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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, 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 - July 28, 2022

 

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

 

New York Stock Exchange

 

 

106,144,170

 

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, 2022 (unaudited) and December 31, 2021

 

3

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

 

4

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

 

5

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

 

6

Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and June 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

 

45

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

70

Item 4. Controls and Procedures

 

73

 

 

 

PART II – OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

73

Item 1A. Risk Factors

 

73

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

 

74

Item 3. Defaults Upon Senior Securities

 

74

Item 4. Mine Safety Disclosures

 

74

Item 5. Other Information

 

74

Item 6. Exhibits

 

75

Signatures

 

76

 

2


 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

STIFEL FINANCIAL CORP.

Consolidated Statements of Financial Condition

 

 

 

June 30, 2022

 

 

December 31,
2021

 

(in thousands, except share and per share amounts)

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,577,677

 

 

$

1,963,326

 

Cash segregated for regulatory purposes

 

 

30,161

 

 

 

186,331

 

Receivables:

 

 

 

 

 

 

Brokerage clients, net

 

 

1,344,145

 

 

 

1,152,877

 

Brokers, dealers, and clearing organizations

 

 

377,741

 

 

 

574,256

 

Securities purchased under agreements to resell

 

 

608,051

 

 

 

579,866

 

Financial instruments owned, at fair value

 

 

1,271,032

 

 

 

1,157,004

 

Available-for-sale securities, at fair value

 

 

1,879,904

 

 

 

2,113,893

 

Held-to-maturity securities, at amortized cost

 

 

5,883,448

 

 

 

5,348,558

 

Loans:

 

 

 

 

 

 

Held for investment, net

 

 

18,983,186

 

 

 

16,627,847

 

Held for sale, at lower of cost or market

 

 

288,676

 

 

 

207,715

 

Investments, at fair value

 

 

96,519

 

 

 

117,804

 

Fixed assets, net

 

 

171,155

 

 

 

168,206

 

Operating lease right-of-use assets, net

 

 

762,789

 

 

 

750,734

 

Goodwill

 

 

1,309,292

 

 

 

1,306,892

 

Intangible assets, net

 

 

134,866

 

 

 

148,157

 

Loans and advances to financial advisors and other employees, net

 

 

673,079

 

 

 

653,955

 

Deferred tax assets, net

 

 

147,107

 

 

 

111,283

 

Other assets

 

 

937,613

 

 

 

881,011

 

Total assets

 

$

36,476,441

 

 

$

34,049,715

 

Liabilities

 

 

 

 

 

 

Payables:

 

 

 

 

 

 

Brokerage clients

 

$

866,058

 

 

$

971,924

 

Brokers, dealers, and clearing organizations

 

 

353,638

 

 

 

257,729

 

Drafts

 

 

80,969

 

 

 

122,617

 

Securities sold under agreements to repurchase

 

 

350,206

 

 

 

385,528

 

Bank deposits

 

 

26,009,300

 

 

 

23,280,348

 

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

 

 

811,902

 

 

 

756,150

 

Accrued compensation

 

 

475,938

 

 

 

932,804

 

Accounts payable and accrued expenses

 

 

1,229,677

 

 

 

1,134,178

 

Senior notes

 

 

1,114,016

 

 

 

1,113,478

 

Debentures to Stifel Financial Capital Trusts

 

 

60,000

 

 

 

60,000

 

Total liabilities

 

 

31,351,704

 

 

 

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 111,661,900
   and
111,661,763 shares, respectively

 

 

16,749

 

 

 

16,749

 

Additional paid-in-capital

 

 

1,884,455

 

 

 

1,922,382

 

Retained earnings

 

 

2,948,280

 

 

 

2,757,208

 

Accumulated other comprehensive income/(loss)

 

 

(110,043

)

 

 

4,718

 

Treasury stock, at cost, 5,495,985 and 7,162,850 shares, respectively

 

 

(299,704

)

 

 

(351,098

)

Total equity

 

 

5,124,737

 

 

 

5,034,959

 

Total liabilities and equity

 

$

36,476,441

 

 

$

34,049,715

 

 

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)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

186,681

 

 

$

195,579

 

 

$

382,590

 

 

$

409,193

 

Principal transactions

 

 

125,603

 

 

 

152,597

 

 

 

284,873

 

 

 

317,603

 

Investment banking

 

 

271,075

 

 

 

376,443

 

 

 

525,921

 

 

 

715,731

 

Asset management

 

 

331,264

 

 

 

295,869

 

 

 

672,900

 

 

 

574,016

 

Interest

 

 

212,754

 

 

 

133,591

 

 

 

378,189

 

 

 

261,131

 

Other income

 

 

(1,917

)

 

 

13,235

 

 

 

6,971

 

 

 

38,869

 

Total revenues

 

 

1,125,460

 

 

 

1,167,314

 

 

 

2,251,444

 

 

 

2,316,543

 

Interest expense

 

 

17,334

 

 

 

14,178

 

 

 

26,791

 

 

 

28,618

 

Net revenues

 

 

1,108,126

 

 

 

1,153,136

 

 

 

2,224,653

 

 

 

2,287,925

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

652,709

 

 

 

692,054

 

 

 

1,326,400

 

 

 

1,389,968

 

Occupancy and equipment rental

 

 

78,251

 

 

 

70,971

 

 

 

155,277

 

 

 

143,003

 

Communications and office supplies

 

 

43,645

 

 

 

41,308

 

 

 

86,101

 

 

 

83,133

 

Commissions and floor brokerage

 

 

15,106

 

 

 

13,977

 

 

 

30,993

 

 

 

29,680

 

Provision for credit losses

 

 

12,785

 

 

 

(9,652

)

 

 

21,025

 

 

 

(14,904

)

Other operating expenses

 

 

87,089

 

 

 

80,453

 

 

 

159,207

 

 

 

165,128

 

Total non-interest expenses

 

 

889,585

 

 

 

889,111

 

 

 

1,779,003

 

 

 

1,796,008

 

Income from operations before income tax expense

 

 

218,541

 

 

 

264,025

 

 

 

445,650

 

 

 

491,917

 

Provision for income taxes

 

 

57,725

 

 

 

65,948

 

 

 

111,285

 

 

 

120,825

 

Net income

 

 

160,816

 

 

 

198,077

 

 

 

334,365

 

 

 

371,092

 

Preferred dividends

 

 

9,321

 

 

 

8,289

 

 

 

18,641

 

 

 

16,578

 

Net income available to common shareholders

 

$

151,495

 

 

$

189,788

 

 

$

315,724

 

 

$

354,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.39

 

 

$

1.76

 

 

$

2.89

 

 

$

3.29

 

Diluted

 

$

1.29

 

 

$

1.60

 

 

$

2.68

 

 

$

3.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.30

 

 

$

0.15

 

 

$

0.60

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

109,083

 

 

 

107,837

 

 

 

109,144

 

 

 

107,795

 

Diluted

 

 

117,400

 

 

 

118,602

 

 

 

117,838

 

 

 

118,279

 

 

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)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

160,816

 

 

$

198,077

 

 

$

334,365

 

 

$

371,092

 

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

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(57,699

)

 

 

17,552

 

 

 

(135,530

)

 

 

(5,118

)

Changes in unrealized gains on cash flow hedging instruments

 

 

24,746

 

 

 

 

 

 

38,339

 

 

 

 

Foreign currency translation adjustment

 

 

(14,486

)

 

 

2,409

 

 

 

(17,570

)

 

 

4,745

 

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

 

 

(47,439

)

 

 

19,961

 

 

 

(114,761

)

 

 

(373

)

Comprehensive income

 

$

113,377

 

 

$

218,038