8-K

Exhibit 99.1

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Stifel Reports Fourth Quarter and Full Year Results

ST. LOUIS, MO, January 29, 2025 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.36 billion for the three months ended December 31, 2024, compared with $1.15 billion a year ago. Net income available to common shareholders of $234.7 million, or $2.09 per diluted common share, compared with $153.2 million, or $1.38 per diluted common share for the fourth quarter of 2023. Non-GAAP net income available to common shareholders of $249.7 million, or $2.23 per diluted common share for the fourth quarter of 2024.

Net revenues of $4.97 billion for the year ended December 31, 2024 compared to $4.35 billion a year ago. Net income available to common shareholders of $694.1 million, or $6.25 per diluted common share, compared with $485.3 million, or $4.28 per diluted common share in 2023. Non-GAAP net income available to common shareholders of $755.9 million, or $6.81 per diluted common share in 2024.

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, up 13% 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, up 12% 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.

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		$1,364,682		$1,146,379		$4,970,320		$4,348,944

Net income ⁽¹⁾		$234,685		$153,164		$694,098		$485,255

Diluted EPS ⁽¹⁾		$2.09		$1.38		$6.25		$4.28

Comp. ratio		58.3%		58.8%		58.7%		58.7%

Non-comp. ratio		22.2%		23.2%		22.6%		25.1%

Pre-tax margin		19.5%		18.0%		18.7%		16.2%

Non-GAAP Financial Highlights:

Net revenues		$1,364,721		$1,146,419		$4,971,051		$4,348,958

Net income ⁽¹⁾ ⁽²⁾		$249,710		$166,587		$755,896		$531,524

Diluted EPS ^(1) (2)		$2.23		$1.50		$6.81		$4.68

Comp. ratio ⁽²⁾		58.0%		58.0%		58.0%		58.0%

Non-comp. ratio ⁽²⁾		21.3%		22.6%		21.9%		24.3%

Pre-tax margin ⁽³⁾		20.7%		19.4%		20.1%		17.7%

ROCE ⁽⁴⁾		20.1%		14.6%		15.9%		11.5%

ROTCE ⁽⁵⁾		28.3%		21.3%		22.7%		16.6%

*Global Wealth Management (assets and loans in millions***)

Net revenues		$865,209		$766,028		$3,283,960		$3,049,962

Pre-tax net income		$316,318		$301,360		$1,207,942		$1,215,822

Total client assets		$501,402		$444,318

Fee-based client assets		$192,705		$165,301

Bank loans, net ⁽⁶⁾		$21,311		$19,730

Institutional Group

Net revenues		$478,335		$359,292		$1,592,833		$1,226,317

Equity		$280,159		$200,915		$926,729		$709,286

Fixed Income		$198,176		$158,377		$666,104		$517,031

Pre-tax net income		$95,681		$7,771		$223,400		$2,100

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 $865.2 million for the three months ended December 31, 2024 compared with $766.0 million during the fourth quarter of 2023. Pre-tax net income was $316.3 million compared with $301.4 million in the fourth quarter of 2023.

Highlights

Client assets of $501.4 billion, up 13% over the year-ago quarter.

Fee-based client assets of $192.7 billion, up 17% 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 13% from a year ago:

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	48.5%	46.9%

Non-compensation ratio	14.9%	13.8%

Pre-tax margin	36.6%	39.3%

Stifel Financial Corp. | Page 2

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Institutional Group

Fourth Quarter Results

Institutional Group reported net revenues of $478.3 million for the three months ended December 31, 2024 compared with $359.3 million during the fourth quarter of 2023. Pre-tax net income was $95.7 million compared with $7.8 million in the fourth quarter of 2023.

Highlights

Investment banking revenues increased 49% from a year ago:

Advisory revenues of $189.9 million increased 47% 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 16% from a year ago:

Fixed income transactional revenues increased from the year-ago quarter driven by improved client engagement and realized trading gains.

Equity transactional revenues increased 5% from a year ago:

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	58.6%	69.3%

Non-compensation ratio	21.4%	28.5%

Pre-tax margin	20.0%	2.2%

Stifel Financial Corp. | Page 3

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Global Wealth Management

Full Year Results

Global Wealth Management reported record net revenues of $3.3 billion for the year ended December 31, 2024 compared with $3.0 billion in 2023. Pre-tax net income of $1.2 billion decreased 1% from 2023.

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 8% from prior year:

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	48.9%	46.4%

Non-compensation ratio	14.3%	13.7%

Pre-tax margin	36.8%	39.9%

Stifel Financial Corp. | Page 4

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Institutional Group

Full Year Results

Institutional Group reported net revenues of $1.6 billion for the year ended December 31, 2024 compared with $1.2 billion in 2023. Pre-tax net income was $223.4 million compared with $2.1 million in 2023.

Highlights

Investment banking revenues increased 36% from prior year:

Advisory revenues of $577.4 million increased 24% 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 27% from prior year:

Fixed income transactional revenues increased from prior year driven by improved client engagement, market volatility, and realized trading gains.

Equity transactional revenues increased 7% from prior year:

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	60.2%	68.6%

Non-compensation ratio	25.8%	31.2%

Pre-tax margin	14.0%	0.2%

Stifel Financial Corp. | Page 5

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Other Matters

Highlights

Total assets increased $2.1 billion, or 6%, 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)		$45,461		$141,138		$242,628		$518,296

Number of shares (000s)		408		2,345		3,140		8,475

Average price		$111.30		$60.18		$77.28		$61.16

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%		21.1%		21.2%		26.1%

Stifel Financial Corp. ⁽⁸⁾

Tier 1 common capital ratio		15.4%		14.2%

Tier 1 risk based capital ratio		18.2%		17.2%

Tier 1 leverage capital ratio		11.4%		10.5%

Tier 1 capital (MM)		$4,331		$3,916

Risk weighted assets (MM)		$23,742		$22,748

Average assets (MM)		$38,073		$37,451

Quarter end assets (MM)		$39,896		$37,727

Agency		Rating		Outlook

Fitch Ratings		BBB+		Stable

S&P Global Ratings		BBB		Stable

Stifel Financial Corp. | Page 6

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.

Stifel Financial Corp. | Page 7

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)

Stifel Financial Corp. | Page 8

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

$162,484

$731,379

$522,536

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

$166,587

$755,896

$531,524

Weighted average diluted shares outstanding

112,089

111,330

110,975

113,453

GAAP earnings per diluted common share

$2.18

$1.46

$6.59

$4.61

Non-GAAP adjustments

0.14

0.12

0.56

0.40

Non-GAAP earnings per diluted common share

$2.32

$1.58

$7.15

$5.01

GAAP earnings per diluted common share available to common shareholders

$2.09

$1.38

$6.25

$4.28

Non-GAAP adjustments

0.14

0.12

0.56

0.40

Non-GAAP earnings per diluted common share available to common shareholders

$2.23

$1.50

$6.81

$4.68

Stifel Financial Corp. | Page 9

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		$795,750	$674,437		$2,916,229	$2,554,581

As a percentage of net revenues		58.3%	58.8%		58.7%	58.7%

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		$791,539	$665,234		$2,883,398	$2,522,431


As a percentage of non-GAAP net revenues		58.0%	58.0%		58.0%	58.0%



GAAP non-compensation expenses		$302,731	$265,947		$1,125,647	$1,087,671

As a percentage of net revenues		22.2%	23.2%		22.6%	25.1%

Non-GAAP adjustments:

Merger-related ⁽¹⁰⁾		(12,140)	(7,678)		(37,975)	(31,058)


Non-GAAP non-compensation expenses		$290,591	$258,269		$1,087,672	$1,056,613


As a percentage of non-GAAP net revenues		21.3%	22.6%		21.9%	24.3%

Total adjustments		$16,390	$16,921		$71,537	$63,222

Stifel Financial Corp. | Page 10

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 $80.3 million and $71.1 million as of December 31, 2024 and 2023, 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 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.

Stifel Financial Corp. | Page 11

Exhibit 99.2

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Fourth Quarter and Full Year 2024 Earnings Results


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		11

Stifel Bancorp - Financial Information and Credit Metrics		12

Stifel Bancorp - Loan and Investment Portfolio		13

Loans and Lending Commitments - Allowance for Credit Losses		14

Consolidated Net Interest Income		15

Stifel Bancorp Net Interest Income		16

GAAP to Core Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 1 of 19

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Consolidated Financial Highlights


	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2024		12/31/2023		% Change			9/30/2024		% Change			12/31/2024		12/31/2023		% Change
Net revenues	$	1,364,682	$	1,146,379		19.0	%	$	1,224,668		11.4	%	$	4,970,320	$	4,348,944		14.3	%
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 diluted common share	$	2.18	$	1.46		49.3	%	$	1.42		53.5	%	$	6.59	$	4.61		43.0	%
Earnings per diluted common share available to common shareholders	$	2.09	$	1.38		51.4	%	$	1.34		56.0	%	$	6.25	$	4.28		46.0	%
Non-GAAP financial summary (1):
Net revenues	$	1,364,721	$	1,146,419		19.0	%	$	1,225,351		11.4	%	$	4,971,051	$	4,348,958		14.3	%
Net income	$	259,030	$	175,907		47.3	%	$	175,590		47.5	%	$	793,177	$	568,805		39.4	%
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		37,281		0.0	%

Net income available to common shareholders	$	249,710		166,587		49.9	%		166,270		50.2	%		755,896		531,524		42.2	%
Earnings per diluted common share	$	2.32	$	1.58		46.8	%	$	1.58		46.8	%	$	7.15	$	5.01		42.7	%
Earnings per diluted common share available to common shareholders	$	2.23	$	1.50		48.7	%	$	1.50		48.7	%	$	6.81	$	4.68		45.5	%
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	%)
Period end common shares outstanding		102,171		101,062		1.1	%		102,313		(0.1	%)		102,171		101,062		1.1	%
Cash dividends declared per common share	$	0.42	$	0.36		16.7	%	$	0.42		0.0	%	$	1.68	$	1.44		16.7	%


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 2 of 19

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GAAP Consolidated Results of Operations


	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	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	%

Transactional revenues		*378,673*		327,991		15.5	%		320,534		18.1	%		*1,360,588*		1,164,037		16.9	%
Capital raising		114,507		76,286		50.1	%		106,325		7.7	%		417,399		265,667		57.1	%
Advisory		189,912		129,378		46.8	%		136,857		38.8	%		577,432		465,588		24.0	%

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	%
Occupancy and equipment rental		94,213		88,182		6.8	%		89,625		5.1	%		362,402		339,322		6.8	%
Communication and office supplies		49,965		47,332		5.6	%		48,869		2.2	%		194,382		184,652		5.3	%
Commissions and floor brokerage		16,434		15,379		6.9	%		16,239		1.2	%		62,823		58,344		7.7	%
Provision for credit losses		11,893		2,263		425.5	%		5,287		124.9	%		25,402		24,999		1.6	%
Investment banking expenses		8,822		6,601		33.6	%		12,997		(32.1	%)		38,801		23,430		65.6	%
Other operating expenses		121,404		106,190		14.3	%		116,928		3.8	%		441,837		456,924		(3.3	%)

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	%
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	%)
Cash dividends declared per common share	$	0.42	$	0.36		16.7	%	$	0.42		0.0	%	$	1.68	$	1.44		16.7	%


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 3 of 19

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Non-GAAP Consolidated Results of Operations ⁽¹⁾


	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	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	%		137,080		27.6	%		604,564		490,440		23.3	%

Transactional revenues		*378,673*		327,991		15.5	%		320,525		18.1	%		*1,360,588*		1,164,037		16.9	%
Capital raising		114,507		76,286		50.1	%		106,325		7.7	%		417,399		265,667		57.1	%
Advisory		189,912		129,378		46.8	%		136,857		38.8	%		577,432		465,588		24.0	%

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		3,333		9,726		(65.7	%)		19,399		(82.8	%)		43,862		8,763		400.5	%

Operating revenues		1,092,250		873,917		25.0	%		965,722		13.1	%		3,935,955		3,203,551		22.9	%
Interest revenue		500,661		516,213		(3.0	%)		510,821		(2.0	%)		2,016,462		1,955,745		3.1	%

Total revenues		1,592,911		1,390,130		14.6	%		1,476,543		7.9	%		5,952,417		5,159,296		15.4	%
Interest expense		228,190		243,711		(6.4	%)		251,192		(9.2	%)		981,366		810,338		21.1	%

Net revenues		1,364,721		1,146,419		19.0	%		1,225,351		11.4	%		4,971,051		4,348,958		14.3	%

Non-interest expenses:
Compensation and benefits		791,539		665,234		19.0	%		710,703		11.4	%		2,883,398		2,522,431		14.3	%
Occupancy and equipment rental		94,168		88,127		6.9	%		89,469		5.3	%		362,029		339,087		6.8	%
Communication and office supplies		49,880		47,328		5.4	%		48,715		2.4	%		194,107		184,642		5.1	%
Commissions and floor brokerage		16,434		15,379		6.9	%		16,239		1.2	%		62,823		58,344		7.7	%
Provision for credit losses		11,893		2,263		425.5	%		5,287		124.9	%		25,402		24,999		1.6	%
Investment banking expenses		8,822		6,601		33.6	%		12,997		(32.1	%)		38,801		23,430		65.6	%
Other operating expenses		109,394		98,571		11.0	%		106,072		3.1	%		404,510		426,111		(5.1	%)

Total non-interest expenses		1,082,130		923,503		17.2	%		989,482		9.4	%		3,971,070		3,579,044		11.0	%
Income before income taxes		282,591		222,916		26.8	%		235,869		19.8	%		999,981		769,914		29.9	%
Provision for income taxes		23,561		47,009		(49.9	%)		60,279		(60.9	%)		206,804		201,109		2.8	%

Net income		259,030		175,907		47.3	%		175,590		47.5	%		793,177		568,805		39.4	%
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		37,281		0.0	%

Net income available to common shareholders	$	249,710	$	166,587		49.9	%	$	166,270		50.2	%	$	755,896	$	531,524		42.2	%

Earnings per common share:
Basic	$	2.40	$	1.60		50.0	%	$	1.60		50.0	%	$	7.26	$	4.98		45.8	%
Diluted	$	2.23	$	1.50		48.7	%	$	1.50		48.7	%	$	6.81	$	4.68		45.5	%
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	%)
Cash dividends declared per common share	$	0.42	$	0.36		16.7	%	$	0.42		0.0	%	$	1.68	$	1.44		16.7	%


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 4 of 19

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Consolidated Financial Summary


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change			12/31/2024			12/31/2023			% Change
Net revenues:
Global Wealth Management	$	865,209		$	766,028			12.9	%	$	827,116			4.6	%	$	3,283,960		$	3,049,962			7.7	%
Institutional Group		478,335			359,292			33.1	%		372,401			28.4	%		1,592,833			1,226,317			29.9	%
Other		21,138			21,059			0.4	%		25,151			(16.0	%)		93,527			72,665			28.7	%

Total net revenues	$	1,364,682		$	1,146,379			19.0	%	$	1,224,668			11.4	%	$	4,970,320		$	4,348,944			14.3	%
Operating expenses:
Global Wealth Management	$	548,891		$	464,668			18.1	%	$	525,413			4.5	%	$	2,076,018		$	1,834,140			13.2	%
Institutional Group		382,654			351,521			8.9	%		330,604			15.7	%		1,369,433			1,224,217			11.9	%
Other		166,936			124,195			34.4	%		151,993			9.8	%		596,425			583,895			2.1	%

Total operating expenses	$	1,098,481		$	940,384			16.8	%	$	1,008,010			9.0	%	$	4,041,876		$	3,642,252			11.0	%
Operating contribution:
Global Wealth Management	$	316,318		$	301,360			5.0	%	$	301,703			4.8	%	$	1,207,942		$	1,215,822			(0.6	%)
Institutional Group		95,681			7,771			nm			41,797			128.9	%		223,400			2,100			nm
Other		(145,798	)		(103,136	)		41.4	%		(126,842	)		14.9	%		(502,898	)		(511,230	)		(1.6	%)

Income before income taxes	$	266,201		$	205,995			29.2	%	$	216,658			22.9	%	$	928,444		$	706,692			31.4	%
Financial ratios:
Compensation and benefits		58.3	%		58.8	%		(50	)		58.6	%		(30	)		58.7	%		58.7	%		—
Non-compensation operating expenses		22.2	%		23.2	%		(100	)		23.7	%		(150	)		22.6	%		25.1	%		(250	)
Income before income taxes		19.5	%		18.0	%		150			17.7	%		180			18.7	%		16.2	%		250
Effective tax rate		8.3	%		21.1	%		(1,280	)		26.8	%		(1,850	)		21.2	%		26.1	%		(490	)


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 5 of 19

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Consolidated Financial Information and Metrics


	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change
Financial Information:
Total assets	$	39,895,540		$	37,727,460			5.7	%	$	38,934,504			2.5	%
Total shareholders’ equity	$	5,686,770		$	5,294,431			7.4	%	$	5,557,080			2.3	%
Total common equity	$	5,001,770		$	4,609,431			8.5	%	$	4,872,080			2.7	%
Goodwill and intangible assets	$	(1,508,792	)	$	(1,521,522	)		(0.8	%)	$	(1,511,258	)		(0.2	%)
DTL on goodwill and intangible assets	$	81,569		$	72,927			11.9	%	$	79,071			3.2	%

Tangible common equity	$	3,574,547		$	3,160,836			13.1	%	$	3,439,893			3.9	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	48.95		$	45.61			7.3	%	$	47.62			2.8	%
Tangible book value per common share (2)	$	34.99		$	31.28			11.9	%	$	33.62			4.1	%
Return on common equity (3)		18.9	%		13.4	%					12.3	%
Non-GAAP return on common equity (1)(3)		20.1	%		14.6	%					13.7	%
Return on tangible common equity (4)		26.6	%		19.6	%					17.5	%
Non-GAAP return on tangible common equity (1)(4)		28.3	%		21.3	%					19.5	%
Pre-tax margin on net revenues		19.5	%		18.0	%					17.7	%
Non-GAAP pre-tax margin on net revenues (1)		20.7	%		19.4	%					19.2	%
Effective tax rate		8.3	%		21.1	%					26.8	%
Non-GAAP effective tax rate (1)		8.3	%		21.1	%					25.6	%


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 6 of 19

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Regulatory Capital ⁽⁵⁾


(Unaudited, 000s)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,645,786		$	3,230,965			12.8	%	$	3,474,276			4.9	%
Tier 1 capital	$	4,330,786		$	3,915,965			10.6	%	$	4,159,276			4.1	%
Risk-weighted assets	$	23,741,574		$	22,748,215			4.4	%	$	23,183,240			2.4	%
Common equity tier 1 capital ratio		15.4	%		14.2	%					15.0	%
Tier 1 risk based capital ratio		18.2	%		17.2	%					17.9	%
Tier 1 leverage capital ratio		11.4	%		10.5	%					11.3	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,366,711		$	1,344,589			1.6	%	$	1,306,476			4.6	%
Tier 1 capital	$	1,366,711		$	1,344,589			1.6	%	$	1,306,476			4.6	%
Risk-weighted assets	$	12,334,731		$	11,365,270			8.5	%	$	12,213,330			1.0	%
Common equity tier 1 capital ratio		11.1	%		11.8	%					10.7	%
Tier 1 risk based capital ratio		11.1	%		11.8	%					10.7	%
Tier 1 leverage capital ratio		7.1	%		7.3	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	768,652		$	788,811			(2.6	%)	$	758,397			1.4	%
Tier 1 capital	$	768,652		$	788,811			(2.6	%)	$	758,397			1.4	%
Risk-weighted assets	$	5,920,599		$	6,622,892			(10.6	%)	$	5,591,442			5.9	%
Common equity tier 1 capital ratio		13.0	%		11.9	%					13.6	%
Tier 1 risk based capital ratio		13.0	%		11.9	%					13.6	%
Tier 1 leverage capital ratio		7.1	%		7.2	%					7.1	%
Stifel Net Capital:
Net capital	$	449,500		$	457,900			(1.8	%)	$	486,200			(7.5	%)
Excess net capital	$	425,500		$	435,900			(2.4	%)	$	462,500			(8.0	%)


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 7 of 19

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Global Wealth Management - Summary Results of Operations


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change			12/31/2024			12/31/2023			% Change
Revenues:
Commissions	$	136,805		$	112,622			21.5	%	$	129,230			5.9	%	$	508,717		$	444,949			14.3	%
Principal transactions		63,759			56,849			12.2	%		63,497			0.4	%		243,635			209,282			16.4	%

Transactional revenues		200,564			169,471			18.3	%		192,727			4.1	%		752,352			654,231			15.0	%
Asset management		405,800			330,498			22.8	%		382,309			6.1	%		1,536,296			1,299,361			18.2	%
Net interest		254,337			257,920			(1.4	%)		240,825			5.6	%		967,712			1,086,628			(10.9	%)
Investment banking (6)		5,198			4,562			13.9	%		6,217			(16.4	%)		21,475			16,680			28.7	%
Other income		(690	)		3,577			(119.3	%)		5,038			(113.7	%)		6,125			(6,938	)		188.3	%

Net revenues		865,209			766,028			12.9	%		827,116			4.6	%		3,283,960			3,049,962			7.7	%
Non-interest expenses:
Compensation and benefits		419,466			359,376			16.7	%		403,205			4.0	%		1,605,148			1,415,210			13.4	%
Non-compensation operating expenses		129,425			105,292			22.9	%		122,208			5.9	%		470,870			418,930			12.4	%

Total non-interest expenses		548,891			464,668			18.1	%		525,413			4.5	%		2,076,018			1,834,140			13.2	%

Income before income taxes	$	316,318		$	301,360			5.0	%	$	301,703			4.8	%	$	1,207,942		$	1,215,822			(0.6	%)

As a percentage of net revenues:
Compensation and benefits		48.5	%		46.9	%		160			48.7	%		(20	)		48.9	%		46.4	%		250
Non-compensation operating expenses		14.9	%		13.8	%		110			14.8	%		10			14.3	%		13.7	%		60
Income before income taxes		36.6	%		39.3	%		(270	)		36.5	%		10			36.8	%		39.9	%		(310	)


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 8 of 19

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Global Wealth Management - Statistical Information


	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change
Financial advisors (including independent contractors) (7)		2,342			2,386			(1.8	%)		2,357			(0.6	%)
Total client assets	$	501,402,000		$	444,318,000			12.8	%	$	496,298,000			1.0	%
Fee-based client assets	$	192,705,000		$	165,301,000			16.6	%	$	190,771,000			1.0	%
Transactional assets	$	308,697,000		$	279,017,000			10.6	%	$	305,527,000			1.0	%
Secured client lending (8)	$	3,214,000		$	3,064,000			4.9	%	$	2,934,000			9.5	%
Asset Management Revenue:
Private Client Group (9)	$	343,154		$	275,405			24.6	%	$	322,758			6.3	%
Asset Management		39,281			33,938			15.7	%		38,314			2.5	%
Third-party Bank Sweep Program		8,706			8,821			(1.3	%)		8,417			3.4	%
Other (10)		14,684			12,372			18.7	%		13,127			11.9	%

Total asset management revenues	$	405,825		$	330,536			22.8	%	$	382,616			6.1	%
Fee-based Assets (millions):
Private Client Group (9)	$	168,206		$	145,513			15.6	%	$	166,768			0.9	%
Asset Management		42,110			36,085			16.7	%		42,049			0.1	%
Elimination (11)		(17,611	)		(16,297	)		8.1	%		(18,046	)		(2.4	%)

Total fee-based assets	$	192,705		$	165,301			16.6	%	$	190,771			1.0	%
Third-party Bank Sweep Program	$	1,609		$	2,044			(21.3	%)	$	698			130.5	%
ROA (bps) (12):
Private Client Group (9)		82.3			83.0						82.2
Asset Management		37.3			37.6						36.4
Third-party Bank Sweep Program		398.4			451.2						450.1


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 9 of 19

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Global Wealth Management - Statistical Information (Cont.)


	As of and for the Three Months Ended
(Unaudited, millions)	12/31/2024		12/31/2023		% Change			9/30/2024		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	17,115	$	14,465		18.3	%	$	16,315		4.9	%
Sweep Deposits		9,950		9,642		3.2	%		9,637		3.2	%
Direct Wealth Management Deposits at Stifel Bancorp		328		402		(18.4	%)		369		(11.1	%)

Total Stifel Bancorp Wealth Management Deposits		27,393		24,509		11.8	%		26,321		4.1	%
Other Bank Deposits		1,709		2,826		(39.5	%)		1,800		(5.1	%)

Total Stifel Bancorp Deposits	$	29,102	$	27,335		6.5	%	$	28,121		3.5	%

Short-term Treasuries (13)	$	7,753	$	7,855		(1.3	%)	$	7,321		5.9	%
Third-party Commercial Treasury Deposits (14)	$	3,199	$	—		nm		$	2,215		44.4	%
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	27,393	$	24,509		11.8	%	$	26,321		4.1	%
Third-party Bank Sweep Program (14)		1,609		2,044		(21.3	%)		698		130.5	%
Third-party Treasury (14)		198		—		nm			149		32.9	%
Other Sweep Cash		355		324		9.6	%		320		10.9	%
Money Market Mutual Funds		12,606		9,374		34.5	%		11,301		11.5	%

Total Wealth Management Cash	$	42,161	$	36,251		16.3	%	$	38,789		8.7	%

Client money market and insured product (15)	$	29,029	$	26,475		9.6	%	$	26,970		7.6	%
Third-party Deposits Available to Stifel Bancorp (14)	$	5,006	$	—		nm		$	3,062		63.5	%


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 10 of 19

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Institutional Group - Summary Results of Operations


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change			12/31/2024			12/31/2023			% Change
Revenues:
Commissions	$	66,981		$	60,992			9.8	%	$	54,215			23.5	%	$	247,307		$	228,648			8.2	%
Principal transactions		111,128			97,528			13.9	%		73,583			51.0	%		360,929			281,158			28.4	%

Transactional revenues		178,109			158,520			12.4	%		127,798			39.4	%		608,236			509,806			19.3	%
Capital raising		109,309			71,724			52.4	%		100,108			9.2	%		395,924			248,987			59.0	%
Advisory		189,912			129,378			46.8	%		136,857			38.8	%		577,432			465,588			24.0	%

Investment banking		299,221			201,102			48.8	%		236,965			26.3	%		973,356			714,575			36.2	%
Other income (16)		1,005			(330	)		404.5	%		7,638			(86.8	%)		11,241			1,936			480.6	%

Net revenues		478,335			359,292			33.1	%		372,401			28.4	%		1,592,833			1,226,317			29.9	%
Non-interest expenses:
Compensation and benefits		280,261			248,970			12.6	%		224,556			24.8	%		959,602			841,671			14.0	%
Non-compensation operating expenses		102,393			102,551			(0,2	%)		106,048			(3.4	%)		409,831			382,546			7.1	%

Total non-interest expenses		382,654			351,521			8.9	%		330,604			15.7	%		1,369,433			1,224,217			11.9	%

Income before income taxes	$	95,681		$	7,771			nm		$	41,797			128.9	%	$	223,400		$	2,100			nm

As a percentage of net revenues:
Compensation and benefits		58.6	%		69.3	%		(1,070	)		60.3	%		(170	)		60.2	%		68.6	%		(840	)
Non-compensation operating expenses		21.4	%		28.5	%		(710	)		28.5	%		(710	)		25.8	%		31.2	%		(540	)
Income before income taxes		20.0	%		2.2	%		1,780			11.2	%		880			14.0	%		0.2	%		1,380


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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change
Stifel Bancorp Financial Information:
Total assets	$	31,378,704		$	29,722,320			5.6	%	$	30,416,173			3.2	%
Total shareholder’s equity	$	2,134,900		$	2,154,839			(0.9	%)	$	2,091,052			2.1	%
Total loans, net (includes loans held for sale)	$	21,310,776		$	19,729,804			8.0	%	$	20,633,425			3.3	%
Residential real estate		8,565,193			8,047,647			6.4	%		8,406,932			1.9	%
Commercial and industrial		4,062,029			3,566,987			13.9	%		3,896,824			4.2	%
Fund banking		3,854,222			3,633,126			6.1	%		3,762,960			2.4	%
Securities-based loans		2,389,593			2,306,455			3.6	%		2,273,246			5.1	%
Construction and land		1,242,002			1,034,370			20.1	%		1,219,787			1.8	%
Commercial real estate		518,923			660,631			(21.5	%)		565,686			(8.3	%)
Other		247,783			192,251			28.9	%		224,146			10.5	%
Loans held for sale		578,980			423,999			36.6	%		465,739			24.3	%
Investment securities	$	8,108,877		$	7,439,109			9.0	%	$	8,231,240			(1.5	%)
Available-for-sale securities, at fair value		1,584,598			1,551,686			2.1	%		1,618,289			(2.1	%)
Held-to-maturity securities, at amortized cost		6,524,279			5,887,423			10.8	%		6,612,951			(1.3	%)
Unrealized losses on available-for-sale securities		(170,111	)		(175,943	)		(3.3	%)		(134,116	)		26.8	%
Total deposits	$	29,102,227		$	27,334,579			6.5	%	$	28,120,518			3.5	%
Demand deposits (interest-bearing)		28,580,415			27,111,072			5.4	%		27,539,904			3.8	%
Demand deposits (non-interest-bearing)		318,229			223,505			42.4	%		309,982			2.7	%
Certificates of deposit		203,583			2			nm			270,632			(24.8	%)
Credit Metrics:
Allowance for credit losses	$	170,044		$	161,605			5.2	%	$	163,274			4.1	%
Allowance as a percentage of retained loans		0.81	%		0.83	%					0.80	%
Net charge-offs as a percentage of average loans		0.02	%		0.04	%					0.03	%
Total nonperforming assets	$	160,901		$	45,456			254.0	%	$	144,122			11.6	%
Nonperforming assets as a percentage of total assets		0.51	%		0.15	%					0.47	%


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 12 of 19

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	12/31/2024		% of Total Portfolio
Loan Portfolio
Residential real estate	$	8,565		33	%
Securities-based loans		2,390		9	%
Home equity lines of credit and other		248		1	%

Total consumer		11,203		43	%

Commercial and industrial		4,062		15	%
Fund banking		3,854		15	%
Construction and land		1,242		5	%
Commercial real estate		519		2	%

Total commercial		9,677		37	%

Total loan portfolio		20,880		80	%

Unfunded commitments		5,367		20	%

Total	$	26,247		100	%



Investment Portfolio
CLO	$	6,485		78	%
Agency MBS		1,048		13	%
Corporate bonds		508		6	%
SBA		95		1	%
Student loan ARS		71		1	%
CMBS		69		1	%
Other		3		0	%

Total Portfolio	$	8,279		100	%


Commercial Portfolio by Major Sector
Industrials	$	1,002	25	%
Financials		943	23	%
Information technology		653	16	%
Consumer discretionary		406	10	%
Materials		258	6	%
REITs		231	6	%
Healthcare		186	5	%
Communication services		148	4	%
Hotel, leisure, restaurants		127	3	%
Consumer staples		74	2	%
Other		34	1	%

	$	4,062

CLO by Major Sector
High tech industries	$	636	10	%
Banking, finance, insurance, & real estate		635	10	%
Services: business		613	9	%
Healthcare & pharmaceuticals		602	9	%
Hotel, gaming, & leisure		300	5	%
Construction & building		297	5	%
Chemicals, plastics, & rubber		274	4	%
Services: consumer		235	4	%
Capital equipment		235	4	%
Telecommunications		232	4	%


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 13 of 19

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Loans and Lending Commitments - Allowance for Credit Losses


	December 31, 2024
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %			Q4 Provision
Residential real estate	$	8,565,193	$	11,061		0.13	%	$	(209	)
Commercial and industrial		4,062,029		92,696		2.28	%		12,892
Fund banking		3,854,222		10,792		0.28	%		255
Securities-based loans		2,389,593		2,918		0.12	%		64
Construction and land		1,242,002		12,866		1.04	%		(149	)
Commercial real estate		518,923		8,057		1.55	%		(5,948	)
Other		247,783		918		0.37	%		176

Loans held for investment, gross		20,879,745		139,308		0.67	%		7,081
Loans held for sale		578,980

Total loans, gross		21,458,725
Lending commitments		5,367,039		30,736		0.57	%		4,812

Loans and lending commitments	$	26,825,764	$	170,044				$	11,893


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Consolidated Net Interest Income


								Three Months Ended
	December 31, 2024							December 31, 2023							September 30, 2024
(Unaudited, millions)	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	$	2,892.8	$	35.3		4.88	%	$	2,956.9	$	40.1		5.42	%	$	2,733.0	$	36.7		5.37	%
Financial instruments owned		1,238.5		6.8		2.19	%		962.2		4.0		1.65	%		1,191.9		7.0		2.36	%
Margin balances		724.1		13.3		7.34	%		750.0		15.3		8.14	%		675.7		13.7		8.12	%
Investments:
Asset-backed securities		6,620.1		111.7		6.75	%		6,079.2		112.4		7.39	%		6,223.6		113.3		7.28	%
Mortgage-backed securities		1,079.7		7.9		2.94	%		935.5		5.3		2.27	%		1,047.0		7.6		2.89	%
Corporate fixed income securities		517.9		3.6		2.70	%		617.1		4.3		2.78	%		543.0		3.7		2.72	%
Other		4.7		—		2.55	%		4.7		—		2.55	%		4.7		—		2.55	%

Total investments		8,222.4		123.2		5.99	%		7,636.5		122.0		6.39	%		7,818.3		124.6		6.37	%
Loans:
Residential real estate		8,483.8		77.7		3.67	%		8,027.0		69.4		3.46	%		8,342.3		74.8		3.59	%
Commercial and industrial		3,977.0		80.4		8.09	%		4,073.9		90.5		8.89	%		3,785.0		81.9		8.65	%
Fund banking		3,606.1		67.9		7.53	%		4,076.5		80.9		7.94	%		3,506.1		71.2		8.12	%
Securities-based loans		2,320.4		38.1		6.57	%		2,318.7		42.5		7.33	%		2,258.9		40.8		7.23	%
Commercial real estate		551.1		10.1		7.30	%		659.3		12.3		7.49	%		603.4		11.3		7.48	%
Construction and land		1,260.1		24.3		7.73	%		942.8		20.2		8.57	%		1,164.4		24.8		8.51	%
Loans held for sale		499.4		10.4		8.30	%		254.0		4.7		7.40	%		493.4		10.5		8.51	%
Other		237.6		4.4		7.33	%		186.9		3.7		7.90	%		211.1		4.2		8.07	%

Total loans		20,935.5		313.3		5.99	%		20,539.1		324.2		6.31	%		20,364.6		319.5		6.28	%
Other interest-bearing assets		909.7		8.8		3.89	%		812.3		10.6		5.26	%		830.3		9.3		4.49	%

Total interest-bearing assets/ interest income		34,923.0		500.7		5.73	%		33,657.0		516.2		6.13	%		33,613.8		510.8		6.08	%
Interest-bearing liabilities:
Senior notes		616.5		7.1		4.64	%		1,115.5		12.5		4.48	%		779.3		8.2		4.20	%
Deposits		28,535.1		208.4		2.92	%		27,457.7		218.0		3.18	%		27,535.9		229.7		3.34	%
Other interest-bearing liabilities		1,328.9		12.7		3.81	%		1,384.6		13.2		3.81	%		1,340.6		13.3		3.96	%

Total interest-bearing liabilities/ interest expense	$	30,480.5		228.2		2.99	%	$	29,957.8		243.7		3.25	%	$	29,655.8		251.2		3.39	%

Net interest income/margin			$	272.5		3.12	%			$	272.5		3.24	%			$	259.6		3.09	%


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Stifel Bancorp Net Interest Income


	Three Months Ended
	December 31, 2024							December 31, 2023							September 30, 2024
(Unaudited, millions)	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	$	1,870.0	$	24.1		5.16	%	$	1,841.8	$	26.4		5.73	%	$	1,705.6	$	24.1		5.66	%
Investments		8,222.4		123.2		5.99	%		7,636.5		122.0		6.39	%		7,818.3		124.6		6.37	%
Loans		20,935.5		313.3		5.99	%		20,539.1		324.2		6.31	%		20,364.6		319.5		6.28	%
Other interest-bearing assets		66.5		0.9		5.11	%		64.7		0.7		4.55	%		66.3		0.9		5.51	%

Total interest-bearing assets/interest income	$	31,094.4	$	461.5		5.94	%	$	30,082.1	$	473.3		6.29	%	$	29,954.8	$	469.1		6.26	%
Interest-bearing liabilities:
Deposits	$	28,535.1		208.4		2.92	%	$	27,457.7	$	218.0		3.18	%	$	27,535.9	$	229.7		3.34	%
Other interest-bearing liabilities		92.3		1.5		6.67	%		73.2		1.4		7.70	%		91.6		1.6		7.11	%

Total interest-bearing liabilities/interest expense	$	28,627.4		209.9		2.93	%	$	27,530.9		219.4		3.19	%	$	27,627.5		231.3		3.35	%
Net interest income/margin			$	251.6		3.24	%			$	253.9		3.38	%			$	237.8		3.17	%


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 16 of 19

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GAAP to Core Reconciliation


	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2024			12/31/2023			Change			9/30/2024			Change			12/31/2024			12/31/2023			Change
GAAP net revenues	$	1,364,682		$	1,146,379					$	1,224,668					$	4,970,320		$	4,348,944
Non-GAAP adjustments		39			40						683						731			14

Non-GAAP net revenues		1,364,721			1,146,419						1,225,351						4,971,051			4,348,958
GAAP compensation and benefits expense		795,750			674,437						718,065						2,916,229			2,554,581
Merger-related (17)		(4,641	)		(9,203	)					(6,101	)					(22,039	)		(32,150	)
Restructuring and severance (18)		430			—						(1,261	)					(10,792	)		—

Total non-GAAP adjustments		(4,211	)		(9,203	)					(7,362	)					(32,831	)		(32,150	)

Non-GAAP compensation and benefits expense		791,539			665,234						710,703						2,883,398			2,522,431
GAAP non-compensation operating expenses		302,731			265,947						289,945						1,125,647			1,087,671
Merger-related (17)		(12,140	)		(7,678	)					(11,166	)					(37,975	)		(31,058	)

Non-GAAP non-compensation operating expenses		290,591			258,269						278,779						1,087,672			1,056,613

Total adjustments		(16,390	)		(16,921	)					(19,211	)					(71,537	)		(63,222	)

GAAP provision for income taxes		22,196			43,511						58,153						197,065			184,156
Merger-related and other (19)		1,365			3,498						2,126						9,739			16,953

Non-GAAP provision for income taxes		23,561			47,009						60,279						206,804			201,109
Financial ratios:
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—			58.0	%		58.0	%		—
Non-compensation operating expenses		21.3	%		22.6	%		(130	)		22.8	%		(150	)		21.9	%		24.3	%		(240	)
Income before income taxes		20.7	%		19.4	%		130			19.2	%		150			20.1	%		17.7	%		240
Effective tax rate		8.3	%		21.1	%		(1,280	)		25.6	%		(1,730	)		20.7	%		26.1	%		(540	)


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 17 of 19

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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”) 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 $80.3 million, $71.1 million, and $77.9 million, as of December 31, 2024 and 2023, and September 30, 2024, respectively.

(5)	Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, January 29, 2025.

(6)	Includes capital raising and advisory revenues.

(7)	Includes independent contractors of 113, 108, and 114 as of December 31, 2024 and 2023, and September 30, 2024, respectively.

(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 daily balances for Individual Program Banks.

(13)	Represents client assets in Treasury Securities with maturities of 52 weeks or less.

(14)	During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks. The balances at third-party banks can be brought back on balance sheet to support liquidity needs.

(15)	Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.

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

(17)

(18)	The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

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


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 18 of 19

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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, 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.

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 29, 2025.


Stifel Financial Corp. Financial Supplement \| Fourth Quarter and Full Year 2024 Earnings Release		Page 19 of 19


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 29, 2025.

99.2		Financial Supplement for the quarter ended December 31, 2024.

99.3		Financial Results Presentation, dated January 29, 2025.

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


		STIFEL FINANCIAL CORP.
		(Registrant)

Date: January 29, 2025	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer