Stifel Financial Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Stifel Financial Corp. filed its Q1 2024 10-Q report on May 8, 2024, detailing financial assets and liabilities.</b>

AI Summary

STIFEL FINANCIAL CORP (SF-PD) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Stifel Financial Corp. filed a 10-Q report on May 8, 2024, for the period ending March 31, 2024. The filing includes data related to various financial instruments and asset classifications. Specific data points include fair value measurements, loan types, and securities owned. The report details asset-backed securities, mortgage-backed securities, and commercial real estate loans. Information on accumulated other comprehensive income and additional paid-in capital is also presented.

Why It Matters

For investors and stakeholders tracking STIFEL FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides a detailed look into Stifel's financial position as of March 31, 2024, offering insights into its asset mix and valuation methods. Investors and analysts can use this report to assess the company's exposure to different asset classes, credit quality, and overall financial health.

Risk Assessment

Risk Level: medium — STIFEL FINANCIAL CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains detailed financial information but does not announce significant new events or strategic shifts, making its immediate market impact neutral to medium risk.

Analyst Insight

Review the detailed breakdown of asset-backed and mortgage-backed securities, as well as commercial real estate loan portfolios, to assess credit risk and potential impact on future earnings.

Key Numbers

• 2024-03-31 — Report Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of Date)
• 0000720672 — Central Index Key (Filer's Central Index Key)
• 6211 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• STIFEL FINANCIAL CORP (company) — Filer
• JAMES G. LASCHOBER (person) — Contact person for business and mail address
• ST. LOUIS (company) — Business and mail address city
• DE (company) — State of incorporation

FAQ

Industry Context

Stifel Financial Corp. operates in the financial services industry, specifically as a securities broker and dealer.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Analyze the company's disclosures on fair value measurements, particularly Level 2 and Level 3 inputs, for asset-backed and mortgage-backed securities.
2. Examine the details provided on commercial real estate and other loan portfolios, including delinquency and past-due information.
3. Review any footnotes or supplementary schedules related to collateral, pledges, or significant financial instruments.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, following the 2023 10-K annual report. Specific comparative figures from the prior year's quarter are not detailed in this header information.

Key Financial Figures

• $0.15 — tstanding - May 1, 2024 Common Stock, $0.15 par value per share ( SF ) New York S

Filing Documents

• sf-20240331.htm (10-Q) — 5546KB
• sf-ex31_1.htm (EX-31.1) — 12KB
• sf-ex31_2.htm (EX-31.2) — 12KB
• sf-ex32_1.htm (EX-32.1) — 5KB
• sf-ex32_2.htm (EX-32.2) — 5KB
• 0000950170-24-055125.txt (&nbsp;) — 30455KB
• sf-20240331.xsd (EX-101.SCH) — 2407KB
• sf-20240331_htm.xml (XML) — 9540KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Consolidated Statements of Financial Condition as of March 31, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and March 31, 2023 (unaudited) 5 Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2024 and March 31, 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and March 31, 2023 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 64

Controls and Procedures

Item 4. Controls and Procedures 67

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 67

Risk Factors

Item 1A. Risk Factors 67

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 68

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 68

Other Information

Item 5. Other Information 68

Exhibits

Item 6. Exhibits 69

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

FINANC IAL STATEMENTS

ITEM 1. FINANC IAL STATEMENTS STIFEL FINANCIAL CORP. Consolidated Statements of Financial Condition March 31, 2024 December 31, 2023 (in thousands, except share and per share amounts) (Unaudited) Assets Cash and cash equivalents $ 3,408,528 $ 3,361,801 Cash segregated for regulatory purposes 65,827 162,048 Receivables: Brokerage clients, net 876,002 841,507 Brokers, dealers, and clearing organizations 657,871 414,144 Securities purchased under agreements to resell 451,056 349,849 Financial instruments owned, at fair value 1,230,855 918,741 Available-for-sale securities, at fair value 1,499,982 1,551,686 Held-to-maturity securities, at amortized cost 5,793,750 5,888,798 Loans: Held for investment, net 18,949,796 19,305,805 Held for sale, at lower of cost or market 534,593 423,999 Investments, at fair value 89,518 91,105 Fixed assets, net 300,775 191,528 Operating lease right-of-use assets, net 804,130 778,216 Goodwill 1,388,306 1,388,243 Intangible assets, net 127,282 133,279 Loans and advances to financial advisors and other employees, net 732,945 683,486 Deferred tax assets, net 127,263 121,522 Other assets 1,219,801 1,121,703 Total assets $ 38,258,280 $ 37,727,460 Liabilities Payables: Brokerage clients $ 750,602 $ 734,821 Brokers, dealers, and clearing organizations 366,916 231,736 Drafts 107,539 117,688 Securities sold under agreements to repurchase 426,659 417,644 Bank deposits 27,554,411 27,334,579 Financial instruments sold, but not yet purchased, at fair value 682,279 497,741 Accrued compensation 368,391 585,612 Lease liabilities, net 854,616 825,529 Accounts payable and accrued expenses 697,029 512,050 Senior notes 1,115,897 1,115,629 Debentures to Stifel Financial Capital Trusts 60,000 60,000 Total liabilities 32,984,339 32,433,029 Equit

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) NOTE 1 – Nature of Operations, Basis of Presentation, and Summary of Significant Accounting Policies Nature of Operations Stifel Financial Corp. (the "Company"), through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, with a growing presence in the United Kingdom, Europe, and Canada. Our company's principal customers are individual investors, corporations, municipalities, and institutions. Basis of Presentation The consolidated financial statements include Stifel Financial Corp. and its wholly owned subsidiaries, principally Stifel, Nicolaus & Company, Incorporated ("Stifel"), Keefe, Bruyette & Woods, Inc. ("KBW"), Stifel Bancorp, Inc. ("Stifel Bancorp"), Stifel Nicolaus Canada Inc. ("SNC"), and Stifel Nicolaus Europe Limited ("SNEL"). Unless otherwise indicated, the terms "we," "us," "our," or "our company" in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries. We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Pursuant to these rules and regulations, we have omitted certain information and footnote disclosures we normally include in our annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles. In management's opinion, we have made all adjustments (consisting only of normal, recurring adjustments, except as otherwise noted) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal yea

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View this 10-Q filing on SEC EDGAR