Stifel Financial Corp. Files Q2 2024 10-Q

TL;DR

**STIFEL FINANCIAL CORP Q2 2024 10-Q FILED - CHECK FINANCIALS**

AI Summary

Stifel Financial Corp. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures are provided, reflecting the company's ongoing business activities and market position.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look into Stifel Financial Corp.'s financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a financial services company, Stifel Financial Corp. is subject to market volatility, regulatory changes, and economic downturns, which can impact its financial performance.

Key Numbers

• N/A — Total Revenue (Specific revenue figures are not detailed in the provided snippet.)
• N/A — Net Income (Specific net income figures are not detailed in the provided snippet.)
• N/A — Earnings Per Share (Specific EPS figures are not detailed in the provided snippet.)

Key Players & Entities

• STIFEL FINANCIAL CORP (company) — Filer of the 10-Q
• JAMES G. LASCHOBER (person) — Contact person for business and mail address
• ST. LOUIS (location) — City for business and mail address
• 20240630 (date) — Period of report for the 10-Q

FAQ

Key Financial Figures

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

Filing Documents

• sf-20240630.htm (10-Q) — 7194KB
• sf-ex31_1.htm (EX-31.1) — 13KB
• sf-ex31_2.htm (EX-31.2) — 13KB
• sf-ex32_1.htm (EX-32.1) — 5KB
• sf-ex32_2.htm (EX-32.2) — 5KB
• 0000950170-24-092303.txt ( ) — 30180KB
• sf-20240630.xsd (EX-101.SCH) — 2383KB
• sf-20240630_htm.xml (XML) — 8479KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Consolidated Statements of Financial Condition as of June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited) 5 Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and June 30, 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and June 30, 2023 (unaudited) 8

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 10

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 49

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 74

Controls and Procedures

Item 4. Controls and Procedures 78

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 78

Risk Factors

Item 1A. Risk Factors 78

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 78

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 78

Other Information

Item 5. Other Information 78

Exhibits

Item 6. Exhibits 79

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

FINANC IAL STATEMENTS

ITEM 1. FINANC IAL STATEMENTS STIFEL FINANCIAL CORP. Consolidated Statements of Financial Condition June 30, 2024 December 31, 2023 (in thousands, except share and per share amounts) (Unaudited) Assets Cash and cash equivalents $ 2,615,670 $ 3,361,801 Cash segregated for regulatory purposes 41,290 162,048 Receivables: Brokerage clients, net 840,630 841,507 Brokers, dealers, and clearing organizations 425,218 414,144 Securities purchased under agreements to resell 439,539 349,849 Financial instruments owned, at fair value 1,261,216 918,741 Available-for-sale securities, at fair value 1,583,477 1,551,686 Held-to-maturity securities, at amortized cost 6,059,267 5,888,798 Loans: Held for investment, net 19,346,967 19,305,805 Held for sale, at lower of cost or market 472,804 423,999 Investments, at fair value 91,465 91,105 Fixed assets, net 325,733 191,528 Operating lease right-of-use assets, net 821,895 778,216 Goodwill 1,388,411 1,388,243 Intangible assets, net 121,231 133,279 Loans and advances to financial advisors and other employees, net 727,105 683,486 Deferred tax assets, net 145,971 121,522 Other assets 1,101,389 1,121,703 Total assets $ 37,809,278 $ 37,727,460 Liabilities Payables: Brokerage clients $ 508,753 $ 734,821 Brokers, dealers, and clearing organizations 192,847 231,736 Drafts 78,713 117,688 Securities sold under agreements to repurchase 594,820 417,644 Bank deposits 27,139,753 27,334,579 Financial instruments sold, but not yet purchased, at fair value 634,311 497,741 Accrued compensation 503,960 585,612 Lease liabilities, net 877,849 825,529 Accounts payable and accrued expenses 703,899 512,050 Senior notes 1,116,166 1,115,629 Debentures to Stifel Financial Capital Trusts 60,000 60,000 Total liabilities 32,411,071 32,433,029 Equity

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 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 year. These

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