Stifel Reports Fourth Quarter and Full Year Results
Stifel Financial Corp. (NYSE: SF) reported strong financial results for Q4 and full year 2024. The company achieved record net revenues of $4.97 billion for 2024, up from $4.35 billion in 2023. Q4 2024 net revenues reached $1.36 billion, compared to $1.15 billion in Q4 2023.
Fourth quarter net income available to common shareholders was $234.7 million ($2.09 per diluted share), up from $153.2 million ($1.38 per share) in Q4 2023. Full-year 2024 net income was $694.1 million ($6.25 per diluted share), compared to $485.3 million ($4.28 per share) in 2023.
Key highlights include record client assets of $501.4 billion (up 13%), successful recruitment of 100 financial advisors, and a 10% increase in common stock dividend announced for Q1 2025. Investment banking revenue increased 48% in Q4 2024 compared to Q4 2023, driven by higher advisory and capital raising revenues.
Stifel Financial Corp. (NYSE: SF) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. L'azienda ha raggiunto entrate nette record di 4,97 miliardi di dollari per il 2024, in aumento rispetto ai 4,35 miliardi del 2023. Le entrate nette del quarto trimestre 2024 hanno toccato 1,36 miliardi di dollari, rispetto a 1,15 miliardi nel quarto trimestre 2023.
Il reddito netto per gli azionisti comuni del quarto trimestre è stato di 234,7 milioni di dollari (2,09 dollari per azione diluita), in aumento rispetto ai 153,2 milioni di dollari (1,38 dollari per azione) nel quarto trimestre 2023. Il reddito netto per l'intero anno 2024 è stato di 694,1 milioni di dollari (6,25 dollari per azione diluita), rispetto ai 485,3 milioni di dollari (4,28 dollari per azione) nel 2023.
I punti salienti includono asset dei clienti record di 501,4 miliardi di dollari (in aumento del 13%), il reclutamento di 100 consulenti finanziari e un aumento del 10% del dividendo delle azioni ordinarie annunciato per il primo trimestre 2025. Le entrate bancarie d'investimento sono aumentate del 48% nel quarto trimestre 2024 rispetto al quarto trimestre 2023, sostenute da un aumento delle entrate da consulenza e raccolta di capitali.
Stifel Financial Corp. (NYSE: SF) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. La compañía alcanzó ingresos netos récord de 4.97 mil millones de dólares para 2024, en comparación con 4.35 mil millones en 2023. Los ingresos netos para el cuarto trimestre de 2024 llegaron a 1.36 mil millones de dólares, en comparación con 1.15 mil millones en el cuarto trimestre de 2023.
El ingreso neto para los accionistas comunes del cuarto trimestre fue de 234.7 millones de dólares (2.09 dólares por acción diluida), en aumento desde 153.2 millones de dólares (1.38 dólares por acción) en el cuarto trimestre de 2023. El ingreso neto del año completo 2024 fue de 694.1 millones de dólares (6.25 dólares por acción diluida), comparado con 485.3 millones de dólares (4.28 dólares por acción) en 2023.
Los aspectos más destacados incluyen activos de clientes récord de 501.4 mil millones de dólares (un aumento del 13%), la exitosa contratación de 100 asesores financieros, y un aumento del 10% en el dividendo de acciones comunes anunciado para el primer trimestre de 2025. Los ingresos de banca de inversión aumentaron un 48% en el cuarto trimestre de 2024 en comparación con el cuarto trimestre de 2023, impulsados por mayores ingresos por asesoría y recaudación de capital.
Stifel Financial Corp. (NYSE: SF)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 이 회사는 2024년 49억 7천만 달러의 기록적인 순수익을 달성했으며, 이는 2023년의 43억 5천만 달러에서 증가한 수치입니다. 2024년 4분기 순수익은 13억 6천만 달러에 달했으며, 이는 2023년 4분기의 11억 5천만 달러와 비교됩니다.
4분기에 보통주주에게 배당 가능한 순이익은 2억 3천 470만 달러(주당 2.09 달러)로, 2023년 4분기의 1억 5천 320만 달러(주당 1.38 달러)에서 증가했습니다. 2024년 전체 연도 순이익은 6억 9천 410만 달러(주당 6.25 달러)로, 2023년의 4억 8천 530만 달러(주당 4.28 달러)와 비교됩니다.
주요 하이라이트로는 5천 14억 달러의 기록적인 고객 자산(13% 증가), 100명의 재무 상담사 채용 성공, 그리고 2025년 1분기를 위한 보통주 배당금 10% 증가가 포함됩니다. 2024년 4분기 투자은행 수익은 2023년 4분기 대비 48% 증가했으며, 이는 더 높은 자문 및 자본 모금 수익에 의해 촉발되었습니다.
Stifel Financial Corp. (NYSE: SF) a annoncé de solides résultats financiers pour le quatrième trimestre et l'ensemble de l'année 2024. La société a atteint des revenus nets record de 4,97 milliards de dollars pour 2024, contre 4,35 milliards de dollars en 2023. Les revenus nets pour le quatrième trimestre 2024 se sont élevés à 1,36 milliard de dollars, comparé à 1,15 milliard de dollars au quatrième trimestre 2023.
Le bénéfice net disponible pour les actionnaires ordinaires au quatrième trimestre s'élevait à 234,7 millions de dollars (2,09 dollars par action diluée), en hausse par rapport à 153,2 millions de dollars (1,38 dollar par action) au quatrième trimestre 2023. Le bénéfice net pour l'année complète 2024 était de 694,1 millions de dollars (6,25 dollars par action diluée), contre 485,3 millions de dollars (4,28 dollars par action) en 2023.
Les points saillants incluent des actifs clients records de 501,4 milliards de dollars (en hausse de 13%), le recrutement réussi de 100 conseillers financiers, et une augmentation de 10% du dividende des actions ordinaires annoncée pour le premier trimestre 2025. Les revenus de la banque d'investissement ont augmenté de 48% au quatrième trimestre 2024 par rapport au quatrième trimestre 2023, soutenus par des revenus plus élevés issus des conseils et des levées de fonds.
Stifel Financial Corp. (NYSE: SF) hat für das 4. Quartal und das gesamte Jahr 2024 starke finanzielle Ergebnisse gemeldet. Das Unternehmen erzielte rekordmäßige Nettoerlöse von 4,97 Milliarden US-Dollar für 2024, ein Anstieg von 4,35 Milliarden US-Dollar im Jahr 2023. Die Nettoerlöse im 4. Quartal 2024 beliefen sich auf 1,36 Milliarden US-Dollar, im Vergleich zu 1,15 Milliarden US-Dollar im 4. Quartal 2023.
Der Nettogewinn, der den Stammaktionären zur Verfügung steht, betrug im 4. Quartal 234,7 Millionen US-Dollar (2,09 US-Dollar pro verwässerter Aktie), ein Anstieg von 153,2 Millionen US-Dollar (1,38 US-Dollar pro Aktie) im 4. Quartal 2023. Der Nettogewinn für das Gesamtjahr 2024 betrug 694,1 Millionen US-Dollar (6,25 US-Dollar pro verwässerter Aktie), verglichen mit 485,3 Millionen US-Dollar (4,28 US-Dollar pro Aktie) im Jahr 2023.
Zu den wichtigsten Highlights gehören rekordverdächtige Kundenvermögen von 501,4 Milliarden US-Dollar (Anstieg um 13%), die erfolgreiche Rekrutierung von 100 Finanzberatern und eine Ankündigung einer 10%igen Erhöhung der Dividende für Stammaktien für das 1. Quartal 2025. Die Einnahmen aus Investmentbanking stiegen im 4. Quartal 2024 um 48% im Vergleich zum 4. Quartal 2023, angetrieben durch höhere Beratungs- und Kapitalbeschaffungsumsätze.
- Record net revenues of $4.97 billion in 2024, up 14.3% from 2023
- Q4 net income increased 53.2% to $234.7 million year-over-year
- Record client assets of $501.4 billion, up 13% from 2023
- Investment banking revenue increased 48% in Q4 2024
- 10% increase in common stock dividend announced
- Asset management revenues up 18% over 2023
- Pre-tax margin improved to 20.1% from 17.7% in 2023
- Net interest income decreased 11% year-over-year in Global Wealth Management segment
- Global Wealth Management pre-tax net income decreased 1% from 2023
- Higher litigation-related expenses reported in Global Wealth Management segment
Insights
Stifel's Q4 and full-year 2024 results showcase remarkable financial strength and operational execution. Net revenues reached a record
The Institutional Group's performance was particularly noteworthy, with pre-tax income surging to
Key performance metrics demonstrate enhanced operational efficiency:
- Non-GAAP pre-tax margin expanded to
20.7% in Q4 2024 from19.4% in Q4 2023 - Return on tangible common equity reached
28.3% , up significantly from21.3% - Compensation ratio improved to
58.0% from58.8%
The
Stifel's market position strengthened considerably in 2024, with client assets growing
The wealth management segment's revenue mix shows healthy diversification:
- Asset management revenues increased
23% year-over-year in Q4, reflecting both market appreciation and net inflows - Transactional revenues grew
18% , indicating increased client engagement - Bank loans expanded to
$21.3 billion , supporting stable interest income despite rate pressures
Market share gains in investment banking are evident through the
ST. LOUIS, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net revenues of
Net revenues of
Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel generated record net revenue and the second highest earnings per share in our history in 2024. The fact that we accomplished this level of performance in a year when our Institutional segment was rebounding from a very difficult operating environment in 2023 is a testament to the strength and diversity of our business model. Given our long history of profitable growth, Stifel is well positioned to capitalize on improving market conditions in 2025 and to achieve our short and long term targets.”
Full Year Highlights
- The Company reported record net revenues of
$4.97 billion driven by higher investment banking revenues, asset management revenues, and transactional revenues, partially offset by lower net interest income. - Non-GAAP net income available to common shareholders of
$6.81 . - Record asset management revenues, up
18% over 2023. - Record client assets of
$501.4 billion , up13% over 2023. - Recruited 100 financial advisors during the year, including 34 experienced employee advisors and 12 experienced independent advisors.
- Non-GAAP pre-tax margin of
20% . - Return on average tangible common equity (ROTCE) (5) of
23% . - Tangible book value per common share (7) of
$34.99 , up12% from prior year.
Fourth Quarter Highlights
- Quarterly record net revenues of
$1.36 billion . - Non-GAAP net income available to common shareholders of
$2.23 . - Investment banking revenue increased
48% over the year-ago quarter, driven by higher advisory and capital raising revenues.- Capital raising revenues increased
50% over the year-ago quarter. - Advisory revenues increased
47% over the year-ago quarter.
- Capital raising revenues increased
- Non-GAAP pre-tax margin of
21% . - Annualized ROTCE (5) of
28% .
Other Highlights
- Board of Directors authorized a
10% increase in common stock dividend starting in the first quarter of 2025. - Announced the acquisition of Bryan, Garnier, & Co.
| Financial Summary (Unaudited) | ||||||||
| (000s) | 4Q 2024 | 4Q 2023 | FY 2024 | FY 2023 | ||||
| GAAP Financial Highlights: | ||||||||
| Net revenues | ||||||||
| Net income (1) | ||||||||
| Diluted EPS (1) | ||||||||
| Comp. ratio | ||||||||
| Non-comp. ratio | ||||||||
| Pre-tax margin | ||||||||
| Non-GAAP Financial Highlights: | ||||||||
| Net revenues | ||||||||
| Net income (1) (2) | ||||||||
| Diluted EPS (1) (2) | ||||||||
| Comp. ratio (2) | ||||||||
| Non-comp. ratio (2) | ||||||||
| Pre-tax margin (3) | ||||||||
| ROCE (4) | ||||||||
| ROTCE (5) | ||||||||
| Global Wealth Management (assets and loans in millions) | ||||||||
| Net revenues | ||||||||
| Pre-tax net income | ||||||||
| Total client assets | ||||||||
| Fee-based client assets | ||||||||
| Bank loans, net (6) | ||||||||
| Institutional Group | ||||||||
| Net revenues | ||||||||
| Equity | ||||||||
| Fixed Income | ||||||||
| Pre-tax net income | ||||||||
Global Wealth Management
Fourth Quarter Results
Global Wealth Management reported record net revenues of
Highlights
- Client assets of
$501.4 billion , up13% over the year-ago quarter. - Fee-based client assets of
$192.7 billion , up17% over the year-ago quarter. - Recruited 8 financial advisors during the quarter, including 4 experienced employee advisors with total trailing 12 month production of
$8 million .
Net revenues increased
- Transactional revenues increased
18% over the year-ago quarter reflecting an increase in client activity. - Asset management revenues increased
23% over the year-ago quarter reflecting higher asset values as a result of improved market conditions and net cash inflows. - Net interest income decreased
1% from the year-ago quarter primarily as a result of lower rates, partially offset by balance sheet growth.
Total Expenses:
- Compensation expense as percent of net revenues increased to
48.5% primarily as a result of higher compensable revenues. - Provision for credit losses was primarily impacted by loan growth and a deterioration in certain loans, partially offset by a slightly better macroeconomic forecast.
- Non-compensation operating expenses as a percent of net revenues increased to
14.9% primarily as a result of higher litigation-related expenses and an increase in the provision for credit losses, partially offset by revenue growth.
| Summary Results of Operations | |||||||
| (000s) | 4Q 2024 | 4Q 2023 | |||||
| Net revenues | $865,209 | $766,028 | |||||
| Transactional revenues | 200,564 | 169,471 | |||||
| Asset management | 405,800 | 330,498 | |||||
| Net interest income | 254,337 | 257,920 | |||||
| Investment banking | 5,198 | 4,562 | |||||
| Other income | (690) | 3,577 | |||||
| Total expenses | $548,891 | $464,668 | |||||
| Compensation expense | 419,466 | 359,376 | |||||
| Provision for credit losses | 11,893 | (37) | |||||
| Non-comp. opex | 117,532 | 105,329 | |||||
| Pre-tax net income | $316,318 | $301,360 | |||||
| Compensation ratio | |||||||
| Non-compensation ratio | |||||||
| Pre-tax margin | 36.6% | 39.3% | |||||
Institutional Group
Fourth Quarter Results
Institutional Group reported net revenues of
Highlights
Investment banking revenues increased
- Advisory revenues of
$189.9 million increased47% from the year-ago quarter driven by higher levels of completed advisory transactions. - Fixed income capital raising revenues increased
53% over the year-ago quarter primarily driven by higher bond issuances. - Equity capital raising revenues increased
52% over the year-ago quarter driven by higher volumes.
Fixed income transactional revenues increased
- Fixed income transactional revenues increased from the year-ago quarter driven by improved client engagement and realized trading gains.
Equity transactional revenues increased
- Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions.
Total Expenses:
- Compensation expense as a percent of net revenues decreased to
58.6% primarily as a result of higher revenues. - Non-compensation operating expenses as a percent of net revenues decreased to
21.4% primarily as a result of revenue growth.
| Summary Results of Operations | |||||||
| (000s) | 4Q 2024 | 4Q 2023 | |||||
| Net revenues | $478,335 | $359,292 | |||||
| Investment banking | 299,221 | 201,102 | |||||
| Advisory | 189,912 | 129,378 | |||||
| Fixed income capital raising | 61,424 | 40,214 | |||||
| Equity capital raising | 47,885 | 31,510 | |||||
| Fixed income transactional | 118,700 | 102,019 | |||||
| Equity transactional | 59,409 | 56,501 | |||||
| Other | 1,005 | (330) | |||||
| Total expenses | $382,654 | $351,521 | |||||
| Compensation expense | 280,261 | 248,970 | |||||
| Non-comp. opex. | 102,393 | 102,551 | |||||
| Pre-tax net income | $95,681 | $7,771 | |||||
| Compensation ratio | |||||||
| Non-compensation ratio | |||||||
| Pre-tax margin | 20.0% | 2.2% | |||||
Global Wealth Management
Full Year Results
Global Wealth Management reported record net revenues of
Highlights
- Recruited 100 financial advisors during the year, including 34 experienced employee advisors and 12 experienced independent advisors with total trailing 12 month production of
$37 million .
Net revenues increased
- Transactional revenues increased
15% from prior year reflecting an increase in client activity. - Asset management revenues increased
18% from prior year reflecting higher asset values as a result of improved market conditions and net cash inflows. - Net interest income decreased
11% from prior year primarily driven by changes in the deposit mix, partially offset by lending growth and higher rates.
Total Expenses:
- Compensation expense as a percent of net revenues increased to
48.9% primarily as a result of higher compensable revenues. - Provision for credit losses was primarily impacted by loan growth and a deterioration in certain loans, partially offset by a slightly better macroeconomic forecast.
- Non-compensation operating expenses as a percent of net revenues increased to
14.3% primarily as a result of higher litigation-related expenses and an increase in the provision for credit losses, partially offset by revenue growth.
| Summary Results of Operations | |||||||
| (000s) | FY 2024 | FY 2023 | |||||
| Net revenues | $3,283,960 | $3,049,962 | |||||
| Transactional revenues | 752,352 | 654,231 | |||||
| Asset management | 1,536,296 | 1,299,361 | |||||
| Net interest income | 967,712 | 1,086,628 | |||||
| Investment banking | 21,475 | 16,680 | |||||
| Other income | 6,125 | (6,938) | |||||
| Total expenses | $2,076,018 | $1,834,140 | |||||
| Compensation expense | 1,605,148 | 1,415,210 | |||||
| Provision for credit losses | 25,102 | 22,699 | |||||
| Non-comp. opex | 445,768 | 396,231 | |||||
| Pre-tax net income | $1,207,942 | $1,215,822 | |||||
| Compensation ratio | |||||||
| Non-compensation ratio | |||||||
| Pre-tax margin | 36.8% | 39.9% | |||||
Institutional Group
Full Year Results
Institutional Group reported net revenues of
Highlights
Investment banking revenues increased
- Advisory revenues of
$577.4 million increased24% from prior year driven by higher levels of completed advisory transactions. - Fixed income capital raising revenues increased
48% from prior year driven by an increase in our corporate debt issuance business. - Equity capital raising revenues increased
74% from prior year driven by higher volumes.
Fixed income transactional revenues increased
- Fixed income transactional revenues increased from prior year driven by improved client engagement, market volatility, and realized trading gains.
Equity transactional revenues increased
- Equity transactional revenues increased from prior year driven by an increase in equities trading commissions.
Total Expenses:
- Compensation expense as a percent of net revenues decreased to
60.2% primarily as a result of higher revenues. - Non-compensation operating expenses as a percent of net revenues decreased to
25.8% as a result of revenue growth and expense discipline.
| Summary Results of Operations | |||||||
| (000s) | FY 2024 | FY 2023 | |||||
| Net revenues | $1,592,833 | $1,226,317 | |||||
| Investment banking | 973,356 | 714,575 | |||||
| Advisory | 577,432 | 465,588 | |||||
| Fixed income capital raising | 209,047 | 141,647 | |||||
| Equity capital raising | 186,877 | 107,340 | |||||
| Fixed income transactional | 393,013 | 308,393 | |||||
| Equity transactional | 215,223 | 201,413 | |||||
| Other | 11,241 | 1,936 | |||||
| Total expenses | $1,369,433 | $1,224,217 | |||||
| Compensation expense | 959,602 | 841,671 | |||||
| Non-comp. opex. | 409,831 | 382,546 | |||||
| Pre-tax net income | $223,400 | $2,100 | |||||
| Compensation ratio | |||||||
| Non-compensation ratio | |||||||
| Pre-tax margin | 14.0% | 0.2% | |||||
Other Matters
Highlights
- Total assets increased
$2.1 billion , or6% , over the year-ago quarter. - The Board of Directors approved a
10% increase in the quarterly dividend to$0.46 per common share starting in the first quarter of 2025. - The Company repurchased
$45.5 million of its outstanding common stock during the fourth quarter. During 2024, the Company repurchased$242.6 million of its outstanding common stock. - Weighted average diluted shares outstanding increased from the year-ago quarter as a result of the increase in share price and a decrease in share repurchases over the comparable period.
- The effective tax rate was primarily impacted by the benefit related to the tax impact on stock-based compensation.
- The Board of Directors declared a
$0.42 quarterly dividend per share payable on December 16, 2024 to common shareholders of record on December 2, 2024. - The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on December 16, 2024 to shareholders of record on December 2, 2024.
| 4Q 2024 | 4Q 2023 | FY 2024 | FY 2023 | |||||||||
| Common stock repurchases | ||||||||||||
| Repurchases (000s) | ||||||||||||
| Number of shares (000s) | 408 | 2,345 | 3,140 | 8,475 | ||||||||
| Average price | ||||||||||||
| Period end shares (000s) | 102,171 | 101,062 | 102,171 | 101,062 | ||||||||
| Weighted average diluted shares outstanding (000s) | 112,089 | 111,330 | 110,975 | 113,453 | ||||||||
| Effective tax rate | 8.3% | 21.2% | ||||||||||
| Stifel Financial Corp. (8) | ||||||||||||
| Tier 1 common capital ratio | ||||||||||||
| Tier 1 risk based capital ratio | ||||||||||||
| Tier 1 leverage capital ratio | ||||||||||||
| Tier 1 capital (MM) | ||||||||||||
| Risk weighted assets (MM) | ||||||||||||
| Average assets (MM) | ||||||||||||
| Quarter end assets (MM) | ||||||||||||
| Agency | Rating | Outlook | ||||||||||
| Fitch Ratings | BBB+ | Stable | ||||||||||
| S&P Global Ratings | BBB | Stable | ||||||||||
Conference Call Information
Stifel Financial Corp. will host its fourth quarter and full year 2024 financial results conference call on Wednesday, January 29, 2025, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.
All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.
Company Information
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.
A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.
The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.
Cautionary Note Regarding Forward-Looking Statements
This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Summary Results of Operations (Unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| (000s, except per share amounts) | 12/31/2024 | 12/31/2023 | % Change | 9/30/2024 | % Change | 12/31/2024 | 12/31/2023 | % Change | ||||||||
| Revenues: | ||||||||||||||||
| Commissions | $ | 203,786 | $ | 173,614 | 17.4 | $ | 183,445 | 11.1 | $ | 756,024 | $ | 673,597 | 12.2 | |||
| Principal transactions | 174,887 | 154,377 | 13.3 | 137,089 | 27.6 | 604,564 | 490,440 | 23.3 | ||||||||
| Investment banking | 304,419 | 205,664 | 48.0 | 243,182 | 25.2 | 994,831 | 731,255 | 36.0 | ||||||||
| Asset management | 405,825 | 330,536 | 22.8 | 382,616 | 6.1 | 1,536,674 | 1,299,496 | 18.3 | ||||||||
| Other income | 3,294 | 9,687 | (66.0 | ) | 18,705 | (82.4 | ) | 43,129 | 8,747 | 393.1 | ||||||
| Operating revenues | 1,092,211 | 873,878 | 25.0 | 965,037 | 13.2 | 3,935,222 | 3,203,535 | 22.8 | ||||||||
| Interest revenue | 500,661 | 516,213 | (3.0 | ) | 510,823 | (2.0 | ) | 2,016,464 | 1,955,745 | 3.1 | ||||||
| Total revenues | 1,592,872 | 1,390,091 | 14.6 | 1,475,860 | 7.9 | 5,951,686 | 5,159,280 | 15.4 | ||||||||
| Interest expense | 228,190 | 243,712 | (6.4 | ) | 251,192 | (9.2 | ) | 981,366 | 810,336 | 21.1 | ||||||
| Net revenues | 1,364,682 | 1,146,379 | 19.0 | 1,224,668 | 11.4 | 4,970,320 | 4,348,944 | 14.3 | ||||||||
| Non-interest expenses: | ||||||||||||||||
| Compensation and benefits | 795,750 | 674,437 | 18.0 | 718,065 | 10.8 | 2,916,229 | 2,554,581 | 14.2 | ||||||||
| Non-compensation operating expenses | 302,731 | 265,947 | 13.8 | 289,945 | 4.4 | 1,125,647 | 1,087,671 | 3.5 | ||||||||
| Total non-interest expenses | 1,098,481 | 940,384 | 16.8 | 1,008,010 | 9.0 | 4,041,876 | 3,642,252 | 11.0 | ||||||||
| Income before income taxes | 266,201 | 205,995 | 29.2 | 216,658 | 22.9 | 928,444 | 706,692 | 31.4 | ||||||||
| Provision for income taxes | 22,196 | 43,511 | (49.0 | ) | 58,153 | (61.8 | ) | 197,065 | 184,156 | 7.0 | ||||||
| Net income | 244,005 | 162,484 | 50.2 | 158,505 | 53.9 | 731,379 | 522,536 | 40.0 | ||||||||
| Preferred dividends | 9,320 | 9,320 | 0.0 | 9,320 | 0.0 | 37,281 | 37,281 | 0.0 | ||||||||
| Net income available to common shareholders | $ | 234,685 | $ | 153,164 | 53.2 | $ | 149,185 | 57.3 | $ | 694,098 | $ | 485,255 | 43.0 | |||
| Earnings per common share: | ||||||||||||||||
| Basic | $ | 2.26 | $ | 1.47 | 53.7 | $ | 1.43 | 58.0 | $ | 6.67 | $ | 4.55 | 46.6 | |||
| Diluted | $ | 2.09 | $ | 1.38 | 51.4 | $ | 1.34 | 56.0 | $ | 6.25 | $ | 4.28 | 46.0 | |||
| Cash dividends declared per common share | $ | 0.42 | $ | 0.36 | 16.7 | $ | 0.42 | 0.0 | $ | 1.68 | $ | 1.44 | 16.7 | |||
| Weighted average number of common shares outstanding: | ||||||||||||||||
| Basic | 103,856 | 103,934 | (0.1 | ) | 103,966 | (0.1 | ) | 104,066 | 106,661 | (2.4 | ) | |||||
| Diluted | 112,089 | 111,330 | 0.7 | 110,994 | 1.0 | 110,975 | 113,453 | (2.2 | ) | |||||||
Non-GAAP Financial Measures (9)
| Three Months Ended | Year Ended | |||||||||||
| (000s, except per share amounts) | 12/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | ||||||||
| GAAP net income | $244,005 | $731,379 | ||||||||||
| Preferred dividend | 9,320 | 9,320 | 37,281 | 37,281 | ||||||||
| Net income available to common shareholders | 234,685 | 153,164 | 694,098 | 485,255 | ||||||||
| Non-GAAP adjustments: | ||||||||||||
| Merger-related (10) | 16,820 | 16,921 | 60,745 | 63,222 | ||||||||
| Restructuring and severance (11) | (430) | — | 10,792 | — | ||||||||
| Provision for income taxes (12) | (1,365) | (3,498) | (9,739) | (16,953) | ||||||||
| Total non-GAAP adjustments | 15,025 | 13,423 | 61,798 | 46,269 | ||||||||
| Non-GAAP net income available to common shareholders | $249,710 | $755,896 | ||||||||||
| Weighted average diluted shares outstanding | 112,089 | 111,330 | 110,975 | 113,453 | ||||||||
| GAAP earnings per diluted common share | $2.18 | $6.59 | ||||||||||
| Non-GAAP adjustments | 0.14 | 0.12 | 0.56 | 0.40 | ||||||||
| Non-GAAP earnings per diluted common share | $2.32 | $7.15 | ||||||||||
| GAAP earnings per diluted common share available to common shareholders | $2.09 | $6.25 | ||||||||||
| Non-GAAP adjustments | 0.14 | 0.12 | 0.56 | 0.40 | ||||||||
| Non-GAAP earnings per diluted common share available to common shareholders | $2.23 | $6.81 | ||||||||||
GAAP to Non-GAAP Reconciliation (9)
| Three Months Ended | Year Ended | |||||||||||
| (000s) | 12/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023 | ||||||||
| GAAP compensation and benefits | ||||||||||||
| As a percentage of net revenues | ||||||||||||
| Non-GAAP adjustments: | ||||||||||||
| Merger-related (10) | (4,641) | (9,203) | (22,039) | (32,150) | ||||||||
| Restructuring and severance (11) | 430 | — | (10,792) | — | ||||||||
| Total non-GAAP adjustments | (4,211) | (9,203) | (32,831) | (32,150) | ||||||||
| Non-GAAP compensation and benefits | ||||||||||||
| As a percentage of non-GAAP net revenues | ||||||||||||
| GAAP non-compensation expenses | ||||||||||||
| As a percentage of net revenues | ||||||||||||
| Non-GAAP adjustments: | ||||||||||||
| Merger-related (10) | (12,140) | (7,678) | (37,975) | (31,058) | ||||||||
| Non-GAAP non-compensation expenses | ||||||||||||
| As a percentage of non-GAAP net revenues | ||||||||||||
| Total adjustments | $16,390 | $16,921 | $71,537 | $63,222 | ||||||||
Footnotes
(1) Represents available to common shareholders.
(2) Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
(3) Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
(4) Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
(5) Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was
(6) Includes loans held for sale.
(7) Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.
(8) Capital ratios are estimates at time of the Company’s earnings release, January 29, 2025.
(9) The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.
(10) Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
(11) The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
(12) Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.
Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations
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