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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, 2022

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 - November 4, 2022

 

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

 

New York Stock Exchange

 

 

106,280,628

 

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 September 30, 2022 (unaudited) and December 31, 2021

 

3

Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and September 30, 2021 (unaudited)

 

4

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and September 30, 2021 (unaudited)

 

5

Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2022 and September 30, 2021 (unaudited)

 

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and September 30, 2021 (unaudited)

 

8

Notes to Consolidated Financial Statements (unaudited)

 

10

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

 

46

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

71

Item 4. Controls and Procedures

 

74

 

 

 

PART II – OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

75

Item 1A. Risk Factors

 

75

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

 

75

Item 3. Defaults Upon Senior Securities

 

75

Item 4. Mine Safety Disclosures

 

75

Item 5. Other Information

 

75

Item 6. Exhibits

 

76

Signatures

 

77

 

2


 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

STIFEL FINANCIAL CORP.

Consolidated Statements of Financial Condition

 

 

 

September 30, 2022

 

 

December 31,
2021

 

(in thousands, except share and per share amounts)

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,414,543

 

 

$

1,963,326

 

Cash segregated for regulatory purposes

 

 

31,869

 

 

 

186,331

 

Receivables:

 

 

 

 

 

 

Brokerage clients, net

 

 

1,232,070

 

 

 

1,152,877

 

Brokers, dealers, and clearing organizations

 

 

541,456

 

 

 

574,256

 

Securities purchased under agreements to resell

 

 

541,840

 

 

 

579,866

 

Financial instruments owned, at fair value

 

 

997,686

 

 

 

1,157,004

 

Available-for-sale securities, at fair value

 

 

1,660,847

 

 

 

2,113,893

 

Held-to-maturity securities, at amortized cost

 

 

5,991,450

 

 

 

5,348,558

 

Loans:

 

 

 

 

 

 

Held for investment, net

 

 

20,675,968

 

 

 

16,627,847

 

Held for sale, at lower of cost or market

 

 

234,927

 

 

 

207,715

 

Investments, at fair value

 

 

101,296

 

 

 

117,804

 

Fixed assets, net

 

 

176,547

 

 

 

168,206

 

Operating lease right-of-use assets, net

 

 

772,348

 

 

 

750,734

 

Goodwill

 

 

1,319,963

 

 

 

1,306,892

 

Intangible assets, net

 

 

134,569

 

 

 

148,157

 

Loans and advances to financial advisors and other employees, net

 

 

661,254

 

 

 

653,955

 

Deferred tax assets, net

 

 

169,624

 

 

 

111,283

 

Other assets

 

 

953,806

 

 

 

881,011

 

Total assets

 

$

37,612,063

 

 

$

34,049,715

 

Liabilities

 

 

 

 

 

 

Payables:

 

 

 

 

 

 

Brokerage clients

 

$

881,143

 

 

$

971,924

 

Brokers, dealers, and clearing organizations

 

 

281,422

 

 

 

257,729

 

Drafts

 

 

70,453

 

 

 

122,617

 

Securities sold under agreements to repurchase

 

 

257,759

 

 

 

385,528

 

Bank deposits

 

 

27,190,619

 

 

 

23,280,348

 

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

 

 

637,714

 

 

 

756,150

 

Accrued compensation

 

 

554,446

 

 

 

932,804

 

Accounts payable and accrued expenses

 

 

1,336,872

 

 

 

1,134,178

 

Senior notes

 

 

1,114,285

 

 

 

1,113,478

 

Debentures to Stifel Financial Capital Trusts

 

 

60,000

 

 

 

60,000

 

Total liabilities

 

 

32,384,713

 

 

 

29,014,756

 

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 111,661,967
   and
111,661,763 shares, respectively

 

 

16,749

 

 

 

16,749

 

Additional paid-in-capital

 

 

1,914,259

 

 

 

1,922,382

 

Retained earnings

 

 

3,051,594

 

 

 

2,757,208

 

Accumulated other comprehensive income/(loss)

 

 

(143,641

)

 

 

4,718

 

Treasury stock, at cost, 5,437,439 and 7,162,850 shares, respectively

 

 

(296,611

)

 

 

(351,098

)

Total equity

 

 

5,227,350

 

 

 

5,034,959

 

Total liabilities and equity

 

$

37,612,063

 

 

$

34,049,715

 

 

See accompanying Notes to Consolidated Financial Statements.

3


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands, except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

159,054

 

 

$

189,239

 

 

$

541,644

 

 

$

598,432

 

Principal transactions

 

 

118,379

 

 

 

118,977

 

 

 

403,252

 

 

 

436,580

 

Investment banking

 

 

221,858

 

 

 

372,279

 

 

 

747,779

 

 

 

1,088,010

 

Asset management

 

 

300,557

 

 

 

313,862

 

 

 

973,457

 

 

 

887,878

 

Interest

 

 

304,195

 

 

 

141,844

 

 

 

682,384

 

 

 

402,975

 

Other income

 

 

852

 

 

 

18,760

 

 

 

7,823

 

 

 

57,629

 

Total revenues

 

 

1,104,895

 

 

 

1,154,961

 

 

 

3,356,339

 

 

 

3,471,504

 

Interest expense

 

 

59,756

 

 

 

10,023

 

 

 

86,547

 

 

 

38,641

 

Net revenues

 

 

1,045,139

 

 

 

1,144,938

 

 

 

3,269,792

 

 

 

3,432,863

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

611,870

 

 

 

672,385

 

 

 

1,938,270

 

 

 

2,062,353

 

Occupancy and equipment rental

 

 

77,230

 

 

 

72,160

 

 

 

232,507

 

 

 

215,163

 

Communications and office supplies

 

 

43,825

 

 

 

40,432

 

 

 

129,926

 

 

 

123,565

 

Commissions and floor brokerage

 

 

13,576

 

 

 

14,744

 

 

 

44,569

 

 

 

44,424

 

Provision for credit losses

 

 

6,453

 

 

 

(660

)

 

 

27,478

 

 

 

(15,564

)

Other operating expenses

 

 

86,416

 

 

 

89,375

 

 

 

245,623

 

 

 

254,503

 

Total non-interest expenses

 

 

839,370

 

 

 

888,436

 

 

 

2,618,373

 

 

 

2,684,444

 

Income from operations before income tax expense

 

 

205,769

 

 

 

256,502

 

 

 

651,419

 

 

 

748,419

 

Provision for income taxes

 

 

54,600

 

 

 

64,126

 

 

 

165,885

 

 

 

184,951

 

Net income

 

 

151,169

 

 

 

192,376

 

 

 

485,534

 

 

 

563,468

 

Preferred dividends

 

 

9,320

 

 

 

9,689

 

 

 

27,961

 

 

 

26,267

 

Net income available to common shareholders

 

$

141,849

 

 

$

182,687

 

 

$

457,573

 

 

$

537,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.30

 

 

$

1.70

 

 

$

4.20

 

 

$

4.99

 

Diluted

 

$

1.21

 

 

$

1.54

 

 

$

3.89

 

 

$

4.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.30

 

 

$

0.15

 

 

$

0.90

 

 

$

0.45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

108,767

 

 

 

107,379

 

 

 

109,017

 

 

 

107,655

 

Diluted

 

 

117,218

 

 

 

118,475

 

 

 

117,649

 

 

 

118,355

 

 

See accompanying Notes to Consolidated Financial Statements.

 

4


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

151,169

 

 

$

192,376

 

 

$

485,534

 

 

$

563,468

 

Other comprehensive loss, net of tax: (1)