sf-8k_20211027.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

_________________________

FORM 8-K

_________________________

CURRENT REPORT
Pursuant To Section 13 OR 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2021

_________________________

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

_________________________

Delaware
(State of incorporation)

001-09305
(Commission File Number)

43-1273600
(IRS Employer
Identification No.)

501 N. Broadway, St. Louis, Missouri 63102-2188

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_________________________

Securities registered pursuant to Section 12(b) of the Act:

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 27, 2021, Stifel Financial Corp. (“Stifel” or the “Company”) reported its financial results for the three months ended September 30, 2021. A copy of the related press release is attached hereto as Exhibit 99.1.

In addition, a copy of the Company's Financial Supplement for the quarter ended September 30, 2021 is attached hereto as Exhibit 99.2.

Stifel will hold a conference call on Wednesday, October 27, 2021, at 9:30 a.m. Eastern time. All interested parties are invited to listen to Stifel Chairman and CEO, Ronald J. Kruszewski, by dialing (877) 876-9938 and referencing conference ID 4980899. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through Stifel'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. The Company’s Financial Results Presentation is attached hereto as Exhibit 99.3.

The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit NumberDescription of Exhibit


99.1	Press release dated October 27, 2021.
99.2	Quarterly Financial Supplement.
99.3 104	Financial Results Presentation. Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STIFEL FINANCIAL CORP.


Date: October 27, 2021	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

Exhibit 99.1

ST. LOUIS, MO, October 27, 2021 – Stifel Financial Corp. (NYSE: SF) today reported net income available to common shareholders of $182.7 million, or $1.54 per diluted common share on net revenues of $1.1 billion for the three months ended September 30, 2021, compared with net income available to common shareholders of $110.6 million, or $0.97 per diluted common share ⁽¹⁾ on net revenues of $883.3 million for the third quarter of 2020. For the three months ended September 30, 2021, the Company reported non-GAAP net income available to common shareholders of $195.7 million, or $1.65 per diluted common share.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “The third quarter’s net revenue and EPS were the second highest in our history as both operating segments, Global Wealth Management and Institutional Group, generated strong results. We are on track to generate the 26th consecutive year of record revenue and, through three quarters, we have already surpassed our full year record EPS, set last year. Our success is driven by the continued reinvestment in the business. Based on the strength of our recruiting and investment banking pipelines, as well as our leverage to higher interest rates, Stifel remains well positioned to continue and build upon our decades long growth.”

Highlights

•	Net revenues of $1.1 billion, increased 30% compared with the year-ago quarter. Year-to-date record net revenues of $3.4 billion, increased 28% over the comparable period last year.

•	Net income available to common shareholders of $1.54 per diluted common share, or $1.65 per diluted common share excluding the impact of merger-related expenses, up 59% over the year-ago quarter.

•	Year-to-date record net income available to common shareholders of $4.54 per diluted common share, or $4.85 per diluted common share excluding the impact of merger-related expenses, up 75% over the comparable period last year.

•	Record client assets of $407.0 billion, increased 25% compared with the year-ago quarter.

•	Annualized return on average tangible shareholders’ equity (ROTCE) ⁽⁶⁾ was 26%, or 28% excluding the impact of merger-related expenses.

•	Tangible book value per common share of $27.35 ⁽⁸⁾, up 27% compared with the year ago quarter.

Segment Highlights

•	Global Wealth Management reported record quarterly net revenues, up 24% over the comparable period last year reflecting growth in fee-based assets and client activity.

•	Institutional Group quarterly net revenues up 36% over the comparable period last year as a result of strong advisory fee and capital raising revenues.


Financial Summary (Unaudited)
($ in 000s)	3Q 2021	3Q 2020	9m 2021	9m 2020
GAAP Financial Highlights:
Net revenues	$1,144,938	$883,300	$3,432,863	$2,692,151
Net income ⁽²⁾	$182,687	$110,630	$537,201	$295,419
Diluted EPS ⁽¹⁾ ⁽²⁾	$1.54	$0.97	$4.54	$2.60
Comp. ratio	58.7%	60.4%	60.1%	61.6%
Non-comp. ratio	18.9%	21.7%	18.1%	22.9%
Pre-tax margin	22.4%	17.9%	21.8%	15.5%
Non-GAAP Financial Highlights:
Net revenues	$1,144,938	$883,300	$3,433,016	$2,692,330
Net income ⁽²⁾ ⁽³⁾	$195,653	$120,525	$574,145	$327,793
Diluted EPS ^{(1) (2) (3)}	$1.65	$1.06	$4.85	$2.89
Comp. ratio ⁽³⁾	58.2%	59.6%	59.5%	60.7%
Non-comp. ratio ⁽³⁾	17.9%	21.0%	17.3%	22.2%
Pre-tax margin ⁽⁴⁾	23.9%	19.4%	23.2%	17.1%
ROCE ⁽⁵⁾	19.2%	14.0%	19.5%	13.1%
ROTCE ⁽⁶⁾	27.7%	22.2%	28.9%	21.4%
Global Wealth Management (assets and loans in millions)
Net revenues	$655,533	$526,836	$1,924,595	$1,615,574
Pre-tax net income	$232,119	$178,930	$682,655	$529,422
Total client assets	$406,959	$325,159
Fee-based client assets	$150,472	$115,162
Bank loans, net ⁽⁷⁾	$13,659	$10,932
Institutional Group
Net revenues	$492,284	$363,365	$1,519,176	$1,093,699

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


Equity	$330,014	$199,253	$1,011,094	$605,625
Fixed Income	$162,270	$164,112	$508,082	$488,074

Pre-tax net income

$125,092

$76,841

$383,774

$201,630

Global Wealth Management

Global Wealth Management reported record net revenues of $655.5 million for the three months ended September 30, 2021 compared with $526.8 million during the third quarter of 2020. Pre-tax net income was $232.1 million compared with $178.9 million in the third quarter of 2020.

Highlights

•	Recruited 46 financial advisors, including 41 experienced advisors, with total trailing 12 month production of $35 million.

•	Record client assets of $407.0 billion, up 25% over the year-ago quarter.

•	Fee-based client assets of $150.5 billion, up 31% over the year-ago quarter.

•	Bank loans of $13.7 billion, up 25% over the year-ago quarter.

Net revenues increased 24% from a year ago:

•	Asset management revenues increased 36% over the year-ago quarter reflecting higher asset values and strong fee-based asset flows.

•	Brokerage revenues increased 13% over the year-ago quarter reflecting strong client activity during the quarter.

•	Net interest income increased 21% over the year-ago quarter driven by higher bank lending partially offset by the impact of lower interest rates.

Total Expenses:

•	Compensation expense increased over the year-ago quarter primarily driven by higher revenues.

•	Provision for credit losses was impacted by growth in the loan portfolio as well as changes in the outlook for macroeconomic conditions.

•	Non-compensation operating expenses increased over the year-ago quarter primarily as a result of higher data processing expense, subscription expense, and professional fees. The increase was partially offset by lower net provisions for litigation matters.


Summary Results of Operations
Summary Results of Operations
($ in 000s)	3Q 2021	3Q 2020
Net revenues	$655,533	$526,836
Asset management and service fees	313,838	230,765
Brokerage revenues	184,072	162,627
Net interest income	130,341	108,181
Investment banking	11,580	8,113
Other income	15,702	17,150
Total expenses	$423,414	$347,906
Compensation expense	342,792	277,903
Provision for credit losses	(660)	(1,353)
Non-comp. opex	81,282	71,356
Pre-tax net income	$232,119	$178,930
Compensation ratio	52.3%	52.7%
Non-compensation ratio	12.3%	13.3%
Pre-tax margin	35.4%	34.0%

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

Institutional Group

Institutional Group reported net revenues of $492.3 million for the three months ended September 30, 2021 compared with $363.4 million during the third quarter of 2020. Pre-tax net income was $125.1 million compared with $76.8 million in the third quarter of 2020.

Highlights

•	Investment banking pipeline at record levels.

•	Pre-tax margin of 25%, up from 21% in the year-ago quarter.

Investment banking revenues increased 72% from a year ago:

•	Advisory fee revenues increased 158% over the year-ago quarter on higher completed advisory transactions.

•	Equity capital raising revenues increased 20% over the year-ago quarter driven by higher volumes.

•	Fixed income capital raising revenues increased 16% over the year-ago quarter driven by an increase in public finance, as well as an increase in our corporate debt issuance business.

Equity brokerage revenues decreased 11% from a year ago:

•	Equity brokerage revenues declined from the year-ago quarter due to declines in cash equities driven by lower volatility and volumes.

Fixed income brokerage revenues decreased 22% from a year ago:

•	Fixed income brokerage revenues declined from the year-ago quarter due to lower volatility as well as tighter credit spreads.

Total Expenses:

•	Compensation expense increased over the year-ago quarter primarily driven by higher compensable revenues.

•	Non-compensation expenses increased over the year-ago quarter primarily as a result of higher travel and entertainment costs, increased litigation-related expenses, and higher conference-related expenses.


Summary Results of Operations
Summary Results of Operations
($ in 000s)	3Q 2021	3Q 2020
Net revenues	$492,284	$363,365
Investment banking	360,699	210,021
Advisory fee revenue	208,218	80,842
Equity capital raising	93,764	78,462
Fixed income capital raising	58,717	50,717
Equity brokerage	48,307	54,204
Fixed income brokerage	75,838	96,706
Other	7,440	2,434
Total expenses	$367,192	$286,524
Compensation expense	283,063	210,754
Non-comp. opex.	84,129	75,770
Pre-tax net income	$125,092	$76,841
Compensation ratio	57.5%	58.0%
Non-compensation ratio	17.1%	20.9%
Pre-tax margin	25.4%	21.1%

Stifel Financial Corp. | Page 3

Stifel Financial Corp. | Page 4

Other Segment

Highlights

•	Total assets increased $5.3 billion, or 21%, over the year-ago quarter.

•	The Company repurchased $44.8 million of its outstanding common stock during the third quarter.

•	Tier 1 leverage ratio increased 0.7% over the year-ago quarter.

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

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

($ in millions)	3Q 2021	3Q 2020
Net revenues ($ in 000s)	$ (2,879)	$ (6,901)
Pre-tax net loss ($ in 000s)	$ (100,709)	$ (97,378)
Stifel Financial Corp.
Tier 1 common capital ratio ⁽⁹⁾	16.6%	15.4%
Tier 1 risk based capital ratio ⁽⁹⁾	20.6%	19.2%
Tier 1 leverage capital ratio ⁽⁹⁾	12.0%	11.3%
Tier 1 capital ⁽⁹⁾	$3,502	$2,733
Risk weighted assets ⁽⁹⁾	$16,993	$14,227
Average assets ⁽⁹⁾	$29,123	$24,290
Quarter end assets	$30,820	$25,549
Common stock repurchases
Repurchases ($ in 000s)	$44,793	NM
Number of shares (000s)	671	NM
Average price	$66.74	NM
Period end shares (000s) ⁽¹⁾	104,263	102,916
Effective tax rate	25.0%	23.9%
Agency	Rating	Outlook
Fitch Ratings	BBB	Positive
S&P Global Ratings	BBB-	Positive

Stifel Financial Corp. | Page 5

Conference Call Information

Stifel Financial Corp. will host its third quarter 2021 financial results conference call on Wednesday, October 27, 2021, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (877) 876-9938 and referencing conference ID 4980899. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

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

Stifel Financial Corp. | Page 6

Summary Results of Operations (Unaudited)


	Three Months Ended					Nine Months Ended
($ in 000s, except per share amounts)	9/30/2021	9/30/2020	% Change	6/30/2021	% Change	9/30/2021	9/30/2020	% Change
Revenues:
Commissions	$ 189,239	$ 172,654	9.6	$ 195,579	(3.2)	$ 598,432	$ 560,780	6.7
Principal transactions	118,977	140,883	(15.5)	152,597	(22.0)	436,580	445,566	(2.0)
Investment banking	372,279	218,134	70.7	376,443	(1.1)	1,088,010	614,637	77.0
Asset management and service fees	313,862	230,782	36.0	295,869	6.1	887,878	667,496	33.0
Other income	18,760	20,258	(7.4)	13,235	41.7	57,629	50,979	13.0
Operating revenues	1,013,117	782,711	29.4	1,033,723	(2.0)	3,068,529	2,339,458	31.2
Interest revenue	141,844	114,411	24.0	133,591	6.2	402,975	403,956	(0.2)
Total revenues	1,154,961	897,122	28.7	1,167,314	(1.1)	3,471,504	2,743,414	26.5
Interest expense	10,023	13,822	(27.5)	14,178	(29.3)	38,641	51,263	(24.6)
Net revenues	1,144,938	883,300	29.6	1,153,136	(0.7)	3,432,863	2,692,151	27.5
Non-interest expenses:
Compensation and benefits	672,385	533,638	26.0	692,054	(2.8)	2,062,353	1,657,991	24.4
Non-compensation operating expenses	216,051	191,269	13.0	197,057	9.6	622,091	617,701	0.7
Total non-interest expenses	888,436	724,907	22.6	889,111	(0.1)	2,684,444	2,275,692	18.0
Income before income taxes	256,502	158,393	61.9	264,025	(2.8)	748,419	416,459	79.7
Provision for income taxes	64,126	37,866	69.3	65,948	(2.8)	184,951	101,456	82.3
Net income	192,376	120,527	59.6	198,077	(2.9)	563,468	315,003	78.9
Preferred dividends	9,689	9,897	(2.1)	8,289	16.9	26,267	19,584	34.1
Net income available to common shareholders	$182,687	$110,630	65.1	$189,788	(3.7)	$537,201	$295,419	81.8
Earnings per common share: ⁽¹⁾
Basic	$1.70	$1.04	63.5	$1.76	(3.4)	$4.99	$2.78	79.5
Diluted	$1.54	$0.97	58.8	$1.60	(3.8)	$4.54	$2.60	74.6
Cash dividends declared per common share ⁽¹⁾	$0.15	$0.11	36.4	$0.15	—	$0.45	$0.33	36.4
Weighted average number of common shares outstanding: ⁽¹⁾
Basic	107,379	105,941	1.4	107,837	(0.4)	107,655	106,221	1.4
Diluted	118,475	113,775	4.1	118,602	(0.1)	118,355	113,568	4.2

Stifel Financial Corp. | Page 7

Non-GAAP Financial Measures

The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three and nine months ended September 30, 2021 and 2020. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company’s core operating results and business outlook. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company’s results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors’ overall understanding of the Company’s current financial performance. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of on-going business.

A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these charges do, in fact, reflect the underlying financial results of the Company’s business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measures and the same respective non-GAAP measures of the Company’s financial performance should be considered together.

The following tables provide details with respect to reconciling net income and earnings per diluted common share on a GAAP basis for the three and nine months ended September 30, 2021 and 2020 to net income and earnings per diluted common share on a non-GAAP basis for the same period.


	Three Months Ended		Nine Months Ended
($ in 000s, except per share amounts)	9/30/2021	9/30/2020	9/30/2021	9/30/2020
GAAP net income	$192,376	$120,527	$563,468	$315,003
Preferred dividend	9,689	9,897	26,267	19,584
Net income available to common shareholders	182,687	110,630	537,201	295,419

Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾	17,283	12,989	49,080	42,758
Provision for income taxes ⁽¹¹⁾	(4,317)	(3,094)	(12,136)	(10,384)
Total non-GAAP adjustments	12,966	9,895	36,944	32,374
Non-GAAP net income available to common shareholders	$195,653	$120,525	$574,145	$327,793

Weighted average diluted shares outstanding ⁽¹⁾	118,475	113,775	118,355	113,568

GAAP earnings per diluted common share ⁽¹⁾	$1.62	$1.06	$4.76	$2.77
Non-GAAP adjustments ⁽¹⁾	0.11	0.09	0.31	0.29
Non-GAAP earnings per diluted common share ⁽¹⁾	$1.73	$1.15	$5.07	$3.06

GAAP earnings per diluted common share available to common shareholders ⁽¹⁾	$1.54	$0.97	$4.54	$2.60
Non-GAAP adjustments ⁽¹⁾	0.11	0.09	0.31	0.29
Non-GAAP earnings per diluted common share available to common shareholders ⁽¹⁾	$1.65	$1.06	$4.85	$2.89

Stifel Financial Corp. | Page 8

GAAP to Non-GAAP Reconciliation


	Three Months Ended		Nine Months Ended
($ in 000s)	9/30/2021	9/30/2020	9/30/2021	9/30/2020
GAAP compensation and benefits	$672,385	$533,638	$2,062,353	$1,657,991
As a percentage of net revenues	58.7%	60.4%	60.1%	61.6%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾	(5,780)	(6,770)	(18,073)	(22,907)
Non-GAAP compensation and benefits	$666,605	$526,868	$2,044,280	$1,635,084
As a percentage of non-GAAP net revenues	58.2%	59.6%	59.5%	60.7%

GAAP non-compensation expenses	$216,051	$191,269	$622,091	$617,701
As a percentage of net revenues	18.9%	21.7%	18.1%	22.9%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾	(11,503)	(6,219)	(30,854)	(19,672)
Non-GAAP non-compensation expenses	$204,548	$185,050	$591,237	$598,029
As a percentage of non-GAAP net revenues	17.9%	21.0%	17.3%	22.2%
Total merger-related expenses	$17,283	$12,989	$49,080	$42,758

Stifel Financial Corp. | Page 9

Footnotes

⁽¹⁾

All share and per share information has been retroactively adjusted to reflect the December 2020 three-for-two stock split.

⁽²⁾

Represents available to common shareholders.

⁽³⁾

Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures.”

⁽⁴⁾

Non-GAAP pre-tax margin for the three months ended September 30, 2021 of 23.9% is calculated by adding non-GAAP adjustments of $17.3 million to our GAAP income before income taxes of $256.5 million and dividing it by non-GAAP net revenues for the quarter of $1.1 billion. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”

⁽⁵⁾

Annualized return on average common shareholders’ 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 ROE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

⁽⁶⁾

Annualized return on average tangible common shareholders’ 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 ROTE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible shareholders’ equity. Tangible common shareholders’ equity 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 $54.5 million and $49.6 million as of September 30, 2021 and 2020, respectively.

⁽⁷⁾

Includes loans held for sale.

⁽⁸⁾

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.

⁽⁹⁾

Capital ratios are estimates at time of the Company’s earnings release.

⁽¹⁰⁾

Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards and promissory notes issued as retention, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.

⁽¹¹⁾

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

Stifel Financial Corp. | Page 10

Exhibit 99.2

Third Quarter 2021 Earnings Results

Quarterly Financial Supplement		Page

Consolidated Financial Highlights		2
GAAP Consolidated Results of Operations		3
Non-GAAP Consolidated Results of Operations		4
Consolidated Financial Summary		5
Consolidated Financial Information and Metrics		6
Regulatory Capital		7
Global Wealth Management - Summary Results of Operations		8
Global Wealth Management - Statistical Information		9
Institutional Group - Summary Results of Operations		10
Stifel Bancorp - Financial Information and Credit Metrics		11
Loans and Lending Commitments - Allowance for Credit Losses		12
Consolidated Net Interest Income		13
Stifel Bancorp Net Interest Income		14
GAAP to Core Reconciliation		15
Footnotes		16
Disclaimer and Legal Notice		17

Consolidated Financial Highlights
	Three Months Ended												Nine Months Ended
(Unaudited, $ in 000s except per share information)	9/30/2021		9/30/2020		% Change			6/30/2021		% Change			9/30/2021		9/30/2020		% Change
Net revenues	$	1,144,938	$	883,300		29.6	%	$	1,153,136		(0.7	%)	$	3,432,863	$	2,692,151		27.5	%
Net income	$	192,376	$	120,527		59.6	%	$	198,077		(2.9	%)	$	563,468	$	315,003		78.9	%
Preferred dividends		9,689		9,897		(2.1	%)		8,289		16.9	%		26,267		19,584		34.1	%
Net income available to common shareholders	$	182,687	$	110,630		65.1	%	$	189,788		(3.7	%)	$	537,201	$	295,419		81.8	%
Earnings per diluted common share (1)	$	1.62	$	1.06		52.8	%	$	1.67		(3.0	%)	$	4.76	$	2.77		71.8	%
Earnings per diluted common share available to common shareholders (1)	$	1.54	$	0.97		58.8	%	$	1.60		(3.8	%)	$	4.54	$	2.60		74.6	%
Non-GAAP financial summary (2):
Net revenues	$	1,144,938	$	883,300		29.6	%	$	1,153,098		(0.7	%)	$	3,433,016	$	2,692,330		27.5	%
Net income	$	205,342	$	130,422		57.4	%	$	210,356		(2.4	%)	$	600,412	$	347,377		72.8	%
Preferred dividends		9,689		9,897		(2.1	%)		8,289		16.9	%		26,267		19,584		34.1	%
Net income available to common shareholders	$	195,653		120,525		62.3	%		202,067		(3.2	%)		574,145		327,793		75.2	%
Earnings per diluted common share (1)	$	1.73	$	1.15		50.4	%	$	1.77		(2.3	%)	$	5.07	$	3.06		65.7	%
Earnings per diluted common share available to common shareholders (1)	$	1.65	$	1.06		55.7	%	$	1.70		(2.9	%)	$	4.85	$	2.89		67.8	%

Weighted average number of common shares outstanding (1)
Basic		107,379		105,941		1.4	%		107,837		(0.4	%)		107,655		106,221		1.4	%
Diluted		118,475		113,775		4.1	%		118,602		(0.1	%)		118,355		113,568		4.2	%
Period end common shares outstanding (1)		104,263		102,916		1.3	%		104,865		(0.6	%)		104,263		102,916		1.3	%
Cash dividends declared per common share (1)	$	0.15	$	0.11		36.4	%	$	0.15		0.0	%	$	0.45	$	0.33		36.4	%


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

GAAP Results of Operations (Unaudited)
	Three Months Ended															Nine Months Ended
($ in 000s except per share information)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change			9/30/2021			9/30/2020		% Change
Revenues:
Commissions	$	189,239		$	172,654			9.6	%	$	195,579			(3.2	%)	$	598,432		$	560,780		6.7	%
Principal transactions		118,977			140,883			(15.5	%)		152,597			(22.0	%)		436,580			445,566		(2.0	%)
Brokerage revenues		308,216			313,537			(1.7	%)		348,176			(11.5	%)		1,035,012			1,006,346		2.8	%
Capital raising		164,061			137,292			19.5	%		169,778			(3.4	%)		542,645			359,885		50.8	%
Advisory fees		208,218			80,842			157.6	%		206,665			0.8	%		545,365			254,752		114.1	%
Investment banking		372,279			218,134			70.7	%		376,443			(1.1	%)		1,088,010			614,637		77.0	%
Asset management and service fees		313,862			230,782			36.0	%		295,869			6.1	%		887,878			667,496		33.0	%
Other income		18,760			20,258			(7.4	%)		13,235			41.7	%		57,629			50,979		13.0	%
Operating revenues		1,013,117			782,711			29.4	%		1,033,723			(2.0	%)		3,068,529			2,339,458		31.2	%
Interest revenue		141,844			114,411			24.0	%		133,591			6.2	%		402,975			403,956		(0.2	%)
Total revenues		1,154,961			897,122			28.7	%		1,167,314			(1.1	%)		3,471,504			2,743,414		26.5	%
Interest expense		10,023			13,822			(27.5	%)		14,178			(29.3	%)		38,641			51,263		(24.6	%)
Net revenues		1,144,938			883,300			29.6	%		1,153,136			(0.7	%)		3,432,863			2,692,151		27.5	%
Non-interest expenses:
Compensation and benefits		672,385			533,638			26.0	%		692,054			(2.8	%)		2,062,353			1,657,991		24.4	%
Occupancy and equipment rental		72,160			68,598			5.2	%		70,971			1.7	%		215,163			200,935		7.1	%
Communication and office supplies		40,432			40,123			0.8	%		41,308			(2.1	%)		123,565			124,293		(0.6	%)
Commissions and floor brokerage		14,744			13,254			11.2	%		13,977			5.5	%		44,424			43,273		2.7	%
Provision for credit losses		(660	)		(1,353	)		(51.2	%)		(9,652	)		(93.2	%)		(15,564	)		33,925		(145.9	%)
Other operating expenses		89,375			70,647			26.5	%		80,453			11.1	%		254,503			215,275		18.2	%
Total non-interest expenses		888,436			724,907			22.6	%		889,111			(0.1	%)		2,684,444			2,275,692		18.0	%
Income before income taxes		256,502			158,393			61.9	%		264,025			(2.8	%)		748,419			416,459		79.7	%
Provision for income taxes		64,126			37,866			69.3	%		65,948			(2.8	%)		184,951			101,456		82.3	%
Net income		192,376			120,527			59.6	%		198,077			(2.9	%)		563,468			315,003		78.9	%
Preferred dividends		9,689			9,897			(2.1	%)		8,289			16.9	%		26,267			19,584		34.1	%
Net income available to common shareholders	$	182,687		$	110,630			65.1	%	$	189,788			(3.7	%)	$	537,201		$	295,419		81.8	%
Earnings per common share: (1)
Basic	$	1.70		$	1.04			63.5	%	$	1.76			(3.4	%)	$	4.99		$	2.78		79.5	%
Diluted	$	1.54		$	0.97			58.8	%	$	1.60			(3.8	%)	$	4.54		$	2.60		74.6	%
Weighted average number of common shares outstanding: (1)
Basic		107,379			105,941			1.4	%		107,837			(0.4	%)		107,655			106,221		1.4	%
Diluted		118,475			113,775			4.1	%		118,602			(0.1	%)		118,355			113,568		4.2	%


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

Cash dividends declared per common share (1)

0.15

0.11

36.4

0.15

0.0

0.45

0.33

36.4


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

Non-GAAP Results of Operations (Unaudited)
	Three Months Ended															Nine Months Ended
($ in 000s except per share information)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change			9/30/2021			9/30/2020		% Change
Revenues:
Commissions	$	189,239		$	172,654			9.6	%	$	195,579			(3.2	%)	$	598,432		$	560,780		6.7	%
Principal transactions		118,977			140,883			(15.5	%)		152,597			(22.0	%)		436,580			445,566		(2.0	%)
Brokerage revenues		308,216			313,537			(1.7	%)		348,176			(11.5	%)		1,035,012			1,006,346		2.8	%
Capital raising		164,061			137,292			19.5	%		169,778			(3.4	%)		542,645			359,885		50.8	%
Advisory fees		208,218			80,842			157.6	%		206,665			0.8	%		545,365			254,752		114.1	%
Investment banking		372,279			218,134			70.7	%		376,443			(1.1	%)		1,088,010			614,637		77.0	%
Asset management and service fees		313,862			230,782			36.0	%		295,869			6.1	%		887,878			667,496		33.0	%
Other income		18,760			20,258			(7.4	%)		13,197			42.2	%		57,657			51,158		12.7	%
Operating revenues		1,013,117			782,711			29.4	%		1,033,685			(2.0	%)		3,068,557			2,339,637		31.2	%
Interest revenue		141,844			114,411			24.0	%		133,591			6.2	%		402,975			403,956		(0.2	%)
Total revenues		1,154,961			897,122			28.7	%		1,167,276			(1.1	%)		3,471,532			2,743,593		26.5	%
Interest expense		10,023			13,822			(27.5	%)		14,178			(29.3	%)		38,516			51,263		(24.9	%)
Net revenues		1,144,938			883,300			29.6	%		1,153,098			(0.7	%)		3,433,016			2,692,330		27.5	%
Non-interest expenses:
Compensation and benefits		666,605			526,868			26.5	%		685,935			(2.8	%)		2,044,280			1,635,084		25.0	%
Occupancy and equipment rental		72,129			68,493			5.3	%		70,938			1.7	%		215,068			200,252		7.4	%
Communication and office supplies		40,432			40,017			1.0	%		41,232			(1.9	%)		123,489			123,790		(0.2	%)
Commissions and floor brokerage		14,744			13,254			11.2	%		13,977			5.5	%		44,424			43,273		2.7	%
Provision for credit losses		(660	)		(1,353	)		(51.2	%)		(9,652	)		(93.2	%)		(15,564	)		33,925		(145.9	%)
Other operating expenses		77,903			64,639			20.5	%		70,275			10.9	%		223,820			196,789		13.7	%
Total non-interest expenses		871,153			711,918			22.4	%		872,705			(0.2	%)		2,635,517			2,233,113		18.0	%
Income before income taxes		273,785			171,382			59.8	%		280,393			(2.4	%)		797,499			459,217		73.7	%
Provision for income taxes		68,443			40,960			67.1	%		70,037			(2.3	%)		197,087			111,840		76.2	%
Net income		205,342			130,422			57.4	%		210,356			(2.4	%)		600,412			347,377		72.8	%
Preferred dividends		9,689			9,897			(2.1	%)		8,289			16.9	%		26,267			19,584		34.1	%
Net income available to common shareholders	$	195,653		$	120,525			62.3	%	$	202,067			(3.2	%)	$	574,145		$	327,793		75.2	%
Earnings per common share: (1)
Basic	$	1.82		$	1.14			59.6	%	$	1.87			(2.7	%)	$	5.33		$	3.09		72.5	%
Diluted	$	1.65		$	1.06			55.7	%	$	1.70			(2.9	%)	$	4.85		$	2.89		67.8	%
Weighted average number of common shares outstanding: (1)
Basic		107,379			105,941			1.4	%		107,837			(0.4	%)		107,655			106,221		1.4	%


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

Diluted			118,475				113,775				4.1	%			118,602				(0.1	%)			118,355				113,568				4.2	%
Cash dividends declared per common share (1)		$	0.15			$	0.11				36.4	%		$	0.15				0.0	%		$	0.45			$	0.33				36.4	%

Consolidated Financial Summary

	Three Months Ended															Nine Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change			9/30/2021			9/30/2020			% Change
Net revenues:
Global Wealth Management	$	655,533		$	526,836			24.4	%	$	637,567			2.8	%	$	1,924,595		$	1,615,574			19.1	%
Institutional Group		492,284			363,365			35.5	%		520,811			(5.5	%)		1,519,176			1,093,699			38.9	%
Other		(2,879	)		(6,901	)		(58.3	%)		(5,242	)		(45.1	%)		(10,908	)		(17,122	)		(36.3	%)
Total net revenues	$	1,144,938		$	883,300			29.6	%	$	1,153,136			(0.7	%)	$	3,432,863		$	2,692,151			27.5	%
Operating expenses:
Global Wealth Management	$	423,414		$	347,906			21.7	%	$	410,262			3.2	%	$	1,241,940		$	1,086,152			14.3	%
Institutional Group		367,192			286,524			28.2	%		379,317			(3.2	%)		1,135,402			892,069			27.3	%
Other		97,830			90,477			8.1	%		99,532			(1.7	%)		307,102			297,471			3.2	%
Total operating expenses	$	888,436		$	724,907			22.6	%	$	889,111			(0.1	%)	$	2,684,444		$	2,275,692			18.0	%
Operating contribution:
Global Wealth Management	$	232,119		$	178,930			29.7	%	$	227,305			2.1	%	$	682,655		$	529,422			28.9	%
Institutional Group		125,092			76,841			62.8	%		141,494			(11.6	%)		383,774			201,630			90.3	%
Other		(100,709	)		(97,378	)		3.4	%		(104,774	)		(3.9	%)		(318,010	)		(314,593	)		1.1	%
Income before income taxes	$	256,502		$	158,393			61.9	%	$	264,025			(2.8	%)	$	748,419		$	416,459			79.7	%
Financial ratios:
Compensation and benefits		58.7	%		60.4	%		(170	)		60.0	%		(130	)		60.1	%		61.6	%		(150	)
Non-compensation operating expenses		18.9	%		21.7	%		(280	)		17.1	%		180			18.1	%		22.9	%		(480	)
Income before income taxes		22.4	%		17.9	%		450			22.9	%		(50	)		21.8	%		15.5	%		630
Effective tax rate		25.0	%		23.9	%		110			25.0	%		-			24.7	%		24.4	%		30


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

Consolidated Financial Information and Metrics

	Three Months Ended
(Unaudited, $ in 000s except percentages and per share data)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change
Financial Information:
Total assets	$	30,820,334		$	25,549,182			20.6	%	$	29,744,764			3.6	%
Total shareholders' equity	$	4,791,324		$	4,030,687			18.9	%	$	4,508,790			6.3	%
Total common equity	$	4,106,324		$	3,495,687			17.5	%	$	3,973,790			3.3	%
Less: Goodwill and intangible assets	$	(1,310,038	)	$	(1,327,470	)		(1.3	%)	$	(1,314,818	)		(0.4	%)
Less: DTL on goodwill and intangible assets	$	55,430		$	50,389			10.0	%	$	54,049			2.6	%
Tangible common equity	$	2,851,716		$	2,218,606			28.5	%	$	2,713,021			5.1	%
Preferred equity	$	685,000		$	535,000			28.0	%	$	535,000			28.0	%

Financial Metrics:
Book value per common share (1)(3)	$	39.38		$	33.97			15.9	%	$	37.89			3.9	%
Tangible book value per common share (1) (3)	$	27.35		$	21.56			26.9	%	$	25.87			5.7	%
Return on common equity (4)		17.9	%		12.8	%					19.4	%
Non-GAAP return on common equity (2)(4)		19.2	%		14.0	%					20.6	%
Return on tangible common equity (5)		25.9	%		20.4	%					28.6	%
Non-GAAP return on tangible common equity (2)(5)		27.7	%		22.2	%					30.5	%
Pre-tax margin on net revenues		22.4	%		17.9	%					22.9	%
Non-GAAP pre-tax margin on net revenues (2)		23.9	%		19.4	%					24.3	%
Effective tax rate		25.0	%		23.9	%					25.0	%
Non-GAAP effective tax rate (2)		25.0	%		23.9	%					25.0	%


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

Regulatory Capital
	Three Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change
SF Regulatory Capital (6):
Common equity tier 1 capital	$	2,816,734		$	2,197,654			28.2	%	$	2,672,682			5.4	%
Tier 1 capital	$	3,501,734		$	2,732,654			28.1	%	$	3,207,682			9.2	%
Risk-weighted assets	$	16,993,177		$	14,226,930			19.4	%	$	16,952,415			0.2	%
Common equity tier 1 capital ratio		16.6	%		15.4	%					15.8	%
Tier 1 risk based capital ratio		20.6	%		19.2	%					18.9	%
Tier 1 leverage capital ratio		12.0	%		11.3	%					11.7	%
Stifel Bank & Trust Regulatory Capital (6):
Common equity tier 1 capital	$	1,145,805		$	1,034,480			10.8	%	$	1,069,763			7.1	%
Tier 1 capital	$	1,145,805		$	1,034,480			10.8	%	$	1,069,763			7.1	%
Risk-weighted assets	$	10,727,146		$	8,828,450			21.5	%	$	9,958,105			7.7	%
Common equity tier 1 capital ratio		10.7	%		11.7	%					10.7	%
Tier 1 risk based capital ratio		10.7	%		11.7	%					10.7	%
Tier 1 leverage capital ratio		7.0	%		7.2	%					7.0	%
Stifel Bank Regulatory Capital (6):
Common equity tier 1 capital	$	309,150		$	201,106			53.7	%	$	326,622			(5.3	%)
Tier 1 capital	$	309,150		$	201,106			53.7	%	$	326,622			(5.3	%)
Risk-weighted assets	$	1,480,711		$	1,117,013			32.6	%	$	1,593,962			(7.1	%)
Common equity tier 1 capital ratio		20.9	%		18.0	%					20.5	%
Tier 1 risk based capital ratio		20.9	%		18.0	%					20.5	%
Tier 1 leverage capital ratio		7.1	%		7.3	%					7.1	%
Stifel Net Capital:
Net capital	$	654,900		$	468,500			39.8	%	$	614,500			6.6	%
Excess net capital	$	628,600		$	443,700			41.7	%	$	584,000			7.6	%


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

Global Wealth Management - Summary Results of Operations

	Three Months Ended															Nine Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change			9/30/2021			9/30/2020			% Change
Revenues:
Commissions	$	133,998		$	120,600			11.1	%	$	139,653			(4.0	%)	$	421,156		$	373,653			12.7	%
Principal transactions		50,074			42,027			19.1	%		55,209			(9.3	%)		158,882			127,976			24.1	%
Brokerage revenues		184,072			162,627			13.2	%		194,862			(5.5	%)		580,038			501,629			15.6	%
Asset management and service fees		313,838			230,765			36.0	%		295,847			6.1	%		887,794			667,446			33.0	%
Net interest		130,341			108,181			20.5	%		124,686			4.5	%		372,802			368,427			1.2	%
Investment banking (7)		11,580			8,113			42.7	%		11,898			(2.7	%)		37,027			26,462			39.9	%
Other income		15,702			17,150			(8.4	%)		10,274			52.8	%		46,934			51,610			(9.1	%)
Net revenues		655,533			526,836			24.4	%		637,567			2.8	%		1,924,595			1,615,574			19.1	%
Non-interest expenses:
Compensation and benefits		342,792			277,903			23.3	%		341,367			0.4	%		1,020,880			834,564			22.3	%
Non-compensation operating expenses		80,622			70,003			15.2	%		68,895			17.0	%		221,060			251,588			(12.1	%)
Total non-interest expenses		423,414			347,906			21.7	%		410,262			3.2	%		1,241,940			1,086,152			14.3	%
Income before income taxes	$	232,119		$	178,930			29.7	%	$	227,305			2.1	%	$	682,655		$	529,422			28.9	%

As a percentage of net revenues:
Compensation and benefits		52.3	%		52.7	%		(40	)		53.5	%		(120	)		53.0	%		51.7	%		130
Non-compensation operating expenses		12.3	%		13.3	%		(100	)		10.8	%		150			11.5	%		15.5	%		(400	)
Income before income taxes		35.4	%		34.0	%		140			35.7	%		(30	)		35.5	%		32.8	%		270


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

Global Wealth Management - Statistical Information
	Three Months Ended
(Unaudited, $ in 000s except financial advisors and locations)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change
Financial advisors		2,212			2,177			1.6	%		2,190			1.0	%
Independent contractors		90			94			(4.3	%)		92			(2.2	%)
Total financial advisors		2,302			2,271			1.4	%		2,282			0.9	%
Locations		447			451			(0.9	%)		446			0.2	%
Total client assets	$	406,959,000		$	325,159,000			25.2	%	$	402,442,000			1.1	%
Fee-based client assets	$	150,472,000		$	115,162,000			30.7	%	$	148,838,000			1.1	%
Brokerage assets	$	256,487,000		$	209,997,000			22.1	%	$	253,604,000			1.1	%
Client money market and insured product	$	24,974,000		$	20,367,000			22.6	%	$	23,615,000			5.8	%
Secured client lending (8)	$	3,588,799		$	2,783,138			28.9	%	$	3,451,625			4.0	%
Asset Management and Service Fee Revenue ($ in 000s):
Private Client Group (9)	$	267,300		$	190,799			40.1	%	$	249,273			7.2	%
Asset Management		33,145			27,539			20.4	%		32,202			2.9	%
Third-party Bank Sweep Program		791			1,623			(51.3	%)		1,516			(47.8	%)
Other (10)		12,626			10,821			16.7	%		12,878			(2.0	%)
Total asset management and service fee revenues	$	313,862		$	230,782			36.0	%	$	295,869			6.1	%
Fee-based Assets ($ in millions):
Private Client Group (9)	$	130,931			99,374			31.8	%	$	129,565			1.1	%
Asset Management		33,655			27,196			23.7	%		33,289			1.1	%
Elimination (11)		(14,114	)		(11,408	)		23.7	%		(14,015	)		0.7	%
Total fee-based assets	$	150,472		$	115,162			30.7	%	$	148,839			1.1	%
Third-party Bank Sweep Program	$	6,051		$	4,691			29.0	%	$	5,795			4.4	%
ROA (bps) (12):
Private Client Group (9)		82.5			83.5						83.2
Asset Management		39.4			40.5						38.7
Third-party Bank Sweep Program		5.0			15.2						9.9


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

Institutional Group - Summary Results of Operations

	Three Months Ended															Nine Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change			9/30/2021			9/30/2020			% Change
Revenues:
Commissions	$	55,241		$	52,054			6.1	%	$	55,926			(1.2	%)	$	177,276		$	187,127			(5.3	%)
Principal transactions		68,904			98,856			(30.3	%)		97,388			(29.2	%)		277,699			317,590			(12.6	%)
Brokerage revenues		124,145			150,910			(17.7	%)		153,314			(19.0	%)		454,975			504,717			(9.9	%)
Capital raising		152,481			129,179			18.0	%		157,880			(3.4	%)		505,618			333,442			51.6	%
Advisory fees		208,218			80,842			157.6	%		206,665			0.8	%		545,365			254,733			114.1	%
Investment banking		360,699			210,021			71.7	%		364,545			(1.1	%)		1,050,983			588,175			78.7	%
Other income (13)		7,440			2,434			205.7	%		2,952			152.0	%		13,218			807		nm
Net revenues		492,284			363,365			35.5	%		520,811			(5.5	%)		1,519,176			1,093,699			38.9	%
Non-interest expenses:
Compensation and benefits		283,063			210,754			34.3	%		299,469			(5.5	%)		884,156			658,162			34.3	%
Non-compensation operating expenses		84,129			75,770			11.0	%		79,848			5.4	%		251,246			233,907			7.4	%
Total non-interest expenses		367,192			286,524			28.2	%		379,317			(3.2	%)		1,135,402			892,069			27.3	%
Income before income taxes	$	125,092		$	76,841			62.8	%	$	141,494			(11.6	%)	$	383,774		$	201,630			90.3	%

As a percentage of net revenues:
Compensation and benefits		57.5	%		58.0	%		(50	)		57.5	%		-			58.2	%		60.2	%		(200	)
Non-compensation operating expenses		17.1	%		20.9	%		(380	)		15.3	%		180			16.5	%		21.4	%		(490	)
Income before income taxes		25.4	%		21.1	%		430			27.2	%		(180	)		25.3	%		18.4	%		690


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

Stifel Bancorp - Financial Information and Credit Metrics

	Three Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change
Stifel Bancorp Financial Information:
Total assets	$	22,164,598		$	17,854,768			24.1	%	$	21,250,293			4.3	%
Total shareholder's equity	$	1,607,936		$	1,378,981			16.6	%	$	1,563,380			2.8	%
Total loans, net (includes loans held for sale)	$	13,658,697		$	10,932,235			24.9	%	$	13,164,958			3.8	%
Commercial and industrial		5,033,313			4,080,939			23.3	%		4,950,516			1.7	%
Residential real estate		4,952,372			3,804,836			30.2	%		4,567,467			8.4	%
Securities-based loans		2,581,705			1,841,516			40.2	%		2,331,737			10.7	%
Commercial real estate		369,502			386,957			(4.5	%)		370,517			(0.3	%)
Other		694,395			639,440			8.6	%		678,570			2.3	%
Loans held for sale		156,110			281,475			(44.5	%)		394,017			(60.4	%)
Investment securities	$	7,587,896		$	6,219,000			22.0	%	$	7,264,849			4.4	%
Available-for-sale securities, at fair value		2,242,465			2,823,885			(20.6	%)		2,279,678			(1.6	%)
Held-to-maturity securities, at amortized cost		5,345,431			3,395,115			57.4	%		4,985,171			7.2	%
Total deposits	$	20,398,874		$	16,400,001			24.4	%	$	19,608,800			4.0	%
Demand deposits (interest-bearing)		19,729,032			16,017,047			23.2	%		18,908,576			4.3	%
Demand deposits (non interest-bearing)		635,059			271,056			134.3	%		643,890			(1.4	%)
Certificates of deposit		34,783			111,898			(68.9	%)		56,334			(38.3	%)

Credit Metrics:
Allowance for credit losses	$	114,531		$	135,275			(15.3	%)	$	115,190			(0.6	%)
Allowance as a percentage of retained loans		0.84	%		1.26	%					0.90	%
Net charge-offs as a percentage of average loans		0.00	%		0.00	%					0.03	%
Total nonperforming assets	$	8,449		$	14,615			(42.2	%)	$	9,808			(13.9	%)
Nonperforming assets as a percentage of total assets		0.04	%		0.08	%					0.05	%


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

Loans and Lending Commitments - Allowance for Credit Losses

	Loans and Lending
(Unaudited, $ in 000s except percentages)	Commitments		ACL		ACL %			Q3 Provision
Commercial and industrial	$	5,033,313	$	46,687		0.9	%	$	(256	)
Residential real estate		4,952,372		23,904		0.5	%		2,637
Securities-based loans		2,581,705		3,327		0.1	%		808
Commercial real estate		369,502		5,321		1.4	%		(6,582	)
Other		694,395		15,054		2.2	%		(1,510	)
Loans held for investment, gross		13,631,287		94,293		0.7	%		(4,903	)
Loans held for sale		156,110
Total loans, gross		13,787,397
Lending commitments		3,519,000		20,238		0.6	%		4,243
Loans and lending commitments	$	17,306,397	$	114,531				$	(660	)


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2021 Earnings Release	Page 12 of 17

Consolidated Net Interest Income
	Three Months Ended
	September 30, 2021								September 30, 2020								June 30, 2021
($ in millions, except percentages)	Average balance		Interest income/expense			Average interest rate			Average balance		Interest income/expense			Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,537.9	$	1.0			0.27	%	$	1,789.8	$	1.1			0.25	%	$	1,249.2	$	0.8		0.26	%
Financial instruments owned		1,001.2		3.6			1.43	%		801.3		2.9			1.46	%		979.7		2.5		1.04	%
Margin balances		1,081.0		6.6			2.45	%		872.5		5.8			2.66	%		1,059.3		6.3		2.37	%
Investments:
Asset-backed securities		5,393.1		25.2			1.87	%		4,838.7		25.3			2.09	%		5,132.9		22.8		1.77	%
Mortgage-backed securities		1,068.4		3.7			1.40	%		824.0		3.2			1.55	%		1,070.5		4.1		1.53	%
Corporate fixed income securities		775.7		5.3			2.72	%		551.8		3.5			2.50	%		709.7		4.6		2.61	%
Other		4.9		-			1.95	%		7.3		-			2.04	%		5.8		-		2.11	%
Total investments		7,242.1		34.2			1.89	%		6,221.8		32.0			2.06	%		6,918.9		31.5		1.82	%
Loans:
Commercial and industrial		4,915.9		40.9			3.33	%		4,036.3		30.1			2.98	%		5,055.4		43.3		3.43	%
Residential real estate		4,743.3		30.7			2.59	%		3,711.2		26.1			2.81	%		4,296.5		28.5		2.66	%
Securities-based loans		2,425.0		11.7			1.94	%		1,787.1		9.2			2.05	%		2,214.1		10.8		1.94	%
Commercial real estate		365.3		3.4			3.77	%		400.0		3.8			3.76	%		417.7		3.0		2.89	%
Loans held for sale		364.1		2.8			3.02	%		460.1		2.6			2.25	%		286.7		1.6		2.20	%
Other		677.4		5.6			3.30	%		602.9		4.5			3.02	%		688.6		5.2		3.03	%
Total loans		13,491.0		95.1			2.82	%		10,997.6		76.3			2.77	%		12,959.0		92.4		2.85	%
Other interest-bearing assets		702.5		1.3			0.74	%		547.7		(3.7	)		(2.69	%)		698.9		0.1		0.01	%
Total interest-bearing assets/ interest income		25,055.7		141.8			2.26	%		21,230.7		114.4			2.16	%		23,865.0		133.6		2.24	%
Interest-bearing liabilities:
Senior notes		1,113.0		11.9			4.26	%		1,411.8		15.4			4.37	%		1,112.7		12.0		4.30	%
Deposits		19,545.5		1.1			0.02	%		16,379.2		1.5			0.04	%		18,637.1		1.2		0.03	%
Federal Home Loan advances		5.7		-			0.28	%		157.1		0.5			1.31	%		60.3		-		0.27	%
Other interest-bearing liabilities		1,346.0		(3.0	)		(0.87	%)		1,071.6		(3.6	)		(1.34	%)		1,441.9		1.0		0.26	%
Total interest-bearing liabilities/ interest expense	$	22,010.2		10.0			0.18	%	$	19,019.7		13.8			0.29	%	$	21,252.0		14.2		0.27	%
Net interest income/margin			$	131.8			2.10	%			$	100.6			1.90	%			$	119.4		2.00	%


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


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2021 Earnings Release	Page 14 of 17

Stifel Bancorp Net Interest Income
	Three Months Ended
	September 30, 2021							September 30, 2020							June 30, 2021
($ in millions, except percentages)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	730.0	$	0.3		0.19	%	$	786.0	$	0.3		0.14	%	$	611.9	$	0.2		0.14	%
Investments		7,242.1		34.2		1.89	%		6,221.8		32.0		2.06	%		6,918.9		31.5		1.82	%
Loans		13,491.0		95.1		2.82	%		10,997.6		76.3		2.77	%		12,959.0		92.4		2.85	%
Other interest-bearing assets		43.5		0.4		3.10	%		42.9		0.2		2.86	%		44.5		0.4		3.21	%
Total interest-bearing assets/ interest income	$	21,506.6	$	130.0		2.42	%	$	18,048.3	$	108.8		2.41	%	$	20,534.3	$	124.5		2.42	%
Interest-bearing liabilities:
Deposits	$	19,545.5	$	1.1		0.02	%	$	16,379.2	$	1.5		0.04	%	$	18,637.1	$	1.2		0.03	%
Federal Home Loan advances		5.7		-		0.28	%		157.1		0.5		1.31	%		60.3		-		0.27	%
Other interest-bearing liabilities		1.3		-		6.87	%		1.5		-		6.08	%		1.3		0.1		7.44	%
Total interest-bearing liabilities/ interest expense	$	19,552.5		1.1		0.02	%	$	16,537.8		2.0		0.05	%	$	18,698.7		1.3		0.03	%
Net interest income/margin			$	128.9		2.40	%			$	106.8		2.37	%			$	123.2		2.40	%


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

GAAP to Core Reconciliation
	Three Months Ended															Nine Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			Change			6/30/2021			Change			9/30/2021			9/30/2020			Change
GAAP net revenues	$	1,144,938		$	883,300					$	1,153,136					$	3,432,863		$	2,692,151
Non-GAAP adjustments		-			-						(38	)					153			179
Non-GAAP net revenues		1,144,938			883,300						1,153,098						3,433,016			2,692,330

GAAP compensation and benefits expense		672,385			533,638						692,054						2,062,353			1,657,991
Merger-related (14)		(5,780	)		(6,770	)					(6,119	)					(18,073	)		(22,907	)
Non-GAAP compensation and benefits expense		666,605			526,868						685,935						2,044,280			1,635,084

GAAP non-compensation operating expenses		216,051			191,269						197,057						622,091			617,701
Merger-related (14)		(11,503	)		(6,219	)					(10,287	)					(30,854	)		(19,672	)
Non-GAAP non-compensation operating expenses		204,548			185,050						186,770						591,237			598,029

GAAP provision for income taxes		64,126			37,866						65,948						184,951			101,456
Merger-related and other (14)		4,317			3,094						4,089						12,136			10,384
Non-GAAP provision for income taxes		68,443			40,960						70,037						197,087			111,840
Total merger-related adjustments		(17,283	)		(12,989	)					(16,368	)					(49,080	)		(42,758	)

Financial ratios:
Compensation and benefits		58.2	%		59.6	%		(140	)		59.5	%		(130	)		59.5	%		60.7	%		(120	)
Non-compensation operating expenses		17.9	%		21.0	%		(310	)		16.2	%		170			17.3	%		22.2	%		(490	)
Income before income taxes		23.9	%		19.4	%		450			24.3	%		(40	)		23.2	%		17.1	%		610
Effective tax rate		25.0	%		23.9	%		110			25.0	%		-			24.7	%		24.4	%		30


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

Footnotes

(1)		All share and per share information has been retroactively adjusted to reflect the December 2020 three-for-two stock split.
(2)		Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.
(3)		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.
(4)		Annualized return on average common shareholders’ equity (“ROE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
(5)		Annualized return on average tangible common shareholders’ equity (“ROTE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible shareholders’ equity. Tangible common shareholders’ equity 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 $54.5 million, $49.6 million, and $53.1 million, as of September 30, 2021 and 2020, and June 30, 2021, respectively. Historical periods have been restated to conform with the current period presentation.
(6)		Regulatory capital amounts and ratios are estimates at the time of the Company's earnings release on October 27, 2021.
(7)		Includes capital raising and advisory fee revenues.
(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 service fees, and other income.
(14)		Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards and promissory notes issued as retention, 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.


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

Disclaimer and Legal Notice


Stifel Financial Corp. Quarterly Financial Supplement \| Third Quarter 2021 Earnings Release	Page 18 of 17

3rd Quarter 2021 Financial Results Presentation October 27, 2021 Exhibit 99.3

Record Nine Month Net Revenue Third Quarter & YTD Snapshot 1 3Q21 & YTD Results millions, except per share and ratios HIGHLIGHTS Record Nine Month Pre-tax Income & EPS Record Quarterly & Nine Month Global Wealth Management Revenue Record Nine Month Institutional Group Revenue Record Investment Banking Advisory Pipelines Announced Acquisition of Vining Sparks

Third Quarter Results 2 THIRD QUARTER HIGHLIGHTS Second Highest Quarterly Non-GAAP Net Revenue of $1.15 billion, up 30% Y/Y: Record Global Wealth Management Revenue of $656 million, up 24% Y/Y Third Highest Quarterly Institutional Group Revenue of $492 million, up 36% Non-GAAP Pre-tax Margin of 23.9%, up 450 bps Y/Y Fee-based Client Assets of $150 billion, up 31% Y/Y Tangible Book Value Per Share of $27.35, up 27% Y/Y Non-GAAP annualized ROTCE of 27.7%, up 550 basis points Y/Y Operating Expense = Non-Compensation Expense – Provision for Credit Loss Operating Expense Ratio excludes Provision for Credit Loss)

Impressive Track Record of Growth 3 2015 & 2016 exclude duplicative acquisition costs Earnings per share have been adjusted to reflect December 2020 three for two stock split Non-GAAP Annualized 2021 based on annualized results through 9/30/2021

Vining Sparks Acquisition 4 Vining Sparks Founded in 1981 & Headquartered in Memphis, TN A Client-centered Financial Partner that Offers Strategic Balance Sheet & Investment Solutions Focused on Depositories Approximately 275 Associates in 13 Offices Approximately 4,000 Institutional Clients Averaged Approximately $150 million in Annual Revenue Since 2008 More than $150 billion in Annual Trading Volume Approximately $100 million in Equity Capital Highly Complementary Depository Focus More than 300 Fixed Income Professionals Focused on Banks & Thrifts on a Combined Basis More than 1,600 Unique Bank & Thrift s Covered on a Combined Basis Only 5% Net Revenue Overlap Solid Synergy Opportunities Through Capital Offerings and M&A Opportunities Across Vining Sparks Core Relationships Revenue from Bank & Thrift Clients by Type Revenue from Bank & Thrift Clients by Asset Size

HIGHLIGHTS Record Quarterly Net Revenue of $656 million, up 24% Y/Y Record Quarterly Wealth Management Revenue, ex. Stifel Bancorp Inc., of $505 million Record First Nine Months Net Revenue of $1.93 billion, up 19% Y/Y Private Client Fee-based Assets Increased 32% Y/Y Added 46 Financial Advisors with Total Trailing Twelve Month Production of $35 million. Global Wealth Management 5

Wealth Management Metrics 6 EFFICIENT BUSINESS MODEL Advisors are empowered to do what is right for their clients Product-neutral compensation – not motivated by comp to use specific products or services Product desks are not layered profit centers Supervisory function is centralized for efficiency and neutral approach Advisors have direct access to knowledgeable home office associates to collaboratively deliver services to clients Technology to support advice-based model Stifel Wealth Tracker – online and mobile app: free/ secure / smart aggregation / budgeting tools / advice when you want it / understand the markets / understand your complete financial picture Performance reporting tools – enhanced platform-wide capabilities with key vendor partners collaborating Cash management and digital banking capabilities in WM platform, including client mobile app Video meetings, centralized technology support DYNAMIC BUSINESS Announced renewed focus on recruiting independent FAs & rebranded business to Stifel Independent Advisors 85% of FAs who joined Stifel in past 10 years came through organic recruiting, 15% through acquisitions Recruited remotely during pandemic Growth of average AUM Adding capabilities that attract FAs and differentiate Stifel Stifel Wealth Tracker OurCrowd access to early-stage venture sponsors

Institutional Group 7 * Includes net interest, asset management and service fees, and other income HIGHLIGHTS Record Results: Quarterly Advisory Revenue of $208 million, up 158% Y/Y First Nine Months Net Revenue of $1.52 billion, up 39% Y/Y First Nine Months Advisory Revenue of $545 million, up 114% Y/Y First Nine Months Capital Raising Revenue of $506 million, up 52% Y/Y Pre-tax Margin of 25.4%, up 430 bps Y/Y * 2021 revenue based on annualized results through 9/30/2021

highlights Record Quarterly Capital Raising Revenue Surpassed Prior Record by 6% (2Q21) Second Highest First Nine Months Institutional Fixed Income Brokerage Revenue Second Highest First Nine Months Institutional Fixed Income Revenue Lead Managed 257 Negotiated Municipal Offerings Institutional Equities & Fixed Income 8 highlights Record First Nine Months Institutional Equities Revenue Record First Nine Months Institutional Equities Brokerage Revenue Record First Nine Months Capital Raising Revenue Bar chart header numbers are a graphic

Investment Banking Revenue 9 Highlights Record Quarterly Advisory Revenue, up 158% Y/Y Record First Nine Months Advisory Revenue, Surpassed Prior Record by 86% (2019) Record 3rd Quarter Capital Raising Revenue, up 19% Y/Y Record First Nine Months Investment Banking Revenue Surpassed Prior Record by 77% (2020) Strongest Verticals were Financials, Healthcare, Technology, Industrials Bar chart header numbers are a graphic * 2021 revenue based on annualized results through 6/30/2021 * Capital Raising Includes Revenue from Global Wealth Management

Net Interest Income 10 Net Interest commentary 3Q21 Net Interest Income Increased 10% sequentially. Average Interest Earning Assets Increased by $1.2 billion in 3Q21. Quarter End Deposits up 23% year-on-year More Highly Levered to Increased Short-term Interest Rates than in Past Cycles 2021: Estimated Incremental Pre-tax Income of $175-$200 million from a 100 bps increase in Fed Funds rate. 2015: Estimated Incremental Pre-tax Income of $66 million from a 100 bps increase in Fed Funds rate.

Stifel Bancorp Inc. Loan & Investment Portfolio 11 * Total excludes $156 million of loans classified as held for sale

CECL & Credit Metrics 12 ASSUMPTIONS Moody’s Forecast 40% Baseline (gradual recovery) 30% Downside (double dip recession) 30% Upside (accelerated recovery) Forecast Update for Most Recent Scenarios Broad-based Improvement of Forecasted Economic Variables Since June 30 Incorporated a Management Overlay to Offset Some of the Forecasted Economic Variables

Capital & Liquidity 13 HIGHLIGHTS Balance Sheet Growth of More than $4 billion YTD 2021, Increase of 16% YTD Client Cash Balances Continued to Increase in 3Q21 Capital Ratios Remained Strong Repurchased Nearly 1.5 million Shares YTD 2021 Issued $300 million of Preferred Stock in July 2021 Redeemed of $150 million of Series A Preferred Stock in 3Q21

Expenses 14 * For reconciliation of GAAP to non-GAAP expenses, refer to our third quarter 2021 earnings release. Bar chart header numbers are a graphic

Closing Remarks

Q&A

Disclaimer 17 Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions. All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position and liquidity may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Use of Non-GAAP Financial Measures The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three and nine months ended September 30, 2021. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company’s core operating results and business outlook. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company’s results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors' overall understanding of the Company’s current financial performance. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of ongoing business. A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these charges do, in fact, reflect the underlying financial results of the Company’s business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measures and the same respective non-GAAP measures of the Company’s financial performance should be considered together.