/ Trading Symbol

 

Name of Each Exchange on Which Registered

 

Shares or principal amount outstanding - November 1, 2021

 

Common Stock, $0.15 par value per share (SF)

 

New York Stock Exchange

 

 

104,110,518

 

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

 

 

6,400

 

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

 

 

9,000

 

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

 

 

12,000

 

5.20% Senior Notes due 2047 (SFB)

 

New York Stock Exchange

 

$

225,000,000

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (“the Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company (as defined in Rule 12b-2 of the Exchange Act).

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

 

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

 

 

1


 

 

STIFEL FINANCIAL CORP.

Form 10-Q

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

 

Item 1. Financial Statements

 

3

Consolidated Statements of Financial Condition as of September 30, 2021 (unaudited) and December 31, 2020

 

3

Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and September 30, 2020 (unaudited)

 

5

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and September 30, 2020  (unaudited)

Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2021 and September 30, 2020 (unaudited)

 

6

 

7

Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and September 30, 2020 (unaudited)

 

9

Notes to Consolidated Financial Statements (unaudited)

 

11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

48

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

74

Item 4. Controls and Procedures

 

78

 

 

 

PART II – OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

78

Item 1A. Risk Factors

 

78

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

79

Item 6. Exhibits

 

80

Signatures

 

81

2


 

PART I – FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

STIFEL FINANCIAL CORP.

Consolidated Statements of Financial Condition

 

 

 

September 30, 2021

 

 

December 31,

2020

 

($ in thousands)

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,054,273

 

 

$

2,279,274

 

Cash segregated for regulatory purposes

 

 

26,095

 

 

 

172,932

 

Receivables:

 

 

 

 

 

 

 

 

Brokerage clients, net

 

 

1,121,827

 

 

 

936,500

 

Brokers, dealers, and clearing organizations

 

 

488,429

 

 

 

549,492

 

Securities purchased under agreements to resell

 

 

598,535

 

 

 

217,930

 

Financial instruments owned, at fair value

 

 

1,199,386

 

 

 

694,028

 

Available-for-sale securities, at fair value

 

 

2,242,465

 

 

 

2,230,297

 

Held-to-maturity securities, at amortized cost

 

 

5,347,821

 

 

 

4,117,384

 

Loans:

 

 

 

 

 

 

 

 

Held for investment, net

 

 

13,502,587

 

 

 

11,006,760

 

Held for sale, at lower of cost or market

 

 

156,110

 

 

 

551,248

 

Investments, at fair value

 

 

120,919

 

 

 

113,862

 

Fixed assets, net

 

 

307,602

 

 

 

167,915

 

Operating lease right-of-use assets, net

 

 

756,885

 

 

 

793,181

 

Goodwill

 

 

1,182,313

 

 

 

1,181,998

 

Intangible assets, net

 

 

127,725

 

 

 

140,984

 

Loans and advances to financial advisors and other employees, net

 

 

607,552

 

 

 

596,993

 

Deferred tax assets, net

 

 

179,715

 

 

 

136,477

 

Other assets

 

 

800,095

 

 

 

716,999

 

Total assets

 

$

30,820,334

 

 

$

26,604,254

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

3


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Financial Condition (continued)

 

 

 

September 30, 2021

 

 

December 31,

2020

 

($ in thousands, except share and per share amounts)

 

(Unaudited)

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Payables:

 

 

 

 

 

 

 

 

Brokerage clients

 

$

1,317,245

 

 

$

1,063,937

 

Brokers, dealers, and clearing organizations

 

 

245,278

 

 

 

177,937

 

Drafts

 

 

85,889

 

 

 

117,737

 

Securities sold under agreements to repurchase

 

 

195,451

 

 

 

190,955

 

Bank deposits

 

 

20,398,874

 

 

 

17,396,497

 

Financial instruments sold, but not yet purchased, at fair value

 

 

721,028

 

 

 

437,978

 

Accrued compensation

 

 

728,390

 

 

 

638,298

 

Accounts payable and accrued expenses

 

 

1,111,645

 

 

 

1,169,740

 

Federal Home Loan Bank advances

 

 

52,000

 

 

 

 

Senior notes

 

 

1,113,210

 

 

 

1,112,409

 

Debentures to Stifel Financial Capital Trusts

 

 

60,000

 

 

 

60,000

 

Total liabilities

 

 

26,029,010

 

 

 

22,365,488

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Stifel Financial Corp. shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock - $1 par value; authorized 3,000,000 shares; issued 27,400 and 21,400 shares, respectively

 

 

685,000

 

 

 

535,000

 

Common stock - $0.15 par value; authorized 194,000,000 shares; issued 111,661,728

   and 111,661,621 shares, respectively

 

 

16,749

 

 

 

16,749

 

Additional paid-in-capital

 

 

1,864,011

 

 

 

1,888,982

 

Retained earnings

 

 

2,528,727

 

 

 

2,078,135

 

Accumulated other comprehensive income

 

 

21,585

 

 

 

27,639

 

Treasury stock, at cost, 7,398,501 and 8,512,584 shares, respectively

 

 

(324,748

)

 

 

(307,739

)

Total equity

 

 

4,791,324

 

 

 

4,238,766

 

Total liabilities and equity

 

$

30,820,334

 

 

$

26,604,254

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

4


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

($ in thousands, except per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

189,239

 

 

$

172,654

 

 

$

598,432

 

 

$

560,780

 

Principal transactions

 

 

118,977

 

 

 

140,883

 

 

 

436,580

 

 

 

445,566

 

Investment banking

 

 

372,279

 

 

 

218,134

 

 

 

1,088,010

 

 

 

614,637

 

Asset management and service fees

 

 

313,862

 

 

 

230,782

 

 

 

887,878

 

 

 

667,496

 

Interest

 

 

141,844

 

 

 

114,411

 

 

 

402,975

 

 

 

403,956

 

Other income

 

 

18,760

 

 

 

20,258

 

 

 

57,629

 

 

 

50,979

 

Total revenues

 

 

1,154,961

 

 

 

897,122

 

 

 

3,471,504

 

 

 

2,743,414

 

Interest expense

 

 

10,023

 

 

 

13,822

 

 

 

38,641

 

 

 

51,263

 

Net revenues

 

 

1,144,938

 

 

 

883,300

 

 

 

3,432,863

 

 

 

2,692,151

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

672,385

 

 

 

533,638

 

 

 

2,062,353

 

 

 

1,657,991

 

Occupancy and equipment rental

 

 

72,160

 

 

 

68,598

 

 

 

215,163

 

 

 

200,935

 

Communications and office supplies

 

 

40,432

 

 

 

40,123

 

 

 

123,565

 

 

 

124,293

 

Commissions and floor brokerage

 

 

14,744

 

 

 

13,254

 

 

 

44,424

 

 

 

43,273

 

Provision for credit losses

 

 

(660

)

 

 

(1,353

)

 

 

(15,564

)

 

 

33,925

 

Other operating expenses

 

 

89,375

 

 

 

70,647

 

 

 

254,503

 

 

 

215,275

 

Total non-interest expenses

 

 

888,436

 

 

 

724,907

 

 

 

2,684,444

 

 

 

2,275,692

 

Income from operations before income tax expense

 

 

256,502

 

 

 

158,393

 

 

 

748,419

 

 

 

416,459

 

Provision for income taxes

 

 

64,126

 

 

 

37,866

 

 

 

184,951

 

 

 

101,456

 

Net income

 

 

192,376

 

 

 

120,527

 

 

 

563,468

 

 

 

315,003

 

Preferred dividends

 

 

9,689

 

 

 

9,897

 

 

 

26,267

 

 

 

19,584

 

Net income available to common shareholders

 

$

182,687

 

 

$

110,630

 

 

$

537,201

 

 

$

295,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.70

 

 

$

1.04

 

 

$

4.99

 

 

$

2.78

 

Diluted

 

$

1.54

 

 

$

0.97

 

 

$

4.54

 

 

$

2.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.15

 

 

$

0.11

 

 

$

0.45

 

 

$

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

107,379

 

 

 

105,941

 

 

 

107,655

 

 

 

106,221

 

Diluted

 

 

118,475

 

 

 

113,775

 

 

 

118,355

 

 

 

113,568

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

5


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

($ in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

192,376

 

 

$

120,527

 

 

$

563,468

 

 

$

315,003

 

Other comprehensive income/(loss), net of tax: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in unrealized gains/(losses) on available-for-sale securities (2)

 

 

2,971

 

 

 

19,123

 

 

 

(2,147

)

 

 

22,467

 

Changes in unrealized losses on cash flow hedging instruments (3)

 

 

 

 

 

(2,968

)

 

 

 

 

 

(651

)

Foreign currency translation adjustment

 

 

(8,652

)

 

 

7,946