Stifel Financial Corp. (NYSE: SF) today reported net revenues of
$1.2 billion for the three months ended June 30, 2024, compared
with $1.1 billion a year ago. Net income available to common
shareholders was $156.0 million, or $1.41 per diluted common share,
compared with $125.0 million, or $1.10 per diluted common share for
the second quarter of 2023. Non-GAAP net income available to common
shareholders was $176.6 million, or $1.60 per diluted common share
for the second quarter of 2024.
Ronald J. Kruszewski, Chairman
and Chief Executive Officer, said “Stifel generated our second
highest quarterly net revenue in company history, as each of our
operating segments generated solid year-on-year gains. Stifel’s
strong results reflect improved market conditions and
illustrate the benefits of our balanced businesses and
inherent operating leverage, particularly in our Institutional
Group. Given current market trends, we believe that Stifel is well
positioned for a strong second half of 2024.”
Highlights
- The Company reported net revenues of $1.2 billion, the second
best quarter in its history, driven by higher investment banking
revenues, transactional revenues, and asset management
revenues.
- Non-GAAP net income available to common shareholders of $1.60
per diluted common share.
- Record asset management revenues, up 19% over the year-ago
quarter.
- Advisory revenues increased 50% over the year-ago quarter.
- Capital raising revenues increased 29% over the year-ago
quarter.
- Record client assets of $474.1 billion, up 14% over the
year-ago quarter.
- Recruited 42 financial advisors during the quarter, including
13 experienced employee advisors and 1 experienced independent
advisor.
- Non-GAAP pre-tax margin of 20.6% as the Company maintained its
focus on expense discipline, while continuing to invest in the
business.
- Annualized return on tangible common equity (ROTCE) (5) of
22%.
- Tangible book value per common share (7) of $32.00, up 4% from
prior year.
|
Financial Summary (Unaudited) |
|
(000s) |
2Q 2024 |
2Q 2023 |
6m 2024 |
6m 2023 |
|
GAAP Financial Highlights: |
|
|
|
|
Net revenues |
$1,217,932 |
|
$1,050,721 |
|
$2,380,970 |
|
$2,157,514 |
|
| Net income(1) |
$155,973 |
|
$125,032 |
|
$310,228 |
|
$273,251 |
|
| Diluted EPS(1) |
$1.41 |
|
$1.10 |
|
$2.82 |
|
$2.38 |
|
|
Comp. ratio |
|
59.3% |
|
|
58.6% |
|
|
58.9% |
|
|
58.7% |
|
| Non-comp. ratio |
|
22.1% |
|
|
24.1% |
|
|
22.4% |
|
|
23.2% |
|
| Pre-tax
margin |
|
18.6% |
|
|
17.3% |
|
|
18.7% |
|
|
18.1% |
|
|
Non-GAAP Financial Highlights: |
|
|
|
|
Net revenues |
$1,217,941 |
|
$1,050,721 |
|
$2,380,979 |
|
$2,157,511 |
|
| Net income(1)(2) |
$176,570 |
|
$136,256 |
|
$339,916 |
|
$297,524 |
|
| Diluted EPS(1) (2) |
$1.60 |
|
$1.20 |
|
$3.09 |
|
$2.59 |
|
| Comp. ratio(2) |
|
58.0% |
|
|
58.0% |
|
|
58.0% |
|
|
58.0% |
|
| Non-comp. ratio(2) |
|
21.4% |
|
|
23.3% |
|
|
21.8% |
|
|
22.4% |
|
| Pre-tax margin(3) |
|
20.6% |
|
|
18.7% |
|
|
20.2% |
|
|
19.6% |
|
| ROCE(4) |
|
15.1% |
|
|
11.6% |
|
|
14.7% |
|
|
12.8% |
|
|
ROTCE(5) |
|
21.9% |
|
|
16.8% |
|
|
21.4% |
|
|
18.4% |
|
|
Global Wealth Management (assets and loans
in millions) |
|
| Net revenues |
$801,135 |
|
$758,190 |
|
$1,591,635 |
|
$1,515,376 |
|
| Pre-tax net income |
$299,173 |
|
$299,904 |
|
$589,921 |
|
$616,013 |
|
| Total client assets |
$474,137 |
|
$417,669 |
|
|
|
| Fee-based client assets |
$179,749 |
|
$154,538 |
|
|
|
| Bank
loans(6) |
$19,820 |
|
$20,562 |
|
|
|
|
Institutional Group |
|
|
|
|
|
Net revenues |
$390,721 |
|
$277,524 |
|
$742,097 |
|
$610,137 |
|
|
Equity |
$217,694 |
|
$149,035 |
|
$424,111 |
|
$363,607 |
|
|
Fixed Income |
$173,027 |
|
$128,489 |
|
$317,986 |
|
$246,530 |
|
| Pre-tax
net income/ (loss) |
$48,813 |
|
($11,593 |
) |
$85,922 |
|
$22,133 |
|
Global Wealth Management
Global Wealth Management reported record net
revenues of $801.1 million for the three months ended June 30, 2024
compared with $758.2 million during the second quarter of 2023.
Pre-tax net income was $299.2 million compared with $299.9 million
in the second quarter of 2023.
Highlights
- Ranked No. 1 in Overall Employee Advisor Satisfaction for the
second straight year.
- Recruited 42 financial advisors during the quarter, including
13 experienced employee advisors, and 1 experienced independent
advisor, with total trailing 12 month production of $12
million.
- Client assets of $474.1 billion, up 14% over the year-ago
quarter.
- Fee-based client assets of $179.7 billion, up 16% over the
year-ago quarter.
Net revenues increased 6% from a year
ago:
- Transactional revenues increased 12% over the year-ago quarter
reflecting an increase in client activity.
- Asset management revenues increased 19% over the year-ago
quarter reflecting higher asset values.
- Net interest income decreased 15% from the year-ago quarter
driven by changes in deposit mix, partially offset by higher
interest rates.
Total Expenses:
- Compensation expense as a percent of net revenues increased to
49.0% primarily as a result of higher compensable revenues.
- Provision for credit losses decreased from the year-ago quarter
as a result of reserve reductions in certain asset classes driven
by an improved macroeconomic environment, partially offset by
growth in the loan portfolio.
- Non-compensation operating expenses as a percent of net
revenues remained consistent with the year-ago quarter.
|
Summary Results of Operations |
| (000s) |
|
2Q 2024 |
2Q 2023 |
|
Net revenues |
$801,135 |
|
$758,190 |
|
|
Transactional revenues |
|
177,308 |
|
|
157,958 |
|
|
Asset management |
|
380,737 |
|
|
320,238 |
|
|
Net interest income |
|
236,281 |
|
|
277,345 |
|
|
Investment banking |
|
5,780 |
|
|
4,065 |
|
|
Other income |
|
1,029 |
|
|
(1,416 |
) |
|
Total expenses |
$501,962 |
|
$458,286 |
|
|
Compensation expense |
|
392,941 |
|
|
354,086 |
|
|
Provision for credit losses |
|
2,954 |
|
|
7,824 |
|
|
Non-comp. opex |
|
106,067 |
|
|
96,376 |
|
|
Pre-tax net income |
$299,173 |
|
$299,904 |
|
|
Compensation ratio |
|
49.0% |
|
|
46.7% |
|
| Non-compensation ratio |
|
13.7% |
|
|
13.7% |
|
|
Pre-tax margin |
|
37.3% |
|
|
39.6% |
|
Institutional Group
Institutional Group reported net revenues of
$390.7 million for the three months ended June 30, 2024 compared
with $277.5 million during the second quarter of 2023.
Institutional Group reported pre-tax net income of $48.8 million
for the three months ended June 30, 2024 compared with pre-tax net
loss of $11.6 million in the second quarter of 2023.
Highlights
Investment banking revenues increased 40%
from a year ago:
- Advisory revenues increased 50% from the year-ago quarter
driven by higher levels of completed advisory transactions.
- Fixed income capital raising revenues increased 8% over the
year-ago quarter primarily driven by higher bond issuances.
- Equity capital raising revenues increased 59% over the year-ago
quarter driven by higher volumes.
Fixed income transactional revenues
increased 58% from a year ago:
- Fixed income transactional revenues
increased from the year-ago quarter driven by improved market
conditions and realized trading gains.
Equity transactional revenues increased 16%
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
61.2% primarily as a result of higher revenues.
- Non-compensation operating expenses as a percent of net
revenues decreased to 26.3% primarily as a result of revenue growth
and expense discipline.
|
Summary Results of Operations |
|
(000s) |
|
2Q 2024 |
2Q 2023 |
| Net
revenues |
$390,721 |
|
$277,524 |
|
|
Investment banking |
|
227,501 |
|
|
162,761 |
|
|
Advisory |
|
131,411 |
|
|
87,875 |
|
|
Fixed income capital raising |
|
48,143 |
|
|
44,777 |
|
|
Equity capital raising |
|
47,947 |
|
|
30,109 |
|
|
Fixed income transactional |
|
106,685 |
|
|
67,508 |
|
|
Equity transactional |
|
52,907 |
|
|
45,592 |
|
|
Other |
|
3,628 |
|
|
1,663 |
|
| Total
expenses |
$341,908 |
|
$289,117 |
|
|
Compensation expense |
|
239,036 |
|
|
194,158 |
|
|
Non-comp. opex. |
|
102,872 |
|
|
94,959 |
|
|
Pre-tax net income/(loss) |
$48,813 |
|
($11,593) |
|
| Compensation ratio |
|
61.2% |
|
|
70.0% |
|
| Non-compensation ratio |
|
26.3% |
|
|
34.2% |
|
|
Pre-tax margin |
|
12.5% |
|
|
(4.2%) |
|
Other Matters
Highlights
- On July 18, 2024, the Company’s 4.25% Senior Notes matured
resulting in the retirement of the $500.0 million outstanding
balance.
- The Company repurchased $17.6 million of its outstanding common
stock during the second quarter.
- Weighted average diluted shares outstanding decreased primarily
as a result of share repurchases. The Company has repurchased 5.3
million shares under its share repurchase program since the second
quarter of 2023.
- The Board of Directors declared a $0.42 quarterly dividend per
share payable on June 17, 2024 to common shareholders of record on
June 3, 2024.
- The Board of Directors declared a quarterly dividend on the
outstanding shares of the Company’s preferred stock payable on June
17, 2024 to shareholders of record on June 3, 2024.
|
|
2Q 2024 |
2Q 2023 |
|
Common stock repurchases |
|
|
| Repurchases (000s) |
$17,597 |
|
$86,821 |
|
|
Number of shares (000s) |
|
229 |
|
|
1,492 |
|
| Average price |
$76.97 |
|
$58.21 |
|
| Period end shares (000s) |
|
102,518 |
|
|
104,889 |
|
|
Weighted average diluted shares outstanding (000s) |
|
110,285 |
|
|
113,864 |
|
|
Effective tax rate |
|
27.1% |
|
|
25.9% |
|
|
Stifel Financial
Corp. (8) |
|
|
| Tier 1 common capital
ratio |
|
14.8% |
|
|
14.3% |
|
| Tier 1 risk based capital
ratio |
|
17.8% |
|
|
17.3% |
|
| Tier 1 leverage capital
ratio |
|
11.1% |
|
|
11.1% |
|
| Tier 1 capital (MM) |
$4,044 |
|
$3,999 |
|
| Risk weighted assets (MM) |
$22,737 |
|
$23,165 |
|
| Average assets (MM) |
$36,275 |
|
$36,041 |
|
| Quarter
end assets (MM) |
$37,809 |
|
$37,298 |
|
|
Agency |
Rating |
Outlook |
| Fitch Ratings |
BBB+ |
Stable |
| S&P
Global Ratings |
BBB |
Stable |
Conference Call Information
Stifel Financial Corp. will host its
second quarter 2024 financial results conference call on Wednesday,
July 24, 2024, 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. 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 |
|
Six Months Ended |
|
(000s, except per share amounts) |
6/30/2024 |
6/30/2023 |
% Change |
3/31/2024 |
% Change |
6/30/2024 |
6/30/2023 |
% Change |
|
Revenues: |
|
|
|
|
|
|
|
|
| Commissions |
$183,317 |
$165,358 |
10.9 |
|
$185,476 |
(1.2 |
) |
$368,793 |
$334,908 |
|
10.1 |
|
|
Principal transactions |
|
153,574 |
|
105,700 |
45.3 |
|
|
139,014 |
10.5 |
|
|
292,588 |
|
221,222 |
|
32.3 |
|
| Investment banking |
|
233,281 |
|
166,825 |
39.8 |
|
|
213,949 |
9.0 |
|
|
447,230 |
|
378,704 |
|
18.1 |
|
| Asset management |
|
380,757 |
|
320,264 |
18.9 |
|
|
367,476 |
3.6 |
|
|
748,233 |
|
635,833 |
|
17.7 |
|
| Other income |
|
16,180 |
|
894 |
nm |
|
|
4,950 |
226.9 |
|
|
21,130 |
|
(1,399 |
) |
nm |
|
| Operating
revenues |
|
967,109 |
|
759,041 |
27.4 |
|
|
910,865 |
6.2 |
|
|
1,877,974 |
|
1,569,268 |
|
19.7 |
|
| Interest revenue |
|
498,152 |
|
482,770 |
3.2 |
|
|
506,828 |
(1.7 |
) |
|
1,004,980 |
|
934,334 |
|
7.6 |
|
| Total
revenues |
|
1,465,261 |
|
1,241,811 |
18.0 |
|
|
1,417,693 |
3.4 |
|
|
2,882,954 |
|
2,503,602 |
|
15.2 |
|
| Interest expense |
|
247,329 |
|
191,090 |
29.4 |
|
|
254,655 |
(2.9 |
) |
|
501,984 |
|
346,088 |
|
45.0 |
|
| Net
revenues |
|
1,217,932 |
|
1,050,721 |
15.9 |
|
|
1,163,038 |
4.7 |
|
|
2,380,970 |
|
2,157,514 |
|
10.4 |
|
| Non-interest
expenses: |
|
|
|
|
|
|
|
|
| Compensation and benefits |
|
722,719 |
|
615,667 |
17.4 |
|
|
679,695 |
6.3 |
|
|
1,402,414 |
|
1,266,857 |
|
10.7 |
|
| Non-compensation operating
expenses |
|
268,319 |
|
253,669 |
5.8 |
|
|
264,652 |
1.4 |
|
|
532,971 |
|
499,389 |
|
6.7 |
|
| Total non-interest
expenses |
|
991,038 |
|
869,336 |
14.0 |
|
|
944,347 |
4.9 |
|
|
1,935,385 |
|
1,766,246 |
|
9.6 |
|
| Income before income
taxes |
|
226,894 |
|
181,385 |
25.1 |
|
|
218,691 |
3.8 |
|
|
445,585 |
|
391,268 |
|
13.9 |
|
| Provision for income
taxes |
|
61,600 |
|
47,033 |
31.0 |
|
|
55,116 |
11.8 |
|
|
116,716 |
|
99,377 |
|
17.4 |
|
| Net
income |
|
165,294 |
|
134,352 |
23.0 |
|
|
163,575 |
1.1 |
|
|
328,869 |
|
291,891 |
|
12.7 |
|
| Preferred dividends |
|
9,321 |
|
9,320 |
0.0 |
|
|
9,320 |
0.0 |
|
|
18,641 |
|
18,640 |
|
0.0 |
|
| Net income available
to common shareholders |
$155,973 |
$125,032 |
24.7 |
|
$154,255 |
1.1 |
|
$310,228 |
$273,251 |
|
13.5 |
|
| Earnings per common
share: |
|
|
|
|
|
|
|
|
| Basic |
$1.50 |
$1.16 |
29.3 |
|
$1.48 |
1.4 |
|
$2.98 |
$2.52 |
|
18.3 |
|
| Diluted |
$1.41 |
$1.10 |
28.2 |
|
$1.40 |
0.7 |
|
$2.82 |
$2.38 |
|
18.5 |
|
| Cash dividends
declared per common share |
$0.42 |
$0.36 |
16.7 |
|
$0.42 |
0.0 |
|
$0.84 |
$0.72 |
|
16.7 |
|
| Weighted
average number of common shares outstanding: |
|
|
|
|
|
| Basic |
|
104,150 |
|
107,944 |
(3.5 |
) |
|
104,275 |
(0.1 |
) |
|
104,217 |
|
108,360 |
|
(3.8 |
) |
|
Diluted |
|
110,285 |
|
113,864 |
(3.1 |
) |
|
109,985 |
0.3 |
|
|
110,156 |
|
114,658 |
|
(3.9 |
) |
|
Non-GAAP Financial Measures(9) |
| |
Three Months Ended |
Six Months Ended |
| (000s, except per share
amounts) |
6/30/2024 |
6/30/2023 |
6/30/2024 |
6/30/2023 |
| GAAP net
income |
$165,294 |
|
$134,352 |
|
$328,869 |
|
$291,891 |
|
|
Preferred dividend |
|
9,321 |
|
|
9,320 |
|
|
18,641 |
|
|
18,640 |
|
| Net income available
to common shareholders |
|
155,973 |
|
|
125,032 |
|
|
310,228 |
|
|
273,251 |
|
| |
|
|
|
|
| Non-GAAP adjustments: |
|
|
|
|
| Merger-related(10) |
|
13,821 |
|
|
15,144 |
|
|
25,975 |
|
|
32,530 |
|
| Restructuring and
severance(11) |
|
9,961 |
|
|
— |
|
|
9,961 |
|
|
— |
|
| Provision for income
taxes(12) |
|
(3,185 |
) |
|
(3,920 |
) |
|
(6,248 |
) |
|
(8,257 |
) |
| Total non-GAAP
adjustments |
|
20,597 |
|
|
11,224 |
|
|
29,688 |
|
|
24,273 |
|
| Non-GAAP net income
available to common shareholders |
$176,570 |
|
$136,256 |
|
$339,916 |
|
$297,524 |
|
| |
|
|
|
|
| Weighted average diluted
shares outstanding |
|
110,285 |
|
|
113,864 |
|
|
110,156 |
|
|
114,658 |
|
| |
|
|
|
|
| GAAP earnings per diluted
common share |
$1.50 |
|
$1.18 |
|
$2.98 |
|
$2.55 |
|
| Non-GAAP adjustments |
|
0.19 |
|
|
0.10 |
|
|
0.27 |
|
|
0.21 |
|
| Non-GAAP earnings per diluted
common share |
$1.69 |
|
$1.28 |
|
$3.25 |
|
$2.76 |
|
|
|
|
|
|
|
| GAAP earnings per diluted
common share available to common shareholders |
$1.41 |
|
$1.10 |
|
$2.82 |
|
$2.38 |
|
| Non-GAAP adjustments |
|
0.19 |
|
|
0.10 |
|
|
0.27 |
|
|
0.21 |
|
|
Non-GAAP earnings per diluted common share available to common
shareholders |
$1.60 |
|
$1.20 |
|
$3.09 |
|
$2.59 |
|
|
GAAP to Non-GAAP Reconciliation
(9) |
| |
Three Months Ended |
Six Months Ended |
| (000s) |
6/30/2024 |
6/30/2023 |
6/30/2024 |
6/30/2023 |
| GAAP compensation and
benefits |
$722,719 |
|
$615,667 |
|
$1,402,414 |
|
$1,266,857 |
|
|
As a percentage of net revenues |
|
59.3% |
|
|
58.6% |
|
|
58.9% |
|
|
58.7% |
|
| Non-GAAP adjustments: |
|
|
|
|
| Merger-related (10) |
|
(5,764 |
) |
|
(6,523 |
) |
|
(11,297 |
) |
|
(15,776 |
) |
| Restructuring and severance
(11) |
|
(9,961 |
) |
|
— |
|
|
(9,961 |
) |
|
— |
|
| Total non-GAAP
adjustments |
|
(15,725 |
) |
|
(6,523 |
) |
|
(21,258 |
) |
|
(15,776 |
) |
| Non-GAAP compensation
and benefits |
$706,994 |
|
$609,144 |
|
$1,381,156 |
|
$1,251,081 |
|
| As a percentage of non-GAAP
net revenues |
|
58.0% |
|
|
58.0% |
|
|
58.0% |
|
|
58.0% |
|
| |
|
|
|
|
| GAAP non-compensation
expenses |
$268,319 |
|
$253,669 |
|
$532,971 |
|
$499,389 |
|
| As a percentage of net
revenues |
|
22.1% |
|
|
24.1% |
|
|
22.4% |
|
|
23.2% |
|
| Non-GAAP adjustments: |
|
|
|
|
| Merger-related (10) |
|
(8,048 |
) |
|
(8,621 |
) |
|
(14,669 |
) |
|
(16,757 |
) |
| Non-GAAP
non-compensation expenses |
$260,271 |
|
$245,048 |
|
$518,302 |
|
$482,632 |
|
| As a percentage of non-GAAP
net revenues |
|
21.4% |
|
|
23.3% |
|
|
21.8% |
|
|
22.4% |
|
|
Total adjustments |
$23,782 |
|
$15,144 |
|
$35,936 |
|
$32,530 |
|
|
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 $75.8 million and $64.6 million as of June 30, 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, July 24, 2024. |
|
(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 in the second quarter of 2024
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 Financial (NYSE:SF)
過去 株価チャート
から 6 2024 まで 7 2024
Stifel Financial (NYSE:SF)
過去 株価チャート
から 7 2023 まで 7 2024
