8-K

STIFEL FINANCIAL CORP.

(Registrant)

Date: April 26, 2023

/s/ James M. Marischen

James M. Marischen

Chief Financial Officer

Exhibit 99.1

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Stifel Reports First Quarter 2023 Results

ST. LOUIS, MO, April 26, 2023 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.1 billion for the three months ended March 31, 2023, compared with $1.1 billion a year ago. Net income available to common shareholders was $148.2 million, or $1.28 per diluted common share, compared with $164.2 million, or $1.39 per diluted common share for the first quarter of 2022. Non-GAAP net income available to common shareholders of $161.3 million, or $1.40 per diluted common share for the first quarter of 2023.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel had a strong quarter led by record results in Global Wealth Management. More importantly, the quality of our franchise was on display as our balance sheet did not face the same issues that plagued many regional banks. Although the market outlook remains uncertain, I am confident that the diversity of our business model and our conservative approach will enable Stifel to continue to generate strong results in ever changing market conditions.”

Highlights

•

The Company reported net revenues of $1.1 billion primarily driven by higher net interest income.

•

Non-GAAP net income available to common shareholders of $1.40.

•

Net interest income up $140.6 million, or 90%, over the year-ago quarter.

•

Recruited 49 financial advisors during the quarter, including 19 experienced employee advisors and 1 experienced independent advisor.

•

Bank loans up $3.0 billion, or 17%, from the prior year.

•

Non-GAAP pre-tax margin of 21% as the Company maintained its focus on expense discipline, while continuing to invest in the business. In addition, the Company gained operating leverage as a result of the composition of revenues compared to the prior year.

•

Annualized return on tangible common equity (ROTCE)⁽⁵⁾ of 20%.

•

Tangible book value per common share ⁽⁷⁾ of $30.08, up 8% from prior year.


Financial Summary (Unaudited)
(000s)	1Q 2023			1Q 2022
GAAP Financial Highlights:
Net revenues	$	1,106,793		$	1,116,527
Net income ⁽¹⁾	$	148,219		$	164,229
Diluted EPS ⁽¹⁾	$	1.28		$	1.39
Comp. ratio		58.8	%		60.3	%
Non-comp. ratio		22.2	%		19.4	%
Pre-tax margin		19.0	%		20.3	%
Non-GAAP Financial Highlights:
Net revenues	$	1,106,790		$	1,116,587
Net income ⁽¹⁾ ⁽²⁾	$	161,268		$	175,587
Diluted EPS ^{(1) (2)}	$	1.40		$	1.49
Comp. ratio ⁽²⁾		58.0	%		59.5	%
Non-comp. ratio ⁽²⁾		21.5	%		18.8	%
Pre-tax margin ⁽³⁾		20.5	%		21.7	%
ROCE ⁽⁴⁾		13.9	%		16.2	%
ROTCE ⁽⁵⁾		19.9	%		23.8	%
Global Wealth Management (*assets and loans in millions*)
Net revenues	$	757,186		$	681,725
Pre-tax net income	$	316,109		$	225,413
Total client assets	$	405,988		$	421,414
Fee-based client assets	$	149,541		$	157,910
Bank loans ⁽⁶⁾	$	20,935		$	17,908
Institutional Group
Net revenues	$	332,613		$	431,363
Equity	$	214,572		$	251,264
Fixed Income	$	118,041		$	180,099
Pre-tax net income	$	33,720		$	96,628

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

Global Wealth Management reported record net revenues of $757.2 million for the three months ended March 31, 2023 compared with $681.7 million during the first quarter of 2022. Pre-tax net income was $316.1 million compared with $225.4 million in the first quarter of 2022.

Highlights

•

Recruited 49 financial advisors during the quarter, including 19 experienced employee advisors, and 1 experienced independent advisor, with total trailing 12 month production of $12 million.

•

Client assets of $406.0 billion, down 4% from the year-ago quarter driven by lower asset levels due to declines in the markets.

•

Bank loans of $20.9 billion, up 17% over the year-ago quarter.

Net revenues increased 11% from a year ago:

•

Transactional revenues decreased 9% from the year-ago quarter reflecting a decrease in client activity.

•

Asset management revenues decreased 8% from the year-ago quarter as a result of a decline in fee-based asset values.

•

Net interest income increased 80% over the year-ago quarter driven by higher interest rates and loan growth.

Total Expenses:

•

Compensation expense as a percent of net revenues decreased to 45.2% primarily as a result of higher net interest income.

•

Provision for credit losses was primarily impacted by reserve reductions, partially offset by growth in the loan portfolio.

•

Non-compensation operating expenses as a percent of net revenues decreased to 13.1% primarily as a result of revenue growth, expense discipline, and a decrease in the provision for credit losses over the year-ago quarter.


Summary Results of Operations
(000s)	1Q 2023			1Q 2022
Net revenues	$	757,186		$	681,725
Transactional revenues		161,255			176,320
Asset management		315,537			341,613
Net interest income		281,932			156,760
Investment banking		4,158			5,147
Other income		(5,696	)		1,885
Total expenses	$	441,077		$	456,312
Compensation expense		342,423			364,993
Provision for credit losses		4,920			8,240
Non-comp. opex		93,734			83,079
Pre-tax net income	$	316,109		$	225,413
Compensation ratio		45.2	%		53.5	%
Non-compensation ratio		13.1	%		13.4	%
Pre-tax margin		41.7	%		33.1	%

Stifel Financial Corp. | Page 2

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Institutional Group

Institutional Group reported net revenues of $332.6 million for the three months ended March 31, 2023 compared with $431.4 million during the first quarter of 2022. Pre-tax net income was $33.7 million compared with $96.6 million in the first quarter of 2022.

Highlights

Investment banking revenues decreased 17% from a year ago:

•

Advisory revenues of $151.1 million decreased 17% from the year-ago quarter driven by lower levels of completed advisory transactions.

•

Equity capital raising revenues decreased from the year-ago quarter on lower issuances in line with market volumes in an uncertain market environment.

•

Fixed income capital raising revenues decreased from the year-ago quarter as microeconomic conditions contributed to lower municipal bond and loan issuances.

Fixed income transactional revenues decreased 42% from a year ago:

•

Fixed income transactional revenues decreased from the year-ago quarter driven by lower volumes in our rates products.

Equity transactional revenues decreased 7% from a year ago:

•

Equity transactional revenues declined from the year-ago quarter driven by declines in equity markets and lower client activity.

Total Expenses:

•

Compensation expense as a percent of net revenues increased to 61.9% primarily as a result of lower net revenues.

•

Non-compensation operating expenses as a percent of net revenues increased to 28.0% as a result of lower net revenues, higher travel-related expenses, and continued investments in technology, partially offset by lower clearing expenses.


Summary Results of Operations
(000s)	1Q 2023			1Q 2022
Net revenues	$	332,613		$	431,363
Investment banking		207,721			249,699
Advisory		151,063			181,396
Equity capital raising		24,672			29,434
Fixed income capital raising		31,986			38,869
Fixed income transactional		71,428			122,293
Equity transactional		52,389			56,566
Other		1,075			2,805
Total expenses	$	298,893		$	334,735
Compensation expense		205,905			252,347
Non-comp. opex.		92,988			82,388
Pre-tax net income	$	33,720		$	96,628
Compensation ratio		61.9	%		58.5	%
Non-compensation ratio		28.0	%		19.1	%
Pre-tax margin		10.1	%		22.4	%

Stifel Financial Corp. | Page 3

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Other Matters

Highlights

•

Total assets increased $3.5 billion, or 10%, over the year-ago quarter and 4% sequentially.

•

The Company repurchased $171.5 million of its outstanding common stock during the first quarter, including $77.0 million in connection with net-share settlements under its equity compensation plan.

•

Weighted average diluted shares outstanding decreased as a result of the Company’s lower share price and increase in share repurchases over the comparable period.

•

The Board of Directors declared a $0.36 quarterly dividend per share payable on March 15, 2023 to common shareholders of record on March 1, 2023.

•

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on March 15, 2023 to shareholders of record on March 1, 2023.


	1Q 2023			1Q 2022
Common stock repurchases
Repurchases (000s)	$	171,527		$	86,561
Number of shares (000s)		2,752			1,226
Average price	$	62.32		$	70.62
Period end shares (000s)		106,172			106,626
Weighted average diluted shares outstanding (000s)		115,390			118,140
Effective tax rate		24.9	%		23.6	%
Stifel Financial Corp. ⁽⁸⁾
Tier 1 common capital ratio		13.9	%		15.2	%
Tier 1 risk based capital ratio		16.8	%		18.6	%
Tier 1 leverage capital ratio		10.9	%		11.3	%
Tier 1 capital (MM)	$	3,965		$	3,715
Risk weighted assets (MM)	$	23,534		$	19,959
Average assets (MM)	$	36,415		$	32,934
Quarter end assets (MM)	$	38,598		$	35,088
Agency		Rating			Outlook
Fitch Ratings		BBB+			Stable
S&P Global Ratings		BBB-			Positive

Stifel Financial Corp. | Page 4

Conference Call Information

Stifel Financial Corp. will host its first quarter 2023 financial results conference call on Wednesday, April 26, 2023, 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 4717221. 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, 2022. 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 5

Summary Results of Operations (Unaudited)


	Three Months Ended
(000s, except per share amounts)	3/31/2023			3/31/2022		% Change			12/31/2022		% Change
Revenues:
Commissions	$	169,550		$	195,909		(13.5	)	$	168,945		0.4
Principal transactions		115,522			159,270		(27.5	)		125,781		(8.2	)
Investment banking		211,879			254,846		(16.9	)		223,706		(5.3	)
Asset management		315,569			341,636		(7.6	)		289,462		9.0
Other income		(2,293	)		8,888		(125.8	)		11,862		(119.3	)
Operating revenues		810,227			960,549		(15.6	)		819,756		(1.2	)
Interest revenue		451,564			165,435		173.0			416,731		8.4
Total revenues		1,261,791			1,125,984		12.1			1,236,487		2.0
Interest expense		154,998			9,457		nm			114,840		35.0
Net revenues		1,106,793			1,116,527		(0.9	)		1,121,647		(1.3	)
Non-interest expenses:
Compensation and benefits		651,190			673,691		(3.3	)		647,962		0.5
Non-compensation operating expenses		245,720			215,727		13.9			239,988		2.4
Total non-interest expenses		896,910			889,418		0.8			887,950		1.0
Income before income taxes		209,883			227,109		(7.6	)		233,697		(10.2	)
Provision for income taxes		52,344			53,560		(2.3	)		57,076		(8.3	)
Net income		157,539			173,549		(9.2	)		176,621		(10.8	)
Preferred dividends		9,320			9,320		0.0			9,320		0.0
Net income available to common shareholders	$	148,219		$	164,229		(9.7	)	$	167,301		(11.4	)
Earnings per common share:
Basic	$	1.36		$	1.50		(9.3	)	$	1.54		(11.7	)
Diluted	$	1.28		$	1.39		(7.9	)	$	1.43		(10.5	)
Cash dividends declared per common share	$	0.36		$	0.30		20.0		$	0.30		20.0
Weighted average number of common shares outstanding:
Basic		108,754			109,205		(0.4	)		108,344		0.4
Diluted		115,390			118,140		(2.3	)		117,223		(1.6	)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures ⁽⁹⁾


	Three Months Ended
(000s, except per share amounts)	3/31/2023			3/31/2022
GAAP net income	$	157,539		$	173,549
Preferred dividend		9,320			9,320
Net income available to common shareholders		148,219			164,229

Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		17,386			14,853
Provision for income taxes ⁽¹¹⁾		(4,337	)		(3,495	)
Total non-GAAP adjustments		13,049			11,358
Non-GAAP net income available to common shareholders	$	161,268		$	175,587
Weighted average diluted shares outstanding		115,390			118,140

GAAP earnings per diluted common share	$	1.36		$	1.47
Non-GAAP adjustments		0.12			0.10
Non-GAAP earnings per diluted common share	$	1.48		$	1.57
GAAP earnings per diluted common share available to common shareholders	$	1.28		$	1.39
Non-GAAP adjustments		0.12			0.10
Non-GAAP earnings per diluted common share available to common shareholders	$	1.40		$	1.49

GAAP to Non-GAAP Reconciliation ⁽⁹⁾


	Three Months Ended
(000s)	3/31/2023			3/31/2022
GAAP compensation and benefits	$	651,190		$	673,691
As a percentage of net revenues		58.8	%		60.3	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(9,253	)		(9,311	)
Non-GAAP compensation and benefits	$	641,937		$	664,380
As a percentage of non-GAAP net revenues		58.0	%		59.5	%

GAAP non-compensation expenses	$	245,720		$	215,727
As a percentage of net revenues		22.2	%		19.4	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(8,136	)		(5,482	)
Non-GAAP non-compensation expenses	$	237,584		$	210,245
As a percentage of non-GAAP net revenues		21.5	%		18.8	%
Total merger-related expenses	$	17,386		$	14,853

Stifel Financial Corp. | Page 7

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”) 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 $62.3 million and $55.5 million as of March 31, 2023 and 2022, 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, April 26, 2023.

⁽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 8

Exhibit 99.2

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First Quarter 2023 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 \| First Quarter 2023 Earnings Release		Page 1 of 17

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Consolidated Financial Highlights


	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2023		3/31/2022		% Change			12/31/2022		% Change
Net revenues	$	1,106,793	$	1,116,527		(0.9	%)	$	1,121,647		(1.3	%)
Net income	$	157,539	$	173,549		(9.2	%)	$	176,621		(10.8	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	148,219	$	164,229		(9.7	%)	$	167,301		(11.4	%)
Earnings per diluted common share	$	1.36	$	1.47		(7.5	%)	$	1.51		(9.9	%)
Earnings per diluted common share available to common shareholders	$	1.28	$	1.39		(7.9	%)	$	1.43		(10.5	%)
Non-GAAP financial summary (1):
Net revenues	$	1,106,790	$	1,116,587		(0.9	%)	$	1,121,643		(1.3	%)
Net income	$	170,588	$	184,907		(7.7	%)	$	194,195		(12.2	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	161,268		175,587		(8.2	%)		184,875		(12.8	%)
Earnings per diluted common share	$	1.48	$	1.57		(5.7	%)	$	1.66		(10.8	%)
Earnings per diluted common share available to common shareholders	$	1.40	$	1.49		(6.0	%)	$	1.58		(11.4	%)

Weighted average number of common shares outstanding:
Basic		108,754		109,205		(0.4	%)		108,344		0.4	%
Diluted		115,390		118,140		(2.3	%)		117,223		(1.6	%)
Period end common shares outstanding		106,172		106,626		(0.4	%)		105,348		0.8	%
Cash dividends declared per common share	$	0.36	$	0.30		20.0	%	$	0.30		20.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2023 Earnings Release		Page 2 of 17

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GAAP Consolidated Results of Operations


	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2023			3/31/2022		% Change			12/31/2022		% Change
Revenues:
Commissions	$	169,550		$	195,909		(13.5	%)	$	168,945		0.4	%
Principal transactions		115,522			159,270		(27.5	%)		125,781		(8.2	%)

Transactional revenues		*285,072*			355,179		(19.7	%)		294,726		(3.3	%)
Capital raising		60,816			73,450		(17.2	%)		56,771		7.1	%
Advisory		151,063			181,396		(16.7	%)		166,935		(9.5	%)

Investment banking		*211,879*			254,846		(16.9	%)		223,706		(5.3	%)
Asset management		315,569			341,636		(7.6	%)		289,462		9.0	%
Other income		(2,293	)		8,888		(125.8	%)		11,862		(119.3	%)

Operating revenues		810,227			960,549		(15.6	%)		819,756		(1.2	%)
Interest revenue		451,564			165,435		173.0	%		416,731		8.4	%

Total revenues		1,261,791			1,125,984		12.1	%		1,236,487		2.0	%
Interest expense		154,998			9,457		nm			114,840		35.0	%

Net revenues		1,106,793			1,116,527		(0.9	%)		1,121,647		(1.3	%)

Non-interest expenses:
Compensation and benefits		651,190			673,691		(3.3	%)		647,962		0.5	%
Occupancy and equipment rental		82,140			77,026		6.6	%		80,740		1.7	%
Communication and office supplies		46,136			42,456		8.7	%		45,209		2.1	%
Commissions and floor brokerage		14,440			15,887		(9.1	%)		13,183		9.5	%
Provision for credit losses		4,920			8,240		(40.3	%)		6,028		(18.4	%)
Other operating expenses		98,084			72,118		36.0	%		94,828		3.4	%

Total non-interest expenses		896,910			889,418		0.8	%		887,950		1.0	%
Income before income taxes		209,883			227,109		(7.6	%)		233,697		(10.2	%)
Provision for income taxes		52,344			53,560		(2.3	%)		57,076		(8.3	%)

Net income		157,539			173,549		(9.2	%)		176,621		(10.8	%)
Preferred dividends		9,320			9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	148,219		$	164,229		(9.7	%)	$	167,301		(11.4	%)

Earnings per common share:
Basic	$	1.36		$	1.50		(9.3	%)	$	1.54		(11.7	%)
Diluted	$	1.28		$	1.39		(7.9	%)	$	1.43		(10.5	%)
Weighted average number of common shares outstanding:
Basic		108,754			109,205		(0.4	%)		108,344		0.4	%
Diluted		115,390			118,140		(2.3	%)		117,223		(1.6	%)
Cash dividends declared per common share	$	0.36		$	0.30		20.0	%	$	0.30		20.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2023 Earnings Release		Page 3 of 17

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Non-GAAP Consolidated Results of Operations ⁽¹⁾


	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2023			3/31/2022		% Change			12/31/2022		% Change
Revenues:
Commissions	$	169,550		$	195,909		(13.5	%)	$	168,945		0.4	%
Principal transactions		115,522			159,270		(27.5	%)		125,781		(8.2	%)

Transactional revenues		*285,072*			355,179		(19.7	%)		294,726		(3.3	%)
Capital raising		60,816			73,450		(17.2	%)		56,771		7.1	%
Advisory		151,063			181,396		(16.7	%)		166,935		(9.5	%)

Investment banking		*211,879*			254,846		(16.9	%)		223,706		(5.3	%)
Asset management		315,569			341,636		(7.6	%)		289,462		9.0	%
Other income		(2,293	)		8,888		(125.8	%)		11,857		(119.3	%)

Operating revenues		810,227			960,549		(15.6	%)		819,751		(1.2	%)
Interest revenue		451,564			165,435		173.0	%		416,731		8.4	%

Total revenues		1,261,791			1,125,984		12.1	%		1,236,482		2.0	%
Interest expense		155,001			9,397		nm			114,839		35.0	%

Net revenues		1,106,790			1,116,587		(0.9	%)		1,121,643		(1.3	%)

Non-interest expenses:
Compensation and benefits		641,937			664,380		(3.4	%)		633,392		1.3	%
Occupancy and equipment rental		82,039			77,009		6.5	%		80,555		1.8	%
Communication and office supplies		46,134			42,448		8.7	%		45,203		2.1	%
Commissions and floor brokerage		14,440			15,887		(9.1	%)		13,183		9.5	%
Provision for credit losses		4,920			8,240		(40.3	%)		6,028		(18.4	%)
Other operating expenses		90,051			66,661		35.1	%		86,088		4.6	%

Total non-interest expenses		879,521			874,625		0.6	%		864,449		1.7	%
Income before income taxes		227,269			241,962		(6.1	%)		257,194		(11.6	%)
Provision for income taxes		56,681			57,055		(0.7	%)		62,999		(10.0	%)

Net income		170,588			184,907		(7.7	%)		194,195		(12.2	%)
Preferred dividends		9,320			9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	161,268		$	175,587		(8.2	%)	$	184,875		(12.8	%)

Earnings per common share:
Basic	$	1.48		$	1.61		(8.1	%)	$	1.71		(13.5	%)
Diluted	$	1.40		$	1.49		(6.0	%)	$	1.58		(11.4	%)
Weighted average number of common shares outstanding:
Basic		108,754			109,205		(0.4	%)		108,344		0.4	%
Diluted		115,390			118,140		(2.3	%)		117,223		(1.6	%)
Cash dividends declared per common share	$	0.36		$	0.30		20.0	%	$	0.30		20.0	%


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Consolidated Financial Summary


	Three Months Ended
(Unaudited, 000s)	3/31/2023			3/31/2022			% Change			12/31/2022			% Change
Net revenues:
Global Wealth Management	$	757,186		$	681,725			11.1	%	$	744,341			1.7	%
Institutional Group		332,613			431,363			(22.9	%)		353,882			(6.0	%)
Other		16,994			3,439			nm			23,424			nm

Total net revenues	$	1,106,793		$	1,116,527			(0.9	%)	$	1,121,647			(1.3	%)
Operating expenses:
Global Wealth Management	$	441,077		$	456,312			(3.3	%)	$	427,270			3.2	%
Institutional Group		298,893			334,735			(10.7	%)		309,370			(3.4	%)
Other		156,940			98,371			59.5	%		151,310			3.7	%

Total operating expenses	$	896,910		$	889,418			0.8	%	$	887,950			1.0	%
Operating contribution:
Global Wealth Management	$	316,109		$	225,413			40.2	%	$	317,071			(0.3	%)
Institutional Group		33,720			96,628			(65.1	%)		44,512			(24.2	%)
Other		(139,946	)		(94,932	)		47.4	%		(127,886	)		9.4	%

Income before income taxes	$	209,883		$	227,109			(7.6	%)	$	233,697			(10.2	%)
Financial ratios:
Compensation and benefits		58.8	%		60.3	%		(150	)		57.8	%		100
Non-compensation operating expenses		22.2	%		19.4	%		280			21.4	%		80
Income before income taxes		19.0	%		20.3	%		(130	)		20.8	%		(180	)
Effective tax rate		24.9	%		23.6	%		130			24.4	%		50


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Consolidated Financial Information and Metrics


	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	3/31/2023			3/31/2022			% Change			12/31/2022			% Change
Financial Information:
Total assets	$	38,597,653		$	35,087,698			10.0	%	$	37,196,124			3.8	%
Total shareholders’ equity	$	5,327,392		$	5,054,344			5.4	%	$	5,328,471			(0.0	%)
Total common equity	$	4,642,392		$	4,369,344			6.2	%	$	4,643,471			(0.0	%)
Goodwill and intangible assets	$	(1,512,400	)	$	(1,449,919	)		4.3	%	$	(1,457,137	)		3.8	%
DTL on goodwill and intangible assets	$	63,455		$	56,775			11.8	%	$	61,225			3.6	%

Tangible common equity	$	3,193,447		$	2,976,200			7.3	%	$	3,247,559			(1.7	%)
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%

Financial Metrics:
Book value per common share (2)	$	43.73		$	40.98			6.7	%	$	44.08			(0.8	%)
Tangible book value per common share (2)	$	30.08		$	27.91			7.8	%	$	30.83			(2.4	%)
Return on common equity (3)		12.7	%		15.1	%					14.5	%
Non-GAAP return on common equity (1)(3)		13.9	%		16.2	%					16.0	%
Return on tangible common equity (4)		18.3	%		22.3	%					20.7	%
Non-GAAP return on tangible common equity (1)(4)		19.9	%		23.8	%					22.9	%
Pre-tax margin on net revenues		19.0	%		20.3	%					20.8	%
Non-GAAP pre-tax margin on net revenues (1)		20.5	%		21.7	%					22.9	%
Effective tax rate		24.9	%		23.6	%					24.4	%
Non-GAAP effective tax rate (1)		24.9	%		23.6	%					24.5	%


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Regulatory Capital


(Unaudited, 000s)	3/31/2023			3/31/2022			% Change			12/31/2022			% Change
SF Regulatory Capital (5):
Common equity tier 1 capital	$	3,280,309		$	3,029,778			8.3	%	$	3,363,138			(2.5	%)
Tier 1 capital	$	3,965,309		$	3,714,778			6.7	%	$	4,048,138			(2.0	%)
Risk-weighted assets	$	23,533,556		$	19,958,908			17.9	%	$	23,026,900			2.2	%
Common equity tier 1 capital ratio		13.9	%		15.2	%					14.6	%
Tier 1 risk based capital ratio		16.8	%		18.6	%					17.6	%
Tier 1 leverage capital ratio		10.9	%		11.3	%					11.1	%
Stifel Bank & Trust Regulatory Capital (5):
Common equity tier 1 capital	$	1,590,068		$	1,371,166			16.0	%	$	1,620,995			(1.9	%)
Tier 1 capital	$	1,590,068		$	1,371,166			16.0	%	$	1,620,995			(1.9	%)
Risk-weighted assets	$	14,462,065		$	12,555,438			15.2	%	$	14,680,996			(1.5	%)
Common equity tier 1 capital ratio		11.0	%		10.9	%					11.0	%
Tier 1 risk based capital ratio		11.0	%		10.9	%					11.0	%
Tier 1 leverage capital ratio		7.5	%		7.1	%					7.2	%
Stifel Bank Regulatory Capital (5):
Common equity tier 1 capital	$	596,152		$	340,014			75.3	%	$	468,437			27.3	%
Tier 1 capital	$	596,152		$	340,014			75.3	%	$	468,437			27.3	%
Risk-weighted assets	$	4,548,287		$	2,668,521			70.4	%	$	4,229,316			7.5	%
Common equity tier 1 capital ratio		13.1	%		12.7	%					11.1	%
Tier 1 risk based capital ratio		13.1	%		12.7	%					11.1	%
Tier 1 leverage capital ratio		7.5	%		7.1	%					7.1	%
Stifel Net Capital (5):
Net capital	$	514,500		$	584,600			(12.0	%)	$	538,600			(4.5	%)
Excess net capital	$	491,500		$	554,200			(11.3	%)	$	516,300			(4.8	%)


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Global Wealth Management - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2023			3/31/2022			% Change			12/31/2022			% Change
Revenues:
Commissions	$	110,191		$	130,776			(15.7	%)	$	112,644			(2.2	%)
Principal transactions		51,064			45,544			12.1	%		52,913			(3.5	%)

Transactional revenues		161,255			176,320			(8.5	%)		165,557			(2.6	%)
Asset management		315,537			341,613			(7.6	%)		289,445			9.0	%
Net interest		281,932			156,760			79.8	%		284,998			(1.1	%)
Investment banking (6)		4,158			5,147			(19.2	%)		4,814			(13.6	%)
Other income		(5,696	)		1,885			(402.2	%)		(473	)		1104.2	%

Net revenues		757,186			681,725			11.1	%		744,341			1.7	%
Non-interest expenses:
Compensation and benefits		342,423			364,993			(6.2	%)		328,099			4.4	%
Non-compensation operating expenses		98,654			91,319			8.0	%		99,171			(0.5	%)

Total non-interest expenses		441,077			456,312			(3.3	%)		427,270			3.2	%

Income before income taxes	$	316,109		$	225,413			40.2	%	$	317,071			(0.3	%)

As a percentage of net revenues:
Compensation and benefits		45.2	%		53.5	%		(830	)		44.1	%		110
Non-compensation operating expenses		13.1	%		13.4	%		(30	)		13.3	%		(20	)
Income before income taxes		41.7	%		33.1	%		860			42.6	%		(90	)


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Global Wealth Management - Statistical Information


	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors)	3/31/2023			3/31/2022			% Change			12/31/2022			% Change
Financial advisors (including independent contractors) (7)		2,350			2,321			1.2	%		2,344			0.3	%
Total client assets	$	405,988,000		$	421,414,000			(3.7	%)	$	389,818,000			4.1	%
Fee-based client assets	$	149,541,000		$	157,910,000			(5.3	%)	$	144,952,000			3.2	%
Transactional assets	$	256,447,000		$	263,504,000			(2.7	%)	$	244,866,000			4.7	%
Secured client lending (8)	$	3,393,000		$	4,082,000			(16.9	%)	$	3,576,000			(5.1	%)
Asset Management Revenue (000s):
Private Client Group (9)	$	259,491		$	293,301			(11.5	%)	$	240,446			7.9	%
Asset Management		32,241			34,635			(6.9	%)		30,690			5.1	%
Third-party Bank Sweep Program		11,261			942			nm			5,522			103.9	%
Other (10)		12,576			12,758			(1.4	%)		12,804			(1.8	%)

Total asset management revenues	$	315,569		$	341,636			(7.6	%)	$	289,462			9.0	%
Fee-based Assets (millions):
Private Client Group (9)	$	131,483			138,219			(4.9	%)	$	126,043			4.3	%
Asset Management		33,409			34,716			(3.8	%)		32,233			3.6	%
Elimination (11)		(15,351	)		(15,025	)		2.2	%		(13,324	)		15.2	%

Total fee-based assets	$	149,541		$	157,910			(5.3	%)	$	144,952			3.2	%
Third-party Bank Sweep Program	$	915		$	5,492			(83.3	%)	$	1,984			(53.9	%)
ROA (bps) (12):
Private Client Group (9)		82.3			82.9						80.9
Asset Management		38.6			39.9						38.1
Third-party Bank Sweep Program		303.9			6.2						137.2
Stifel Bancorp Deposits (millions):
Sweep Deposits	$	14,057		$	22,193			(36.7	%)	$	16,628			(15.5	%)
Smart Rate Deposits		10,778			429			nm			8,710			23.7	%
Direct Wealth Management Deposits at Stifel Bancorp		189			56			237.5	%		43			339.5	%

Total Stifel Bancorp Wealth Management Deposits		25,024			22,678			10.3	%		25,381			(1.4	%)
Other Bank Deposits		3,301			1,518			117.5	%		1,736			90.1	%

Total Stifel Bancorp Deposits	$	28,325		$	24,196			17.1	%	$	27,117			4.5	%

Wealth Management Cash (millions):
Stifel Bancorp Wealth Management Deposits	$	25,024		$	22,678			10.3	%	$	25,381			(1.4	%)
Third-Party Bank Sweep Program		915			5,492			(83.3	%)		1,984			(53.9	%)
Other Sweep Cash		252			390			(35.4	%)		187			34.8	%
Money Market Mutual Funds		7,434			5,899			26.0	%		6,529			13.9	%

Total Wealth Management Cash	$	33,625		$	34,459			(2.4	%)	$	34,081			(1.3	%)


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Institutional Group - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2023			3/31/2022			% Change			12/31/2022			% Change
Revenues:
Commissions	$	59,359		$	65,133			(8.9	%)	$	56,301			5.4	%
Principal transactions		64,458			113,726			(43.3	%)		72,869			(11.5	%)

Transactional revenues		123,817			178,859			(30.8	%)		129,170			(4.1	%)
Capital raising		56,658			68,303			(17.0	%)		51,956			9.0	%
Advisory		151,063			181,396			(16.7	%)		166,935			(9.5	%)

Investment banking		207,721			249,699			(16.8	%)		218,891			(5.1	%)
Other income (13)		1,075			2,805			(61.7	%)		5,821			(81.5	%)

Net revenues		332,613			431,363			(22.9	%)		353,882			(6.0	%)
Non-interest expenses:
Compensation and benefits		205,905			252,347			(18.4	%)		220,730			(6.7	%)
Non-compensation operating expenses		92,988			82,388			12.9	%		88,640			4.9	%

Total non-interest expenses		298,893			334,735			(10.7	%)		309,370			(3.4	%)

Income before income taxes	$	33,720		$	96,628			(65.1	%)	$	44,512			(24.2	%)

As a percentage of net revenues:
Compensation and benefits		61.9	%		58.5	%		340			62.4	%		(50	)
Non-compensation operating expenses		28.0	%		19.1	%		890			25.0	%		300
Income before income taxes		10.1	%		22.4	%		(1,230	)		12.6	%		(250	)


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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	3/31/2023			3/31/2022			% Change			12/31/2022			% Change
Stifel Bancorp Financial Information:
Total assets	$	30,701,371		$	26,115,139			17.6	%	$	29,318,421			4.7	%
Total shareholder’s equity	$	2,199,821		$	1,782,875			23.4	%	$	2,071,882			6.2	%
Total loans, net (includes loans held for sale)	$	20,935,133		$	17,908,268			16.9	%	$	20,622,004			1.5	%
Residential real estate		7,494,788			6,008,507			24.7	%		7,371,671			1.7	%
Commercial and industrial		4,755,664			4,546,700			4.6	%		4,897,176			(2.9	%)
Fund banking		4,623,423			3,109,807			48.7	%		4,182,641			10.5	%
Securities-based loans		2,558,343			2,954,212			(13.4	%)		2,724,551			(6.1	%)
Commercial real estate		663,325			499,825			32.7	%		675,599			(1.8	%)
Construction and land		644,800			521,623			23.6	%		593,191			8.7	%
Other		159,101			120,874			31.6	%		157,729			0.9	%
Loans held for sale		225,365			315,427			(28.6	%)		156,912			43.6	%
Investment securities	$	7,607,385		$	7,240,149			5.1	%	$	7,624,448			(0.2	%)
Available-for-sale securities, at fair value		1,624,458			1,926,144			(15.7	%)		1,636,041			(0.7	%)
Held-to-maturity securities, at amortized cost		5,982,927			5,314,005			12.6	%		5,988,407			(0.1	%)
Unrealized losses on available-for-sale securities		(196,621	)		(95,692	)		105.5	%		(227,178	)		(13.5	%)
Total deposits	$	28,325,327		$	24,195,626			17.1	%	$	27,117,111			4.5	%
Demand deposits (interest-bearing)		27,862,336			23,553,384			18.3	%		26,805,073			3.9	%
Demand deposits (non-interest-bearing)		456,091			618,435			(26.3	%)		305,138			49.5	%
Certificates of deposit		6,900			23,807			(71.0	%)		6,900			0.0	%

Credit Metrics:
Allowance for credit losses	$	152,906		$	126,802			20.6	%	$	147,853			3.4	%
Allowance as a percentage of retained loans		0.73	%		0.72	%					0.72	%
Net charge-offs as a percentage of average loans		0.00	%		0.00	%					0.00	%
Total nonperforming assets	$	10,749		$	17,124			(37.2	%)	$	10,374			3.6	%
Nonperforming assets as a percentage of total assets		0.04	%		0.07	%					0.04	%


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Loans and Lending Commitments - Allowance for Credit Losses


	March 31, 2023
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL%			Q1 Provision
Residential real estate	$	7,494,788	$	22,696		0.3	%	$	2,255
Commercial and industrial		4,755,664		55,734		1.2	%		1,458
Fund banking		4,623,423		12,943		0.3	%		1,232
Securities-based loans		2,558,343		3,117		0.1	%		(40	)
Commercial real estate		663,325		11,566		1.7	%		(1,331	)
Construction and land		644,800		10,317		1.6	%		1,749
Other		159,101		789		0.5	%		53

Loans held for investment, gross		20,899,444		117,162		0.6	%		5,376
Loans held for sale		225,365

Total loans, gross		21,124,809
Lending-related commitments (unfunded)		6,113,000		35,744		0.6	%		(456	)

Loans and lending-related commitments	$	27,237,809	$	152,906				$	4,920


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2023 Earnings Release		Page 12 of 17

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Consolidated Net Interest Income


	Three Months Ended
	March 31, 2023							March 31, 2022								December 31, 2022
(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	$	1,989.5	$	22.7		4.57	%	$	1,340.3	$	1.1			0.32	%	$	1,641.8	$	18.3		4.45	%
Financial instruments owned		877.7		3.7		1.70	%		1,176.0		5.4			1.84	%		906.2		7.5		3.31	%
Margin balances		831.2		14.9		7.16	%		1,089.6		6.9			2.54	%		985.2		15.6		6.33	%
Investments:
Asset-backed securities		6,202.4		98.8		6.37	%		5,598.6		24.9			1.78	%		6,216.5		86.1		5.54	%
Mortgage-backed securities		986.6		5.4		2.18	%		1,007.3		4.4			1.75	%		1,003.6		5.4		2.15	%
Corporate fixed income securities		637.5		4.1		2.61	%		773.0		5.0			2.57	%		646.4		4.5		2.79	%
Other		4.7		—		2.55	%		5.3		—			1.84	%		4.5		—		2.18	%

Total investments		7,831.2		108.3		5.53	%		7,384.2		34.3			1.86	%		7,871.0		96.0		4.88	%
Loans:
Residential real estate		7,446.1		53.5		2.87	%		5,684.6		35.5			2.50	%		7,240.6		55.7		3.08	%
Commercial and industrial		4,816.3		94.3		7.83	%		4,380.0		41.3			3.77	%		4,997.7		84.4		6.75	%
Fund banking		4,396.4		76.3		6.94	%		3,176.0		20.8			2.62	%		4,348.7		65.3		6.01	%
Securities-based loans		2,638.0		42.5		6.44	%		2,910.7		14.4			1.98	%		2,735.5		40.0		5.85	%
Commercial real estate		666.8		10.9		6.57	%		462.9		2.9			2.52	%		805.3		12.5		6.22	%
Construction and land		612.6		11.5		7.49	%		525.3		4.3			3.25	%		583.7		9.9		6.77	%
Loans held for sale		206.3		3.4		6.53	%		221.8		1.3			2.29	%		168.0		2.1		5.09	%
Other		153.9		2.7		7.12	%		117.1		0.8			2.75	%		147.6		2.3		6.46	%

Total loans		20,936.4		295.1		5.64	%		17,478.4		121.3			2.78	%		21,027.1		272.2		5.18	%
Other interest-bearing assets		797.3		6.9		3.45	%		760.3		(3.6	)		(1.88	%)		770.6		7.1		3.69	%

Total interest-bearing assets/ interest income		33,263.3		451.6		5.43	%		29,228.8		165.4			2.26	%		33,201.9		416.7		5.02	%
Interest-bearing liabilities:
Senior notes		1,114.6		12.5		4.49	%		1,113.6		11.4			4.10	%		1,114.4		10.5		3.77	%
Deposits		27,138.0		137.3		2.02	%		23,129.9		0.9			0.02	%		27,267.0		98.7		1.45	%
Federal Home Loan advances		5.6		0.1		4.92	%		40.4		—			0.30	%		—		—		0.00	%
Other interest-bearing liabilities		1,164.9		5.1		1.76	%		1,559.3		(2.8	)		(0.75	%)		1,303.0		5.6		1.72	%

Total interest-bearing liabilities/ interest expense	$	29,423.1		155.0		2.11	%	$	25,843.2		9.5			0.15	%	$	29,684.4		114.8		1.55	%

Net interest income/margin			$	296.6		3.57	%			$	155.9			2.13	%			$	301.9		3.64	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2023 Earnings Release		Page 13 of 17

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Stifel Bancorp Net Interest Income


	Three Months Ended
	March 31, 2023							March 31, 2022							December 31, 2022
(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	$	916.1	$	11.2		4.91	%	$	549.5	$	0.3		0.22	%	$	889.4	$	9.4		4.24	%
Investments		7,831.2		108.3		5.53	%		7,384.2		34.3		1.86	%		7,871.0		96.0		4.88	%
Loans		20,936.4		295.1		5.64	%		17,478.4		121.3		2.78	%		21,027.1		272.2		5.18	%
Other interest-bearing assets		57.4		0.6		3.86	%		50.1		0.4		2.87	%		55.1		0.7		4.56	%

Total interest-bearing assets/interest income	$	29,741.1	$	415.2		5.58	%	$	25,462.2	$	156.3		2.45	%	$	29,842.6	$	378.3		5.07	%
Interest-bearing liabilities:
Deposits	$	27,138.0	$	137.3		2.02	%	$	23,129.9	$	0.9		0.02	%	$	27,267.0	$	98.7		1.45	%
Federal Home Loan advances		5.6		0.1		4.92	%		40.4		—		0.30	%		—		—		0.00	%
Other interest-bearing liabilities		0.8		—		17.48	%		1.1		0.1		13.24	%		0.9		0.1		15.64	%

Total interest-bearing liabilities/interest expense	$	27,144.4		137.4		2.02	%	$	23,171.4		1.0		0.02	%	$	27,267.9		98.8		1.45	%

Net interest income/margin			$	277.8		3.74	%			$	155.3		2.44	%			$	279.5		3.75	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2023 Earnings Release		Page 14 of 17

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GAAP to Core Reconciliation


	Three Months Ended
(Unaudited, 000s)	3/31/2023			3/31/2022			Change			12/31/2022			Change
GAAP net revenues	$	1,106,793		$	1,116,527					$	1,121,647
Non-GAAP adjustments		(3	)		60						(4	)

Non-GAAP net revenues		1,106,790			1,116,587						1,121,643

GAAP compensation and benefits expense		651,190			673,691						647,962
Merger-related (14)		(9,253	)		(9,311	)					(14,570	)

Non-GAAP compensation and benefits expense		641,937			664,380						633,392

GAAP non-compensation operating expenses		245,720			215,727						239,988
Merger-related (14)		(8,136	)		(5,482	)					(8,931	)

Non-GAAP non-compensation operating expenses		237,584			210,245						231,057

Total merger-related adjustments		(17,386	)		(14,853	)					(23,497	)

GAAP provision for income taxes		52,344			53,560						57,076
Merger-related and other (14)		4,337			3,495						5,923

Non-GAAP provision for income taxes		56,681			57,055						62,999

Financial ratios:
Compensation and benefits		58.0	%		59.5	%		(150	)		56.5	%		150
Non-compensation operating expenses		21.5	%		18.8	%		270			20.6	%		90
Income before income taxes		20.5	%		21.7	%		(120	)		22.9	%		(240	)
Effective tax rate		24.9	%		23.6	%		130			24.5	%		40


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2023 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 $62.3 million, $55.5 million, and $60.4 million, as of March 31, 2023 and 2022, and December 31, 2022, respectively.

(5)	Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, April 26, 2023.

(6)	Includes capital raising and advisory revenues.

(7)	Includes independent contractors of 102, 92, and 102 as of March 31, 2023 and 2022, and December 31, 2022, 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 quarterly balances for Individual Program Banks.

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

(14)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2023 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, 2022. 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 first quarter earnings release issued April 26, 2023.


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2023 Earnings Release		Page 17 of 17

Exhibit 99.3 First Quarter 2023 Financial Results Presentation April 26, 2023 Quarterly Earnings Report

First Quarter Snapshot 1Q23 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS GAAP $1.28 NON-GAAP $1.40 GAAP & NON-GAAP $1,107 GAAP $148 NON-GAAP $161 ANNUALIZED ROCE ANNUALIZED ROTCE* BOOK VALUE PER SHARE GAAP 12.7% NON-GAAP 13.9% GAAP 18.3% NON-GAAP 19.9% TBV $30.08 BV $43.73 * Please see our definition of ROTCE in our first quarter 2023 earnings release HIGHLIGHTS rd 3 Highest First Quarter Increased Deposits Net Revenue By $1.2 billion Record Repurchased Global Wealth Management Revenue 1.5 million Common Shares nd 2 Highest Continued Recruiting Net Interest Income Strength Quarterly Earnings Report 1

The Strength & Stability of Stifel Stifel Stifel KRX HIGHLIGHTS Financial Financial Median 1Q23 4Q22 ■ Balanced Earnings Power Across Multiple Profitability Business Lines Designed to Perform Through All Core ROAA 1.7% 2.1% 1.4% Core ROTCE 19.9% 22.9% 19.0% Business Cycles NIM 3.57% 3.64% 3.62% Capital Ratios ■ Well Structured Balance Sheet Resulted in TCE Ratio 8.4% 8.9% 7.2% Significant NIM Expansion & Low Levels of TCE Ratio Including AOCI & HTM Losses 7.9% 8.4% Unrealized Losses Leverage Ratio 10.9% 11.1% 9.4% Tier 1 Ratio 16.8% 17.6% 11.7% ■ Strong Capital Levels Significantly in Excess of CET 1 Ratio 13.9% 14.6% 11.2% Regulatory Requirements & Peer Regional CET 1 Ratio (including AOCI & HTM losses) 12.7% 13.2% Asset Characteristics Banks Cash / Avg. Assets 8.8% 6.8% 2.9% ■ Superior Credit Quality Yield on Assets 5.43% 5.02% 4.48% Loans Maturing / Repricing < 3 Months 58.0% 57.6% 36.0% ■ Loan Portfolio Only Comprised of 3% CRE Securities Maturing / Repricing < 1Yr 81.9% 81.7% 4.9% Balances Deposit Characteristics Percentage of Uninsured Deposits 15.2% 11.4% 34.2% ■ Robust Liquidity Profile With Abundant Cash Total Deposit Growth 2022 4.5% 16.5% -0.1% Levels & Low Cost Borrowing Capacity Credit Metrics NPA / Assets 0.04% 0.04% 0.30% ■ High Quality, Relationship-Oriented Deposit NCO / Avg Loans 0.00% 0.00% 0.07% Base With Low Levels of Uninsured Deposits Source: S&P Capital IQ Pro Note: 4Q22 data as of 12/31/22 & 1Q23 data as of 3/31/23 Note: The KRX includes current constituents of the KBW Nasdaq Regional Banking Index Quarterly Earnings Report 2

Diversified Deposit Portfolio TOTAL DEPOSITS HIGHLIGHTS $40,000 ■ Highly Diversified Deposit Base $35,000 $30,000■ Client Cash Remained at Stifel $25,000 ■ Provide Incremental FDIC Insurance $20,000 ■ Deposit Beta a Function of Cash Sorting $15,000 $10,000 ■ Deposit Beta Cycle-To-Date of 42% $5,000 ■ Modest Impact to NII from Interest Rate Cuts $- 1Q22 2Q22 3Q22 4Q22 1Q23 4/17/2023 ■ Non-Bank Client Cash Illustrates Benefits of Diversity Wealth Management Deposits Ticketed Money Market Funds Stifel Bancorp, Inc. Non-Wealth Deposits Strong Net Interest Margin & Growth In Overall Client Cash Stifel Financial 1Q'23 Avg. Rate 1Q'22 Avg. Rate Earning Assets $33,263,300 5.43% $29,228,800 2.26% Deposits Transactional (Bank Sweep) 14,057,422 22,193,199 Savings (Smart Rate & Direct Wealth Management at SBI) 10,966,483 485,361 Commercial 3,225,077 1,517,067 Interest Bearing Deposits 27,138,000 2.02% 23,129,900 0.02% Net Interest Margin 3.57% 2.13% Third Party Sweep 914,486 5,492,438 Other 252,201 389,491 Money Market Funds 7,434,368 5,898,930 Off Balance Sheet $8,601,055 $11,780,859 Total Brokerage Client Cash $33,624,960 $34,459,418 Short-term Treasuries* $6,617,438 $1,157,052 *Represents client assets in Treasury Securities with maturities of 52 weeks or less Quarterly Earnings Report 3 millions

Complimentary Nature of Institutional Group Revenue & Net Interest Income Rate Increase Positively Impacted NII & Dampened Institutional Margins $350 Significant Operating Leverage $300 Exists $250 $200 $150 $100 $50 $0 Institutional Group Pre-tax Income Net Interest Income Non-GAAP Pre-tax Margin Non-GAAP Return on Tangible Common 32.0% Equity 30.9% 32.0% 23.9% 21.7% 24.0% 24.6% 24.7% 20.5% 19.9% 19.0% 21.8% 24.0% 19.9% 16.0% 16.0% 8.0% 8.0% 0.0% 0.0% 2019 2020 2021 2022 2023* 2019 2020 2021 2022 2023* *2023 based on results through 3/31/2023 Quarterly Earnings Report 4 millions

Long-term Strategic Objectives Global Wealth Management ■ Achieve $1 Trillion in Client Assets ■ Recruiting & Acquisitions Solidify our Position ■ Technology as Premier Wealth ■ Continue to Build Stifel Bank ■ Expand Client Deposits Management Firm & ■ Smart Rate Investment Bank ■ Corporate Deposits ■ Leverage Stifel Franchise for Loan Growth Institutional Group Capital Deployment ■ Gain Market Share■ Continued Focus on Risk Adjusted Returns ■ Recruiting ■ Reinvest in Business ■ Acquisitions■ Recruiting ■ Increase Relevancy to Clients■ Bank Growth ■ Expand Product Offerings■ Acquisitions ■ Leverage Stifel Franchise■ Dividend Growth ■ Improve Operating Efficiencies■ Share Repurchases Quarterly Earnings Report 5

First Quarter Results FINANCIAL RESULTS NET REVENUE Sequential millions 1Q23 Y/Y Change Change $1,400 Global Wealth Management $757 11% 2% $1,122 $1,117 $1,200 $1,108 $1,107 Institutional 333 -23% -6% $1,045 Other 17 407% -27% $1,000 Net revenue 1,107 -1% -1% $800 Compensation expense 642 -3% 1% $600 1 Operating expense 233 15% 3% 2 $400 5 -40% -18% Provision for credit loss $200 Pre-tax pre-provision income 232 -22% 17% Pre-tax income 227 -6% -12% $0 1Q22 2Q22 3Q22 4Q22 1Q23 Taxes 57 -1% -10% Net income 171 -8% -12% Preferred dividends 9 0% 0% Net income available to common 161 -8% -13% shareholders Diluted EPS $1.40 -6% -11% Compensation ratio 58.0% -150 bps 150 bps 3 Operating expense ratio 21.0% 290 bps 90 bps Pre-tax operating margin 20.5% -120 bps -240 bps Book value per share $43.73 7% -1% Tangible book value per share $30.08 8% -2% 4 19.9% -390 bps -300 bps ROTCE (1) Operating Expense = Non-Compensation Expense – Provision for Credit Loss (2) Provision for Credit Loss at bank subsidiary (3) Operating Expense Ratio excludes Provision for Credit Loss (4) Please see our definition of ROTCE in our first quarter earnings release Quarterly Earnings Report 6 millions

Global Wealth Management HIGHLIGHTS GLOBAL WEALTH MANAGEMENT REVENUE Sequential millions 1Q23 Y/Y Change ■ Record Quarterly Net Revenue Change Transactional $161 -9% -3% ■ Second Highest Quarterly Net Interest Income Asset Management 316 -8% 9% ■ Asset Management Revenue Increased 9% Net Interest 282 80% -1% Sequentially Investment Banking 4 -19% -14% ■ Added 49 Financial Advisors, Including 20 Other (6) nm nm Experienced with Total Trailing Twelve Month Total Global Wealth Management Net $757 11% 2% Revenue Production of $12.3 million Comp. Ratio 45.2% -830 bps 110 bps Non-Comp. Ratio 13.1% -30 bps -20 bps Provision for credit loss $5 -40% -18% Pre-tax Margin 41.7% 860 bps -90 bps NET REVENUE & MARGIN Pre-tax Pre-provision Margin 42.4% 810 bps -100 bps $790 44% $757 $765 FINANCIAL ADVISOR & CLIENT ASSET METRICS $744 42% $740 42.6% Sequential millions 1Q23 Y/Y 40% 41.7% Change $702 $715 $698 Financial Advisors 2,248 1% 1% $682 38% $690 39.9% 36% Independent Contractors 102 11% 0% $665 34% $640 Total Financial Advisors 2,350 1% 1% 32% Client AUA $405,988 -4% 4% $615 35.1% 33.1% Fee-based Client Assets $149,541 -5% 3% 30% $590 1Q22 2Q22 3Q22 4Q22 1Q23 Private Client Fee-based Client Assets $131,483 -5% 4% Net Revenue Pre-tax Margin Quarterly Earnings Report 7 Margin Net Revenue (millions)

Wealth Management Metrics RECRUITING DRIVES REVENUE GROWTH INCREASING PERCENTAGE OF RECURRING REVENUE $400 600 100% 550 $350 90% 500 22% 24% 34% 32% 32% $300 450 80% 33% 39% 46% 400 51% 70% $250 350 60% $200 300 250 50% $150 200 40% 78% 76% $100 150 66% 66% 66% 64% 30% 60% 100 53% $50 47% 20% 50 $- 0 10% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 T-12 Cumulative Production Cumulative Gross FAs Net Interest Income & Asset Management Fees Transactional & Investment Banking SUBSTANTIAL LOAN GROWTH TECHNOLOGY TO SUPPORT ADVICE-BASED MODEL $20,935 $22,000 $20,622 ■ Stifel Wealth Tracker – online and mobile app: free/ secure / smart $20,000 aggregation / budgeting tools / advice when you want it / $16,836 $18,000 understand the markets / understand your complete financial $16,000 picture $14,000 $11,558 ■ Performance reporting tools – enhanced platform-wide capabilities $12,000 $10,014 with key vendor partners collaborating $10,000 $8,723 $7,174 $8,000 $5,820 ■ Cash management and digital banking capabilities in WM platform, $6,000 including client mobile app $3,333 $4,000 $2,000 ■ Video meetings, centralized technology support $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 Quarterly Earnings Report 8 millions millions Financial Advisors

Net Interest Income CONDENSED NET INTEREST INCOME NET INTEREST COMMENTARY Y/Y Change Sequential Change 1Q23 ■ 1Q23 Net Interest Income Increased 90% Y/Y. Average Average Average Average Average Average Balance Interest Balance Interest Balance Interest Interest-earning Cash & Fed Funds Sold $1,990 4.57% 48% 425 bps 21% 12 bps ■ Average Interest Earning Assets Increased $4 billion Y/Y. Investment Portfolio $7,831 5.53% 6% 367 bps -1% 65 bps Loans $20,936 5.64% 20% 286 bps 0% 46 bps ■ Quarter End Deposits up 17% year-on-year Total Interest-earning Assets $33,263 5.43% 14% 317 bps 0% 41 bps ■ 2023 Net Interest Income Expected at Low End of Prior Deposits $27,138 2.02% 17% 200 bps 0% 57 bps Guidance Range at $1.2 billion Other Interest-bearing Liabilities $2,285 5.12% -16% 385 bps -5% 246 bps Total Interest-bearing Liabilities $29,423 2.11% 14% 196 bps -1% 56 bps Net Interest Margin 3.57% 144 bps -7 bps LOAN & NII GROWTH NET INTEREST MARGIN $1,300 $25,000 3.75% 3.74% 4.00% 3.64% 3.57% 3.28% $1,100 3.50% $20,000 3.00% 2.88% 3.00% $900 2.53% 2.44% 2.50% $15,000 2.13% $700 2.00% $500 $10,000 1.50% $300 1.00% $5,000 $100 0.50% 0.00% -$100 $0 1Q22 2Q22 3Q22 4Q22 1Q23 2015 2016 2017 2018 2019 2020 2021 2022 2023 Loans Forecasted Loan Growth NII NIM Bank NIM *2022 Represents $6 billion of loan growth & NII guidance Quarterly Earnings Report 9 Loans, net (millions) NII (millions)

Stifel Bancorp Inc. Loan & Investment Portfolio LOAN PORTFOLIO COMMERCIAL PORTFOLIO BY MAJOR SECTOR % of Total millions 1Q23 Portfolio Residential Real Estate $7,495 28% Industrials $1,128 4% Securities Based Lending $2,558 9% Financials 870 3% Home Equity lines of Credit & Other $159 1% Consumer Discretionary 657 2% Total Consumer $10,212 38% Information Technology 596 2% Fund (PE/VC Capital Call Lines) $4,623 17% Materials 354 1% Commercial $4,756 34% Healthcare 307 1% Construction and Land $645 2% REITs 291 1% Commercial Real Estate $663 3% Communication Services 231 1% Total Commercial $10,687 40% Hotel, Leisure, Restaurants 141 1% Total Loan Portfolio $20,899 77% Consumer Staples 131 0% Unfunded Commitments $6,113 23% Total $27,012 CLO BY MAJOR SECTOR * Total excludes $225 million of loans classified as held for sale Healthcare & Pharmaceuticals $623 11% INVESTMENT PORTFOLIO % of Total High Tech Industries 597 10% Portfolio Book Value (millions) 1Q23 Services: Business 536 9% CLO $5,926 76% Banking, Finance, Insurance & Real Estate 503 8% Agency MBS 911 12% Construction & Building 248 4% Corporate Bonds 623 8% Hotel, Gaming & Leisure 247 4% SBA 149 2% Media: Broadcasting & Subscription 245 4% Student Loan ARS 120 2% Telecommunications 244 4% CMBS 71 1% Services: Consumer 241 4% Others 3 0% Total Portfolio $7,804 100% Chemicals, Plastics & Rubber 239 4% Quarterly Earnings Report 10

CECL & Credit Metrics Economic Economic Economic Economic Economic Factors & Factors & Factors & Factors & Factors & Portfolio Portfolio Portfolio Portfolio Portfolio ASSUMPTIONS Changes, net of Changes, net of Changes, net of Changes, net of Changes, net of charge offs charge offs charge offs charge offs charge offs • Moody’s Forecast $4.9 • 40% Baseline • 30% Downside $6.0 • 30% Upside $2.5 • Forecast Update for Most Recent Scenarios $11.7 • Includes Slowing Growth $151.8 $156.9 • Incorporated a Management Overlay to Increase the $8.2 $145.9 Severity of the Forecasted Economic Variables $143.5 $131.9 ACL - 3.31.2022 ACL - 6.30.2022 ACL - 9.30.2022 ACL - 12.31.2022 ACL - 3.31.2023 ALLOWANCE FOR CREDIT LOSSES / TOTAL LOANS CREDIT BALANCES & NET CHARGE-OFFS 2.50% 3.00% 30,000,000 1.50% 1.30% 2.50% 25,000,000 2.00% 1.10% 2.00% 20,000,000 0.90% 1.50% 15,000,000 0.70% 1.50% 0.50% 1.00% 10,000,000 1.00% 0.30% 5,000,000 0.50% 0.10% 0.50% 0 -0.10% 1Q22 2Q22 3Q22 4Q22 1Q23 0.00% 0.00% 1Q22 2Q22 3Q22 4Q22 1Q23 CLOs Retained Loans NCO (Recovery) as % Credit Balances Residential SBL CRE Construction C&I Unfunded / Other reserves* Total Reserve Ratio 11 Quarterly Earnings Report Total Credit Balances (000s) NCO/ Recoveries as % of Credit Balances)

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 1Q23 Y/Y Change Change ■ Third Highest First Quarter Institutional Revenue Advisory $151 -17% -10% Capital Raising $57 -17% 9% ■ Second Highest First Quarter Advisory Revenue Transactional $124 -31% -4% ■ Increased Market Share in Equity Transactions Total Institutional Revenue* $333 -23% -6% Comp. Ratio 61.9% 340 bps -50 bps Non-Comp. Ratio 28.0% 890 bps 300 bps Pre-tax Margin 10.1% -1230 bps -250 bps * Includes net interest, asset management, and other income BUILDING CAPACITY $2,500 $2,000 $1,500 $1,000 $500 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* Transactional Advisory Capital Raising *2023 revenue based on annualized results through 3/31/2023 * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 12 millions

Institutional Equities & Fixed Income INSTITUTIONAL EQUITIES REVENUE INSTITUTIONAL FIXED INCOME REVENUE Sequential Sequential millions 1Q23 Y/Y Change millions 1Q23 Y/Y Change Change Change Transactional $52 -7% 1% Transactional $71 -42% -8% Capital Raising $25 -16% 2% Capital Raising $32 -18% 15% Total Equities $77 -10% 1% Total Fixed Income $103 -36% -2% HIGHLIGHTS HIGHLIGHTS ■ Ranked #1 in Number of Negotiated Municipal Finance Transactions ■ Increased Market Share in Equity Transactional Volume ■ Market Share of 15% for Number of Negotiated Municipal Finance Transactions ■ Record Electronic Trading Results Driven by Growth in Algorithmic Trading REVENUE REVENUE $100 $200 $86 $180 $161 $76 $77 $160 $80 $72 $136 $70 $140 $39 $29 $120 $101 $60 $24 $25 $105 $103 $40 $24 $26 $100 $28 $27 $32 $80 $40 $60 $40 $20 $20 $122 $96 $74 $77 $71 $57 $46 $46 $52 $52 $0 $0 1Q22 2Q22 3Q22 4Q22 1Q23 1Q22 2Q22 3Q22 4Q22 1Q23 Transactional Underwriting Transactional Underwriting Quarterly Earnings Report 13 millions millions

Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 25% millions 1Q23 1Q22 Y/Y Change 63% 20% 61% Compensation $642 $664 -3% 15% 59% Non-compensation Expense, 57% $227 $197 15% 59.5% 58.1% 10% 58.0% Ex. IB Gross Up & Credit Loss Provision 58.0% 56.5% 55% 5% Credit Loss Provision & IB Gross Up $11 $13 -18% 53% 51% 0% Non-compensation $238 $210 13% 1Q22 2Q22 3Q22 4Q22 1Q23 Pre-tax Income $227 $242 -6% Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio GAAP to Non-GAAP Reconciliation for 1Q2020 ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $900 $800 (000s) 1Q23 $700 $600 GAAP Net Income $157,539 $500 $400 Preferred Dividend $9,320 $300 $200 Net Income available to common Shareholders $148,219 $100 $0 Non-GAAP After Tax Adjustments $13,049 2019 2020 2021 2022 2023* Non-GAAP Net Income Available to Common $161,268 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our first quarter 2023 earnings release. *2023 annual GAAP to non-GAAP results based on annualized results through 3/31/2023 Quarterly Earnings Report 14 millions Compensation Ratio Non-compensation Ratio

Capital Utilization HIGHLIGHTS FIRM-WIDE ASSETS & CAPITAL RATIOS $40,000 $38,598 22.0% $37,612 ■ Total Assets Increased $1.4 billion $37,196 $38,000 $36,476 20.0% $35,088 $36,000 ■ Corporate Cash Increased $600 million 18.0% $34,000 18.6% 18.0% 17.6% $32,000■ Bank Funding Increased at CAGR of 13% Since 2019 16.0% 17.0% 16.8% $30,000 14.0% ■ Repurchased 1.5 million Shares $28,000 $26,000 12.0% ■ 7.6 million Shares Remaining on Current $24,000 11.3% 11.2% 10.0% 11.1% 11.1% 10.9% $22,000 Authorization $20,000 8.0% 1Q22 2Q22 3Q22 4Q22 1Q23 Assets Tier 1 Leverage Tier 1 Risk Based Capital $1,600,000 DEPLOYING EXCESS CAPITAL BANK FUNDING: A TRACK RECORD of GROWTH $1,400,000 $50,000 $45,000 $1,200,000 $40,000 $1,000,000 $35,000 $30,000 $800,000 $25,000 $600,000 $20,000 $400,000 $15,000 $10,000 $200,000 $5,000 $0 $0 2018 2019 2020 2021 2022 2023E 2019 2020 2021 2022 2023 ($200,000) Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) Acquisitions Bank Deposits Available Funding *2023 Estimated Capital Generated based annualized 1Q23 Net Income plus current capital in excess of regulatory minimum. Quarterly Earnings Report 15 millions (000s) millions

Concluding Remarks Quarterly Earnings Report

First Quarter 2023 Financial Results Presentation April 26, 2023 Quarterly Earnings Report

Disclaimer 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, 2022. 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 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. Quarterly Earnings Report 18


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 April 26, 2023.

99.2		Financial Supplement for the quarter ended March 31, 2023.

99.3		Financial Results Presentation, dated April 26, 2023.

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