Stifel Financial Corp. Files Q3 2024 10-Q Report

TL;DR

**Stifel Financial Corp. 10-Q filed: Q3 2024 financials are in, check the numbers.**

AI Summary

Stifel Financial Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operations for the third quarter. Key financial data and operational highlights are presented, reflecting the company's activities in the securities brokerage and investment banking sectors.

Why It Matters

This report provides investors and analysts with a detailed look into Stifel's financial health and operational performance during the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a financial services company, Stifel is subject to market volatility, regulatory changes, and credit risks inherent in the financial industry.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-11-06 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2024-07-01 to 2024-09-30 — Q3 2024 Operating Period (Specific dates for the third quarter operations detailed in the report.)

Key Players & Entities

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

FAQ

Key Financial Figures

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

Filing Documents

• sf-20240930.htm (10-Q) — 7241KB
• sf-ex31_1.htm (EX-31.1) — 13KB
• sf-ex31_2.htm (EX-31.2) — 13KB
• sf-ex32_1.htm (EX-32.1) — 6KB
• sf-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-121838.txt ( ) — 30370KB
• sf-20240930.xsd (EX-101.SCH) — 2381KB
• sf-20240930_htm.xml (XML) — 8508KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Consolidated Statements of Financial Condition as of September 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and September 30, 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and September 30, 2023 (unaudited) 5 Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and September 30, 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and September 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 September 30, 2024 December 31, 2023 (in thousands, except share and per share amounts) (Unaudited) Assets Cash and cash equivalents $ 1,915,767 $ 3,361,801 Cash segregated for regulatory purposes 29,519 162,048 Receivables: Brokerage clients, net 916,982 841,507 Brokers, dealers, and clearing organizations 560,984 414,144 Securities purchased under agreements to resell 665,067 349,849 Financial instruments owned, at fair value 1,351,298 918,741 Available-for-sale securities, at fair value 1,618,289 1,551,686 Held-to-maturity securities, at amortized cost 6,613,793 5,888,798 Loans: Held for investment, net 20,167,686 19,305,805 Held for sale, at lower of cost or market 465,739 423,999 Investments, at fair value 93,050 91,105 Fixed assets, net 190,636 191,528 Operating lease right-of-use assets, net 812,659 778,216 Goodwill 1,394,091 1,388,243 Intangible assets, net 117,167 133,279 Loans and advances to financial advisors and other employees, net 702,810 683,486 Deferred tax assets, net 156,439 121,522 Other assets 1,162,528 1,121,703 Total assets $ 38,934,504 $ 37,727,460 Liabilities Payables: Brokerage clients $ 668,797 $ 734,821 Brokers, dealers, and clearing organizations 210,267 231,736 Drafts 134,430 117,688 Securities sold under agreements to repurchase 657,984 417,644 Bank deposits 28,120,518 27,334,579 Financial instruments sold, but not yet purchased, at fair value 768,909 497,741 Accrued compensation 613,133 585,612 Lease liabilities, net 872,369 825,529 Accounts payable and accrued expenses 654,605 512,050 Senior notes 616,412 1,115,629 Debentures to Stifel Financial Capital Trusts 60,000 60,000 Total liabilities 33,377,424 32,433,029 Eq

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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