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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 June 30, 2024

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 North 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 - August 1, 2024

 

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

 

New York Stock Exchange

 

 

102,512,761

 

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. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” 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

 

 

 


 

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 June 30, 2024 (unaudited) and December 31, 2023

 

3

Consolidated Statements of Operations for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited)

 

4

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited)

 

5

Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited)

 

6

Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and June 30, 2023 (unaudited)

 

8

Notes to Consolidated Financial Statements (unaudited)

 

10

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

 

49

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

 

78

Item 3. Defaults Upon Senior Securities

 

78

Item 4. Mine Safety Disclosures

 

78

Item 5. Other Information

 

78

Item 6. Exhibits

 

79

Signatures

 

80

 

2


 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

STIFEL FINANCIAL CORP.

Consolidated Statements of Financial Condition

 

 

June 30,
2024

 

 

December 31,
2023

 

(in thousands, except share and per share amounts)

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,615,670

 

 

$

3,361,801

 

Cash segregated for regulatory purposes

 

 

41,290

 

 

 

162,048

 

Receivables:

 

 

 

 

 

 

Brokerage clients, net

 

 

840,630

 

 

 

841,507

 

Brokers, dealers, and clearing organizations

 

 

425,218

 

 

 

414,144

 

Securities purchased under agreements to resell

 

 

439,539

 

 

 

349,849

 

Financial instruments owned, at fair value

 

 

1,261,216

 

 

 

918,741

 

Available-for-sale securities, at fair value

 

 

1,583,477

 

 

 

1,551,686

 

Held-to-maturity securities, at amortized cost

 

 

6,059,267

 

 

 

5,888,798

 

Loans:

 

 

 

 

 

 

Held for investment, net

 

 

19,346,967

 

 

 

19,305,805

 

Held for sale, at lower of cost or market

 

 

472,804

 

 

 

423,999

 

Investments, at fair value

 

 

91,465

 

 

 

91,105

 

Fixed assets, net

 

 

325,733

 

 

 

191,528

 

Operating lease right-of-use assets, net

 

 

821,895

 

 

 

778,216

 

Goodwill

 

 

1,388,411

 

 

 

1,388,243

 

Intangible assets, net

 

 

121,231

 

 

 

133,279

 

Loans and advances to financial advisors and other employees, net

 

 

727,105

 

 

 

683,486

 

Deferred tax assets, net

 

 

145,971

 

 

 

121,522

 

Other assets

 

 

1,101,389

 

 

 

1,121,703

 

Total assets

 

$

37,809,278

 

 

$

37,727,460

 

Liabilities

 

 

 

 

 

 

Payables:

 

 

 

 

 

 

Brokerage clients

 

$

508,753

 

 

$

734,821

 

Brokers, dealers, and clearing organizations

 

 

192,847

 

 

 

231,736

 

Drafts

 

 

78,713

 

 

 

117,688

 

Securities sold under agreements to repurchase

 

 

594,820

 

 

 

417,644

 

Bank deposits

 

 

27,139,753

 

 

 

27,334,579

 

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

 

 

634,311

 

 

 

497,741

 

Accrued compensation

 

 

503,960

 

 

 

585,612

 

Lease liabilities, net

 

 

877,849

 

 

 

825,529

 

Accounts payable and accrued expenses

 

 

703,899

 

 

 

512,050

 

Senior notes

 

 

1,116,166

 

 

 

1,115,629

 

Debentures to Stifel Financial Capital Trusts

 

 

60,000

 

 

 

60,000

 

Total liabilities

 

 

32,411,071

 

 

 

32,433,029

 

Equity

 

 

 

 

 

 

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

 

 

685,000

 

 

 

685,000

 

Common stock - $0.15 par value; authorized 194,000,000 shares; issued 111,662,463
   and
111,662,321 shares, respectively

 

 

16,749

 

 

 

16,749

 

Additional paid-in-capital

 

 

1,836,561

 

 

 

1,905,097

 

Retained earnings

 

 

3,521,015

 

 

 

3,398,610

 

Accumulated other comprehensive loss

 

 

(84,781

)

 

 

(74,326

)

Treasury stock, at cost, 9,144,457 and 10,600,793 shares, respectively

 

 

(576,337

)

 

 

(636,699

)

Total equity

 

 

5,398,207

 

 

 

5,294,431

 

Total liabilities and equity

 

$

37,809,278

 

 

$

37,727,460

 

See accompanying Notes to Consolidated Financial Statements.

3


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Operations

(Unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands, except per share amounts)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

183,317

 

 

$

165,358

 

 

$

368,793

 

 

$

334,908

 

Principal transactions

 

 

153,574

 

 

 

105,700

 

 

 

292,588

 

 

 

221,222

 

Investment banking

 

 

233,281

 

 

 

166,825

 

 

 

447,230

 

 

 

378,704

 

Asset management

 

 

380,757

 

 

 

320,264

 

 

 

748,233

 

 

 

635,833

 

Interest

 

 

498,152

 

 

 

482,770

 

 

 

1,004,980

 

 

 

934,334

 

Other income

 

 

16,180

 

 

 

894

 

 

 

21,130

 

 

 

(1,399

)

Total revenues

 

 

1,465,261

 

 

 

1,241,811

 

 

 

2,882,954

 

 

 

2,503,602

 

Interest expense

 

 

247,329

 

 

 

191,090

 

 

 

501,984

 

 

 

346,088

 

Net revenues

 

 

1,217,932

 

 

 

1,050,721

 

 

 

2,380,970

 

 

 

2,157,514

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

722,719

 

 

 

615,667

 

 

 

1,402,414

 

 

 

1,266,857

 

Occupancy and equipment rental

 

 

89,852

 

 

 

84,604

 

 

 

178,564

 

 

 

166,744

 

Communications and office supplies

 

 

48,181

 

 

 

44,969

 

 

 

95,548

 

 

 

91,105

 

Commissions and floor brokerage

 

 

14,383

 

 

 

14,112

 

 

 

30,150

 

 

 

28,552

 

Provision for credit losses

 

 

2,954

 

 

 

7,824

 

 

 

8,222

 

 

 

12,744

 

Other operating expenses

 

 

112,949

 

 

 

102,160

 

 

 

220,487

 

 

 

200,244

 

Total non-interest expenses

 

 

991,038

 

 

 

869,336

 

 

 

1,935,385

 

 

 

1,766,246

 

Income from operations before income tax expense

 

 

226,894

 

 

 

181,385

 

 

 

445,585

 

 

 

391,268

 

Provision for income taxes

 

 

61,600

 

 

 

47,033

 

 

 

116,716

 

 

 

99,377

 

Net income

 

 

165,294

 

 

 

134,352

 

 

 

328,869

 

 

 

291,891

 

Preferred dividends

 

 

9,321

 

 

 

9,320

 

 

 

18,641

 

 

 

18,640

 

Net income available to common shareholders

 

$

155,973

 

 

$

125,032

 

 

$

310,228

 

 

$

273,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.50

 

 

$

1.16

 

 

$

2.98

 

 

$

2.52

 

Diluted

 

$

1.41

 

 

$

1.10

 

 

$

2.82

 

 

$

2.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.42

 

 

$

0.36

 

 

$

0.84

 

 

$

0.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

104,150

 

 

 

107,944

 

 

 

104,217

 

 

 

108,360

 

Diluted

 

 

110,285

 

 

 

113,864

 

 

 

110,156

 

 

 

114,658

 

See accompanying Notes to Consolidated Financial Statements.

 

4


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

165,294

 

 

$

134,352

 

 

$

328,869

 

 

$

291,891

 

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

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(33

)

 

 

(13,651

)

 

 

(8,237

)

 

 

9,059

 

Foreign currency translation adjustment

 

 

(574

)

 

 

957

 

 

 

(2,218

)

 

 

4,386

 

Total other comprehensive income/(loss), net of tax

 

 

(607

)

 

 

(12,694

)

 

 

(10,455

)

 

 

13,445

 

Comprehensive income

 

$

164,687

 

 

$

121,658

 

 

$

318,414

 

 

$

305,336

 

(1)
Net of tax benefits of $0.2 million and $4.4 million for the three months ended June 30, 2024 and 2023, respectively. Net of a tax benefit of $3.7 million and tax expense of 4.6 million for the six months ended June 30, 2024 and 2023, respectively.
(2)
There were no reclassifications to earnings for the six months ended June 30, 2024. There were no reclassifications to earnings for the three months ended June 30, 2023. Net of reclassifications to earnings of realized losses of $5.6 million for the six months ended June 30, 2023.

See accompanying Notes to Consolidated Financial Statements.

5


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

 

 

 

Three Months Ended June 30,

 

(in thousands, except per share amounts)

 

2024

 

 

2023

 

Preferred stock, par value $1.00 per share:

 

 

 

 

 

 

Balance, beginning of period

 

$

685,000

 

 

$

685,000

 

Issuance of preferred stock

 

 

 

 

 

 

Balance, end of period

 

 

685,000

 

 

 

685,000

 

Common stock, par value $0.15 per share:

 

 

 

 

 

 

Balance, beginning of period

 

 

16,749

 

 

 

16,749

 

Issuance of common stock

 

 

 

 

 

 

Balance, end of period

 

 

16,749

 

 

 

16,749

 

Additional paid-in-capital:

 

 

 

 

 

 

Balance, beginning of period

 

 

1,805,717

 

 

 

1,830,637

 

Unit amortization, net of forfeitures

 

 

38,812

 

 

 

37,783

 

Distributions under employee plans

 

 

(7,893

)

 

 

(11,844

)

Other

 

 

(75

)

 

 

2

 

Balance, end of period

 

 

1,836,561

 

 

 

1,856,578

 

Retained earnings:

 

 

 

 

 

 

Balance, beginning of period

 

 

3,414,744

 

 

 

3,209,815

 

Net income

 

 

165,294

 

 

 

134,352

 

Dividends declared:

 

 

 

 

 

 

Common

 

 

(48,812

)

 

 

(43,837

)

Preferred

 

 

(9,321

)

 

 

(9,320

)

Distributions under employee plans

 

 

(885

)

 

 

(6,056

)

Other

 

 

(5

)

 

 

1,823

 

Balance, end of period

 

 

3,521,015

 

 

 

3,286,777

 

Accumulated other comprehensive loss:

 

 

 

 

 

 

Balance, beginning of period

 

 

(84,174

)

 

 

(91,821

)

Unrealized losses on securities, net of tax

 

 

(33

)

 

 

(13,651

)

Foreign currency translation adjustment, net of tax

 

 

(574

)

 

 

957

 

Balance, end of period

 

 

(84,781

)

 

 

(104,515

)

Treasury stock, at cost:

 

 

 

 

 

 

Balance, beginning of period

 

 

(564,095

)

 

 

(322,988

)

Distributions under employee plans

 

 

5,355

 

 

 

12,207

 

Common stock repurchased

 

 

(17,597

)

 

 

(86,821

)

Balance, end of period

 

 

(576,337

)

 

 

(397,602

)

Total Shareholders' Equity

 

$

5,398,207

 

 

$

5,342,987

 

See accompanying Notes to Consolidated Financial Statements.

 

6


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Changes in Shareholders’ Equity (continued)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

(in thousands, except per share amounts)

 

2024

 

 

2023

 

Preferred stock, par value $1.00 per share:

 

 

 

 

 

 

Balance, beginning of period

 

$

685,000

 

 

$

685,000

 

Issuance of preferred stock

 

 

 

 

 

 

Balance, end of period

 

 

685,000

 

 

 

685,000

 

Common stock, par value $0.15 per share:

 

 

 

 

 

 

Balance, beginning of period

 

 

16,749

 

 

 

16,749

 

Issuance of common stock

 

 

 

 

 

 

Balance, end of period

 

 

16,749

 

 

 

16,749

 

Additional paid-in-capital:

 

 

 

 

 

 

Balance, beginning of period

 

 

1,905,097

 

 

 

1,928,069

 

Unit amortization, net of forfeitures

 

 

80,969

 

 

 

77,564

 

Distributions under employee plans

 

 

(149,698

)

 

 

(149,064

)

Other

 

 

193

 

 

 

9

 

Balance, end of period

 

 

1,836,561

 

 

 

1,856,578

 

Retained earnings:

 

 

 

 

 

 

Balance, beginning of period

 

 

3,398,610

 

 

 

3,169,095

 

Net income

 

 

328,869

 

 

 

291,891

 

Dividends declared:

 

 

 

 

 

 

Common

 

 

(97,420

)

 

 

(87,565

)

Preferred

 

 

(18,641

)

 

 

(18,640

)

Distributions under employee plans

 

 

(90,845

)

 

 

(69,829

)

Other

 

 

442

 

 

 

1,825

 

Balance, end of period

 

 

3,521,015

 

 

 

3,286,777

 

Accumulated other comprehensive loss:

 

 

 

 

 

 

Balance, beginning of period

 

 

(74,326

)

 

 

(117,960

)

Unrealized gains/(losses) on securities, net of tax

 

 

(8,237

)

 

 

9,059

 

Foreign currency translation adjustment, net of tax

 

 

(2,218

)

 

 

4,386

 

Balance, end of period

 

 

(84,781

)

 

 

(104,515

)

Treasury stock, at cost:

 

 

 

 

 

 

Balance, beginning of period

 

 

(636,699

)

 

 

(352,482

)

Distributions under employee plans

 

 

138,669

 

 

 

136,222

 

Common stock repurchased

 

 

(78,307

)

 

 

(181,342

)

Balance, end of period

 

 

(576,337

)

 

 

(397,602

)

Total Shareholders' Equity

 

$

5,398,207

 

 

$

5,342,987

 

 

See accompanying Notes to Consolidated Financial Statements.

7


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Cash Flows

(Unaudited)

 

 

Six Months Ended June 30,

 

(in thousands)

 

2024

 

 

2023

 

Cash Flows From Operating Activities: