8-K

STIFEL FINANCIAL CORP.

(Registrant)

Date: January 26, 2022

/s/ James M. Marischen

James M. Marischen

Chief Financial Officer

Exhibit 99.1

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Stifel Reports Record Fourth Quarter and Full Year Results

ST. LOUIS, MO, January 26, 2022 – Stifel Financial Corp. (NYSE: SF) today reported record net revenues of $1.3 billion for the three months ended December 31, 2021, compared with $1.1 billion a year ago. Net income available to common shareholders was $252.1 million, or $2.12 per diluted common share, compared with $180.8 million, or $1.55 per diluted common share for the fourth quarter of 2020. Non-GAAP net income available to common shareholders of $265.4 million, or $2.23 per diluted common share for the fourth quarter of 2021.

Record net revenues of $4.7 billion for the year ended December 31, 2021 compared to $3.8 billion a year ago. Net income available to common shareholders of $789.3 million, or $6.66 per diluted common share, compared with $476.2 million, or $4.16 per diluted common share in 2020. Non-GAAP net income available to common shareholders of $839.5 million, or $7.08 per diluted common share in 2021.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “2021 was an outstanding year for our firm as we delivered our 26^th consecutive year of record net revenue, our fifth straight year of record earnings per share, and we generated a non-GAAP return on tangible common equity of 31% for the year. Each of our operating segments posted record results as the growth of our product offering has made us increasingly relevant to both wealth management and institutional clients. As I look forward, the outlook for Stifel remains as strong as I’ve seen in my 25 year tenure as CEO.”

Full Year Highlights

•

26^th consecutive year of record net revenues of $4.7 billion, increased 26% over 2020.

•

Record non-GAAP net income available to common shareholders of $7.08, up 55% over 2021.

•

Record investment banking revenues, up 64% over 2020.

•

Recruited 121 financial advisors during the year, including 114 employee advisors and 7 independent advisors.

•

Bank loans up $5.3 billion, or 46%, from prior year.

•

Record non-GAAP pre-tax margin of 24% driven by revenue growth and expense discipline.

•

Return on average tangible common equity (ROTCE) ⁽⁵⁾ was 31%.

Fourth Quarter Highlights

•

Record quarterly net revenues, up 23% over the year-ago quarter.

•

Record non-GAAP net income available to common shareholders of $2.23, up 34% over the year ago quarter.

•

Record investment banking revenues, up 41% the year-ago quarter.

•

Recruited 34 financial advisors during the quarter, including 27 employee advisors and 7 independent advisors.

•

Bank loans up $3.2 billion, or 23%, sequentially.

•

Record non-GAAP pre-tax margin of 26%.

•

Annualized ROTCE ⁽⁵⁾ of 37%.

Other Highlights

•

Record client assets, up 22% from the prior year.

•

Closed the Vining Sparks acquisition during the fourth quarter.

•

Board of Directors authorized a 100% increase in common stock dividend starting in the first quarter of 2022.


Financial Summary (Unaudited)
($ in 000s)	4Q 2021			4Q 2020			FY 2021			FY 2020
GAAP Financial Highlights:
Net revenues	$	1,304,225		$	1,059,910		$	4,737,088		$	3,752,061
Net income ⁽¹⁾	$	252,070		$	180,792		$	789,271		$	476,211
Diluted EPS ⁽¹⁾	$	2.12		$	1.55		$	6.66		$	4.16
Comp. ratio		58.1	%		58.6	%		59.5	%		60.7	%
Non-comp. ratio		17.5	%		19.3	%		18.0	%		21.9	%
Pre-tax margin		24.4	%		22.1	%		22.5	%		17.4	%
Non-GAAP Financial Highlights:
Net revenues	$	1,304,225		$	1,059,883		$	4,737,241		$	3,752,213
Net income ^(1) (2)	$	265,388		$	195,054		$	839,533		$	522,847
Diluted EPS ^(1) (2)	$	2.23		$	1.67		$	7.08		$	4.56
Comp. ratio ⁽²⁾		57.5	%		57.9	%		59.0	%		59.9	%
Non-comp. ratio ⁽²⁾		16.8	%		18.3	%		17.1	%		21.1	%
Pre-tax margin ⁽³⁾		25.7	%		23.8	%		23.9	%		19.0	%
ROCE ⁽⁴⁾		25.0	%		21.6	%		21.0	%		15.4	%
ROTCE ⁽⁵⁾		36.6	%		33.3	%		30.9	%		24.7	%
*Global Wealth Management (assets and loans in millions***)
Net revenues	$	674,242		$	575,252		$	2,598,837		$	2,190,826
Pre-tax net income	$	232,298		$	196,462		$	914,953		$	725,884
Total client assets	$	435,978		$	357,429
Fee-based client assets	$	162,428		$	129,372
Bank loans ⁽⁶⁾	$	16,836		$	11,558
Institutional Group
Net revenues	$	633,263		$	489,448		$	2,152,439		$	1,583,147
Equity	$	442,865		$	325,357		$	1,453,959		$	930,982
Fixed Income	$	190,398		$	164,091		$	698,480		$	652,165
Pre-tax net income	$	175,163		$	123,655		$	558,937		$	325,285

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

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Global Wealth Management

Fourth Quarter Results

Global Wealth Management reported record net revenues of $674.2 million for the three months ended December 31, 2021 compared with $575.3 million during the fourth quarter of 2020. Pre-tax net income was $232.3 million compared with $196.5 million in the fourth quarter of 2020.

Highlights

•

Recruited 34 financial advisors during the quarter, including 27 employee advisors, of which 16 were experienced advisors, and 7 independent advisors, with total trailing 12 month production of $16 million.

•

Record client assets of $436.0 billion, up 22% over the year-ago quarter.

•

Record fee-based client assets of $162.4 billion, up 26% over the year-ago quarter.

•

Bank loans of $16.8 billion, up 23% over the third quarter of 2021.

Net revenues increased 17% from a year ago:

•

Asset management revenues increased 28% over the year-ago quarter reflecting higher asset values and strong fee-based asset flows.

•

Transactional revenues increased 5% over the year-ago quarter reflecting strong client activity during the quarter.

•

Net interest income increased 26% over the year-ago quarter driven by higher bank lending.

Total Expenses:

•

Compensation expense as percent of net revenues decreased to 51.8% primarily as a result of a change in the revenue mix (higher net interest income) from the year ago quarter.

•

Provision for credit losses was impacted by provisions related to the growth in the loan portfolio partially offset by reserve reductions as a result of an improved macroeconomic environment.

•

Non-compensation operating expenses as a percent of net revenues increased to 13.7% primarily as a result of higher allocable expenses during the fourth quarter of 2021.


Summary Results of Operations
($ in 000s)	4Q 2021			4Q 2020
Net revenues	$	674,242		$	575,252
Asset management		318,612			249,907
Transactional revenues		194,927			185,719
Net interest income		138,891			110,521
Investment banking		11,183			9,562
Other income		10,629			19,543

Total expenses	$	441,944		$	378,790
Compensation expense		349,428			303,961
Provision for credit losses		4,062			—
Non-comp. opex		88,454			74,829

Pre-tax net income	$	232,298		$	196,462

Compensation ratio		51.8	%		52.8	%
Non-compensation ratio		13.7	%		13.0	%
Pre-tax margin		34.5	%		34.2	%

Stifel Financial Corp. | Page 2

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Institutional Group

Fourth Quarter Results

Institutional Group reported record net revenues of $633.3 million for the three months ended December 31, 2021 compared with $489.4 million during the fourth quarter of 2020. Pre-tax net income was $175.2 million compared with $123.7 million in the fourth quarter of 2020.

Highlights

•

Investment banking pipeline at record levels.

•

Pre-tax margin of 28%, up from 25% in the year-ago quarter.

Investment banking revenues increased 42% from a year ago:

•

Advisory revenues of $310.7 million increased 79% over the year-ago quarter on higher completed advisory transactions and increased private placement fees.

•

Equity capital raising revenues decreased 13% from the year-ago quarter due to lower volumes.

•

Fixed income capital raising revenues increased 28% over the year-ago quarter driven by an increase in public finance, as well as an increase in our corporate debt issuance business.

Equity transactional revenues decreased 5% from a year ago:

•

Equity transactional revenues declined from the year-ago quarter due to declines in cash equities and lower trading gains.

Fixed income transactional revenues increased 8% from a year ago:

•

Fixed income transactional revenues increased from the year-ago quarter driven by the Vining Sparks acquisition, which closed on November 1, 2021, and an increase in trading gains.

Total Expenses:

•

Compensation expense as percent of net revenues remained consistent with the year ago quarter.

•

Non-compensation operating expenses as a percent of net revenues decreased to 14.3% as a result of expense discipline and revenue growth.


Summary Results of Operations
($ in 000s)	4Q 2021			4Q 2020
Net revenues	$	633,263		$	489,448
Investment banking		466,188			328,109
Advisory		310,718			173,399
Equity capital raising		90,595			104,097
Fixed income capital raising		64,875			50,613
Equity transactional		65,797			69,201
Fixed income transactional		94,926			87,664
Other		6,352			4,474

Total expenses	$	458,100		$	365,793
Compensation expense		367,439			284,607
Non-comp. opex.		90,661			81,186

Pre-tax net income	$	175,163		$	123,655

Compensation ratio		58.0	%		58.1	%
Non-compensation ratio		14.3	%		16.6	%
Pre-tax margin		27.7	%		25.3	%

Stifel Financial Corp. | Page 3

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Global Wealth Management

Full Year Results

Global Wealth Management reported record net revenues of $2.6 billion for the year ended December 31, 2021 compared with $2.2 billion in 2020. Pre-tax net income was $915.0 million compared with $725.9 million in 2020.

Highlights

•

Recruited 121 financial advisors during the year with total trailing 12 month production of $77 million.

•

Pre-tax margin of 35%, up from 33% in 2020.

Net revenues increased 19% from a year ago:

•

Asset management revenues increased 32% from a year ago reflecting higher asset values and strong fee-based asset flows.

•

Transactional revenues increased 13% from a year ago reflecting strong client activity during the year.

•

Net interest income increased 7% from a year ago driven by higher bank lending.

Total Expenses:

•

Compensation expense as percent of net revenues increased to 52.7% primarily as a result of higher compensable revenues.

•

Provision for credit losses decreased from a year ago as a result of reserve reductions driven by an improved macroeconomic environment and a release related to loans sold at a premium during 2021 partially offset by provisions related to the growth of the loan portfolio during the year.

•

Non-compensation operating expenses as a percent of net revenues decreased to 12.1% primarily as a result of expense discipline and higher revenues.


Summary Results of Operations
($ in 000s)	FY 2021			FY 2020
Net revenues	$	2,598,837		$	2,190,826
Asset management		1,206,406			917,353
Transactional revenues		774,965			687,348
Net interest income		511,693			478,948
Investment banking		48,210			36,024
Other income		57,563			71,153

Total expenses	$	1,683,884		$	1,464,942
Compensation expense		1,370,308			1,138,525
Provision for credit losses		(11,502	)		33,542
Non-comp. opex		325,078			292,875

Pre-tax net income	$	914,953		$	725,884

Compensation ratio		52.7	%		52.0	%
Non-compensation ratio		12.1	%		14.9	%
Pre-tax margin		35.2	%		33.1	%

Stifel Financial Corp. | Page 4

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Institutional Group

Full Year Results

Institutional Group reported record net revenues of $2.2 billion for the year ended December 31, 2021 compared with $1.6 billion in 2020. Pre-tax net income was $558.9 million compared with $325.3 million in 2020.

Highlights

•

Pre-tax margin of 26%, up from 21% in 2020.

Investment banking revenues increased 66% from a year ago:

•

Advisory revenues of $856.1 million increased 100% from a year ago on higher completed advisory transactions and increased private placement fees. The growth in advisory revenue underscores the diversity of the business and the investments made across multiple products and verticals.

•

Equity capital raising revenues increased 42% from a year ago driven by higher volumes.

•

Fixed income capital raising revenues increased 25% from a year ago driven by an increase in public finance, as well as an increase in our corporate debt issuance business.

Equity transactional revenues decreased 1% from a year ago:

•

Equity transactional revenues declined from a year ago due to declines in cash equities driven by lower volatility and volumes partially offset by an increase in trading gains.

Fixed income transactional revenues decreased 11% from a year ago:

•

Fixed income transactional revenues decreased from a year ago due to due to lower volumes as well as tighter credit spreads, partially offset by revenues from the Vining Sparks acquisition.

Total Expenses:

•

Compensation expense as percent of net revenues decreased to 58.1% as a result of lower compensable revenues.

•

Non-compensation operating expenses as a percent of net revenues decreased to 15.9% as a result of expense discipline and revenue growth.


Summary Results of Operations
($ in 000s)	FY 2021			FY 2020
Net revenues	$	2,152,439		$	1,583,147
Investment banking		1,517,171			916,284
Advisory		856,083			428,132
Equity capital raising		434,238			306,031
Fixed income capital raising		226,850			182,121
Equity transactional		254,684			256,793
Fixed income transactional		361,014			404,789
Other		19,570			5,281

Total expenses	$	1,593,502		$	1,257,862
Compensation expense		1,251,595			942,769
Non-comp. opex.		341,907			315,093

Pre-tax net income	$	558,937		$	325,285

Compensation ratio		58.1	%		59.6	%
Non-compensation ratio		15.9	%		19.9	%
Pre-tax margin		26.0	%		20.5	%

Stifel Financial Corp. | Page 5

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Other Matters

Highlights

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Total assets increased $7.4 billion, or 28%, over the year-ago quarter and 11% sequentially.

•

Tangible book value per common share of $28.26 ⁽⁷⁾, up 20% from prior year.

•

The Board of Directors approved a 100% increase in the quarterly dividend to $0.30 per common share starting in the first quarter of 2022.

•

The Company repurchased $86.3 million of its outstanding common stock during the fourth quarter. During 2021, the Company repurchased $172.7 million of its outstanding common stock.

•

The Board of Directors declared a $0.15 quarterly dividend per share payable on December 15, 2021 to common shareholders of record on December 1, 2021.

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The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on December 15, 2021 to shareholders of record on December 1, 2021.


	4Q 2021			4Q 2020			FY 2021			FY 2020
Common stock repurchases
Repurchases ($ in 000s)	$	86,295		$	1,744		$	172,741		$	58,261
Number of shares (000s)		1,168			38			2,484			1,747
Average price	$	73.86		$	45.37		$	69.53		$	33.35
Period end shares (000s)		104,499			103,149			104,499			103,149
Effective tax rate		18.0	%		19.7	%		22.7	%		22.7	%
Stifel Financial Corp. Capital ⁽⁸⁾
Tier 1 common capital ratio		15.2	%		16.5	%
Tier 1 risk based capital ratio		18.7	%		20.2	%
Tier 1 leverage capital ratio		11.7	%		11.9	%
Tier 1 capital ($MM)	$	3,624		$	2,926
Risk weighted assets ($MM)	$	19,366		$	14,490
Average assets ($MM)	$	30,930		$	24,605
Quarter end assets ($MM)	$	34,050		$	26,604

Agency	Rating			Outlook
Fitch Ratings		BBB			Positive
S&P Global Ratings		BBB-			Positive

Stifel Financial Corp. | Page 6

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Conference Call Information

Stifel Financial Corp. will host its fourth quarter 2021 financial results conference call on Wednesday, January 26, 2022, 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 (877) 876-9938 and referencing conference ID 4799655. 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 business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. 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, 2020. 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.

Statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position and liquidity may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected.

Stifel Financial Corp. | Page 7

Summary Results of Operations (Unaudited)


	Three Months Ended												Year Ended
($ in 000s, except per share amounts)	12/31/2021		12/31/2020		% Change			9/30/2021		% Change			12/31/2021		12/31/2020		% Change
Revenues:
Commissions	$	211,068	$	199,847		5.6		$	189,239		11.5		$	809,500	$	760,627		6.4
Principal transactions		144,584		142,737		1.3			118,977		21.5			581,164		588,303		(1.2	)
Investment banking		477,371		337,671		41.4			372,279		28.2			1,565,381		952,308		64.4
Asset management		318,638		249,928		27.5			313,862		1.5			1,206,516		917,424		31.5
Other income		14,496		24,366		(40.5	)		18,760		(22.7	)		72,125		75,345		(4.3	)

Operating revenues		1,166,157		954,549		22.2			1,013,117		15.1			4,234,686		3,294,007		28.6
Interest revenue		145,425		119,876		21.3			141,844		2.5			548,400		523,832		4.7

Total revenues		1,311,582		1,074,425		22.1			1,154,961		13.6			4,783,086		3,817,839		25.3
Interest expense		7,357		14,515		(49.3	)		10,023		(26.6	)		45,998		65,778		(30.1	)

Net revenues		1,304,225		1,059,910		23.1			1,144,938		13.9			4,737,088		3,752,061		26.3
Non-interest expenses:
Compensation and benefits		757,948		621,344		22.0			672,385		12.7			2,820,301		2,279,335		23.7
Non-compensation operating expenses		227,615		203,865		11.6			216,051		5.4			849,706		821,566		3.4

Total non-interest expenses		985,563		825,209		19.4			888,436		10.9			3,670,007		3,100,901		18.4

Income before income taxes		318,662		234,701		35.8			256,502		24.2			1,067,081		651,160		63.9
Provision for income taxes		57,272		46,232		23.9			64,126		(10.7	)		242,223		147,688		64.0

Net income		261,390		188,469		38.7			192,376		35.9			824,858		503,472		63.8
Preferred dividends		9,320		7,677		21.4			9,689		(3.8	)		35,587		27,261		30.5

Net income available to common shareholders	$	252,070	$	180,792		39.4		$	182,687		38.0		$	789,271	$	476,211		65.7

Earnings per common share:
Basic	$	2.35	$	1.70		38.2		$	1.70		38.2		$	7.34	$	4.49		63.5
Diluted	$	2.12	$	1.55		36.8		$	1.54		37.7		$	6.66	$	4.16		60.1
Cash dividends declared per common share	$	0.15	$	0.11		36.4		$	0.15		—		$	0.60	$	0.45		33.3
Weighted average number of common shares outstanding:
Basic		107,185		106,041		1.1			107,379		(0.2	)		107,536		106,174		1.3
Diluted		118,959		116,828		1.8			118,475		0.4			118,530		114,573		3.5

Stifel Financial Corp. | Page 8

Non-GAAP Financial Measures ⁽⁹⁾


	Three Months Ended						Year Ended
($ in 000s, except per share amounts)	12/31/2021			12/31/2020			12/31/2021			12/31/2020
GAAP net income	$	261,390		$	188,469		$	824,858		$	503,472
Preferred dividend		9,320			7,677			35,587			27,261

Net income available to common shareholders		252,070			180,792			789,271			476,211

Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		16,234			17,706			65,314			60,464
Provision for income taxes ⁽¹¹⁾		(2,916	)		(3,444	)		(15,052	)		(13,828	)

Total non-GAAP adjustments		13,318			14,262			50,262			46,636

Non-GAAP net income available to common shareholders	$	265,388		$	195,054		$	839,533		$	522,847

Weighted average diluted shares outstanding		118,959			116,828			118,530			114,573

GAAP earnings per diluted common share	$	2.20		$	1.61		$	6.96		$	4.39
Non-GAAP adjustments		0.11			0.13			0.42			0.41

Non-GAAP earnings per diluted common share	$	2.31		$	1.74		$	7.38		$	4.80

GAAP earnings per diluted common share available to common shareholders	$	2.12		$	1.55		$	6.66		$	4.16
Non-GAAP adjustments		0.11			0.12			0.42			0.40

Non-GAAP earnings per diluted common share available to common shareholders	$	2.23		$	1.67		$	7.08		$	4.56

GAAP to Non-GAAP Reconciliation ⁽⁹⁾


	Three Months Ended						Year Ended
($ in 000s)	12/31/2021			12/31/2020			12/31/2021			12/31/2020
GAAP compensation and benefits	$	757,948		$	621,344		$	2,820,301		$	2,279,335
As a percentage of net revenues		58.1	%		58.6	%		59.5	%		60.7	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(8,019	)		(7,352	)		(26,092	)		(30,259	)

Non-GAAP compensation and benefits	$	749,929		$	613,992		$	2,794,209		$	2,249,076

As a percentage of non-GAAP net revenues		57.5	%		57.9	%		59.0	%		59.9	%

GAAP non-compensation expenses	$	227,615		$	203,865		$	849,706		$	821,566
As a percentage of net revenues		17.5	%		19.3	%		18.0	%		21.9	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(8,215	)		(10,381	)		(39,069	)		(30,053	)

Non-GAAP non-compensation expenses	$	219,400		$	193,484		$	810,637		$	791,513

As a percentage of non-GAAP net revenues		16.8	%		18.3	%		17.1	%		21.1	%
Total merger-related expenses	$	16,234		$	17,706		$	65,314		$	60,464

Stifel Financial Corp. | Page 9

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 merger-related expenses (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”), a non-GAAP financial measure, is calculated by dividing annualized net income applicable to common shareholders by average tangible common 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 $56.3 million and $50.7 million as of December 31, 2021 and 2020, respectively.

⁽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 as of the date of the earnings release, January 26, 2022.

⁽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⁾	Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

Stifel Financial Corp. | Page 10

Exhibit 99.2

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Fourth Quarter 2021 Earnings Results


Quarterly Financial Supplement	Page

Consolidated Financial Highlights		2

GAAP Consolidated Results of Operations		3

Non-GAAP Consolidated Results of Operations		4

Consolidated Financial Summary		5

Consolidated Financial Information and Metrics		6

Regulatory Capital		7

Global Wealth Management - Summary Results of Operations		8

Global Wealth Management - Statistical Information		9

Institutional Group - Summary Results of Operations		10

Stifel Bancorp - Financial Information and Credit Metrics		11

Loans and Lending Commitments - Allowance for Credit Losses		12

Consolidated Net Interest Income		13

Stifel Bancorp Net Interest Income		14

GAAP to Core Reconciliation		15

Footnotes		16

Disclaimer and Legal Notice		17


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 1 of 17

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Consolidated Financial Highlights


	Three Months Ended												Year Ended
(Unaudited, $ in 000s except per share information)	12/31/2021		12/31/2020		% Change			9/30/2021		% Change			12/31/2021		12/31/2020		% Change
Net revenues	$	1,304,225	$	1,059,910		23.1	%	$	1,144,938		13.9	%	$	4,737,088	$	3,752,061		26.3	%
Net income	$	261,390	$	188,469		38.7	%	$	192,376		35.9	%	$	824,858	$	503,472		63.8	%
Preferred dividends		9,320		7,677		21.4	%		9,689		(3.8	%)		35,587		27,261		30.5	%

Net income available to common shareholders	$	252,070	$	180,792		39.4	%	$	182,687		38.0	%	$	789,271	$	476,211		65.7	%
Earnings per diluted common share	$	2.20	$	1.61		36.6	%	$	1.62		35.8	%	$	6.96	$	4.39		58.5	%
Earnings per diluted common share available to common shareholders	$	2.12	$	1.55		36.8	%	$	1.54		37.7	%	$	6.66	$	4.16		60.1	%
Non-GAAP financial summary (1):
Net revenues	$	1,304,225	$	1,059,883		23.1	%	$	1,144,938		13.9	%	$	4,737,241	$	3,752,213		26.3	%
Net income	$	274,708	$	202,731		35.5	%	$	205,342		33.8	%	$	875,120	$	550,108		59.1	%
Preferred dividends		9,320		7,677		21.4	%		9,689		(3.8	%)		35,587		27,261		30.5	%

Net income available to common shareholders	$	265,388		195,054		36.1	%		195,653		35.6	%		839,533		522,847		60.6	%
Earnings per diluted common share	$	2.31	$	1.74		32.8	%	$	1.73		33.5	%	$	7.38	$	4.80		53.8	%
Earnings per diluted common share available to common shareholders	$	2.23	$	1.67		33.5	%	$	1.65		35.2	%	$	7.08	$	4.56		55.3	%

Weighted average number of common shares outstanding
Basic		107,185		106,041		1.1	%		107,379		(0.2	%)		107,536		106,174		1.3	%
Diluted		118,959		116,828		1.8	%		118,475		0.4	%		118,530		114,573		3.5	%
Period end common shares outstanding		104,499		103,149		1.3	%		104,263		0.2	%		104,499		103,149		1.3	%
Cash dividends declared per common share	$	0.15	$	0.11		36.4	%	$	0.15		0.0	%	$	0.60	$	0.45		33.3	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 2 of 17

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GAAP Results of Operations (Unaudited)


	Three Months Ended													Year Ended
($ in 000s except per share information)	12/31/2021		12/31/2020		% Change			9/30/2021			% Change			12/31/2021			12/31/2020		% Change
Revenues:
Commissions	$	211,068	$	199,847		5.6	%	$	189,239			11.5	%	$	809,500		$	760,627		6.4	%
Principal transactions		144,584		142,737		1.3	%		118,977			21.5	%		581,164			588,303		(1.2	%)

Transactional revenues		*355,652*		342,584		3.8	%		308,216			15.4	%		*1,390,664*			1,348,930		3.1	%
Capital raising		166,591		164,276		1.4	%		164,061			1.5	%		709,236			524,161		35.3	%
Advisory		310,780		173,395		79.2	%		208,218			49.3	%		856,145			428,147		100.0	%

Investment banking		*477,371*		337,671		41.4	%		372,279			28.2	%		*1,565,381*			952,308		64.4	%
Asset management		318,638		249,928		27.5	%		313,862			1.5	%		1,206,516			917,424		31.5	%
Other income		14,496		24,366		(40.5	%)		18,760			(22.7	%)		72,125			75,345		(4.3	%)

Operating revenues		1,166,157		954,549		22.2	%		1,013,117			15.1	%		4,234,686			3,294,007		28.6	%
Interest revenue		145,425		119,876		21.3	%		141,844			2.5	%		548,400			523,832		4.7	%

Total revenues		1,311,582		1,074,425		22.1	%		1,154,961			13.6	%		4,783,086			3,817,839		25.3	%
Interest expense		7,357		14,515		(49.3	%)		10,023			(26.6	%)		45,998			65,778		(30.1	%)

Net revenues		1,304,225		1,059,910		23.1	%		1,144,938			13.9	%		4,737,088			3,752,061		26.3	%

Non-interest expenses:
Compensation and benefits		757,948		621,344		22.0	%		672,385			12.7	%		2,820,301			2,279,335		23.7	%
Occupancy and equipment rental		75,080		73,729		1.8	%		72,160			4.0	%		290,243			274,664		5.7	%
Communication and office supplies		41,925		40,443		3.7	%		40,432			3.7	%		165,490			164,736		0.5	%
Commissions and floor brokerage		15,257		12,687		20.3	%		14,744			3.5	%		59,681			55,960		6.6	%
Provision for credit losses		4,062		—		nm			(660	)		nm			(11,502	)		33,925		(133.9	%)
Other operating expenses		91,291		77,006		18.6	%		89,375			2.1	%		345,794			292,281		18.3	%

Total non-interest expenses		985,563		825,209		19.4	%		888,436			10.9	%		3,670,007			3,100,901		18.4	%
Income before income taxes		318,662		234,701		35.8	%		256,502			24.2	%		1,067,081			651,160		63.9	%
Provision for income taxes		57,272		46,232		23.9	%		64,126			(10.7	%)		242,223			147,688		64.0	%

Net income		261,390		188,469		38.7	%		192,376			35.9	%		824,858			503,472		63.8	%
Preferred dividends		9,320		7,677		21.4	%		9,689			(3.8	%)		35,587			27,261		30.5	%

Net income available to common shareholders	$	252,070	$	180,792		39.4	%	$	182,687			38.0	%	$	789,271		$	476,211		65.7	%

Earnings per common share:
Basic	$	2.35	$	1.70		38.2	%	$	1.70			38.2	%	$	7.34		$	4.49		63.5	%
Diluted	$	2.12	$	1.55		36.8	%	$	1.54			37.7	%	$	6.66		$	4.16		60.1	%
Weighted average number of common shares outstanding:
Basic		107,185		106,041		1.1	%		107,379			(0.2	%)		107,536			106,174		1.3	%
Diluted		118,959		116,828		1.8	%		118,475			0.4	%		118,530			114,573		3.5	%
Cash dividends declared per common share	$	0.15	$	0.11		36.4	%	$	0.15			0.0	%	$	0.60		$	0.45		33.3	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 3 of 17

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Non-GAAP Results of Operations (Unaudited)


	Three Months Ended													Year Ended
($ in 000s except per share information)	12/31/2021		12/31/2020		% Change			9/30/2021			% Change			12/31/2021			12/31/2020		% Change
Revenues:
Commissions	$	211,068	$	199,847		5.6	%	$	189,239			11.5	%	$	809,500		$	760,627		6.4	%
Principal transactions		144,584		142,737		1.3	%		118,977			21.5	%		581,164			588,303		(1.2	%)

Transactional revenues		*355,652*		342,584		3.8	%		308,216			15.4	%		*1,390,664*			1,348,930		3.1	%
Capital raising		166,591		164,276		1.4	%		164,061			1.5	%		709,236			524,161		35.3	%
Advisory		310,780		173,395		79.2	%		208,218			49.3	%		856,145			428,147		100.0	%

Investment banking		*477,371*		337,671		41.4	%		372,279			28.2	%		*1,565,381*			952,308		64.4	%
Asset management		318,638		249,928		27.5	%		313,862			1.5	%		1,206,516			917,424		31.5	%
Other income		14,496		24,339		(40.4	%)		18,760			(22.7	%)		72,153			75,497		(4.4	%)

Operating revenues		1,166,157		954,522		22.2	%		1,013,117			15.1	%		4,234,714			3,294,159		28.6	%
Interest revenue		145,425		119,876		21.3	%		141,844			2.5	%		548,400			523,832		4.7	%

Total revenues		1,311,582		1,074,398		22.1	%		1,154,961			13.6	%		4,783,114			3,817,991		25.3	%
Interest expense		7,357		14,515		(49.3	%)		10,023			(26.6	%)		45,873			65,778		(30.3	%)

Net revenues		1,304,225		1,059,883		23.1	%		1,144,938			13.9	%		4,737,241			3,752,213		26.3	%

Non-interest expenses:
Compensation and benefits		749,929		613,992		22.1	%		666,605			12.5	%		2,794,209			2,249,076		24.2	%
Occupancy and equipment rental		75,062		72,009		4.2	%		72,129			4.1	%		290,130			272,261		6.6	%
Communication and office supplies		41,925		40,200		4.3	%		40,432			3.7	%		165,414			163,990		0.9	%
Commissions and floor brokerage		15,257		12,687		20.3	%		14,744			3.5	%		59,681			55,960		6.6	%
Provision for credit losses		4,062		—		nm			(660	)		nm			(11,502	)		33,925		(133.9	%)
Other operating expenses		83,094		68,588		21.1	%		77,903			6.7	%		306,914			265,377		15.7	%

Total non-interest expenses		969,329		807,476		20.0	%		871,153			11.3	%		3,604,846			3,040,589		18.6	%
Income before income taxes		334,896		252,407		32.7	%		273,785			22.3	%		1,132,395			711,624		59.1	%
Provision for income taxes		60,188		49,676		21.2	%		68,443			(12.1	%)		257,275			161,516		59.3	%

Net income		274,708		202,731		35.5	%		205,342			33.8	%		875,120			550,108		59.1	%
Preferred dividends		9,320		7,677		21.4	%		9,689			(3.8	%)		35,587			27,261		30.5	%

Net income available to common shareholders	$	265,388	$	195,054		36.1	%	$	195,653			35.6	%	$	839,533		$	522,847		60.6	%

Earnings per common share:
Basic	$	2.48	$	1.84		34.8	%	$	1.82			36.3	%	$	7.81		$	4.92		58.7	%
Diluted	$	2.23	$	1.67		33.5	%	$	1.65			35.2	%	$	7.08		$	4.56		55.3	%
Weighted average number of common shares outstanding:
Basic		107,185		106,041		1.1	%		107,379			(0.2	%)		107,536			106,174		1.3	%
Diluted		118,959		116,828		1.8	%		118,475			0.4	%		118,530			114,573		3.5	%
Cash dividends declared per common share	$	0.15	$	0.11		36.4	%	$	0.15			0.0	%	$	0.60		$	0.45		33.3	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 4 of 17

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Consolidated Financial Summary


	Three Months Ended															Year Ended
(Unaudited, $ in 000s except percentages)	12/31/2021			12/31/2020			% Change			9/30/2021			% Change			12/31/2021			12/31/2020			% Change
Net revenues:
Global Wealth Management	$	674,242		$	575,252			17.2	%	$	655,533			2.9	%	$	2,598,837		$	2,190,826			18.6	%
Institutional Group		633,263			489,448			29.4	%		492,284			28.6	%		2,152,439			1,583,147			36.0	%
Other		(3,280	)		(4,790	)		nm			(2,879	)		nm			(14,188	)		(21,912	)		nm

Total net revenues	$	1,304,225		$	1,059,910			23.1	%	$	1,144,938			13.9	%	$	4,737,088		$	3,752,061			26.3	%
Operating expenses:
Global Wealth Management	$	441,944		$	378,790			16.7	%	$	423,414			4.4	%	$	1,683,884		$	1,464,942			14.9	%
Institutional Group		458,100			365,793			25.2	%		367,192			24.8	%		1,593,502			1,257,862			26.7	%
Other		85,519			80,626			6.1	%		97,830			(12.6	%)		392,621			378,097			3.8	%

Total operating expenses	$	985,563		$	825,209			19.4	%	$	888,436			10.9	%	$	3,670,007		$	3,100,901			18.4	%
Operating contribution:
Global Wealth Management	$	232,298		$	196,462			18.2	%	$	232,119			0.1	%	$	914,953		$	725,884			26.0	%
Institutional Group		175,163			123,655			41.7	%		125,092			40.0	%		558,937			325,285			71.8	%
Other		(88,799	)		(85,416	)		4.0	%		(100,709	)		(11.8	%)		(406,809	)		(400,009	)		1.7	%

Income before income taxes	$	318,662		$	234,701			35.8	%	$	256,502			24.2	%	$	1,067,081		$	651,160			63.9	%
Financial ratios:
Compensation and benefits		58.1	%		58.6	%		(50	)		58.7	%		(60	)		59.5	%		60.7	%		(120	)
Non-compensation operating expenses		17.5	%		19.3	%		(180	)		18.9	%		(140	)		18.0	%		21.9	%		(390	)
Income before income taxes		24.4	%		22.1	%		230			22.4	%		200			22.5	%		17.4	%		510
Effective tax rate		18.0	%		19.7	%		(170	)		25.0	%		(700	)		22.7	%		22.7	%		—


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 5 of 17

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Consolidated Financial Information and Metrics

	Three Months Ended
(Unaudited, $ in 000s except percentages and per share data)	12/31/2021			12/31/2020			% Change			9/30/2021			% Change
Financial Information:
Total assets	$	34,049,715		$	26,604,254			28.0	%	$	30,820,334			10.5	%
Total shareholders’ equity	$	5,034,959		$	4,238,766			18.8	%	$	4,791,324			5.1	%
Total common equity	$	4,349,959		$	3,703,766			17.4	%	$	4,106,324			5.9	%
Goodwill and intangible assets	$	(1,455,049	)	$	(1,322,982	)		10.0	%	$	(1,310,038	)		11.1	%
DTL on goodwill and intangible assets	$	58,126		$	51,189			13.6	%	$	55,430			4.9	%

Tangible common equity	$	2,953,036		$	2,431,973			21.4	%	$	2,851,716			3.6	%
Preferred equity	$	685,000		$	535,000			28.0	%	$	685,000			0.0	%

Financial Metrics:
Book value per common share (2)	$	41.63		$	35.91			15.9	%	$	39.38			5.7	%
Tangible book value per common share (2)	$	28.26		$	23.58			19.8	%	$	27.35			3.3	%
Return on common equity (3)		23.7	%		20.0	%					17.9	%
Non-GAAP return on common equity (1)(3)		25.0	%		21.6	%					19.2	%
Return on tangible common equity (4)		34.7	%		30.8	%					25.9	%
Non-GAAP return on tangible common equity (1)(4)		36.6	%		33.3	%					27.7	%
Pre-tax margin on net revenues		24.4	%		22.1	%					22.4	%
Non-GAAP pre-tax margin on net revenues (1)		25.7	%		23.8	%					23.9	%
Effective tax rate		18.0	%		19.7	%					25.0	%
Non-GAAP effective tax rate (1)		18.0	%		19.7	%					25.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 6 of 17

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Regulatory Capital

	Three Months Ended
(Unaudited, $ in 000s except percentages)	12/31/2021			12/31/2020			% Change			9/30/2021			% Change
SF Regulatory Capital (5):
Common equity tier 1 capital	$	2,938,955		$	2,391,296			22.9	%	$	2,816,734			4.3	%
Tier 1 capital	$	3,623,955		$	2,926,296			23.8	%	$	3,501,734			3.5	%
Risk-weighted assets	$	19,366,321		$	14,489,828			33.7	%	$	16,993,177			14.0	%
Common equity tier 1 capital ratio		15.2	%		16.5	%					16.6	%
Tier 1 risk based capital ratio		18.7	%		20.2	%					20.6	%
Tier 1 leverage capital ratio		11.7	%		11.9	%					12.0	%
Stifel Bank & Trust Regulatory Capital (5):
Common equity tier 1 capital	$	1,274,994		$	1,029,659			23.8	%	$	1,145,805			11.3	%
Tier 1 capital	$	1,274,994		$	1,029,659			23.8	%	$	1,145,805			11.3	%
Risk-weighted assets	$	12,001,325		$	8,994,589			33.4	%	$	10,727,146			11.9	%
Common equity tier 1 capital ratio		10.6	%		11.4	%					10.7	%
Tier 1 risk based capital ratio		10.6	%		11.4	%					10.7	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.0	%
Stifel Bank Regulatory Capital (5):
Common equity tier 1 capital	$	302,231		$	209,795			44.1	%	$	309,150			(2.2	%)
Tier 1 capital	$	302,231		$	209,795			44.1	%	$	309,150			(2.2	%)
Risk-weighted assets	$	2,197,216		$	1,269,379			73.1	%	$	1,480,711			48.4	%
Common equity tier 1 capital ratio		13.8	%		16.5	%					20.9	%
Tier 1 risk based capital ratio		13.8	%		16.5	%					20.9	%
Tier 1 leverage capital ratio		7.1	%		7.3	%					7.1	%
Stifel Net Capital (5):
Net capital	$	614,200		$	487,700			25.9	%	$	654,900			(6.2	%)
Excess net capital	$	584,800		$	463,300			26.2	%	$	628,600			(7.0	%)


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 7 of 17

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Global Wealth Management - Summary Results of Operations

	Three Months Ended															Year Ended
(Unaudited, $ in 000s except percentages)	12/31/2021			12/31/2020			% Change			9/30/2021			% Change			12/31/2021			12/31/2020			% Change
Revenues:
Commissions	$	146,335		$	139,594			4.8	%	$	133,998			9.2	%	$	567,491		$	513,247			10.6	%
Principal transactions		48,592			46,125			5.3	%		50,074			(3.0	%)		207,474			174,101			19.2	%

Transactional revenues		194,927			185,719			5.0	%		184,072			5.9	%		774,965			687,348			12.7	%
Asset management		318,612			249,907			27.5	%		313,838			1.5	%		1,206,406			917,353			31.5	%
Net interest		138,891			110,521			25.7	%		130,341			6.6	%		511,693			478,948			6.8	%
Investment banking (6)		11,183			9,562			17.0	%		11,580			(3.4	%)		48,210			36,024			33.8	%
Other income		10,629			19,543			(45.6	%)		15,702			(32.3	%)		57,563			71,153			(19.1	%)

Net revenues		674,242			575,252			17.2	%		655,533			2.9	%		2,598,837			2,190,826			18.6	%
Non-interest expenses:
Compensation and benefits		349,428			303,961			15.0	%		342,792			1.9	%		1,370,308			1,138,525			20.4	%
Non-compensation operating expenses		92,516			74,829			23.6	%		80,622			14.8	%		313,576			326,417			(3.9	%)

Total non-interest expenses		441,944			378,790			16.7	%		423,414			4.4	%		1,683,884			1,464,942			14.9	%

Income before income taxes	$	232,298		$	196,462			18.2	%	$	232,119			0.1	%	$	914,953		$	725,884			26.0	%

As a percentage of net revenues:
Compensation and benefits		51.8	%		52.8	%		(100	)		52.3	%		(50	)		52.7	%		52.0	%		70
Non-compensation operating expenses		13.7	%		13.0	%		70			12.3	%		140			12.1	%		14.9	%		(280	)
Income before income taxes		34.5	%		34.2	%		30			35.4	%		(90	)		35.2	%		33.1	%		210


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 8 of 17

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Global Wealth Management - Statistical Information

	Three Months Ended
(Unaudited, $ in 000s except financial advisors and locations)	12/31/2021			12/31/2020			% Change			9/30/2021			% Change
Financial advisors		2,227			2,187			1.8	%		2,212			0.7	%
Independent contractors		91			93			(2.2	%)		90			1.1	%

Total financial advisors		2,318			2,280			1.7	%		2,302			0.7	%
Locations (7)		396			392			1.0	%		391			1.3	%
Total client assets	$	435,978,000		$	357,429,000			22.0	%	$	406,959,000			7.1	%
Fee-based client assets	$	162,428,000		$	129,372,000			25.6	%	$	150,472,000			7.9	%
Transactional assets	$	273,550,000		$	228,057,000			19.9	%	$	256,487,000			6.7	%
Client money market and insured product	$	27,881,000		$	22,837,000			22.1	%	$	24,974,000			11.6	%
Secured client lending (8)	$	3,892,609		$	2,816,973			38.2	%	$	3,588,799			8.5	%
Asset Management Revenue ($ in 000s):
Private Client Group (9)	$	270,685		$	208,238			30.0	%	$	267,300			1.3	%
Asset Management		34,179			28,298			20.8	%		33,145			3.1	%
Third-party Bank Sweep Program		862			2,782			(69.0	%)		791			9.0	%
Other (10)		12,912			10,610			21.7	%		12,626			2.3	%

Total asset management revenues	$	318,638		$	249,928			27.5	%	$	313,862			1.5	%
Fee-based Assets ($ in millions):
Private Client Group (9)	$	141,456			111,995			26.3	%	$	130,931			8.0	%
Asset Management		36,299			29,864			21.5	%		33,655			7.9	%
Elimination (11)		(15,327	)		(12,487	)		22.7	%		(14,114	)		8.6	%

Total fee-based assets	$	162,428		$	129,372			25.6	%	$	150,472			7.9	%
Third-party Bank Sweep Program	$	6,253		$	6,555			(4.6	%)	$	6,051			3.3	%
ROA (bps) (12):
Private Client Group (9)		82.7			83.8						82.5
Asset Management		37.7			37.9						39.4
Third-party Bank Sweep Program		5.5			18.9						5.0


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 9 of 17

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Institutional Group - Summary Results of Operations

	Three Months Ended															Year Ended
(Unaudited, $ in 000s except percentages)	12/31/2021			12/31/2020			% Change			9/30/2021			% Change			12/31/2021			12/31/2020			% Change
Revenues:
Commissions	$	64,733		$	60,253			7.4	%	$	55,241			17.2	%	$	242,009		$	247,380			(2.2	%)
Principal transactions		95,990			96,612			(0.6	%)		68,904			39.3	%		373,689			414,202			(9.8	%)

Transactional revenues		160,723			156,865			2.5	%		124,145			29.5	%		615,698			661,582			(6.9	%)
Capital raising		155,470			154,710			0.5	%		152,481			2.0	%		661,088			488,152			35.4	%
Advisory		310,718			173,399			79.2	%		208,218			49.2	%		856,083			428,132			100.0	%

Investment banking		466,188			328,109			42.1	%		360,699			29.2	%		1,517,171			916,284			65.6	%
Other income (13)		6,352			4,474			42.0	%		7,440			(14.6	%)		19,570			5,281			270.6	%

Net revenues		633,263			489,448			29.4	%		492,284			28.6	%		2,152,439			1,583,147			36.0	%
Non-interest expenses:
Compensation and benefits		367,439			284,607			29.1	%		283,063			29.8	%		1,251,595			942,769			32.8	%
Non-compensation operating expenses		90,661			81,186			11.7	%		84,129			7.8	%		341,907			315,093			8.5	%

Total non-interest expenses		458,100			365,793			25.2	%		367,192			24.8	%		1,593,502			1,257,862			26.7	%

Income before income taxes	$	175,163		$	123,655			41.7	%	$	125,092			40.0	%	$	558,937		$	325,285			71.8	%

As a percentage of net revenues:
Compensation and benefits		58.0	%		58.1	%		(10	)		57.5	%		50			58.1	%		59.6	%		(150	)
Non-compensation operating expenses		14.3	%		16.6	%		(230	)		17.1	%		(280	)		15.9	%		19.9	%		(400	)
Income before income taxes		27.7	%		25.3	%		240			25.4	%		230			26.0	%		20.5	%		550


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 10 of 17

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Stifel Bancorp - Financial Information and Credit Metrics


	Three Months Ended
(Unaudited, $ in 000s except percentages)	12/31/2021			12/31/2020			% Change			9/30/2021			% Change
Stifel Bancorp Financial Information:
Total assets	$	25,073,605		$	18,867,133			32.9	%	$	22,164,598			13.1	%
Total shareholder’s equity	$	1,720,746		$	1,399,382			23.0	%	$	1,607,936			7.0	%
Total loans, net (includes loans held for sale)	$	16,835,562		$	11,558,008			45.7	%	$	13,658,697			23.3	%
Commercial and industrial		7,345,753			4,296,089			71.0	%		5,033,313			45.9	%
Residential real estate		5,482,026			3,956,670			38.6	%		4,952,372			10.7	%
Securities-based loans		2,880,158			1,933,974			48.9	%		2,581,705			11.6	%
Commercial real estate		409,847			366,485			11.8	%		369,502			10.9	%
Other		625,703			617,595			1.3	%		694,395			(9.9	%)
Loans held for sale		207,715			551,248			(62.3	%)		156,110			33.1	%
Investment securities	$	7,460,111		$	6,344,718			17.6	%	$	7,587,896			(1.7	%)
Available-for-sale securities, at fair value		2,113,893			2,229,878			(5.2	%)		2,242,465			(5.7	%)
Held-to-maturity securities, at amortized cost		5,346,218			4,114,840			29.9	%		5,345,431			0.0	%
Total deposits	$	23,280,348		$	17,396,497			33.8	%	$	20,398,874			14.1	%
Demand deposits (interest-bearing)		22,626,560			16,886,953			34.0	%		19,729,032			14.7	%
Demand deposits (non interest-bearing)		626,633			411,890			52.1	%		635,059			(1.3	%)
Certificates of deposit		27,155			97,654			(72.2	%)		34,783			(21.9	%)

Credit Metrics:
Allowance for credit losses	$	118,562		$	135,295			(12.4	%)	$	114,531			3.5	%
Allowance as a percentage of retained loans		0.71	%		1.22	%					0.84	%
Net charge-offs as a percentage of average loans		0.00	%		0.00	%					0.00	%
Total nonperforming assets	$	17,470		$	13,925			25.5	%	$	8,449			106.8	%
Nonperforming assets as a percentage of total assets		0.07	%		0.07	%					0.04	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 11 of 17

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Loans and Lending Commitments - Allowance for Credit Losses


	December 31, 2021
(Unaudited, $ in 000s except percentages)	Loans and Lending Commitments		ACL		ACL %			Q4 Provision
Commercial and industrial	$	7,345,753	$	53,529		0.7	%	$	6,872
Residential real estate		5,482,026		28,560		0.5	%		4,657
Securities-based loans		2,880,158		4,006		0.1	%		679
Commercial real estate		409,847		3,934		1.0	%		(1,388	)
Other		625,703		9,315		1.5	%		(5,738	)

Loans held for investment, gross		16,743,487		99,344		0.6	%		5,082
Loans held for sale		207,715

Total loans, gross		16,951,202
Lending commitments		3,088,000		19,218		0.6	%		(1,020	)

Loans and lending commitments	$	20,039,202	$	118,562				$	4,062


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Consolidated Net Interest Income


	Three Months Ended
	December 31, 2021								December 31, 2020								September 30, 2021
($ in millions, except percentages)	Average balance		Interest income/expense			Average interest rate			Average balance		Interest income/expense			Average interest rate			Average balance		Interest income/expense			Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,616.7	$	1.1			0.26	%	$	1,545.2	$	1.1			0.28	%	$	1,537.9	$	1.0			0.27	%
Financial instruments owned		1,160.1		6.0			2.08	%		670.9		2.2			1.33	%		1,001.2		3.6			1.43	%
Margin balances		1,072.2		6.8			2.53	%		869.0		5.9			2.70	%		1,081.0		6.6			2.45	%
Investments:
Asset-backed securities		5,583.7		24.1			1.73	%		4,826.6		21.5			1.78	%		5,393.1		25.2			1.87	%
Mortgage-backed securities		1,062.4		4.2			1.59	%		758.8		2.6			1.38	%		1,068.4		3.7			1.40	%
Corporate fixed income securities		794.7		5.8			2.90	%		602.8		4.1			2.74	%		775.7		5.3			2.72	%
Other		4.3		—			2.09	%		6.8		0.1			2.06	%		4.9		—			1.95	%

Total investments		7,445.1		34.1			1.83	%		6,195.0		28.3			1.83	%		7,242.1		34.2			1.89	%
Loans:
Commercial and industrial		5,802.4		47.7			3.29	%		4,206.7		32.7			3.11	%		4,915.9		40.9			3.33	%
Residential real estate		5,180.9		32.9			2.54	%		3,820.8		27.7			2.90	%		4,743.3		30.7			2.59	%
Securities-based loans		2,763.9		13.2			1.91	%		1,899.7		9.6			2.03	%		2,425.0		11.7			1.94	%
Commercial real estate		372.4		2.7			2.92	%		379.1		3.3			3.52	%		365.3		3.4			3.77	%
Loans held for sale		219.5		1.4			2.64	%		489.1		3.0			2.45	%		364.1		2.8			3.02	%
Other		692.1		5.5			3.10	%		649.3		4.9			3.02	%		677.4		5.6			3.30	%

Total loans		15,031.2		103.4			2.75	%		11,444.7		81.2			2.84	%		13,491.0		95.1			2.82	%
Other interest-bearing assets		748.8		(6.0	)		(3.18	%)		469.6		1.2			1.00	%		702.5		1.3			0.74	%

Total interest-bearing assets/ interest income		27,074.1		145.4			2.15	%		21,194.4		119.9			2.26	%		25,055.7		141.8			2.26	%
Interest-bearing liabilities:
Senior notes		1,113.3		11.6			4.16	%		1,311.0		14.4			4.39	%		1,113.0		11.9			4.26	%
Deposits		21,056.3		0.9			0.02	%		16,429.1		1.2			0.03	%		19,545.5		1.1			0.02	%
Federal Home Loan advances		137.3		0.1			0.31	%		137.0		0.1			0.34	%		5.7		—			0.28	%
Other interest-bearing liabilities		1,454.9		(5.2	)		(1.44	%)		513.9		(1.2	)		(0.94	%)		1,346.0		(3.0	)		(0.87	%)

Total interest-bearing liabilities/ interest expense	$	23,761.8		7.4			0.12	%	$	18,391.0		14.5			0.32	%	$	22,010.2		10.0			0.18	%

Net interest income/margin			$	138.0			2.04	%			$	105.4			1.99	%			$	131.8			2.10	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 13 of 17

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Stifel Bancorp Net Interest Income



	Three Months Ended
	December 31, 2021							December 31, 2020							September 30, 2021
($ in millions, except percentages)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	717.9	$	0.3		0.17	%	$	546.7	$	0.2		0.15	%	$	730.0	$	0.3		0.19	%
Investments		7,445.1		34.1		1.83	%		6,195.0		28.3		1.83	%		7,242.1		34.2		1.89	%
Loans		15,031.2		103.4		2.75	%		11,444.7		81.2		2.84	%		13,491.0		95.1		2.82	%
Other interest-bearing assets		51.5		0.4		3.07	%		42.8		0.4		3.20	%		43.5		0.4		3.10	%

Total interest-bearing assets/ interest income	$	23,245.7	$	138.2		2.38	%	$	18,229.2	$	110.1		2.42	%	$	21,506.6	$	130.0		2.42	%
Interest-bearing liabilities:
Deposits	$	21,056.3	$	0.9		0.02	%	$	16,429.1	$	1.2		0.03	%	$	19,545.5	$	1.1		0.02	%
Federal Home Loan advances		137.3		0.1		0.31	%		137.0		0.1		0.34	%		5.7		—		0.28	%
Other interest-bearing liabilities		1.0		—		16.71	%		1.4		0.1		9.87	%		1.3		—		6.87	%

Total interest-bearing liabilities/ interest expense	$	21,194.6		1.0		0.02	%	$	16,567.5		1.4		0.03	%	$	19,552.5		1.1		0.02	%

Net interest income/margin			$	137.2		2.36	%			$	108.7		2.39	%			$	128.9		2.40	%


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GAAP to Core Reconciliation




	Three Months Ended															Year Ended
(Unaudited, $ in 000s except percentages)	12/31/2021			12/31/2020			Change			9/30/2021			Change			12/31/2021			12/31/2020			Change
GAAP net revenues	$	1,304,225		$	1,059,910					$	1,144,938					$	4,737,088		$	3,752,061
Non-GAAP adjustments		—			(27	)					—						153			152

Non-GAAP net revenues		1,304,225			1,059,883						1,144,938						4,737,241			3,752,213

GAAP compensation and benefits expense		757,948			621,344						672,385						2,820,301			2,279,335
Merger-related (14)		(8,019	)		(7,352	)					(5,780	)					(26,092	)		(30,259	)

Non-GAAP compensation and benefits expense		749,929			613,992						666,605						2,794,209			2,249,076

GAAP non-compensation operating expenses		227,615			203,865						216,051						849,706			821,566
Merger-related (14)		(8,215	)		(10,381	)					(11,503	)					(39,069	)		(30,053	)

Non-GAAP non-compensation operating expenses		219,400			193,484						204,548						810,637			791,513

GAAP provision for income taxes		57,272			46,232						64,126						242,223			147,688
Merger-related and other (15)		2,916			3,444						4,317						15,052			13,828

Non-GAAP provision for income taxes		60,188			49,676						68,443						257,275			161,516

Total merger-related adjustments		(16,234	)		(17,706	)					(17,283	)					(65,314	)		(60,464	)

Financial ratios:
Compensation and benefits		57.5	%		57.9	%		(40	)		58.2	%		(70	)		59.0	%		59.9	%		(90	)
Non-compensation operating expenses		16.8	%		18.3	%		(150	)		17.9	%		(110	)		17.1	%		21.1	%		(400	)
Income before income taxes		25.7	%		23.8	%		190			23.9	%		180			23.9	%		19.0	%		490
Effective tax rate		18.0	%		19.7	%		(170	)		25.0	%		(700	)		22.7	%		22.7	%		—


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 15 of 17

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Footnotes

(1)	Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.

(2)	Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per share represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.

(3)

(4)

Return on average tangible common equity (“ROTCE”), a non-GAAP financial measure, is calculated by dividing annualized net income applicable to common shareholders by average tangible common 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 $56.3 million, $50.7 million, and $54.5 million, as of December 31, 2021 and 2020, and September 30, 2021, respectively.

(5)	Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, January 26, 2022.

(6)	Includes capital raising and advisory fee revenues.

(7)	Represents Global Wealth Management locations. Historical periods have been restated to conform with the current period presentation.

(8)	Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.

(9)	Includes Private Client Group and Trust Business

(10)	Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.

(11)	Asset management assets managed in Private Client Group or Trust accounts.

(12)	Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average quarterly balances for Individual Program Banks.

(13)	Includes net interest, asset management, and other income.

(14)

(15)	Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 16 of 17

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Disclaimer and Legal Notice

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. 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 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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.

Use of Non-GAAP Financial Measures

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s fourth quarter earnings release issued January 26, 2022.


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter 2021 Earnings Release		Page 17 of 17


Delaware	001-09305	43-1273600
(State of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.15 par value per share	SF	New York Stock Exchange
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
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
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
5.20% Senior Notes due 2047	SFB	New York Stock Exchange


Exhibit Number		Description

99.1		Press release dated January 26, 2022.

99.2		Financial Supplement for the quarter and year ended December 31, 2021.

99.3		Financial Results Presentation, dated January 26, 2022.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).