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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, 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 - November 1, 2024

 

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

 

New York Stock Exchange

 

 

102,352,531

 

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, 2024 (unaudited) and December 31, 2023

 

3

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

 

4

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

 

5

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

 

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and September 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

 

 

September 30,
2024

 

 

December 31,
2023

 

(in thousands, except share and per share amounts)

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,915,767

 

 

$

3,361,801

 

Cash segregated for regulatory purposes

 

 

29,519

 

 

 

162,048

 

Receivables:

 

 

 

 

 

 

Brokerage clients, net

 

 

916,982

 

 

 

841,507

 

Brokers, dealers, and clearing organizations

 

 

560,984

 

 

 

414,144

 

Securities purchased under agreements to resell

 

 

665,067

 

 

 

349,849

 

Financial instruments owned, at fair value

 

 

1,351,298

 

 

 

918,741

 

Available-for-sale securities, at fair value

 

 

1,618,289

 

 

 

1,551,686

 

Held-to-maturity securities, at amortized cost

 

 

6,613,793

 

 

 

5,888,798

 

Loans:

 

 

 

 

 

 

Held for investment, net

 

 

20,167,686

 

 

 

19,305,805

 

Held for sale, at lower of cost or market

 

 

465,739

 

 

 

423,999

 

Investments, at fair value

 

 

93,050

 

 

 

91,105

 

Fixed assets, net

 

 

190,636

 

 

 

191,528

 

Operating lease right-of-use assets, net

 

 

812,659

 

 

 

778,216

 

Goodwill

 

 

1,394,091

 

 

 

1,388,243

 

Intangible assets, net

 

 

117,167

 

 

 

133,279

 

Loans and advances to financial advisors and other employees, net

 

 

702,810

 

 

 

683,486

 

Deferred tax assets, net

 

 

156,439

 

 

 

121,522

 

Other assets

 

 

1,162,528

 

 

 

1,121,703

 

Total assets

 

$

38,934,504

 

 

$

37,727,460

 

Liabilities

 

 

 

 

 

 

Payables:

 

 

 

 

 

 

Brokerage clients

 

$

668,797

 

 

$

734,821

 

Brokers, dealers, and clearing organizations

 

 

210,267

 

 

 

231,736

 

Drafts

 

 

134,430

 

 

 

117,688

 

Securities sold under agreements to repurchase

 

 

657,984

 

 

 

417,644

 

Bank deposits

 

 

28,120,518

 

 

 

27,334,579

 

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

 

 

768,909

 

 

 

497,741

 

Accrued compensation

 

 

613,133

 

 

 

585,612

 

Lease liabilities, net

 

 

872,369

 

 

 

825,529

 

Accounts payable and accrued expenses

 

 

654,605

 

 

 

512,050

 

Senior notes

 

 

616,412

 

 

 

1,115,629

 

Debentures to Stifel Financial Capital Trusts

 

 

60,000

 

 

 

60,000

 

Total liabilities

 

 

33,377,424

 

 

 

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 111,662,525
   and 111,662,321 shares, respectively

 

 

16,749

 

 

 

16,749

 

Additional paid-in-capital

 

 

1,872,468

 

 

 

1,905,097

 

Retained earnings

 

 

3,617,476

 

 

 

3,398,610

 

Accumulated other comprehensive loss

 

 

(40,386

)

 

 

(74,326

)

Treasury stock, at cost, 9,349,460 and 10,600,793 shares, respectively

 

 

(594,227

)

 

 

(636,699

)

Total equity

 

 

5,557,080

 

 

 

5,294,431

 

Total liabilities and equity

 

$

38,934,504

 

 

$

37,727,460

 

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)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

183,445

 

 

$

165,075

 

 

$

552,238

 

 

$

499,983

 

Principal transactions

 

 

137,089

 

 

 

114,841

 

 

 

429,677

 

 

 

336,063

 

Investment banking

 

 

243,182

 

 

 

146,887

 

 

 

690,412

 

 

 

525,591

 

Asset management

 

 

382,616

 

 

 

333,127

 

 

 

1,130,849

 

 

 

968,960

 

Interest

 

 

510,823

 

 

 

505,198

 

 

 

1,515,803

 

 

 

1,439,532

 

Other income

 

 

18,705

 

 

 

459

 

 

 

39,835

 

 

 

(940

)

Total revenues

 

 

1,475,860

 

 

 

1,265,587

 

 

 

4,358,814

 

 

 

3,769,189

 

Interest expense

 

 

251,192

 

 

 

220,536

 

 

 

753,176

 

 

 

566,624

 

Net revenues

 

 

1,224,668

 

 

 

1,045,051

 

 

 

3,605,638

 

 

 

3,202,565

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

718,065

 

 

 

613,287

 

 

 

2,120,479

 

 

 

1,880,144

 

Occupancy and equipment rental

 

 

89,625

 

 

 

84,396

 

 

 

268,189

 

 

 

251,140

 

Communications and office supplies

 

 

48,869

 

 

 

46,215

 

 

 

144,417

 

 

 

137,320

 

Commissions and floor brokerage

 

 

16,239

 

 

 

14,413

 

 

 

46,389

 

 

 

42,965

 

Provision for credit losses

 

 

5,287

 

 

 

9,992

 

 

 

13,509

 

 

 

22,736

 

Other operating expenses

 

 

129,925

 

 

 

167,319

 

 

 

350,412

 

 

 

367,563

 

Total non-interest expenses

 

 

1,008,010

 

 

 

935,622

 

 

 

2,943,395

 

 

 

2,701,868

 

Income from operations before income tax expense

 

 

216,658

 

 

 

109,429

 

 

 

662,243

 

 

 

500,697

 

Provision for income taxes

 

 

58,153

 

 

 

41,268

 

 

 

174,869

 

 

 

140,645

 

Net income

 

 

158,505

 

 

 

68,161

 

 

 

487,374

 

 

 

360,052

 

Preferred dividends

 

 

9,320

 

 

 

9,321

 

 

 

27,961

 

 

 

27,961

 

Net income available to common shareholders

 

$

149,185

 

 

$

58,840

 

 

$

459,413

 

 

$

332,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.43

 

 

$

0.55

 

 

$

4.41

 

 

$

3.09

 

Diluted

 

$

1.34

 

 

$

0.52

 

 

$

4.16

 

 

$

2.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.42

 

 

$

0.36

 

 

$

1.26

 

 

$

1.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

103,966

 

 

 

106,068

 

 

 

104,135

 

 

 

107,580

 

Diluted

 

 

110,994

 

 

 

113,195

 

 

 

110,457

 

 

 

114,170

 

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)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

158,505

 

 

$

68,161

 

 

$

487,374

 

 

$

360,052

 

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

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

39,411

 

 

 

(26,172

)

 

 

31,174

 

 

 

(17,113

)

Foreign currency translation adjustment

 

 

4,984

 

 

 

(3,472

)

 

 

2,766

 

 

 

914

 

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

 

 

44,395

 

 

 

(29,644

)

 

 

33,940

 

 

 

(16,199

)

Comprehensive income

 

$

202,900

 

 

$

38,517

 

 

$

521,314

 

 

$

343,853

 

(1)
Net of a tax expense of $16.3 million and tax benefit of $17.9 million for the three months ended September 30, 2024 and 2023, respectively. Net of a tax expense of $12.2 million and tax benefit of $6.3 million for the nine months ended September 30, 2024 and 2023, respectively.
(2)
There were no reclassifications to earnings for the nine months ended September 30, 2024. There were no reclassifications to earnings for the three months ended September 30, 2023. Net of reclassifications to earnings of realized losses of $5.6 million for the nine months ended September 30, 2023.

See accompanying Notes to Consolidated Financial Statements.

5

 

STIFEL FINANCIAL CORP.

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

 

 

 

Three Months Ended September 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

 

 

1,836,561

 

 

 

1,856,578

 

Unit amortization, net of forfeitures

 

 

38,430

 

 

 

35,862

 

Distributions under employee plans

 

 

(2,610

)

 

 

(7,016

)

Other

 

 

87

 

 

 

—

 

Balance, end of period

 

 

1,872,468

 

 

 

1,885,424

 

Retained earnings:

 

 

 

 

 

 

Balance, beginning of period

 

 

3,521,015

 

 

 

3,286,777

 

Net income

 

 

158,505

 

 

 

68,161

 

Dividends declared:

 

 

 

 

 

 

Common

 

 

(48,707

)

 

 

(43,235

)

Preferred

 

 

(9,320

)

 

 

(9,321

)

Distributions under employee plans

 

 

(1,323

)

 

 

(3,240

)

Other

 

 

(2,694

)

 

 

1

 

Balance, end of period

 

 

3,617,476

 

 

 

3,299,143

 

Accumulated other comprehensive loss:

 

 

 

 

 

 

Balance, beginning of period

 

 

(84,781

)

 

 

(104,515

)

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

 

 

39,411

 

 

 

(26,172

)

Foreign currency translation adjustment, net of tax

 

 

4,984

 

 

 

(3,472

)

Balance, end of period

 

 

(40,386

)

 

 

(134,159

)

Treasury stock, at cost:

 

 

 

 

 

 

Balance, beginning of period

 

 

(576,337

)

 

 

(397,602

)

Distributions under employee plans

 

 

2,332

 

 

 

6,849

 

Common stock repurchased

 

 

(20,222

)

 

 

(118,810

)

Balance, end of period

 

 

(594,227

)

 

 

(509,563

)

Total Shareholders' Equity

 

$

5,557,080

 

 

$

5,242,594

 

See accompanying Notes to Consolidated Financial Statements.

6

 

STIFEL FINANCIAL CORP.

Consolidated Statements of Changes in Shareholders’ Equity (continued)

(Unaudited)

 

 

 

Nine Months Ended September 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

 

 

119,399

 

 

 

113,426

 

Distributions under employee plans

 

 

(152,308

)

 

 

(156,080

)

Other

 

 

280

 

 

 

9

 

Balance, end of period

 

 

1,872,468

 

 

 

1,885,424

 

Retained earnings:

 

 

 

 

 

 

Balance, beginning of period

 

 

3,398,610

 

 

 

3,169,095

 

Net income

 

 

487,374

 

 

 

360,052

 

Dividends declared:

 

 

 

 

 

 

Common

 

 

(146,127

)

 

 

(130,800

)

Preferred

 

 

(27,961

)

 

 

(27,961

)

Distributions under employee plans

 

 

(92,168

)

 

 

(73,069

)

Other

 

 

(2,252

)

 

 

1,826

 

Balance, end of period

 

 

3,617,476

 

 

 

3,299,143

 

Accumulated other comprehensive loss:

 

 

 

 

 

 

Balance, beginning of period

 

 

(74,326

)

 

 

(117,960

)

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

 

 

31,174

 

 

 

(17,113

)

Foreign currency translation adjustment, net of tax

 

 

2,766

 

 

 

914

 

Balance, end of period

 

 

(40,386

)

 

 

(134,159

)

Treasury stock, at cost:

 

 

 

 

 

 

Balance, beginning of period

 

 

(636,699

)

 

 

(352,482

)

Distributions under employee plans

 

 

141,001

 

 

 

143,071

 

Common stock repurchased

 

 

(98,529

)

 

 

(300,152

)

Balance, end of period

 

 

(594,227

)

 

 

(509,563

)

Total Shareholders' Equity

 

$

5,557,080