Stifel Reports Fourth Quarter and Full Year Results

ST. LOUIS, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.36 billion for the three months ended December 31, 2024, compared with $1.15 billion a year ago. Net income available to common shareholders of $234.7 million, or $2.09 per diluted common share, compared with $153.2 million, or $1.38 per diluted common share for the fourth quarter of 2023. Non-GAAP net income available to common shareholders of $249.7 million, or $2.23 per diluted common share for the fourth quarter of 2024. Net revenues of $4.97 billion for the year ended December 31, 2024 compared to $4.35 billion a year ago. Net income available to common shareholders of $694.1 million, or $6.25 per diluted common share, compared with $485.3 million, or $4.28 per diluted common share in 2023. Non-GAAP net income available to common shareholders of $755.9 million, or $6.81 per diluted common share in 2024. Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel generated record net revenue and the second highest earnings per share in our history in 2024. The fact that we accomplished this level of performance in a year when our Institutional segment was rebounding from a very difficult operating environment in 2023 is a testament to the strength and diversity of our business model. Given our long history of profitable growth, Stifel is well positioned to capitalize on improving market conditions in 2025 and to achieve our short and long term targets.” Full Year Highlights The Company reported record net revenues of $4.97 billion driven by higher investment banking revenues, asset management revenues, and transactional revenues, partially offset by lower net interest income.Non-GAAP net income available to common shareholders of $6.81.Record asset management revenues, up 18% over 2023.Record client assets of $501.4 billion, up 13% over 2023.Recruited 100 financial advisors during the year, including 34 experienced employee advisors and 12 experienced independent advisors.Non-GAAP pre-tax margin of 20%.Return on average tangible common equity (ROTCE) (5) of 23%.Tangible book value per common share (7) of $34.99, up 12% from prior year. Fourth Quarter Highlights Quarterly record net revenues of $1.36 billion.Non-GAAP net income available to common shareholders of $2.23.Investment banking revenue increased 48% over the year-ago quarter, driven by higher advisory and capital raising revenues. Capital raising revenues increased 50% over the year-ago quarter.Advisory revenues increased 47% over the year-ago quarter. Non-GAAP pre-tax margin of 21%.Annualized ROTCE (5) of 28%. Other Highlights Board of Directors authorized a 10% increase in common stock dividend starting in the first quarter of 2025.Announced the acquisition of Bryan, Garnier, & Co. Financial Summary (Unaudited) (000s) 4Q 2024 4Q 2023 FY 2024FY 2023GAAP Financial Highlights: Net revenues$1,364,682 $1,146,379 $4,970,320 $4,348,944 Net income (1)$234,685 $153,164 $694,098 $485,255 Diluted EPS (1)$2.09 $1.38 $6.25 $4.28 Comp. ratio58.3% 58.8% 58.7% 58.7% Non-comp. ratio22.2% 23.2% 22.6% 25.1% Pre-tax margin19.5% 18.0% 18.7% 16.2% Non-GAAP Financial Highlights: Net revenues$1,364,721 $1,146,419 $4,971,051 $4,348,958 Net income (1) (2)$249,710 $166,587 $755,896 $531,524 Diluted EPS (1) (2)$2.23 $1.50 $6.81 $4.68 Comp. ratio (2)58.0% 58.0% 58.0% 58.0% Non-comp. ratio (2)21.3% 22.6% 21.9% 24.3% Pre-tax margin (3)20.7% 19.4% 20.1% 17.7% ROCE (4) 20.1% 14.6% 15.9% 11.5% ROTCE (5)28.3% 21.3% 22.7% 16.6% Global Wealth Management (assets and loans in millions) Net revenues$865,209 $766,028 $3,283,960 $3,049,962 Pre-tax net income$316,318 $301,360 $1,207,942 $1,215,822 Total client assets$501,402 $444,318 Fee-based client assets$192,705 $165,301 Bank loans, net (6)$21,311 $19,730 Institutional Group Net revenues$478,335 $359,292 $1,592,833 $1,226,317 Equity$280,159 $200,915 $926,729 $709,286 Fixed Income$198,176 $158,377 $666,104 $517,031 Pre-tax net income$95,681 $7,771 $223,400 $2,100 Global Wealth Management Fourth Quarter Results Global Wealth Management reported record net revenues of $865.2 million for the three months ended December 31, 2024 compared with $766.0 million during the fourth quarter of 2023. Pre-tax net income was $316.3 million compared with $301.4 million in the fourth quarter of 2023. Highlights Client assets of $501.4 billion, up 13% over the year-ago quarter.Fee-based client assets of $192.7 billion, up 17% over the year-ago quarter.Recruited 8 financial advisors during the quarter, including 4 experienced employee advisors with total trailing 12 month production of $8 million. Net revenues increased 13% from a year ago: Transactional revenues increased 18% over the year-ago quarter reflecting an increase in client activity.Asset management revenues increased 23% over the year-ago quarter reflecting higher asset values as a result of improved market conditions and net cash inflows.Net interest income decreased 1% from the year-ago quarter primarily as a result of lower rates, partially offset by balance sheet growth. Total Expenses: Compensation expense as percent of net revenues increased to 48.5% primarily as a result of higher compensable revenues.Provision for credit losses was primarily impacted by loan growth and a deterioration in certain loans, partially offset by a slightly better macroeconomic forecast.Non-compensation operating expenses as a percent of net revenues increased to 14.9% primarily as a result of higher litigation-related expenses and an increase in the provision for credit losses, partially offset by revenue growth. Summary Results of Operations (000s)4Q 20244Q 2023 Net revenues$865,209 $766,028 Transactional revenues 200,564 169,471 Asset management 405,800 330,498 Net interest income 254,337 257,920 Investment banking 5,198 4,562 Other income (690) 3,577 Total expenses $548,891 $464,668 Compensation expense 419,466 359,376 Provision for credit losses 11,893 (37) Non-comp. opex 117,532 105,329 Pre-tax net income$316,318 $301,360 Compensation ratio 48.5% 46.9% Non-compensation ratio 14.9% 13.8% Pre-tax margin 36.6% 39.3% Institutional Group Fourth Quarter Results Institutional Group reported net revenues of $478.3 million for the three months ended December 31, 2024 compared with $359.3 million during the fourth quarter of 2023. Pre-tax net income was $95.7 million compared with $7.8 million in the fourth quarter of 2023. Highlights Investment banking revenues increased 49% from a year ago: Advisory revenues of $189.9 million increased 47% from the year-ago quarter driven by higher levels of completed advisory transactions.Fixed income capital raising revenues increased 53% over the year-ago quarter primarily driven by higher bond issuances.Equity capital raising revenues increased 52% over the year-ago quarter driven by higher volumes. Fixed income transactional revenues increased 16% from a year ago: Fixed income transactional revenues increased from the year-ago quarter driven by improved client engagement and realized trading gains. Equity transactional revenues increased 5% from a year ago: Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions. Total Expenses: Compensation expense as a percent of net revenues decreased to 58.6% primarily as a result of higher revenues.Non-compensation operating expenses as a percent of net revenues decreased to 21.4% primarily as a result of revenue growth. Summary Results of Operations (000s) 4Q 2024 4Q 2023 Net revenues $478,335 $359,292 Investment banking 299,221 201,102 Advisory 189,912 129,378 Fixed income capital raising 61,424 40,214 Equity capital raising 47,885 31,510 Fixed income transactional 118,700 102,019 Equity transactional 59,409 56,501 Other 1,005 (330) Total expenses $382,654 $351,521 Compensation expense 280,261 248,970 Non-comp. opex. 102,393 102,551 Pre-tax net income$95,681 $7,771 Compensation ratio 58.6% 69.3% Non-compensation ratio 21.4% 28.5% Pre-tax margin 20.0% 2.2% Global Wealth Management Full Year Results Global Wealth Management reported record net revenues of $3.3 billion for the year ended December 31, 2024 compared with $3.0 billion in 2023. Pre-tax net income of $1.2 billion decreased 1% from 2023. Highlights Recruited 100 financial advisors during the year, including 34 experienced employee advisors and 12 experienced independent advisors with total trailing 12 month production of $37 million. Net revenues increased 8% from prior year: Transactional revenues increased 15% from prior year reflecting an increase in client activity.Asset management revenues increased 18% from prior year reflecting higher asset values as a result of improved market conditions and net cash inflows.Net interest income decreased 11% from prior year primarily driven by changes in the deposit mix, partially offset by lending growth and higher rates. Total Expenses: Compensation expense as a percent of net revenues increased to 48.9% primarily as a result of higher compensable revenues.Provision for credit losses was primarily impacted by loan growth and a deterioration in certain loans, partially offset by a slightly better macroeconomic forecast.Non-compensation operating expenses as a percent of net revenues increased to 14.3% primarily as a result of higher litigation-related expenses and an increase in the provision for credit losses, partially offset by revenue growth. Summary Results of Operations (000s)FY 2024FY 2023 Net revenues$3,283,960 $3,049,962 Transactional revenues 752,352 654,231 Asset management 1,536,296 1,299,361 Net interest income 967,712 1,086,628 Investment banking 21,475 16,680 Other income 6,125 (6,938) Total expenses $2,076,018 $1,834,140 Compensation expense 1,605,148 1,415,210 Provision for credit losses 25,102 22,699 Non-comp. opex 445,768 396,231 Pre-tax net income$1,207,942 $1,215,822 Compensation ratio 48.9% 46.4% Non-compensation ratio 14.3% 13.7% Pre-tax margin 36.8% 39.9% Institutional Group Full Year Results Institutional Group reported net revenues of $1.6 billion for the year ended December 31, 2024 compared with $1.2 billion in 2023. Pre-tax net income was $223.4 million compared with $2.1 million in 2023. Highlights Investment banking revenues increased 36% from prior year: Advisory revenues of $577.4 million increased 24% from prior year driven by higher levels of completed advisory transactions.Fixed income capital raising revenues increased 48% from prior year driven by an increase in our corporate debt issuance business.Equity capital raising revenues increased 74% from prior year driven by higher volumes. Fixed income transactional revenues increased 27% from prior year: Fixed income transactional revenues increased from prior year driven by improved client engagement, market volatility, and realized trading gains. Equity transactional revenues increased 7% from prior year: Equity transactional revenues increased from prior year driven by an increase in equities trading commissions. Total Expenses: Compensation expense as a percent of net revenues decreased to 60.2% primarily as a result of higher revenues.Non-compensation operating expenses as a percent of net revenues decreased to 25.8% as a result of revenue growth and expense discipline. Summary Results of Operations (000s) FY 2024 FY 2023 Net revenues $1,592,833 $1,226,317 Investment banking 973,356 714,575 Advisory 577,432 465,588 Fixed income capital raising 209,047 141,647 Equity capital raising 186,877 107,340 Fixed income transactional 393,013 308,393 Equity transactional 215,223 201,413 Other 11,241 1,936 Total expenses $1,369,433 $1,224,217 Compensation expense 959,602 841,671 Non-comp. opex. 409,831 382,546 Pre-tax net income$223,400 $2,100 Compensation ratio 60.2% 68.6% Non-compensation ratio 25.8% 31.2% Pre-tax margin 14.0% 0.2% Other Matters Highlights Total assets increased $2.1 billion, or 6%, over the year-ago quarter.The Board of Directors approved a 10% increase in the quarterly dividend to $0.46 per common share starting in the first quarter of 2025.The Company repurchased $45.5 million of its outstanding common stock during the fourth quarter. During 2024, the Company repurchased $242.6 million of its outstanding common stock.Weighted average diluted shares outstanding increased from the year-ago quarter as a result of the increase in share price and a decrease in share repurchases over the comparable period.The effective tax rate was primarily impacted by the benefit related to the tax impact on stock-based compensation.The Board of Directors declared a $0.42 quarterly dividend per share payable on December 16, 2024 to common shareholders of record on December 2, 2024.The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on December 16, 2024 to shareholders of record on December 2, 2024. 4Q 20244Q 2023FY 2024FY 2023Common stock repurchases Repurchases (000s)$45,461 $141,138 $242,628 $518,296 Number of shares (000s) 408 2,345 3,140 8,475 Average price$111.30 $60.18 $77.28 $61.16 Period end shares (000s) 102,171 101,062 102,171 101,062 Weighted average diluted shares outstanding (000s) 112,089 111,330 110,975 113,453 Effective tax rate 8.3% 21.1% 21.2% 26.1% Stifel Financial Corp. (8)Tier 1 common capital ratio 15.4% 14.2% Tier 1 risk based capital ratio 18.2% 17.2% Tier 1 leverage capital ratio 11.4% 10.5% Tier 1 capital (MM)$4,331 $3,916 Risk weighted assets (MM)$23,742 $22,748 Average assets (MM)$38,073 $37,451 Quarter end assets (MM)$39,896 $37,727 Agency RatingOutlook Fitch RatingsBBB+Stable S&P Global RatingsBBBStable Conference Call Information Stifel Financial Corp. will host its fourth quarter and full year 2024 financial results conference call on Wednesday, January 29, 2025, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements. All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call. Company Information Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases. A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations. The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations. Cautionary Note Regarding Forward-Looking Statements This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Summary Results of Operations (Unaudited) Three Months Ended Year Ended(000s, except per share amounts)12/31/202412/31/2023% Change9/30/2024% Change12/31/202412/31/2023% ChangeRevenues: Commissions$ 203,786$173,61417.4 $183,44511.1 $ 756,024$673,59712.2 Principal transactions 174,887 154,37713.3 137,08927.6 604,564 490,44023.3 Investment banking 304,419 205,66448.0 243,18225.2 994,831 731,25536.0 Asset management 405,825 330,53622.8 382,6166.1 1,536,674 1,299,49618.3 Other income 3,294 9,687(66.0) 18,705(82.4) 43,129 8,747393.1 Operating revenues 1,092,211 873,87825.0 965,03713.2 3,935,222 3,203,53522.8 Interest revenue 500,661 516,213(3.0) 510,823(2.0) 2,016,464 1,955,7453.1 Total revenues 1,592,872 1,390,09114.6 1,475,8607.9 5,951,686 5,159,28015.4 Interest expense 228,190 243,712(6.4) 251,192(9.2) 981,366 810,33621.1 Net revenues 1,364,682 1,146,37919.0 1,224,66811.4 4,970,320 4,348,94414.3 Non-interest expenses: Compensation and benefits 795,750 674,43718.0 718,06510.8 2,916,229 2,554,58114.2 Non-compensation operating expenses 302,731 265,94713.8 289,9454.4 1,125,647 1,087,6713.5 Total non-interest expenses 1,098,481 940,38416.8 1,008,0109.0 4,041,876 3,642,25211.0 Income before income taxes 266,201 205,99529.2 216,65822.9 928,444 706,69231.4 Provision for income taxes 22,196 43,511(49.0) 58,153(61.8) 197,065 184,1567.0 Net income 244,005 162,48450.2 158,50553.9 731,379 522,53640.0 Preferred dividends 9,320 9,3200.0 9,3200.0 37,281 37,2810.0 Net income available to common shareholders$ 234,685$153,16453.2 $149,18557.3 $ 694,098$485,25543.0 Earnings per common share: Basic$2.26 $1.4753.7 $1.4358.0 $6.67 $4.5546.6 Diluted$2.09 $1.3851.4 $1.3456.0 $6.25 $4.2846.0 Cash dividends declared per common share$0.42 $0.3616.7 $0.420.0 $1.68 $1.4416.7 Weighted average number of common shares outstanding: Basic 103,856 103,934(0.1) 103,966(0.1) 104,066 106,661(2.4)Diluted 112,089 111,3300.7 110,9941.0 110,975 113,453(2.2) Non-GAAP Financial Measures (9) Three Months EndedYear Ended(000s, except per share amounts)12/31/202412/31/202312/31/202412/31/2023GAAP net income$244,005 $162,484 $731,379 $522,536 Preferred dividend 9,320 9,320 37,281 37,281 Net income available to common shareholders 234,685 153,164 694,098 485,255 Non-GAAP adjustments: Merger-related (10) 16,820 16,921 60,745 63,222 Restructuring and severance (11) (430) — 10,792 — Provision for income taxes (12) (1,365) (3,498) (9,739) (16,953) Total non-GAAP adjustments 15,025 13,423 61,798 46,269 Non-GAAP net income available to common shareholders$249,710 $166,587 $755,896 $531,524 Weighted average diluted shares outstanding 112,089 111,330 110,975 113,453 GAAP earnings per diluted common share$2.18 $1.46 $6.59 $4.61 Non-GAAP adjustments 0.14 0.12 0.56 0.40 Non-GAAP earnings per diluted common share$2.32 $1.58 $7.15 $5.01 GAAP earnings per diluted common share available to common shareholders$2.09 $1.38 $6.25 $4.28 Non-GAAP adjustments 0.14 0.12 0.56 0.40 Non-GAAP earnings per diluted common share available to common shareholders$2.23 $1.50 $6.81 $4.68 GAAP to Non-GAAP Reconciliation (9) Three Months EndedYear Ended(000s)12/31/202412/31/202312/31/202412/31/2023GAAP compensation and benefits$795,750 $674,437 $2,916,229 $2,554,581 As a percentage of net revenues 58.3% 58.8% 58.7% 58.7% Non-GAAP adjustments: Merger-related (10) (4,641) (9,203) (22,039) (32,150) Restructuring and severance (11) 430 — (10,792) — Total non-GAAP adjustments (4,211) (9,203) (32,831) (32,150) Non-GAAP compensation and benefits$791,539 $665,234 $2,883,398 $2,522,431 As a percentage of non-GAAP net revenues 58.0% 58.0% 58.0% 58.0% GAAP non-compensation expenses$302,731 $265,947 $1,125,647 $1,087,671 As a percentage of net revenues 22.2% 23.2% 22.6% 25.1% Non-GAAP adjustments: Merger-related (10) (12,140) (7,678) (37,975) (31,058) Non-GAAP non-compensation expenses$290,591 $258,269 $1,087,672 $1,056,613 As a percentage of non-GAAP net revenues 21.3% 22.6% 21.9% 24.3% Total adjustments$16,390 $16,921 $71,537 $63,222 Footnotes (1) Represents available to common shareholders. (2) Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.” (3) Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.” (4) Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity. (5) Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $80.3 million and $71.1 million as of December 31, 2024 and 2023, respectively. (6) Includes loans held for sale. (7) Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. (8) Capital ratios are estimates at time of the Company’s earnings release, January 29, 2025. (9) The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure. (10) Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business. (11) The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries. (12) Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments. Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

Stifel Reports Fourth Quarter and Full Year Results

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