8-K

STIFEL FINANCIAL CORP.

(Registrant)

Date: April 27, 2022

/s/ James M. Marischen

James M. Marischen

Chief Financial Officer

Exhibit 99.1

Stifel Reports First Quarter 2022 Results

ST. LOUIS, MO, April 27, 2022 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.1 billion for the three months ended March 31, 2022, compared with $1.1 billion a year ago. Net income available to common shareholders was $164.2 million, or $1.39 per diluted common share, compared with $164.7 million, or $1.40 per diluted common share for the first quarter of 2021. Non-GAAP net income available to common shareholders of $175.6 million, or $1.49 per diluted common share for the first quarter of 2022.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “Our quarterly revenue and earnings per share were the second highest first quarter results in the firm’s history. The strength of Stifel’s business model continues to be its diversity as record Global Wealth Management and Institutional Fixed Income transactional revenue helped to offset the headwinds in some of our businesses. The outlook for the remainder of 2022 is strong. We expect to benefit from our significant asset sensitivity and the continued growth in other business lines.”

Highlights

›

Second highest first quarter net revenues driven by higher asset management revenues, advisory revenues, net interest income, and fixed income transactional revenues.

›

Non-GAAP net income available to common shareholders of $1.49.

›

Record asset management revenues, up 23% over the year ago quarter.

›

Record net interest income, up 38% over the year ago quarter.

›

Recruited 39 financial advisors during the quarter, including 36 employee advisors and 3 independent advisors.

›

Bank loans up $1.1 billion, or 6%, sequentially, and $5.5 billion, or 44%, from the prior year.

›

Non-GAAP pre-tax margin of 22% as the Company maintained its focus on expense discipline, while continuing to invest in the business. In addition, we 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 24% in a volatile and uncertain market environment.

›

Client assets up 11% from the prior year.


Financial Summary (Unaudited)
(000s)	1Q 2022			1Q 2021
GAAP Financial Highlights:
Net revenues	$	1,116,527		$	1,134,789
Net income ⁽¹⁾	$	164,229		$	164,726
Diluted EPS ⁽¹⁾	$	1.39		$	1.40
Comp. ratio		60.3	%		61.5	%
Non-comp. ratio		19.4	%		18.4	%
Pre-tax margin		20.3	%		20.1	%
Non-GAAP Financial Highlights:
Net revenues	$	1,116,587		$	1,134,980
Net income ⁽¹⁾ ⁽²⁾	$	175,587		$	176,425
Diluted EPS ^{(1) (2)}	$	1.49		$	1.50
Comp. ratio ⁽²⁾		59.5	%		60.9	%
Non-comp. ratio ⁽²⁾		18.8	%		17.7	%
Pre-tax margin ⁽³⁾		21.7	%		21.4	%
ROCE ⁽⁴⁾		16.2	%		18.8	%
ROTCE ⁽⁵⁾		23.8	%		28.4	%
Global Wealth Management (*assets and loans in millions*)
Net revenues	$	681,725		$	631,495
Pre-tax net income	$	225,413		$	223,231
Total client assets	$	421,414		$	378,615
Fee-based client assets	$	157,910		$	137,804
Bank loans ⁽⁶⁾	$	17,908		$	12,422
Institutional Group
Net revenues	$	431,363		$	506,081
Equity	$	251,264		$	346,391
Fixed Income	$	180,099		$	159,690
Pre-tax net income	$	96,628		$	117,188

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

Global Wealth Management

Global Wealth Management reported record net revenues of $681.7 million for the three months ended March 31, 2022 compared with $631.5 million during the first quarter of 2021. Pre-tax net income was $225.4 million compared with $223.2 million in the first quarter of 2021.

Highlights

›

Recruited 39 financial advisors during the quarter, including 36 employee advisors, of which 13 were experienced advisors, and 3 independent advisors, with total trailing 12 month production of $18 million.

›

Client assets of $421.4 billion, up 11% over the year-ago quarter.

›

Fee-based client assets of $157.9 billion, up 15% over the year-ago quarter.

›

Bank loans of $17.9 billion, up 6% over the fourth quarter of 2021.

Net revenues increased 8% from a year ago:

›

Asset management revenues increased 23% over the year-ago quarter reflecting strong fee-based asset flows and higher asset values from a year ago.

›

Transactional revenues decreased 12% over the year-ago quarter reflecting a decrease in client activity from significantly elevated levels a year ago.

›

Net interest income increased 33% over the year-ago quarter driven by higher bank lending.

Total Expenses:

›

Compensation expense as percent of net revenues increased to 53.5% primarily as a result of higher compensable revenues.

›

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

›

Non-compensation operating expenses as a percent of net revenues increased to 13.4% primarily as a result of the increase in the provision for credit losses over the prior year.


Summary Results of Operations
(000s)	1Q 2022			1Q 2021
Net revenues	$	681,725		$	631,495
Asset management		341,613			278,109
Transactional revenues		176,320			201,104
Net interest income		156,760			117,775
Investment banking		5,147			13,549
Other income		1,885			20,958
Total expenses	$	456,312		$	408,264
Compensation expense		364,993			336,721
Provision for credit losses		8,240			(5,252	)
Non-comp. opex		83,079			76,795
Pre-tax net income	$	225,413		$	223,231
Compensation ratio		53.5	%		53.3	%
Non-compensation ratio		13.4	%		11.4	%
Pre-tax margin		33.1	%		35.3	%

Stifel Financial Corp. | Page 2

Institutional Group

Institutional Group reported net revenues of $431.4 million for the three months ended March 31, 2022 compared with $506.1 million during the first quarter of 2021. Pre-tax net income was $96.6 million compared with $117.2 million in the first quarter of 2021.

Highlights

›

Investment banking pipeline at record levels.

Investment banking revenues decreased 23% from a year ago:

›

Advisory revenues of $181.4 million increased 39% over the year-ago quarter on higher completed advisory transactions.

›

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

›

Fixed income capital raising revenues decreased from a year ago as microeconomic conditions contributed to lower bond issuances.

Fixed income transactional revenues increased 24% from a year ago:

›

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

Equity transactional revenues decreased 29% from a year ago:

›

Equity transactional revenues declined from the year-ago quarter primarily as a result of trading losses and declines in cash equities. Broad macroeconomic and geopolitical concerns led to volatility in global equity prices, resulting in trading losses compared with trading gains during the prior year period.

Total Expenses:

›

Compensation expense as percent of net revenues decreased to 58.5% primarily as a result of lower compensable revenues.

›

Non-compensation operating expenses as a percent of net revenues increased to 19.1% as a result of lower net revenues, higher travel-related expenses, and investments in technology, partially offset by lower investment banking expenses.


Summary Results of Operations
(000s)	1Q 2022			1Q 2021
Net revenues	$	431,363		$	506,081
Investment banking		249,699			325,739
Advisory		181,396			130,482
Equity capital raising		29,434			147,419
Fixed income capital raising		38,869			47,838
Fixed income transactional		122,293			98,395
Equity transactional		56,566			79,121
Other		2,805			2,826
Total expenses	$	334,735		$	388,893
Compensation expense		252,347			301,624
Non-comp. opex.		82,388			87,269
Pre-tax net income	$	96,628		$	117,188
Compensation ratio		58.5	%		59.6	%
Non-compensation ratio		19.1	%		17.2	%
Pre-tax margin		22.4	%		23.2	%

Stifel Financial Corp. | Page 3

Other Matters

Highlights

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Total assets increased $6.9 billion, or 25%, over the year-ago quarter and 3% sequentially.

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Tangible book value per common share ⁽⁷⁾ of $27.91, up 17% from prior year.

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The Company repurchased $86.6 million of its outstanding common stock during the first quarter in connection with net-share settlements under its equity compensation plan. There were no open market repurchases during the first quarter of 2022.

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The Board of Directors declared a $0.30 quarterly dividend per share payable on March 15, 2022 to common shareholders of record on March 1, 2022.

›

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on March 15, 2022 to shareholders of record on March 1, 2022.


	1Q 2022			1Q 2021
Common stock repurchases
Repurchases (000s)	$	86,561		$	81,282
Number of shares (000s)		1,226			1,502
Average price	$	70.62		$	54.12
Period end shares (000s)		106,626			105,215
Effective tax rate		23.6	%		24.1	%
Stifel Financial Corp. ⁽⁸⁾
Tier 1 common capital ratio		15.2	%		16.0	%
Tier 1 risk based capital ratio		18.6	%		19.4	%
Tier 1 leverage capital ratio		11.3	%		11.5	%
Tier 1 capital (MM)	$	3,715		$	3,034
Risk weighted assets (MM)	$	19,959		$	15,656
Average assets (MM)	$	32,934		$	26,419
Quarter end assets (MM)	$	35,088		$	28,142
Agency	Rating			Outlook
Fitch Ratings		BBB			Positive
S&P Global Ratings		BBB-			Positive

Stifel Financial Corp. | Page 4

Conference Call Information

Stifel Financial Corp. will host its first quarter 2022 financial results conference call on Wednesday, April 27, 2022, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (877) 876-9938 and referencing conference ID 2672496. 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, 2021. 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)	3/31/2022		3/31/2021		% Change			12/31/2021		% Change
Revenues:
Commissions	$	195,909	$	213,614		(8.3	)	$	211,068		(7.2	)
Principal transactions		159,270		165,006		(3.5	)		144,584		10.2
Investment banking		254,846		339,288		(24.9	)		477,371		(46.6	)
Asset management		341,636		278,147		22.8			318,638		7.2
Other income		8,888		25,634		(65.3	)		14,496		(38.7	)

Operating revenues		960,549		1,021,689		(6.0	)		1,166,157		(17.6	)
Interest revenue		165,435		127,540		29.7			145,425		13.8

Total revenues		1,125,984		1,149,229		(2.0	)		1,311,582		(14.2	)
Interest expense		9,457		14,440		(34.5	)		7,357		28.5

Net revenues		1,116,527		1,134,789		(1.6	)		1,304,225		(14.4	)
Non-interest expenses:
Compensation and benefits		673,691		697,914		(3.5	)		757,948		(11.1	)
Non-compensation operating expenses		215,727		208,983		3.2			227,615		(5.2	)

Total non-interest expenses		889,418		906,897		(1.9	)		985,563		(9.8	)

Income before income taxes		227,109		227,892		(0.3	)		318,662		(28.7	)
Provision for income taxes		53,560		54,877		(2.4	)		57,272		(6.5	)

Net income		173,549		173,015		0.3			261,390		(33.6	)
Preferred dividends		9,320		8,289		12.4			9,320		0.0

Net income available to common shareholders	$	164,229	$	164,726		(0.3	)	$	252,070		(34.8	)

Earnings per common share:
Basic	$	1.50	$	1.53		(2.0	)	$	2.35		(36.2	)
Diluted	$	1.39	$	1.40		(0.7	)	$	2.12		(34.4	)
Cash dividends declared per common share	$	0.30	$	0.15		100.0		$	0.15		100.0
Weighted average number of common shares outstanding:
Basic		109,205		107,746		1.4			107,185		1.9
Diluted		118,140		117,875		0.2			118,959		(0.7	)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures ⁽⁹⁾


	Three Months Ended
(000s, except per share amounts)	3/31/2022			3/31/2021
GAAP net income	$	173,549		$	173,015
Preferred dividend		9,320			8,289

Net income available to common shareholders		164,229			164,726

Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		14,853			15,429
Provision for income taxes ⁽¹¹⁾		(3,495	)		(3,730	)

Total non-GAAP adjustments		11,358			11,699

Non-GAAP net income available to common shareholders	$	175,587		$	176,425


Weighted average diluted shares outstanding		118,140			117,875

GAAP earnings per diluted common share	$	1.47		$	1.47
Non-GAAP adjustments		0.10			0.10

Non-GAAP earnings per diluted common share	$	1.57		$	1.57

GAAP earnings per diluted common share available to common shareholders	$	1.39		$	1.40
Non-GAAP adjustments		0.10			0.10

Non-GAAP earnings per diluted common share available to common shareholders	$	1.49		$	1.50

GAAP to Non-GAAP Reconciliation ⁽⁹⁾


	Three Months Ended
(000s)	3/31/2022			3/31/2021
GAAP compensation and benefits	$	673,691		$	697,914
As a percentage of net revenues		60.3	%		61.5	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(9,311	)		(6,174	)

Non-GAAP compensation and benefits	$	664,380		$	691,740

As a percentage of non-GAAP net revenues		59.5	%		60.9	%

GAAP non-compensation expenses	$	215,727		$	208,983
As a percentage of net revenues		19.4	%		18.4	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(5,482	)		(9,064	)

Non-GAAP non-compensation expenses	$	210,245		$	199,919

As a percentage of non-GAAP net revenues		18.8	%		17.7	%
Total merger-related expenses	$	14,853		$	15,429

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”), a non-GAAP financial measure, 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 on 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 $55.5 million and $51.7 million as of March 31, 2022 and 2021, respectively.

⁽⁶⁾	Includes loans held for sale.

⁽⁷⁾

Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.

⁽⁸⁾	Capital ratios are estimates as of the date of the earnings release, April 27, 2022.

⁽⁹⁾

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

⁽¹⁰⁾

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

⁽¹¹⁾	Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

Stifel Financial Corp. | Page 8

Exhibit 99.2

First Quarter 2022 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 2022 Earnings Release		Page 1 of 17

Consolidated Financial Highlights


	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2022		3/31/2021		% Change			12/31/2021		% Change
Net revenues	$	1,116,527	$	1,134,789		(1.6	%)	$	1,304,225		(14.4	%)
Net income	$	173,549	$	173,015		0.3	%	$	261,390		(33.6	%)
Preferred dividends		9,320		8,289		12.4	%		9,320		0.0	%

Net income available to common shareholders	$	164,229	$	164,726		(0.3	%)	$	252,070		(34.8	%)
Earnings per diluted common share	$	1.47	$	1.47		0.0	%	$	2.20		(33.2	%)
Earnings per diluted common share available to common shareholders	$	1.39	$	1.40		(0.7	%)	$	2.12		(34.4	%)
Non-GAAP financial summary (1):
Net revenues	$	1,116,587	$	1,134,980		(1.6	%)	$	1,304,225		(14.4	%)
Net income	$	184,907	$	184,714		0.1	%	$	274,708		(32.7	%)
Preferred dividends		9,320		8,289		12.4	%		9,320		0.0	%

Net income available to common shareholders	$	175,587		176,425		(0.5	%)		265,388		(33.8	%)
Earnings per diluted common share	$	1.57	$	1.57		0.0	%	$	2.31		(32.0	%)
Earnings per diluted common share available to common shareholders	$	1.49	$	1.50		(0.7	%)	$	2.23		(33.2	%)
Weighted average number of common shares outstanding:
Basic		109,205		107,746		1.4	%		107,185		1.9	%
Diluted		118,140		117,875		0.2	%		118,959		(0.7	%)
Period end common shares outstanding		106,626		105,215		1.3	%		104,499		2.0	%
Cash dividends declared per common share	$	0.30	$	0.15		100.0	%	$	0.15		100.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 2 of 17

GAAP Consolidated Results of Operations


	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2022		3/31/2021			% Change			12/31/2021		% Change
Revenues:
Commissions	$	195,909	$	213,614			(8.3	%)	$	211,068		(7.2	%)
Principal transactions		159,270		165,006			(3.5	%)		144,584		10.2	%

Transactional revenues		*355,179*		378,620			(6.2	%)		355,652		(0.1	%)
Capital raising		73,450		208,806			(64.8	%)		166,591		(55.9	%)
Advisory		181,396		130,482			39.0	%		310,780		(41.6	%)

Investment banking		*254,846*		339,288			(24.9	%)		477,371		(46.6	%)
Asset management		341,636		278,147			22.8	%		318,638		7.2	%
Other income		8,888		25,634			(65.3	%)		14,496		(38.7	%)

Operating revenues		960,549		1,021,689			(6.0	%)		1,166,157		(17.6	%)
Interest revenue		165,435		127,540			29.7	%		145,425		13.8	%

Total revenues		1,125,984		1,149,229			(2.0	%)		1,311,582		(14.2	%)
Interest expense		9,457		14,440			(34.5	%)		7,357		28.5	%

Net revenues		1,116,527		1,134,789			(1.6	%)		1,304,225		(14.4	%)

Non-interest expenses:
Compensation and benefits		673,691		697,914			(3.5	%)		757,948		(11.1	%)
Occupancy and equipment rental		77,026		72,032			6.9	%		75,080		2.6	%
Communication and office supplies		42,456		41,825			1.5	%		41,925		1.3	%
Commissions and floor brokerage		15,887		15,703			1.2	%		15,257		4.1	%
Provision for credit losses		8,240		(5,252	)		nm			4,062		102.9	%
Other operating expenses		72,118		84,675			(14.8	%)		91,291		(21.0	%)

Total non-interest expenses		889,418		906,897			(1.9	%)		985,563		(9.8	%)
Income before income taxes		227,109		227,892			(0.3	%)		318,662		(28.7	%)
Provision for income taxes		53,560		54,877			(2.4	%)		57,272		(6.5	%)

Net income		173,549		173,015			0.3	%		261,390		(33.6	%)
Preferred dividends		9,320		8,289			12.4	%		9,320		0.0	%

Net income available to common shareholders	$	164,229	$	164,726			(0.3	%)	$	252,070		(34.8	%)

Earnings per common share:
Basic	$	1.50	$	1.53			(2.0	%)	$	2.35		(36.2	%)
Diluted	$	1.39	$	1.40			(0.7	%)	$	2.12		(34.4	%)
Weighted average number of common shares outstanding:
Basic		109,205		107,746			1.4	%		107,185		1.9	%
Diluted		118,140		117,875			0.2	%		118,959		(0.7	%)
Cash dividends declared per common share	$	0.30	$	0.15			100.0	%	$	0.15		100.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 3 of 17

Non-GAAP Consolidated Results of Operations ⁽¹⁾


	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2022		3/31/2021			% Change			12/31/2021		% Change
Revenues:
Commissions	$	195,909	$	213,614			(8.3	%)	$	211,068		(7.2	%)
Principal transactions		159,270		165,006			(3.5	%)		144,584		10.2	%

Transactional revenues		*355,179*		378,620			(6.2	%)		355,652		(0.1	%)
Capital raising		73,450		208,806			(64.8	%)		166,591		(55.9	%)
Advisory		181,396		130,482			39.0	%		310,780		(41.6	%)

Investment banking		*254,846*		339,288			(24.9	%)		477,371		(46.6	%)
Asset management		341,636		278,147			22.8	%		318,638		7.2	%
Other income		8,888		25,700			(65.4	%)		14,496		(38.7	%)

Operating revenues		960,549		1,021,755			(6.0	%)		1,166,157		(17.6	%)
Interest revenue		165,435		127,540			29.7	%		145,425		13.8	%

Total revenues		1,125,984		1,149,295			(2.0	%)		1,311,582		(14.2	%)
Interest expense		9,397		14,315			(34.4	%)		7,357		27.7	%

Net revenues		1,116,587		1,134,980			(1.6	%)		1,304,225		(14.4	%)

Non-interest expenses:
Compensation and benefits		664,380		691,740			(4.0	%)		749,929		(11.4	%)
Occupancy and equipment rental		77,009		72,002			7.0	%		75,062		2.6	%
Communication and office supplies		42,448		41,825			1.5	%		41,925		1.2	%
Commissions and floor brokerage		15,887		15,703			1.2	%		15,257		4.1	%
Provision for credit losses		8,240		(5,252	)		nm			4,062		102.9	%
Other operating expenses		66,661		75,641			(11.9	%)		83,094		(19.8	%)

Total non-interest expenses		874,625		891,659			(1.9	%)		969,329		(9.8	%)
Income before income taxes		241,962		243,321			(0.6	%)		334,896		(27.8	%)
Provision for income taxes		57,055		58,607			(2.6	%)		60,188		(5.2	%)

Net income		184,907		184,714			0.1	%		274,708		(32.7	%)
Preferred dividends		9,320		8,289			12.4	%		9,320		0.0	%

Net income available to common shareholders	$	175,587	$	176,425			(0.5	%)	$	265,388		(33.8	%)

Earnings per common share:
Basic	$	1.61	$	1.64			(1.8	%)	$	2.48		(35.1	%)
Diluted	$	1.49	$	1.50			(0.7	%)	$	2.23		(33.2	%)
Weighted average number of common shares outstanding:
Basic		109,205		107,746			1.4	%		107,185		1.9	%
Diluted		118,140		117,875			0.2	%		118,959		(0.7	%)
Cash dividends declared per common share	$	0.30	$	0.15			100.0	%	$	0.15		100.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 4 of 17

Consolidated Financial Summary


	Three Months Ended
(Unaudited, 000s)	3/31/2022			3/31/2021			% Change			12/31/2021			% Change
Net revenues:
Global Wealth Management	$	681,725		$	631,495			8.0	%	$	674,242			1.1	%
Institutional Group		431,363			506,081			(14.8	%)		633,263			(31.9	%)
Other		3,439			(2,787	)		nm			(3,280	)		nm

Total net revenues	$	1,116,527		$	1,134,789			(1.6	%)	$	1,304,225			(14.4	%)
Operating expenses:
Global Wealth Management	$	456,312		$	408,264			11.8	%	$	441,944			3.3	%
Institutional Group		334,735			388,893			(13.9	%)		458,100			(26.9	%)
Other		98,371			109,740			(10.4	%)		85,519			15.0	%

Total operating expenses	$	889,418		$	906,897			(1.9	%)	$	985,563			(9.8	%)
Operating contribution:
Global Wealth Management	$	225,413		$	223,231			1.0	%	$	232,298			(3.0	%)
Institutional Group		96,628			117,188			(17.5	%)		175,163			(44.8	%)
Other		(94,932	)		(112,527	)		(15.6	%)		(88,799	)		6.9	%

Income before income taxes	$	227,109		$	227,892			(0.3	%)	$	318,662			(28.7	%)
Financial ratios:
Compensation and benefits		60.3	%		61.5	%		(120	)		58.1	%		220
Non-compensation operating expenses		19.4	%		18.4	%		100			17.5	%		190
Income before income taxes		20.3	%		20.1	%		20			24.4	%		(410	)
Effective tax rate		23.6	%		24.1	%		(50	)		18.0	%		560


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 5 of 17

Consolidated Financial Information and Metrics


	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	3/31/2022			3/31/2021			% Change			12/31/2021			% Change
Financial Information:
Total assets	$	35,087,698		$	28,141,581			24.7	%	$	34,049,715			3.0	%
Total shareholders’ equity	$	5,054,344		$	4,318,872			17.0	%	$	5,034,959			0.4	%
Total common equity	$	4,369,344		$	3,783,872			15.5	%	$	4,349,959			0.4	%
Goodwill and intangible assets	$	(1,449,919	)	$	(1,319,089	)		9.9	%	$	(1,455,049	)		(0.4	%)
DTL on goodwill and intangible assets	$	56,775		$	52,651			7.8	%	$	58,126			(2.3	%)

Tangible common equity	$	2,976,200		$	2,517,434			18.2	%	$	2,953,036			0.8	%
Preferred equity	$	685,000		$	535,000			28.0	%	$	685,000			0.0	%

Financial Metrics:
Book value per common share (2)	$	40.98		$	35.96			14.0	%	$	41.63			(1.6	%)
Tangible book value per common share (2)	$	27.91		$	23.93			16.6	%	$	28.26			(1.2	%)
Return on common equity (3)		15.1	%		17.6	%					23.7	%
Non-GAAP return on common equity (1)(3)		16.2	%		18.8	%					25.0	%
Return on tangible common equity (4)		22.3	%		26.5	%					34.7	%
Non-GAAP return on tangible common equity (1)(4)		23.8	%		28.4	%					36.6	%
Pre-tax margin on net revenues		20.3	%		20.1	%					24.4	%
Non-GAAP pre-tax margin on net revenues (1)		21.7	%		21.4	%					25.7	%
Effective tax rate		23.6	%		24.1	%					18.0	%
Non-GAAP effective tax rate (1)		23.6	%		24.1	%					18.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 6 of 17

Regulatory Capital


	Three Months Ended
(Unaudited, 000s)	3/31/2022			3/31/2021			% Change			12/31/2021			% Change
SF Regulatory Capital (5):
Common equity tier 1 capital	$	3,029,778		$	2,498,655			21.3	%	$	2,938,955			3.1	%
Tier 1 capital	$	3,714,778		$	3,033,655			22.5	%	$	3,623,955			2.5	%
Risk-weighted assets	$	19,958,908		$	15,655,984			27.5	%	$	19,366,321			3.1	%
Common equity tier 1 capital ratio		15.2	%		16.0	%					15.2	%
Tier 1 risk based capital ratio		18.6	%		19.4	%					18.7	%
Tier 1 leverage capital ratio		11.3	%		11.5	%					11.7	%
Stifel Bank & Trust Regulatory Capital (5):
Common equity tier 1 capital	$	1,371,166		$	1,044,894			31.2	%	$	1,274,994			7.5	%
Tier 1 capital	$	1,371,166		$	1,044,894			31.2	%	$	1,274,994			7.5	%
Risk-weighted assets	$	12,555,438		$	9,428,239			33.2	%	$	12,001,325			4.6	%
Common equity tier 1 capital ratio		10.9	%		11.1	%					10.6	%
Tier 1 risk based capital ratio		10.9	%		11.1	%					10.6	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.1	%
Stifel Bank Regulatory Capital (5):
Common equity tier 1 capital	$	340,014		$	280,718			21.1	%	$	302,231			12.5	%
Tier 1 capital	$	340,014		$	280,718			21.1	%	$	302,231			12.5	%
Risk-weighted assets	$	2,668,521		$	1,517,312			75.9	%	$	2,197,216			21.5	%
Common equity tier 1 capital ratio		12.7	%		18.5	%					13.8	%
Tier 1 risk based capital ratio		12.7	%		18.5	%					13.8	%
Tier 1 leverage capital ratio		7.1	%		7.3	%					7.1	%
Stifel Net Capital (5):
Net capital	$	584,600		$	570,300			2.5	%	$	614,200			(4.8	%)
Excess net capital	$	554,200		$	541,600			2.3	%	$	584,800			(5.2	%)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 7 of 17

Global Wealth Management- Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2022			3/31/2021			% Change			12/31/2021			% Change
Revenues:
Commissions	$	130,776		$	147,505			(11.3	%)	$	146,335			(10.6	%)
Principal transactions		45,544			53,599			(15.0	%)		48,592			(6.3	%)

Transactional revenues		176,320			201,104			(12.3	%)		194,927			(9.5	%)
Asset management		341,613			278,109			22.8	%		318,612			7.2	%
Net interest		156,760			117,775			33.1	%		138,891			12.9	%
Investment banking (6)		5,147			13,549			(62.0	%)		11,183			(54.0	%)
Other income		1,885			20,958			(91.0	%)		10,629			(82.3	%)

Net revenues		681,725			631,495			8.0	%		674,242			1.1	%
Non-interest expenses:
Compensation and benefits		364,993			336,721			8.4	%		349,428			4.5	%
Non-compensation operating expenses		91,319			71,543			27.6	%		92,516			(1.3	%)

Total non-interest expenses		456,312			408,264			11.8	%		441,944			3.3	%

Income before income taxes	$	225,413		$	223,231			1.0	%	$	232,298			(3.0	%)

As a percentage of net revenues:
Compensation and benefits		53.5	%		53.3	%		20			51.8	%		170
Non-compensation operating expenses		13.4	%		11.4	%		200			13.7	%		(30	)
Income before income taxes		33.1	%		35.3	%		(220	)		34.5	%		(140	)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 8 of 17

Global Wealth Management - Statistical Information


	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors and locations)	3/31/2022			3/31/2021			% Change			12/31/2021			% Change
Financial advisors		2,229			2,182			2.2	%		2,227			0.1	%
Independent contractors		92			92			0.0	%		91			1.1	%

Total financial advisors		2,321			2,274			2.1	%		2,318			0.1	%
Locations (7)		395			389			1.5	%		396			(0.3	%)
Total client assets	$	421,414,000		$	378,615,000			11.3	%	$	435,978,000			(3.3	%)
Fee-based client assets	$	157,910,000		$	137,804,000			14.6	%	$	162,428,000			(2.8	%)
Transactional assets	$	263,504,000		$	240,811,000			9.4	%	$	273,550,000			(3.7	%)
Client money market and insured product	$	28,075,000		$	23,616,000			18.9	%	$	27,881,000			0.7	%
Secured client lending (8)	$	4,081,980		$	3,124,545			30.6	%	$	3,892,609			4.9	%
Asset Management Revenue ($ in 000s):
Private Client Group (9)	$	293,301		$	233,805			25.4	%	$	270,685			8.4	%
Asset Management		34,635			30,114			15.0	%		34,179			1.3	%
Third-party Bank Sweep Program		942			2,102			(55.2	%)		862			9.3	%
Other (10)		12,758			12,126			5.2	%		12,912			(1.2	%)

Total asset management revenues	$	341,636		$	278,147			22.8	%	$	318,638			7.2	%
Fee-based Assets ($ in millions):
Private Client Group (9)	$	138,219			119,836			15.3	%	$	141,456			(2.3	%)
Asset Management		34,716			31,115			11.6	%		36,299			(4.4	%)
Elimination (11)		(15,025	)		(13,147	)		14.3	%		(15,327	)		(2.0	%)

Total fee-based assets	$	157,910		$	137,804			14.6	%	$	162,428			(2.8	%)
Third-party Bank Sweep Program	$	5,492		$	6,455			(14.9	%)	$	6,253			(12.2	%)
ROA (bps) (12):
Private Client Group (9)		82.9			83.5						82.7
Asset Management		39.9			38.7						37.7
Third-party Bank Sweep Program		6.2			12.3						5.5


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 9 of 17

Institutional Group - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2022			3/31/2021			% Change			12/31/2021			% Change
Revenues:
Commissions	$	65,133		$	66,109			(1.5	%)	$	64,733			0.6	%
Principal transactions		113,726			111,407			2.1	%		95,990			18.5	%

Transactional revenues		178,859			177,516			0.8	%		160,723			11.3	%
Capital raising		68,303			195,257			(65.0	%)		155,470			(56.1	%)
Advisory		181,396			130,482			39.0	%		310,718			(41.6	%)

Investment banking		249,699			325,739			(23.3	%)		466,188			(46.4	%)
Other income (13)		2,805			2,826			(0.7	%)		6,352			(55.8	%)

Net revenues		431,363			506,081			(14.8	%)		633,263			(31.9	%)
Non-interest expenses:
Compensation and benefits		252,347			301,624			(16.3	%)		367,439			(31.3	%)
Non-compensation operating expenses		82,388			87,269			(5.6	%)		90,661			(9.1	%)

Total non-interest expenses		334,735			388,893			(13.9	%)		458,100			(26.9	%)

Income before income taxes	$	96,628		$	117,188			(17.5	%)	$	175,163			(44.8	%)

As a percentage of net revenues:
Compensation and benefits		58.5	%		59.6	%		(110	)		58.0	%		50
Non-compensation operating expenses		19.1	%		17.2	%		190			14.3	%		480
Income before income taxes		22.4	%		23.2	%		(80	)		27.7	%		(530	)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 10 of 17

Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	3/31/2022			3/31/2021			% Change			12/31/2021			% Change
Stifel Bancorp Financial Information:
Total assets	$	26,115,139		$	20,500,414			27.4	%	$	25,073,605			4.2	%
Total shareholder’s equity	$	1,782,875		$	1,474,473			20.9	%	$	1,720,746			3.6	%
Total loans, net (includes loans held for sale)	$	17,908,268		$	12,422,234			44.2	%	$	16,835,562			6.4	%
Commercial and industrial		7,656,507			4,923,494			55.5	%		7,345,753			4.2	%
Residential real estate		6,008,507			4,158,033			44.5	%		5,482,026			9.6	%
Securities-based loans		2,954,212			2,089,747			41.4	%		2,880,158			2.6	%
Commercial real estate		499,825			374,736			33.4	%		409,847			22.0	%
Other		642,497			669,183			(4.0	%)		625,703			2.7	%
Loans held for sale		315,427			330,521			(4.6	%)		207,715			51.9	%
Investment securities	$	7,240,149		$	6,948,574			4.2	%	$	7,460,111			(2.9	%)
Available-for-sale securities, at fair value		1,926,144			2,189,664			(12.0	%)		2,113,893			(8.9	%)
Held-to-maturity securities, at amortized cost		5,314,005			4,758,910			11.7	%		5,346,218			(0.6	%)
Total deposits	$	24,195,626		$	18,715,133			29.3	%	$	23,280,348			3.9	%
Demand deposits (interest-bearing)		23,553,384			18,125,863			29.9	%		22,626,560			4.1	%
Demand deposits (non interest-bearing)		618,435			524,338			17.9	%		626,633			(1.3	%)
Certificates of deposit		23,807			64,932			(63.3	%)		27,155			(12.3	%)
Credit Metrics:
Allowance for credit losses	$	126,802		$	129,109			(1.8	%)	$	118,562			6.9	%
Allowance as a percentage of retained loans		0.72	%		1.06	%					0.71	%
Net charge-offs as a percentage of average loans		0.00	%		0.01	%					0.00	%
Total nonperforming assets	$	17,124		$	13,756			24.5	%	$	17,470			(2.0	%)
Nonperforming assets as a percentage of total assets		0.07	%		0.07	%					0.07	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 11 of 17

Loans and Lending Commitments - Allowance for Credit Losses


	March 31, 2022
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL%			Q1 Provision
Commercial and industrial	$	7,656,507	$	54,580		0.7	%	$	1,051
Residential real estate		6,008,507		32,927		0.5	%		4,367
Securities-based loans		2,954,212		3,976		0.1	%		(30	)
Commercial real estate		499,825		3,680		0.7	%		(254	)
Other		642,497		9,035		1.4	%		(280	)

Loans held for investment, gross		17,761,548		104,198		0.6	%		4,854
Loans held for sale		315,427

Total loans, gross		18,076,975
Lending commitments		3,721,000		22,604		0.6	%		3,386

Loans and lending commitments	$	21,797,975	$	126,802				$	8,240


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 12 of 17

Consolidated Net Interest Income


	Three Months Ended
	March 31, 2022								March 31, 2021							December 31, 2021
(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	$	1,340.3	$	1.1			0.32	%	$	1,812.2	$	0.9		0.20	%	$	1,616.7	$	1.1			0.26	%
Financial instruments owned		1,176.0		5.4			1.84	%		807.8		2.9		1.43	%		1,160.1		6.0			2.08	%
Margin balances		1,089.6		6.9			2.54	%		961.6		6.1		2.53	%		1,072.2		6.8			2.53	%
Investments:
Asset-backed securities		5,598.6		24.9			1.78	%		4,724.6		21.3		1.80	%		5,583.7		24.1			1.73	%
Mortgage-backed securities		1,007.3		4.4			1.75	%		905.9		3.3		1.44	%		1,062.4		4.2			1.59	%
Corporate fixed income securities		773.0		5.0			2.57	%		639.8		5.4		3.37	%		794.7		5.8			2.90	%
Other		5.3		—			1.84	%		6.4		—		2.06	%		4.3		—			2.09	%

Total investments		7,384.2		34.3			1.86	%		6,276.7		30.0		1.91	%		7,445.1		34.1			1.83	%
Loans:
Commercial and industrial		7,556.0		62.0			3.28	%		4,573.6		39.5		3.45	%		5,802.4		47.7			3.29	%
Residential real estate		5,684.6		35.5			2.50	%		3,994.5		27.0		2.71	%		5,180.9		32.9			2.54	%
Securities-based loans		2,910.7		14.4			1.98	%		2,002.3		9.7		1.94	%		2,763.9		13.2			1.91	%
Commercial real estate		462.9		3.0			2.63	%		371.0		3.3		3.51	%		372.4		2.7			2.92	%
Loans held for sale		221.8		1.3			2.29	%		534.4		2.8		2.09	%		219.5		1.4			2.64	%
Other		642.4		5.1			3.16	%		639.9		4.9		3.07	%		692.1		5.5			3.10	%

Total loans		17,478.4		121.3			2.78	%		12,115.7		87.2		2.88	%		15,031.2		103.4			2.75	%
Other interest-bearing assets		760.3		(3.6	)		(1.88	%)		596.2		0.4		0.32	%		748.8		(6.0	)		(3.18	%)

Total interest-bearing assets/ interest income		29,228.8		165.4			2.26	%		22,570.2		127.5		2.26	%		27,074.1		145.4			2.15	%
Interest-bearing liabilities:
Senior notes		1,113.6		11.4			4.10	%		1,112.5		12.1		4.35	%		1,113.3		11.6			4.16	%
Deposits		23,129.9		0.9			0.02	%		17,629.6		1.3		0.03	%		21,056.3		0.9			0.02	%
Federal Home Loan advances		40.4		—			0.30	%		15.8		—		0.29	%		137.3		0.1			0.31	%
Other interest-bearing liabilities		1,559.3		(2.8	)		(0.75	%)		1,209.6		1.0		0.34	%		1,454.9		(5.2	)		(1.44	%)

Total interest-bearing liabilities/ interest expense	$	25,843.2		9.5			0.15	%	$	19,967.5		14.4		0.29	%	$	23,761.8		7.4			0.12	%

Net interest income/margin			$	155.9			2.13	%			$	113.1		2.00	%			$	138.0			2.04	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 13 of 17

Stifel Bancorp Net Interest Income


	Three Months Ended
	March 31, 2022							March 31, 2021							December 31, 2021
(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	$	549.5	$	0.3		0.22	%	$	962.3	$	0.3		0.12	%	$	717.9	$	0.3		0.17	%
Investments		7,384.2		34.3		1.86	%		6,276.7		30.0		1.91	%		7,445.1		34.1		1.83	%
Loans		17,478.4		121.3		2.78	%		12,115.7		87.2		2.88	%		15,031.2		103.4		2.75	%
Other interest-bearing assets		50.1		0.4		2.87	%		40.7		0.2		2.23	%		51.5		0.4		3.07	%

Total interest-bearing assets/ interest income	$	25,462.2	$	156.3		2.45	%	$	19,395.4	$	117.7		2.43	%	$	23,245.7	$	138.2		2.38	%
Interest-bearing liabilities:
Deposits	$	23,129.9	$	0.9		0.02	%	$	17,629.6	$	1.3		0.03	%	$	21,056.3	$	0.9		0.02	%
Federal Home Loan advances		40.4		—		0.30	%		15.8		—		0.29	%		137.3		0.1		0.31	%
Other interest-bearing liabilities		1.1		0.1		13.24	%		1.4		—		7.92	%		1.0		—		16.71	%

Total interest-bearing liabilities/ interest expense	$	23,171.4		1.0		0.02	%	$	17,646.8		1.3		0.03	%	$	21,194.6		1.0		0.02	%

Net interest income/margin			$	155.3		2.44	%			$	116.4		2.40	%			$	137.2		2.36	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 14 of 17

GAAP to Core Reconciliation


	Three Months Ended
(Unaudited, 000s)	3/31/2022			3/31/2021			Change			12/31/2021			Change
GAAP net revenues	$	1,116,527		$	1,134,789					$	1,304,225
Non-GAAP adjustments		60			191						—

Non-GAAP net revenues		1,116,587			1,134,980						1,304,225

GAAP compensation and benefits expense		673,691			697,914						757,948
Merger-related (14)		(9,311	)		(6,174	)					(8,019	)

Non-GAAP compensation and benefits expense		664,380			691,740						749,929

GAAP non-compensation operating expenses		215,727			208,983						227,615
Merger-related (14)		(5,482	)		(9,064	)					(8,215	)

Non-GAAP non-compensation operating expenses		210,245			199,919						219,400

Total merger-related adjustments		(14,853	)		(15,429	)					(16,234	)

GAAP provision for income taxes		53,560			54,877						57,272
Merger-related and other (14)		3,495			3,730						2,916

Non-GAAP provision for income taxes		57,055			58,607						60,188

Financial ratios:
Compensation and benefits		59.5	%		60.9	%		(140	)		57.5	%		200
Non-compensation operating expenses		18.8	%		17.7	%		110			16.8	%		200
Income before income taxes		21.7	%		21.4	%		30			25.7	%		(400	)
Effective tax rate		23.6	%		24.1	%		(50	)		18.0	%		560


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 15 of 17

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 $55.5 million, $51.7 million, and $56.3 million, as of March 31, 2022 and 2021, and December 31, 2021, respectively.

(5)	Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, April 27, 2022.

(6)	Includes capital raising and advisory fee revenues.

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

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

(9)	Includes Private Client Group and Trust Business.

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

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

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

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

(14)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 16 of 17

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, 2021. 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 27, 2022.


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2022 Earnings Release		Page 17 of 17

Exhibit 99.3 First Quarter 2022 Financial Results Presentation April 27, 2022 Quarterly Earnings Report

First Quarter Snapshot 1Q22 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS GAAP $1.39 NON-GAAP $1.49 GAAP & NON-GAAP $1,117 GAAP $164 NON-GAAP $176 ANNUALIZED ROCE ANNUALIZED ROTCE* BOOK VALUE PER SHARE GAAP 15.1% NON-GAAP 16.2% GAAP 22.3% NON-GAAP 23.8% TBV $27.91 BV $40.98 * Please see our definition of ROTCE in our first quarter 2022 earnings release HIGHLIGHTS Record Record Global Wealth Management Revenue Institutional Fixed Income Transactional Revenue Record Second Highest First Quarter Asset Management Revenue Net Revenue & EPS Record Advisory Pipelines Net Interest Income At Record Levels Quarterly Earnings Report 1

First Quarter Results FINANCIAL RESULTS FIRST QUARTER HIGHLIGHTS millions 1Q22 1Q21 Y/Y Change ■ Record Global Wealth Management Revenue of $681 million, up 8% Y/Y Global Wealth Management $682 $631 8% ■ Record Asset Management Revenue of $342 million, up 23% Y/Y Institutional 431 506 -15% ■ Record Net Interest Income of $156 million, up 38% Y/Y Other 3 -3 n/m ■ Second Highest First Quarter Net Revenue of $1.12 billion Net revenue 1,117 1,135 -2% ■ Pre-tax Pre-provision income of $250 million, up 5% Y/Y Compensation expense 664 692 -4% ■ Non-GAAP Pre-tax Margin of 21.7%, up 30 bps Y/Y 1 202 205 -2% Operating expense ■ Fee-based Client Assets of $158 billion, up 15% Y/Y Provision for credit loss 8 -5 n/m ■ Tangible Book Value Per Share of $27.91, up 17% Y/Y Pre-tax pre-provision income 250 238 5% 3 ■ Non-GAAP annualized ROTCE of 23.8% Pre-tax income 242 243 -1% Taxes 57 59 -3% Net income 185 185 0% NET REVENUE Preferred dividends 9 8 12% $1,400 $1,304 Net income available to common 176 176 -1% $1,153 $1,145 $1,135 shareholders $1,200 $1,117 Diluted EPS $1.49 $1.50 -1% $1,000 Compensation ratio 59.5% 60.9% -140 bps $800 2 18.1% 18.1% 0 bps Operating expense ratio $600 Pre-tax operating margin 21.7% 21.4% 30 bps Book value per share $40.98 $35.96 14% $400 Tangible book value per share $27.91 $23.93 17% $200 3 ROTCE 23.8% 28.4% -460 bps $0 (1) Operating Expense = Non-Compensation Expense – Provision for Credit Loss 1Q21 2Q21 3Q21 4Q21 1Q22 (2) Operating Expense Ratio excludes Provision for Credit Loss (3) Please see our definition of ROTCE in our first quarter earnings release Quarterly Earnings Report 2 millions

Global Wealth Management GLOBAL WEALTH MANAGEMENT REVENUE HIGHLIGHTS millions 1Q22 1Q21 Y/Y Change ■ Record Quarterly Revenue of $682 million, up 8% Y/Y ■ Record Quarterly Asset Management Revenue of $342 million, up 23% Y/Y Transactional $176 $201 -12% ■ Record Net Interest Income of $157 million, up 33% Y/Y Asset Management 342 278 23% ■ Private Client Fee-based Assets Increased 15% Y/Y Net Interest 157 118 33% ■ Added 39 Financial Advisors with Total Trailing Twelve Month Production of Investment Banking 5 14 -62% $18 million. Other 2 21 -91% ■ 36 Employee Advisors, Including 13 Experienced Advisors with Trailing Twelve Month Production of $14.9 million Total Global Wealth Management Net $682 $631 8% Revenue ■ 3 Independent Advisors with Trailing Twelve Month Production of Comp. Ratio 53.5% 53.3% 20 bps $3.0 million Non-Comp. Ratio 13.4% 11.4% 200 bps Provision for credit loss $8 -$5 nm NET REVENUE & MARGIN Pre-tax Margin 33.1% 35.3% -220 bps 50% $750 $682 $674 $700 45% $656 FINANCIAL ADVISOR & CLIENT ASSET METRICS $638 $631 $650 40% $600 millions 1Q22 1Q21 Y/Y 35% $550 35.3% Financial Advisors 2,229 2,182 2% 30% 34.5% 33.1% 35.4% $500 35.7% 25% Independent Contractors 92 92 0% $450 20% $400 Total Financial Advisors 2,321 2,274 2% 15% $350 Client AUA $421,414 $378,615 11% 10% $300 Fee-based Client Assets $157,910 $137,804 15% 1Q21 2Q21 3Q21 4Q21 1Q22 Private Client Fee-based Client Assets $138,219 $119,836 15% Net Revenue Pre-tax Margin Quarterly Earnings Report 3 Margin Net Revenue (millions)

Wealth Management Metrics INCREASING PERCENTAGE OF RECURRING RECRUITING DRIVES REVENUE GROWTH REVENUE $400 450 400 $350 100% 350 27% $300 34% 32% 32% 80% 39% 33% 46% 300 51% $250 250 60% $200 200 40% $150 73% 66% 66% 66% 150 64% 60% 53% 47% $100 20% 100 $50 50 0% $- 0 2015 2016 2017 2018 2019 2020 2021 1Q22 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 Transactional & Investment Bankiing T-12 Cumulative Production Cumulative Gross FAs Net Interest Income & Asset Management Fees SUBSTANTIAL LOAN GROWTH TECHNOLOGY TO SUPPORT ADVICE-BASED MODEL $20,000 $17,908 ■ Stifel Wealth Tracker – online and mobile app: free/ secure / smart $18,000 $16,836 aggregation / budgeting tools / advice when you want it / $16,000 understand the markets / understand your complete financial picture $14,000 $11,558 $12,000 $10,014■ Performance reporting tools – enhanced platform-wide capabilities $10,000 $8,723 with key vendor partners collaborating $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 1Q22 Quarterly Earnings Report 4 millions millions Financial Advisors

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS millions 1Q22 1Q21 Y/Y Change ■ Record First Quarter Advisory Revenue Advisory $181 $130 39% ■ Record First Quarter Transactional Revenue Capital Raising $68 $195 -65% ■ Second Highest First Quarter Institutional Revenue Transactional $179 $178 1% ■ Compensation Ratio of 58.5%, down 110 basis points Y/Y Total Institutional Revenue* $431 $506 -15% ■ Second Highest First Quarter Pre-tax Margin of 22.4% Comp. Ratio 58.5% 59.6% -110 bps Non-Comp. Ratio 19.1% 17.2% 190 bps Pre-tax Margin 22.4% 23.2% -80 bps * Includes net interest, asset management, and other income SUSTAINED REVENUE GROWTH $2,500 $2,000 $1,500 $1,000 $500 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Transactional Advisory Capital Raising *2022 revenue based on annualized results through 3/31/2022 * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 5 millions

Institutional Equities & Fixed Income INSTITUTIONAL EQUITIES REVENUE INSTITUTIONAL FIXED INCOME REVENUE millions 1Q22 1Q21 Y/Y Change millions 1Q22 1Q21 Y/Y Change Transactional $122 $98 24% Transactional $57 $79 -29% Capital Raising $39 $48 -19% Capital Raising $29 $147 -80% Total Equities $86 $226 -62% Total Fixed Income $161 $146 10% HIGHLIGHTS HIGHLIGHTS ■ Record First Quarter Total Fixed Income Revenue Surpassed Prior Record by 10% (1Q21) ■ Increased Market Share in Equity Capital Raising ■ Record Quarterly Transactional Revenue Surpassed Prior Record by 1% (2Q20) ■ 80% of IPOs/ Follow-ons were Book Run ■ Second Highest First Quarter Capital Raising Revenue ■ Substantial Volume Growth In Stifel ATS REVENUE REVENUE $226 $240 $200 $160 $161 $220 $180 $147 $200 $146 $160 $163 $135 $157 $180 $142 $140 $39 $160 $120 $140 $48 $65 $55 $100 $120 $86 $59 $100 $80 $147 $91 $80 $102 $29 $60 $94 $60 $40 $40 $20 $20 $98 $92 $76 $95 $122 $79 $61 $48 $66 $57 $0 $0 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 Transactional Underwriting Transactional Underwriting Quarterly Earnings Report 6 millions millions

Investment Banking Revenue INVESTMENT BANKING REVENUE HIGHLIGHTS millions 1Q22 1Q21 Y/Y Change ■ Second Highest First Quarter Investment Banking Revenue ■ Record First Quarter Advisory Revenue Surpassed Prior Record by Capital Raising:* 39% (1Q21) Equity $33 $160 -80% ■ Strongest verticals were Financials, Industrials, Consumer, & Technology Debt $40 $49 -17% ■ Second Highest First Quarter Fixed Income Underwriting Revenue Total Capital Raising $73 $209 -65% ■ Record Advisory Pipelines Advisory $181 $130 39% Total Investment Banking $255 $339 -25% * Capital Raising Includes Revenue from Global Wealth Management SUSTAINED REVENUE GROWTH $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Advisory Capital Raising *2022 revenue based on annualized results through 3/31/2022 Quarterly Earnings Report 7 millions

Net Interest Income CONDENSED NET INTEREST INCOME NET INTEREST COMMENTARY 1Q22 Y/Y Change Sequential Change ■ 1Q22 Net Interest Income Increased 38% Y/Y. Average Average Average Average Average Average Balance Interest Balance Interest Balance Interest ■ Average Interest Earning Assets Increased by more than $2 billion in 1Q22. Interest-earning Cash & Fed Funds Sold $1,340 0.32% -26% 12bps -17% 6 bps ■ Quarter End Deposits up 31% year-on-year Investment Portfolio $7,384 1.86% 18% -5 bps -1% 3 bps Loans $17,478 2.78% 44% -10 bps 16% 3 bps ■ Updated NII Forecast for 2022: $800 million - $900 million: Total Interest-earning Assets $29,229 2.26% 30% 0 bps 8% 11 bps ■ $4 billion - $6 billion of loan growth Deposits $23,130 0.02% 31% -1 bps 10% 0 bps ■ 50 bps increase in Fed Funds in May & June Other Interest-bearing Liabilities $2,713 1.27% 16% -98 bps 0% 32 bps ■ 200 bps increase in Fed Funds by year end Total Interest-bearing Liabilities $25,843 0.15% 29% -14 bps 9% 3 bps Net Interest Margin 2.13% 13 bps 9 bps ■ 25% - 50% deposit beta NET INTEREST MARGIN LOAN & NII GROWTH $25,000 $900 3.00% 2.44% $800 2.40% 2.40% 2.40% 2.36% 2.50% $20,000 2.13% $700 2.10% 2.04% 2.00% 2.00% 2.00% $600 $15,000 $500 1.50% $400 $10,000 1.00% $300 $200 $5,000 0.50% $100 0.00% $0 $0 1Q21 2Q21 3Q21 4Q21 1Q22 2015 2016 2017 2018 2019 2020 2021 2022E NIM Bank NIM Loans NII *2022 Represents $6 billion of loan growth & NII guidance Quarterly Earnings Report 8 Loans, net (millions) NII (millions)

Stifel Bancorp Inc. Loan & Investment Portfolio LOAN PORTFOLIO COMMERCIAL PORTFOLIO BY MAJOR SECTOR % of Total millions 1Q22 Portfolio Residential Real Estate $6,009 28% Fund (PE/VC Capital Call Lines) $3,075 14% Securities Based Lending 2,954 14% Industrials 958 4% Home Equity lines of Credit & Other $121 1% Financials 811 4% Total Consumer $9,084 42% Consumer Discretionary 640 3% Commercial Real Estate $500 2% Information Technology 471 2% Commercial 7,657 36% Healthcare 398 2% Construction and Land $522 2% Materials 385 2% Total Commercial $8,678 40% Communication Services 220 1% REITs 185 1% Total Loan Portfolio $17,762 83% PPP 168 1% Unfunded Commitments $3,721 17% Total $21,483 * Total excludes $315 million of loans classified as held for sale CLO BY MAJOR SECTOR INVESTMENT PORTFOLIO % of Total Healthcare & Pharmaceuticals $575 11% Portfolio millions 1Q22 High Tech Industries 521 10% CLO $5,249 72% Services: Business 470 9% Agency MBS 912 12% Banking, Finance, Insurance & Real Estate 439 8% Corporate Bonds 765 10% Media: Broadcasting & Subscription 223 4% SBA 204 3% Telecommunications 222 4% Student Loan ARS 131 2% Construction & Building 222 4% CMBS 72 1% Hotel, Gaming & Leisure 214 4% Others 40% Chemicals, Plastics & Rubber 208 4% Total Portfolio $7,336 100% Services: Consumer 204 4% Quarterly Earnings Report 9

CECL & Credit Metrics Economic Economic Economic Economic Economic ASSUMPTIONS Factors & Factors & Factors & Factors & Factors & Portfolio Portfolio Portfolio Portfolio Portfolio Changes Changes Changes Changes Changes • Moody’s Forecast • 40% Baseline (gradual recovery) ($5.3) • 30% Downside (double dip recession) • 30% Upside (accelerated recovery) $8.2 ($9.7) • Forecast Update for Most Recent Scenarios $4.0 • Broad-based Improvement of Forecasted ($0.7) Economic Variables Since June 30 $131.9 $135.2 $123.6 • Incorporated a Management Overlay to Offset Some of $121.3 $119.6 the Forecasted Economic Variables ACL - 3.31.2021 ACL - 6.30.2021 ACL - 9.30.2022 ACL - 12.31.2021 ACL - 3.31.2022 ALLOWANCE FOR CREDIT LOSSES / TOTAL LOANS CREDIT BALANCES & NET CHARGE-OFFS 4.00% 3.00% 25,000,000 1.50% 3.50% 1.30% 2.50% 20,000,000 3.00% 1.10% 2.00% 2.50% 0.90% 15,000,000 2.00% 1.50% 0.70% 10,000,000 1.50% 0.50% 1.00% 0.30% 1.00% 5,000,000 0.50% 0.10% 0.50% 0 -0.10% 0.00% 0.00% 2017 2018 2019 2020 2021 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 Residential SBL CRE Construction C&I Unfunded / Other reserves* Total Reserve Ratio CLOs Retained Loans NCO (Recovery) as % Credit Balances 10 Quarterly Earnings Report Total Credit Balances (000s) NCO/ Recoveries as % of Credit Balances)

Capital & Liquidity FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $35,088 $36,000 ■ Balance Sheet Growth of More than $1 billion in 1Q22 $34,050 $34,000 ■ Capital Ratios Remained Strong 30.0% $32,000 $30,820 ■ Substantial Liquidity for Bank Growth $29,745 $30,000 25.0% $28,142 ■ $87 million of Share Repurchases through Net Settlement $28,000 20.0%■ 20% Payout Ratio on Common Dividend $26,000 20.6% 18.7% 19.4% 18.9% 18.6% $24,000 15.0% 12.0% 11.7% 11.7% 11.3% 11.5% $22,000 $20,000 10.0% 1Q21 2Q21 3Q21 4Q21 1Q22 Assets Tier 1 Leverage Tier 1 Risk Based Capital DIVIDEND GROWTH & PAYOUT RATIO BANK FUNDING SOURCES UTILIZED & AVAILABLE $1.40 30.00% $1.20 25.00% $1.00 20.00% $4.5 $24.2 $22.2 $0.80 $16.2 billion of 15.00% billion of Utilized $0.60 Available Funding 10.00% $6.2 Funding $0.40 Sources Sources 5.00% $0.20 $5.5 $2.0 $- 0.00% 2017 2018 2019 2020 2021 2022 Sweep Deposits Non-sweep / Direct Bank Deposits Third Party Sweep Dividends Per Share Payout Ratio Available Money Funds Securing Borrowings *Payout Ratio calculated as total common stock dividends divided by GAAP net income ** 2022 dividends per share based on annualized common dividends through 3/31/2022 Quarterly Earnings Report 11 millions Annual Dividends Per Share Payout Ratio

Expenses NON-GAAP EXPENSES & PRE-TAX INCOME Non-GAAP EXPENSE RATIOS 65% 25% millions 1Q22 1Q21 Y/Y Change 63% 20% 61% Compensation $664 $692 -4% 15% 59% Non-compensation Expense, 60.9% 59.5% $197 $184 7% 59.5% 10% Ex. IB Gross Up & Credit Loss 57% 58.2% 57.5% Credit Loss Provision & IB Gross Up $13 $16 -17% 5% 55% 53% 0% Non-compensation $210 $200 5% 1Q21 2Q21 3Q21 4Q21 1Q22 Pre-tax Income $242 $243 -1% Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $900 $800 (000s) 1Q22 $700 $600 GAAP Net Income $173,549 $500 $400 Preferred Dividend $9,320 $300 $200 Net Income available to common Shareholders $164,229 $100 $0 Non-GAAP After Tax Adjustments $11,358 2018 2019 2020 2021 2022 Non-GAAP Net Income Available to Common $175,587 GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments Shareholders *2022 revenue based on annualized results through 3/31/2022 * For reconciliation of GAAP to non-GAAP expenses, refer to our first quarter 2022 earnings release. Quarterly Earnings Report 12 millions Compensation Ratio Non-compensation Ratio

Outlook for 2022 6 yr. avg. Annual Annualized Guidance (millions) 2015 2016 2017 2018 2019 2020 2021 Growth 1Q22 1Q22 2022 1 Total net revenue $2,335 $2,580 $2,928 $3,025 $3,337 $3,752 $4,737 13% $1,117 $4,468 $4,900 - $5,200 growth 10% 13% 3% 10% 12% 26% -6% 3% - 10% Global Wealth Management $1,377 $1,563 $1,822 $1,990 $2,131 $2,191 $2,599 11% $682 $2,728 growth 14% 17% 9% 7% 3% 19% 5% Net Interest Income $133 $228 $384 $476 $547 $458 $503 29% $156 $624 $800 - $900 growth 71% 68% 24% 15% -16% 10% 24% 59% - 79% Institutional Group $976 $1,014 $1,111 $1,055 $1,214 $1,583 $2,152 15% $431 $1,724 Growth 4% 10% -5% 15% 30% 36% -20% 1 2 Compensation ratio 64.5% 63.1% 61.2% 58.0% 58.3% 59.9% 59.0% -92 bps 59.5% 56% - 58% growth -140 bps -190 bps -320 bps 30 bps 160 bps -90 bps -100 bps to -300 bps (1) Non-GAAP) (2) 2015 & 2016 exclude duplicative acquisition costs Non-GAAP Return on Tangible Common Non-GAAP Pre-tax Margin Equity 23.9% 25.0% 30.9% 21.7% 32.0% 19.9% 19.6% 19.0% 20.0% 24.7% 24.4% 24.6% 23.8% 17.1% 24.0% 20.6% 15.0% 11.9% 16.0% 10.0% 12.3% 10.0% 10.0% 8.0% 5.0% 0.0% 0.0% 2015(2) 2016(2) 2017 2018 2019 2020 2021 1Q22 2015(2) 2016(2) 2017 2018 2019 2020 2021 1Q22 Quarterly Earnings Report 13

Concluding Remarks Quarterly Earnings Report

First Quarter 2022 Financial Results Presentation April 27, 2022 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, 2021. 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 16


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 27, 2022.

99.2		Financial Supplement for the quarter ended March 31, 2022.

99.3		Financial Results Presentation, dated April 27, 2022.

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