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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, 2023

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 3, 2023

 

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

 

New York Stock Exchange

 

 

101,995,978

 

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, 2023 (unaudited) and December 31, 2022

 

3

Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and September 30, 2022 (unaudited)

 

4

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and September 30, 2022 (unaudited)

 

5

Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2023 and September 30, 2022 (unaudited)

 

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and September 30, 2022 (unaudited)

 

8

Notes to Consolidated Financial Statements (unaudited)

 

10

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

 

47

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

73

Item 4. Controls and Procedures

 

77

 

 

 

PART II – OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

77

Item 1A. Risk Factors

 

77

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

 

77

Item 3. Defaults Upon Senior Securities

 

77

Item 4. Mine Safety Disclosures

 

77

Item 5. Other Information

 

77

Item 6. Exhibits

 

78

Signatures

 

79

 

2

 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

STIFEL FINANCIAL CORP.

Consolidated Statements of Financial Condition

 

 

September 30, 2023

 

 

December 31,
2022

 

(in thousands, except share and per share amounts)

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,768,353

 

 

$

2,199,985

 

Cash segregated for regulatory purposes

 

 

33,399

 

 

 

29,017

 

Receivables:

 

 

 

 

 

 

Brokerage clients, net

 

 

885,674

 

 

 

924,385

 

Brokers, dealers, and clearing organizations

 

 

363,008

 

 

 

418,091

 

Securities purchased under agreements to resell

 

 

412,367

 

 

 

348,162

 

Financial instruments owned, at fair value

 

 

1,056,745

 

 

 

731,752

 

Available-for-sale securities, at fair value

 

 

1,512,233

 

 

 

1,636,041

 

Held-to-maturity securities, at amortized cost

 

 

5,900,379

 

 

 

5,990,451

 

Loans:

 

 

 

 

 

 

Held for investment, net

 

 

20,292,553

 

 

 

20,465,092

 

Held for sale, at lower of cost or market

 

 

142,617

 

 

 

156,912

 

Investments, at fair value

 

 

91,154

 

 

 

99,376

 

Fixed assets, net

 

 

195,987

 

 

 

200,043

 

Operating lease right-of-use assets, net

 

 

786,496

 

 

 

775,949

 

Goodwill

 

 

1,399,129

 

 

 

1,326,548

 

Intangible assets, net

 

 

127,443

 

 

 

130,589

 

Loans and advances to financial advisors and other employees, net

 

 

678,059

 

 

 

654,112

 

Deferred tax assets, net

 

 

198,424

 

 

 

159,207

 

Other assets

 

 

1,033,557

 

 

 

950,412

 

Total assets

 

$

37,877,577

 

 

$

37,196,124

 

Liabilities

 

 

 

 

 

 

Payables:

 

 

 

 

 

 

Brokerage clients

 

$

704,484

 

 

$

770,336

 

Brokers, dealers, and clearing organizations

 

 

217,916

 

 

 

94,954

 

Drafts

 

 

77,432

 

 

 

102,212

 

Securities sold under agreements to repurchase

 

 

408,950

 

 

 

212,011

 

Bank deposits

 

 

27,594,358

 

 

 

27,117,111

 

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

 

 

578,290

 

 

 

454,817

 

Accrued compensation

 

 

448,311

 

 

 

677,376

 

Accounts payable and accrued expenses

 

 

1,429,882

 

 

 

1,264,282

 

Senior notes

 

 

1,115,360

 

 

 

1,114,554

 

Debentures to Stifel Financial Capital Trusts

 

 

60,000

 

 

 

60,000

 

Total liabilities

 

 

32,634,983

 

 

 

31,867,653

 

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 111,662,255
   and 111,662,034 shares, respectively

 

 

16,749

 

 

 

16,749

 

Additional paid-in-capital

 

 

1,885,424

 

 

 

1,928,069

 

Retained earnings

 

 

3,299,143

 

 

 

3,169,095

 

Accumulated other comprehensive loss

 

 

(134,159

)

 

 

(117,960

)

Treasury stock, at cost, 8,541,973 and 6,314,033 shares, respectively

 

 

(509,563

)

 

 

(352,482

)

Total equity

 

 

5,242,594

 

 

 

5,328,471

 

Total liabilities and equity

 

$

37,877,577

 

 

$

37,196,124

 

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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Commissions

 

$

165,075

 

 

$

159,054

 

 

$

499,983

 

 

$

541,644

 

Principal transactions

 

 

114,841

 

 

 

118,379

 

 

 

336,063

 

 

 

403,252

 

Investment banking

 

 

146,887

 

 

 

221,858

 

 

 

525,591

 

 

 

747,779

 

Asset management

 

 

333,127

 

 

 

300,557

 

 

 

968,960

 

 

 

973,457

 

Interest

 

 

505,198

 

 

 

304,195

 

 

 

1,439,532

 

 

 

682,384

 

Other income

 

 

459

 

 

 

852

 

 

 

(940

)

 

 

7,823

 

Total revenues

 

 

1,265,587

 

 

 

1,104,895

 

 

 

3,769,189

 

 

 

3,356,339

 

Interest expense

 

 

220,536

 

 

 

59,756

 

 

 

566,624

 

 

 

86,547

 

Net revenues

 

 

1,045,051

 

 

 

1,045,139

 

 

 

3,202,565

 

 

 

3,269,792

 

Non-interest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

613,287

 

 

 

611,870

 

 

 

1,880,144

 

 

 

1,938,270

 

Occupancy and equipment rental

 

 

84,396

 

 

 

77,230

 

 

 

251,140

 

 

 

232,507

 

Communications and office supplies

 

 

46,215

 

 

 

43,825

 

 

 

137,320

 

 

 

129,926

 

Commissions and floor brokerage

 

 

14,413

 

 

 

13,576

 

 

 

42,965

 

 

 

44,569

 

Provision for credit losses

 

 

9,992

 

 

 

6,453

 

 

 

22,736

 

 

 

27,478

 

Other operating expenses

 

 

167,319

 

 

 

86,416

 

 

 

367,563

 

 

 

245,623

 

Total non-interest expenses

 

 

935,622

 

 

 

839,370

 

 

 

2,701,868

 

 

 

2,618,373

 

Income from operations before income tax expense

 

 

109,429

 

 

 

205,769

 

 

 

500,697

 

 

 

651,419

 

Provision for income taxes

 

 

41,268

 

 

 

54,600

 

 

 

140,645

 

 

 

165,885

 

Net income

 

 

68,161

 

 

 

151,169

 

 

 

360,052

 

 

 

485,534

 

Preferred dividends

 

 

9,321

 

 

 

9,320

 

 

 

27,961

 

 

 

27,961

 

Net income available to common shareholders

 

$

58,840

 

 

$

141,849

 

 

$

332,091

 

 

$

457,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.55

 

 

$

1.30

 

 

$

3.09

 

 

$

4.20

 

Diluted

 

$

0.52

 

 

$

1.21

 

 

$

2.91

 

 

$

3.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.36

 

 

$

0.30

 

 

$

1.08

 

 

$

0.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

106,068

 

 

 

108,767

 

 

 

107,580

 

 

 

109,017

 

Diluted

 

 

113,195

 

 

 

117,218

 

 

 

114,170

 

 

 

117,649

 

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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

68,161

 

 

$

151,169

 

 

$

360,052

 

 

$

485,534

 

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

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(26,172

)

 

 

(54,290

)

 

 

(17,113

)

 

 

(189,820

)

Foreign currency translation adjustment

 

 

(3,472

)

 

 

20,692

 

 

 

914

 

 

 

41,461

 

Total other comprehensive loss, net of tax

 

 

(29,644

)

 

 

(33,598

)

 

 

(16,199

)

 

 

(148,359

)

Comprehensive income

 

$

38,517

 

 

$

117,571

 

 

$

343,853

 

 

$

337,175

 

(1)
Net of tax benefit of $17.9 million and $12.1 million for the three months ended September 30, 2023 and 2022, respectively. Net of tax benefit of $6.3 million and $50.7 million for the nine months ended September 30, 2023 and 2022, respectively.
(2)
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. There were no reclassifications to earnings for the three and nine months ended September 30, 2022.

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)

 

2023

 

 

2022

 

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

 

 

1,856,578

 

 

 

1,884,455

 

Unit amortization, net of forfeitures

 

 

35,862

 

 

 

33,358

 

Distributions under employee plans

 

 

(7,016

)

 

 

(3,300

)

Other

 

 

—

 

 

 

(254

)

Balance, end of period

 

 

1,885,424