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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
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
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☐ |
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)
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Delaware |
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43-1273600 |
(State or other jurisdiction of |
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(I.R.S. Employer |
incorporation or organization) |
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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:
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Title of Each Class/ Trading Symbol |
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Name of Each Exchange on Which Registered |
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Shares or principal amount outstanding - August 1, 2024 |
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Common Stock, $0.15 par value per share (SF) |
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New York Stock Exchange |
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102,512,761 |
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Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B (SF-PB) |
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New York Stock Exchange |
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6,400 |
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Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C (SF-PC) |
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New York Stock Exchange |
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9,000 |
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Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D (SF-PD) |
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New York Stock Exchange |
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12,000 |
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5.20% Senior Notes due 2047 (SFB) |
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New York Stock Exchange |
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$ |
225,000,000 |
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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.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
☐ |
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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
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PART I – FINANCIAL INFORMATION |
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Item 1. Financial Statements |
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3 |
Consolidated Statements of Financial Condition as of June 30, 2024 (unaudited) and December 31, 2023 |
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3 |
Consolidated Statements of Operations for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited) |
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4 |
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited) |
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5 |
Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited) |
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6 |
Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and June 30, 2023 (unaudited) |
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8 |
Notes to Consolidated Financial Statements (unaudited) |
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10 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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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 |
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.
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.
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.
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.
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.
STIFEL FINANCIAL CORP.
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|