Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 26, 2023

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware

001-09305

43-1273600

(State of

incorporation)

(Commission

File Number)

(IRS Employer
Identification No.)

501 N. Broadway, St. Louis, Missouri 63102-2188

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.15 par value per share	SF	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B	SF-PB	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C	SF-PC	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D	SF-PD	New York Stock Exchange
5.20% Senior Notes due 2047	SFB	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition.

On July 26, 2023, Stifel Financial Corp. (“Stifel” or the “Company”) reported its financial results for the quarter ended June 30, 2023. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K.

In addition, a copy of the Company’s Financial Supplement for the quarter ended June 30, 2023 is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, July 26, 2023, at 9:30 a.m. Eastern time, the Company will hold a conference call to discussion its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.

The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number		Description

99.1		Press release dated July 26, 2023.

99.2		Financial Supplement for the quarter ended June 30, 2023.

99.3		Financial Results Presentation, dated July 26, 2023.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		STIFEL FINANCIAL CORP.
		(Registrant)

Date: July 26, 2023	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

Exhibit 99.1

LOGO

Stifel Reports Second Quarter 2023 Results

ST. LOUIS, MO, July 26, 2023 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.1 billion for the three months ended June 30, 2023, compared with $1.1 billion a year ago. Net income available to common shareholders was $125.0 million, or $1.10 per diluted common share, compared with $151.5 million, or $1.29 per diluted common share for the second quarter of 2022. Non-GAAP net income available to common shareholders was $136.3 million, or $1.20 per diluted common share for the second quarter of 2023.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Our results in the quarter reflect the benefits of Stifel’s diverse business model. We were able to leverage another record quarter in our Global Wealth Management segment to partially offset the continued market challenges faced by our Institutional Group. Although the outlook remains uncertain, we are beginning to see signs of improvement as our equity capital markets revenue improved both sequentially and year-on-year and we anticipate a pickup in advisory revenue in the second half of the year. As markets normalize, I expect that Stifel will capitalize on its increased scale and continue the firm’s long history of profitable growth.”

Highlights

•

The Company reported net revenues of $1.1 billion as our business navigated an environment that remains challenging.

•

Non-GAAP net income available to common shareholders of $1.20.

•

Net interest income up $96.3 million, or 49%, over the year-ago quarter.

•

Recruited 46 financial advisors during the quarter, including 21 experienced employee advisors and 7 experienced independent advisors.

•

Bank loans up $1.3 billion, or 7%, from the prior year.

•

Non-GAAP pre-tax margin of 19% as the Company maintained its focus on expense discipline, while continuing to invest in the business. In addition, the Company gained operating leverage as a result of the composition of revenues compared to the prior year.

•

Annualized return on tangible common equity (ROTCE)⁽⁵⁾ of 17% in a volatile and uncertain market environment.

•

Tangible book value per common share ⁽⁷⁾ of $30.64, up 6% from prior year.


Financial Summary (Unaudited)
(000s)	2Q 2023			2Q 2022			6m 2023			6m 2022
GAAP Financial Highlights:
Net revenues	$	1,050,721		$	1,108,126		$	2,157,514		$	2,224,653
Net income ⁽¹⁾	$	125,032		$	151,495		$	273,251		$	315,724
Diluted EPS ⁽¹⁾	$	1.10		$	1.29		$	2.38		$	2.68
Comp. ratio		58.6	%		58.9	%		58.7	%		59.6	%
Non-comp. ratio		24.1	%		21.4	%		23.2	%		20.4	%
Pre-tax margin		17.3	%		19.7	%		18.1	%		20.0	%
Non-GAAP Financial Highlights:
Net revenues	$	1,050,721		$	1,108,127		$	2,157,511		$	2,224,714
Net income ⁽¹⁾ ⁽²⁾	$	136,256		$	163,853		$	297,524		$	339,440
Diluted EPS ^(1) (2)	$	1.20		$	1.40		$	2.59		$	2.88
Comp. ratio ⁽²⁾		58.0	%		58.1	%		58.0	%		58.8	%
Non-comp. ratio ⁽²⁾		23.3	%		20.7	%		22.4	%		19.7	%
Pre-tax margin ⁽³⁾		18.7	%		21.2	%		19.6	%		21.5	%
ROCE ⁽⁴⁾		11.6	%		14.8	%		12.8	%		15.5	%
ROTCE ⁽⁵⁾		16.8	%		21.6	%		18.4	%		22.7	%
*Global Wealth Management (assets and loans in millions***)
Net revenues	$	758,190		$	697,980		$	1,515,376		$	1,379,705
Pre-tax net income	$	299,904		$	245,152		$	616,013		$	470,565
Total client assets	$	417,669		$	377,591
Fee-based client assets	$	154,538		$	141,223
Bank loans ⁽⁶⁾	$	20,562		$	19,272
Institutional Group
Net revenues	$	276,244		$	411,364		$	608,857		$	842,727
Equity	$	149,035		$	241,063		$	363,607		$	492,327
Fixed Income	$	127,209		$	170,301		$	245,250		$	350,400
Pre-tax net income/ (loss)	($	12,895	)	$	72,992		$	20,825		$	169,620

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

LOGO

Global Wealth Management

Global Wealth Management reported record net revenues of $758.2 million for the three months ended June 30, 2023 compared with $698.0 million during the second quarter of 2022. Pre-tax net income was $299.9 million compared with $245.2 million in the second quarter of 2022.

Highlights

•

Recruited 46 financial advisors during the quarter, including 21 experienced employee advisors, and 7 experienced independent advisors, with total trailing 12 month production of $25 million.

•

Client assets of $417.7 billion, up 11% over the year-ago quarter.

•

Bank loans of $20.6 billion, up 7% over the year-ago quarter.

Net revenues increased 9% from a year ago:

•

Transactional revenues decreased 7% from the year-ago quarter reflecting a decrease in client activity.

•

Asset management revenues decreased 3% from the year-ago quarter primarily due to declines in the markets.

•

Net interest income increased 42% over the year-ago quarter driven by higher interest rates and loan growth.

Total Expenses:

•

Compensation expense as a percent of net revenues decreased to 46.7% primarily as a result of higher net interest income.

•

Provision for credit losses was primarily impacted by reserve reductions, partially offset by growth in the loan portfolio.

•

Non-compensation operating expenses as a percent of net revenues decreased to 13.7% primarily as a result of revenue growth, expense discipline, and a decrease in the provision for credit losses over the year-ago quarter.


Summary Results of Operations
(000s)	2Q 2023			2Q 2022
Net revenues	$	758,190		$	697,980
Transactional revenues		157,958			170,470
Asset management		320,238			331,243
Net interest income		277,345			195,828
Investment banking		4,065			5,056
Other income		(1,416	)		(4,617	)
Total expenses	$	458,286		$	452,828
Compensation expense		354,086			349,368
Provision for credit losses		7,824			12,785
Non-comp. opex		96,376			90,675
Pre-tax net income	$	299,904		$	245,152
Compensation ratio		46.7	%		50.1	%
Non-compensation ratio		13.7	%		14.8	%
Pre-tax margin		39.6	%		35.1	%

Stifel Financial Corp. | Page 2

LOGO

Institutional Group

Institutional Group reported net revenues of $276.2 million for the three months ended June 30, 2023 compared with $411.4 million during the second quarter of 2022. Institutional Group reported pre-tax net loss of $12.9 million for the three months ended June 30, 2023 compared with pre-tax net income of $73.0 million in the second quarter of 2022.

Highlights

Investment banking revenues decreased 39% from a year ago:

•

Advisory revenues of $86.6 million decreased 57% from the year-ago quarter driven by lower levels of completed advisory transactions.

•

Equity capital raising revenues increased 16% over the year-ago quarter driven by higher volumes.

•

Fixed income capital raising revenues increased 11% over the year-ago quarter driven by an increase in our corporate debt issuance business.

Fixed income transactional revenues decreased 30% from a year ago:

•

Fixed income transactional revenues decreased from the year-ago quarter driven by declines across most products as a result of lower volumes and lower market volatility compared with elevated levels in the prior year period.

Equity transactional revenues remained relatively consistent with a year ago:

•

Equity transactional revenues declined slightly from the year-ago quarter driven by declines in equity markets and lower client activity, partially offset by lower trading losses.

Total Expenses:

•

Compensation expense as a percent of net revenues increased to 70.3% primarily as a result of lower net revenues.

•

Non-compensation operating expenses as a percent of net revenues increased to 34.4% as a result of lower net revenues, higher occupancy costs, and continued investments in technology, partially offset by lower professional fees and clearing expenses.


Summary Results of Operations
(000s)	2Q 2023			2Q 2022
Net revenues	$	276,244		$	411,364
Investment banking		161,481			266,019
Advisory		86,595			199,556
Equity capital raising		30,109			25,993
Fixed income capital raising		44,777			40,470
Fixed income transactional		67,508			96,200
Equity transactional		45,592			45,614
Other		1,663			3,531
Total expenses	$	289,139		$	338,372
Compensation expense		194,158			244,711
Non-comp. opex.		94,981			93,661
Pre-tax net income/(loss)	($	12,895	)	$	72,992
Compensation ratio		70.3	%		59.5	%
Non-compensation ratio		34.4	%		22.8	%
Pre-tax margin		(4.7	%)		17.7	%

Stifel Financial Corp. | Page 3

LOGO

Other Matters

Highlights

•

Total assets increased $821.8 million, or 2%, over the year-ago quarter.

•

The Company repurchased $86.8 million of its outstanding common stock during the second quarter.

•

Weighted average diluted shares outstanding decreased as a result of the Company’s lower share price and increase in share repurchases over the comparable period.

•

The Board of Directors declared a $0.36 quarterly dividend per share payable on June 15, 2023 to common shareholders of record on June 1, 2023.

•

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on June 15, 2023 to shareholders of record on June 1, 2023.


	2Q 2023			2Q 2022
Common stock repurchases
Repurchases (000s)	$	86,821		$	30,666
Number of shares (000s)		1,492			505
Average price	$	58.21		$	60.68
Period end shares (000s)		104,889			106,166
Weighted average diluted shares outstanding (000s)		113,864			117,400
Effective tax rate		25.9	%		26.4	%
Stifel Financial Corp. ⁽⁸⁾
Tier 1 common capital ratio		14.3	%		14.8	%
Tier 1 risk based capital ratio		17.3	%		18.0	%
Tier 1 leverage capital ratio		11.1	%		11.2	%
Tier 1 capital (MM)	$	3,999		$	3,837
Risk weighted assets (MM)	$	23,165		$	21,281
Average assets (MM)	$	36,041		$	34,330
Quarter end assets (MM)	$	37,298		$	36,476
Agency		Rating			Outlook
Fitch Ratings		BBB+			Stable
S&P Global Ratings		BBB-			Positive

Stifel Financial Corp. | Page 4

Conference Call Information

Stifel Financial Corp. will host its second quarter 2023 financial results conference call on Wednesday, July 26, 2023, 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 4717221. 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 business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; 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, 2022. 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.

Stifel Financial Corp. | Page 5

Summary Results of Operations (Unaudited)


	Three Months Ended														Six Months Ended
(000s, except per share amounts)	6/30/2023		6/30/2022			% Change			3/31/2023			% Change			6/30/2023			6/30/2022		% Change
Revenues:
Commissions	$	165,358	$	186,681			(11.4	)	$	169,550			(2.5	)	$	334,908		$	382,590		(12.5	)
Principal transactions		105,700		125,603			(15.8	)		115,522			(8.5	)		221,222			284,873		(22.3	)
Investment banking		166,825		271,075			(38.5	)		211,879			(21.3	)		378,704			525,921		(28.0	)
Asset management		320,264		331,264			(3.3	)		315,569			1.5			635,833			672,900		(5.5	)
Other income		894		(1,917	)		146.6			(2,293	)		139.0			(1,399	)		6,971		(120.1	)
Operating revenues		759,041		912,706			(16.8	)		810,227			(6.3	)		1,569,268			1,873,255		(16.2	)
Interest revenue		482,770		212,754			126.9			451,564			6.9			934,334			378,189		147.1
Total revenues		1,241,811		1,125,460			10.3			1,261,791			(1.6	)		2,503,602			2,251,444		11.2
Interest expense		191,090		17,334			nm			154,998			23.3			346,088			26,791		nm
Net revenues		1,050,721		1,108,126			(5.2	)		1,106,793			(5.1	)		2,157,514			2,224,653		(3.0	)
Non-interest expenses:
Compensation and benefits		615,667		652,709			(5.7	)		651,190			(5.5	)		1,266,857			1,326,400		(4.5	)
Non-compensation operating expenses		253,669		236,876			7.1			245,720			3.2			499,389			452,603		10.3
Total non-interest expenses		869,336		889,585			(2.3	)		896,910			(3.1	)		1,766,246			1,779,003		(0.7	)
Income before income taxes		181,385		218,541			(17.0	)		209,883			(13.6	)		391,268			445,650		(12.2	)
Provision for income taxes		47,033		57,725			(18.5	)		52,344			(10.1	)		99,377			111,285		(10.7	)
Net income		134,352		160,816			(16.5	)		157,539			(14.7	)		291,891			334,365		(12.7	)
Preferred dividends		9,320		9,321			(0.0	)		9,320			0.0			18,640			18,641		(0.0	)
Net income available to common shareholders	$	125,032	$	151,495			(17.5	)	$	148,219			(15.6	)	$	273,251		$	315,724		(13.5	)
Earnings per common share:
Basic	$	1.16	$	1.39			(16.5	)	$	1.36			(14.7	)	$	2.52		$	2.89		(12.8	)
Diluted	$	1.10	$	1.29			(14.7	)	$	1.28			(14.1	)	$	2.38		$	2.68		(11.2	)
Cash dividends declared per common share	$	0.36	$	0.30			20.0		$	0.36			0.0		$	0.72		$	0.60		20.0
Weighted average number of common shares outstanding:
Basic		107,944		109,083			(1.0	)		108,754			(0.7	)		108,360			109,144		(0.7	)
Diluted		113,864		117,400			(3.0	)		115,390			(1.3	)		114,658			117,838		(2.7	)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures ⁽⁹⁾


	Three Months Ended						Six Months Ended
(000s, except per share amounts)	6/30/2023			6/30/2022			6/30/2023			6/30/2022
GAAP net income	$	134,352		$	160,816		$	291,891		$	334,365
Preferred dividend		9,320			9,321			18,640			18,641
Net income available to common shareholders		125,032			151,495			273,251			315,724

Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		15,144			16,791			32,530			31,644
Provision for income taxes ⁽¹¹⁾		(3,920	)		(4,433	)		(8,257	)		(7,928	)
Total non-GAAP adjustments		11,224			12,358			24,273			23,716
Non-GAAP net income available to common shareholders	$	136,256		$	163,853		$	297,524		$	339,440
Weighted average diluted shares outstanding		113,864			117,400			114,658			117,838

GAAP earnings per diluted common share	$	1.18		$	1.37		$	2.55		$	2.84
Non-GAAP adjustments		0.10			0.11			0.21			0.20
Non-GAAP earnings per diluted common share	$	1.28		$	1.48		$	2.76		$	3.04
GAAP earnings per diluted common share available to common shareholders	$	1.10		$	1.29		$	2.38		$	2.68
Non-GAAP adjustments		0.10			0.11			0.21			0.20
Non-GAAP earnings per diluted common share available to common shareholders	$	1.20		$	1.40		$	2.59		$	2.88

GAAP to Non-GAAP Reconciliation ⁽⁹⁾


	Three Months Ended						Six Months Ended
(000s)	6/30/2023			6/30/2022			6/30/2023			6/30/2022
GAAP compensation and benefits	$	615,667		$	652,709		$	1,266,857		$	1,326,400
As a percentage of net revenues		58.6	%		58.9	%		58.7	%		59.6	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(6,523	)		(9,174	)		(15,776	)		(18,485	)
Non-GAAP compensation and benefits	$	609,144		$	643,535		$	1,251,081		$	1,307,915
As a percentage of non-GAAP net revenues		58.0	%		58.1	%		58.0	%		58.8	%

GAAP non-compensation expenses	$	253,669		$	236,876		$	499,389		$	452,603
As a percentage of net revenues		24.1	%		21.4	%		23.2	%		20.4	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(8,621	)		(7,616	)		(16,757	)		(13,098	)
Non-GAAP non-compensation expenses	$	245,048		$	229,260		$	482,632		$	439,505
As a percentage of non-GAAP net revenues		23.3	%		20.7	%		22.4	%		19.7	%
Total merger-related expenses	$	15,144		$	16,791		$	32,530		$	31,644

Stifel Financial Corp. | Page 7

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 merger-related expenses (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 $64.6 million and $57.4 million as of June 30, 2023 and 2022, 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 26, 2023.

⁽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⁾	Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

Stifel Financial Corp. | Page 8

Exhibit 99.2

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Second Quarter 2023 Earnings Results


Quarterly Financial Supplement	Page

Consolidated Financial Highlights		2

GAAP Consolidated Results of Operations		3

Non-GAAP Consolidated Results of Operations		4

Consolidated Financial Summary		5

Consolidated Financial Information and Metrics		6

Regulatory Capital		7

Global Wealth Management - Summary Results of Operations		8

Global Wealth Management - Statistical Information		9

Institutional Group - Summary Results of Operations		10

Stifel Bancorp - Financial Information and Credit Metrics		11

Stifel Bancorp - Loan and Investment Portfolio		12

Loans and Lending Commitments - Allowance for Credit Losses		13

Consolidated Net Interest Income		14

Stifel Bancorp Net Interest Income		15

GAAP to Core Reconciliation		16

Footnotes		17

Disclaimer and Legal Notice		18


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 1 of 18

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Consolidated Financial Highlights


	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2023		6/30/2022		% Change			3/31/2023		% Change			6/30/2023		6/30/2022		% Change
Net revenues	$	1,050,721	$	1,108,126		(5.2	%)	$	1,106,793		(5.1	%)	$	2,157,514	$	2,224,653		(3.0	%)
Net income	$	134,352	$	160,816		(16.5	%)	$	157,539		(14.7	%)	$	291,891	$	334,365		(12.7	%)
Preferred dividends		9,320		9,321		(0.0	%)		9,320		0.0	%		18,640		18,641		(0.0	%)

Net income available to common shareholders	$	125,032	$	151,495		(17.5	%)	$	148,219		(15.6	%)	$	273,251	$	315,724		(13.5	%)
Earnings per diluted common share	$	1.18	$	1.37		(13.9	%)	$	1.36		(13.2	%)	$	2.55	$	2.84		(10.2	%)
Earnings per diluted common share available to common shareholders	$	1.10	$	1.29		(14.7	%)	$	1.28		(14.1	%)	$	2.38	$	2.68		(11.2	%)
Non-GAAP financial summary (1):
Net revenues	$	1,050,721	$	1,108,127		(5.2	%)	$	1,106,790		(5.1	%)	$	2,157,511	$	2,224,714		(3.0	%)
Net income	$	145,576	$	173,174		(15.9	%)	$	170,588		(14.7	%)	$	316,164	$	358,081		(11.7	%)
Preferred dividends		9,320		9,321		(0.0	%)		9,320		0.0	%		18,640		18,641		(0.0	%)

Net income available to common shareholders	$	136,256		163,853		(16.8	%)		161,268		(15.5	%)		297,524		339,440		(12.3	%)
Earnings per diluted common share	$	1.28	$	1.48		(13.5	%)	$	1.48		(13.5	%)	$	2.76	$	3.04		(9.2	%)
Earnings per diluted common share available to common shareholders	$	1.20	$	1.40		(14.3	%)	$	1.40		(14.3	%)	$	2.59	$	2.88		(10.1	%)

Weighted average number of common shares outstanding:
Basic		107,944		109,083		(1.0	%)		108,754		(0.7	%)		108,360		109,144		(0.7	%)
Diluted		113,864		117,400		(3.0	%)		115,390		(1.3	%)		114,658		117,838		(2.7	%)
Period end common shares outstanding		104,889		106,166		(1.2	%)		106,172		(1.2	%)		104,889		106,166		(1.2	%)
Cash dividends declared per common share	$	0.36	$	0.30		20.0	%	$	0.36		0.0	%	$	0.72	$	0.60		20.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 2 of 18

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GAAP Consolidated Results of Operations


	Three Months Ended														Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2023		6/30/2022			% Change			3/31/2023			% Change			6/30/2023			6/30/2022		% Change
Revenues:
Commissions	$	165,358	$	186,681			(11.4	%)	$	169,550			(2.5	%)	$	334,908		$	382,590		(12.5	%)
Principal transactions		105,700		125,603			(15.8	%)		115,522			(8.5	%)		221,222			284,873		(22.3	%)

Transactional revenues		*271,058*		312,284			(13.2	%)		285,072			(4.9	%)		*556,130*			667,463		(16.7	%)
Capital raising		78,950		71,519			10.4	%		60,816			29.8	%		139,766			144,969		(3.6	%)
Advisory		87,875		199,556			(56.0	%)		151,063			(41.8	%)		238,938			380,952		(37.3	%)

Investment banking		*166,825*		271,075			(38.5	%)		211,879			(21.3	%)		*378,704*			525,921		(28.0	%)
Asset management		320,264		331,264			(3.3	%)		315,569			1.5	%		635,833			672,900		(5.5	%)
Other income		894		(1,917	)		146.6	%		(2,293	)		139.0	%		(1,399	)		6,971		(120.1	%)

Operating revenues		759,041		912,706			(16.8	%)		810,227			(6.3	%)		1,569,268			1,873,255		(16.2	%)
Interest revenue		482,770		212,754			126.9	%		451,564			6.9	%		934,334			378,189		147.1	%

Total revenues		1,241,811		1,125,460			10.3	%		1,261,791			(1.6	%)		2,503,602			2,251,444		11.2	%
Interest expense		191,090		17,334			nm			154,998			23.3	%		346,088			26,791		nm

Net revenues		1,050,721		1,108,126			(5.2	%)		1,106,793			(5.1	%)		2,157,514			2,224,653		(3.0	%)

Non-interest expenses:
Compensation and benefits		615,667		652,709			(5.7	%)		651,190			(5.5	%)		1,266,857			1,326,400		(4.5	%)
Occupancy and equipment rental		84,604		78,251			8.1	%		82,140			3.0	%		166,744			155,277		7.4	%
Communication and office supplies		44,969		43,645			3.0	%		46,136			(2.5	%)		91,105			86,101		5.8	%
Commissions and floor brokerage		14,112		15,106			(6.6	%)		14,440			(2.3	%)		28,552			30,993		(7.9	%)
Provision for credit losses		7,824		12,785			(38.8	%)		4,920			59.0	%		12,744			21,025		(39.4	%)
Other operating expenses		102,160		87,089			17.3	%		98,084			4.2	%		200,244			159,207		25.8	%

Total non-interest expenses		869,336		889,585			(2.3	%)		896,910			(3.1	%)		1,766,246			1,779,003		(0.7	%)
Income before income taxes		181,385		218,541			(17.0	%)		209,883			(13.6	%)		391,268			445,650		(12.2	%)
Provision for income taxes		47,033		57,725			(18.5	%)		52,344			(10.1	%)		99,377			111,285		(10.7	%)

Net income		134,352		160,816			(16.5	%)		157,539			(14.7	%)		291,891			334,365		(12.7	%)
Preferred dividends		9,320		9,321			(0.0	%)		9,320			0.0	%		18,640			18,641		(0.0	%)

Net income available to common shareholders	$	125,032	$	151,495			(17.5	%)	$	148,219			(15.6	%)	$	273,251		$	315,724		(13.5	%)

Earnings per common share:
Basic	$	1.16	$	1.39			(16.5	%)	$	1.36			(14.7	%)	$	2.52		$	2.89		(12.8	%)
Diluted	$	1.10	$	1.29			(14.7	%)	$	1.28			(14.1	%)	$	2.38		$	2.68		(11.2	%)
Weighted average number of common shares outstanding:
Basic		107,944		109,083			(1.0	%)		108,754			(0.7	%)		108,360			109,144		(0.7	%)
Diluted		113,864		117,400			(3.0	%)		115,390			(1.3	%)		114,658			117,838		(2.7	%)
Cash dividends declared per common share	$	0.36	$	0.30			20.0	%	$	0.36			0.0	%	$	0.72		$	0.60		20.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 3 of 18

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Non-GAAP Consolidated Results of Operations ⁽¹⁾


	Three Months Ended														Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2023		6/30/2022			% Change			3/31/2023			% Change			6/30/2023			6/30/2022		% Change
Revenues:
Commissions	$	165,358	$	186,681			(11.4	%)	$	169,550			(2.5	%)	$	334,908		$	382,590		(12.5	%)
Principal transactions		105,700		125,603			(15.8	%)		115,522			(8.5	%)		221,222			284,873		(22.3	%)

Transactional revenues		*271,058*		312,284			(13.2	%)		285,072			(4.9	%)		*556,130*			667,463		(16.7	%)
Capital raising		78,950		71,519			10.4	%		60,816			29.8	%		139,766			144,969		(3.6	%)
Advisory		87,875		199,556			(56.0	%)		151,063			(41.8	%)		238,938			380,952		(37.3	%)

Investment banking		*166,825*		271,075			(38.5	%)		211,879			(21.3	%)		*378,704*			525,921		(28.0	%)
Asset management		320,264		331,264			(3.3	%)		315,569			1.5	%		635,833			672,900		(5.5	%)
Other income		894		(1,917	)		146.6	%		(2,293	)		139.0	%		(1,399	)		6,971		(120.1	%)

Operating revenues		759,041		912,706			(16.8	%)		810,227			(6.3	%)		1,569,268			1,873,255		(16.2	%)
Interest revenue		482,770		212,754			126.9	%		451,564			6.9	%		934,334			378,189		147.1	%

Total revenues		1,241,811		1,125,460			10.3	%		1,261,791			(1.6	%)		2,503,602			2,251,444		11.2	%
Interest expense		191,090		17,333			nm			155,001			23.3	%		346,091			26,730		nm

Net revenues		1,050,721		1,108,127			(5.2	%)		1,106,790			(5.1	%)		2,157,511			2,224,714		(3.0	%)

Non-interest expenses:
Compensation and benefits		609,144		643,535			(5.3	%)		641,937			(5.1	%)		1,251,081			1,307,915		(4.3	%)
Occupancy and equipment rental		84,579		77,884			8.6	%		82,039			3.1	%		166,618			154,893		7.6	%
Communication and office supplies		44,965		43,621			3.1	%		46,134			(2.5	%)		91,099			86,069		5.8	%
Commissions and floor brokerage		14,112		15,106			(6.6	%)		14,440			(2.3	%)		28,552			30,993		(7.9	%)
Provision for credit losses		7,824		12,785			(38.8	%)		4,920			59.0	%		12,744			21,025		(39.4	%)
Other operating expenses		93,568		79,864			17.2	%		90,051			3.9	%		183,619			146,525		25.3	%

Total non-interest expenses		854,192		872,795			(2.1	%)		879,521			(2.9	%)		1,733,713			1,747,420		(0.8	%)
Income before income taxes		196,529		235,332			(16.5	%)		227,269			(13.5	%)		423,798			477,294		(11.2	%)
Provision for income taxes		50,953		62,158			(18.0	%)		56,681			(10.1	%)		107,634			119,213		(9.7	%)

Net income		145,576		173,174			(15.9	%)		170,588			(14.7	%)		316,164			358,081		(11.7	%)
Preferred dividends		9,320		9,321			(0.0	%)		9,320			0.0	%		18,640			18,641		(0.0	%)

Net income available to common shareholders	$	136,256	$	163,853			(16.8	%)	$	161,268			(15.5	%)	$	297,524		$	339,440		(12.3	%)

Earnings per common share:
Basic	$	1.26	$	1.50			(16.0	%)	$	1.48			(14.9	%)	$	2.75		$	3.11		(11.6	%)
Diluted	$	1.20	$	1.40			(14.3	%)	$	1.40			(14.3	%)	$	2.59		$	2.88		(10.1	%)
Weighted average number of common shares outstanding:
Basic		107,944		109,083			(1.0	%)		108,754			(0.7	%)		108,360			109,144		(0.7	%)
Diluted		113,864		117,400			(3.0	%)		115,390			(1.3	%)		114,658			117,838		(2.7	%)
Cash dividends declared per common share	$	0.36	$	0.30			20.0	%	$	0.36			0.0	%	$	0.72		$	0.60		20.0	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 4 of 18

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Consolidated Financial Summary


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2023			6/30/2022			% Change			3/31/2023			% Change			6/30/2023			6/30/2022			% Change
Net revenues:
Global Wealth Management	$	758,190		$	697,980			8.6	%	$	757,186			0.1	%	$	1,515,376		$	1,379,705			9.8	%
Institutional Group		276,244			411,364			(32.8	%)		332,613			(16.9	%)		608,857			842,727			(27.8	%)
Other		16,287			(1,218	)		nm			16,994			(4.2	%)		33,281			2,221			nm

Total net revenues	$	1,050,721		$	1,108,126			(5.2	%)	$	1,106,793			(5.1	%)	$	2,157,514		$	2,224,653			(3.0	%)
Operating expenses:
Global Wealth Management	$	458,286		$	452,828			1.2	%	$	441,077			3.9	%	$	899,363		$	909,140			(1.1	%)
Institutional Group		289,139			338,372			(14.5	%)		298,893			(3.3	%)		588,032			673,107			(12.6	%)
Other		121,911			98,385			23.9	%		156,940			(22.3	%)		278,851			196,756			41.7	%

Total operating expenses	$	869,336		$	889,585			(2.3	%)	$	896,910			(3.1	%)	$	1,766,246		$	1,779,003			(0.7	%)
Operating contribution:
Global Wealth Management	$	299,904		$	245,152			22.3	%	$	316,109			(5.1	%)	$	616,013		$	470,565			30.9	%
Institutional Group		(12,895	)		72,992			(117.7	%)		33,720			(138.2	%)		20,825			169,620			(87.7	%)
Other		(105,624	)		(99,603	)		6.0	%		(139,946	)		(24.5	%)		(245,570	)		(194,535	)		26.2	%

Income before income taxes	$	181,385		$	218,541			(17.0	%)	$	209,883			(13.6	%)	$	391,268		$	445,650			(12.2	%)
Financial ratios:
Compensation and benefits		58.6	%		58.9	%		(30	)		58.8	%		(20	)		58.7	%		59.6	%		(90	)
Non-compensation operating expenses		24.1	%		21.4	%		270			22.2	%		190			23.2	%		20.4	%		280
Income before income taxes		17.3	%		19.7	%		(240	)		19.0	%		(170	)		18.1	%		20.0	%		(190	)
Effective tax rate		25.9	%		26.4	%		(50	)		24.9	%		100			25.4	%		25.0	%		40


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 5 of 18

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Consolidated Financial Information and Metrics


	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	6/30/2023			6/30/2022			% Change			3/31/2023			% Change
Financial Information:
Total assets	$	37,298,239		$	36,476,441			2.3	%	$	38,597,653			(3.4	%)
Total shareholders’ equity	$	5,342,987		$	5,124,737			4.3	%	$	5,327,392			0.3	%
Total common equity	$	4,657,987		$	4,439,737			4.9	%	$	4,642,392			0.3	%
Goodwill and intangible assets	$	(1,509,431	)	$	(1,444,158	)		4.5	%	$	(1,512,400	)		(0.2	%)
DTL on goodwill and intangible assets	$	65,651		$	58,731			11.8	%	$	63,455			3.5	%

Tangible common equity	$	3,214,207		$	3,054,310			5.2	%	$	3,193,447			0.7	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	44.41		$	41.82			6.2	%	$	43.73			1.6	%
Tangible book value per common share (2)	$	30.64		$	28.77			6.5	%	$	30.08			1.9	%
Return on common equity (3)		10.7	%		13.7	%					12.7	%
Non-GAAP return on common equity (1)(3)		11.6	%		14.8	%					13.9	%
Return on tangible common equity (4)		15.5	%		20.0	%					18.3	%
Non-GAAP return on tangible common equity (1)(4)		16.8	%		21.6	%					19.9	%
Pre-tax margin on net revenues		17.3	%		19.7	%					19.0	%
Non-GAAP pre-tax margin on net revenues (1)		18.7	%		21.2	%					20.5	%
Effective tax rate		25.9	%		26.4	%					24.9	%
Non-GAAP effective tax rate (1)		25.9	%		26.4	%					24.9	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 6 of 18

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Regulatory Capital


(Unaudited, 000s)	6/30/2023			6/30/2022			% Change			3/31/2023			% Change
SF Regulatory Capital (5):
Common equity tier 1 capital	$	3,314,189		$	3,151,794			5.2	%	$	3,280,309			1.0	%
Tier 1 capital	$	3,999,189		$	3,836,794			4.2	%	$	3,965,309			0.9	%
Risk-weighted assets	$	23,164,622		$	21,281,241			8.8	%	$	23,533,555			(1.6	%)
Common equity tier 1 capital ratio		14.3	%		14.8	%					13.9	%
Tier 1 risk based capital ratio		17.3	%		18.0	%					16.8	%
Tier 1 leverage capital ratio		11.1	%		11.2	%					10.9	%
Stifel Bank & Trust Regulatory Capital (5):
Common equity tier 1 capital	$	1,513,202		$	1,482,526			2.1	%	$	1,590,068			(4.8	%)
Tier 1 capital	$	1,513,202		$	1,482,526			2.1	%	$	1,590,068			(4.8	%)
Risk-weighted assets	$	13,967,711		$	13,783,486			1.3	%	$	14,462,065			(3.4	%)
Common equity tier 1 capital ratio		10.8	%		10.8	%					11.0	%
Tier 1 risk based capital ratio		10.8	%		10.8	%					11.0	%
Tier 1 leverage capital ratio		7.5	%		7.1	%					7.5	%
Stifel Bank Regulatory Capital (5):
Common equity tier 1 capital	$	639,967		$	346,827			84.5	%	$	596,152			7.3	%
Tier 1 capital	$	639,967		$	346,827			84.5	%	$	596,152			7.3	%
Risk-weighted assets	$	5,145,958		$	2,970,926			73.2	%	$	4,548,287			13.1	%
Common equity tier 1 capital ratio		12.4	%		11.7	%					13.1	%
Tier 1 risk based capital ratio		12.4	%		11.7	%					13.1	%
Tier 1 leverage capital ratio		7.1	%		7.2	%					7.5	%
Stifel Net Capital (5):
Net capital	$	456,500		$	627,100			(27.2	%)	$	514,500			(11.3	%)
Excess net capital	$	433,900		$	596,500			(27.3	%)	$	491,500			(11.7	%)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 7 of 18

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Global Wealth Management - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2023			6/30/2022			% Change			3/31/2023			% Change			6/30/2023			6/30/2022			% Change
Revenues:
Commissions	$	109,836		$	122,004			(10.0	%)	$	110,191			(0.3	%)	$	220,027		$	252,780			(13.0	%)
Principal transactions		48,122			48,466			(0.7	%)		51,064			(5.8	%)		99,186			94,010			5.5	%

Transactional revenues		157,958			170,470			(7.3	%)		161,255			(2.0	%)		319,213			346,790			(8.0	%)
Asset management		320,238			331,243			(3.3	%)		315,537			1.5	%		635,775			672,856			(5.5	%)
Net interest		277,345			195,828			41.6	%		281,932			(1.6	%)		559,277			352,588			58.6	%
Investment banking (6)		4,065			5,056			(19.6	%)		4,158			(2.2	%)		8,223			10,203			(19.4	%)
Other income		(1,416	)		(4,617	)		69.3	%		(5,696	)		75.1	%		(7,112	)		(2,732	)		(160.3	%)

Net revenues		758,190			697,980			8.6	%		757,186			0.1	%		1,515,376			1,379,705			9.8	%
Non-interest expenses:
Compensation and benefits		354,086			349,368			1.4	%		342,423			3.4	%		696,509			714,361			(2.5	%)
Non-compensation operating expenses		104,200			103,460			0.7	%		98,654			5.6	%		202,854			194,779			4.1	%

Total non-interest expenses		458,286			452,828			1.2	%		441,077			3.9	%		899,363			909,140			(1.1	%)

Income before income taxes	$	299,904		$	245,152			22.3	%	$	316,109			(5.1	%)	$	616,013		$	470,565			30.9	%

As a percentage of net revenues:
Compensation and benefits		46.7	%		50.1	%		(340	)		45.2	%		150			46.0	%		51.8	%		(580	)
Non-compensation operating expenses		13.7	%		14.8	%		(110	)		13.1	%		60			13.3	%		14.1	%		(80	)
Income before income taxes		39.6	%		35.1	%		450			41.7	%		(210	)		40.7	%		34.1	%		660


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 8 of 18

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Global Wealth Management - Statistical Information


	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors)	6/30/2023			6/30/2022			% Change			3/31/2023			% Change
Financial advisors (including independent contractors) (7)		2,369			2,330			1.7	%		2,350			0.8	%
Total client assets	$	417,669,000		$	377,591,000			10.6	%	$	405,988,000			2.9	%
Fee-based client assets	$	154,538,000		$	141,223,000			9.4	%	$	149,541,000			3.3	%
Transactional assets	$	263,131,000		$	236,368,000			11.3	%	$	256,447,000			2.6	%
Secured client lending (8)	$	3,163,000		$	4,045,000			(21.8	%)	$	3,393,000			(6.8	%)
Asset Management Revenue (000s):
Private Client Group (9)	$	266,510		$	282,207			(5.6	%)	$	259,491			2.7	%
Asset Management		33,154			32,511			2.0	%		32,241			2.8	%
Third-party Bank Sweep Program		7,452			3,841			94.0	%		11,261			(33.8	%)
Other (10)		13,148			12,705			3.5	%		12,576			4.5	%

Total asset management revenues	$	320,264		$	331,264			(3.3	%)	$	315,569			1.5	%
Fee-based Assets (millions):
Private Client Group (9)	$	135,606		$	123,832			9.5	%	$	131,483			3.1	%
Asset Management		34,766			31,288			11.1	%		33,409			4.1	%
Elimination (11)		(15,834	)		(13,897	)		13.9	%		(15,351	)		3.1	%

Total fee-based assets	$	154,538		$	141,223			9.4	%	$	149,541			3.3	%
Third-party Bank Sweep Program	$	657		$	1,666			(60.6	%)	$	915			(28.2	%)
ROA (bps) (12):
Private Client Group (9)		81.1			81.7						82.3
Asset Management		38.1			41.6						38.6
Third-party Bank Sweep Program		362.3			41.3						303.9
Stifel Bancorp Deposits (millions):
Sweep Deposits	$	12,293		$	23,804			(48.4	%)	$	14,057			(12.5	%)
Smart Rate Deposits		11,858			929			nm			10,778			10.0	%
Direct Wealth Management Deposits at Stifel Bancorp		319			20			nm			189			68.8	%

Total Stifel Bancorp Wealth Management Deposits		24,470			24,753			(1.1	%)		25,024			(2.2	%)
Other Bank Deposits		2,535			1,256			101.8	%		3,301			(23.2	%)

Total Stifel Bancorp Deposits	$	27,005		$	26,009			3.8	%	$	28,325			(4.7	%)

Short-term Treasuries (millions) (13)	$	7,104		$	2,048			246.9	%	$	6,617			7.4	%
Wealth Management Cash (millions):
Stifel Bancorp Wealth Management Deposits	$	24,470		$	24,753			(1.1	%)	$	25,024			(2.2	%)
Third-party Bank Sweep Program		657			1,666			(60.6	%)		915			(28.2	%)
Other Sweep Cash		284			360			(21.1	%)		252			12.7	%
Money Market Mutual Funds		8,034			5,860			37.1	%		7,434			8.1	%

Total Wealth Management Cash	$	33,445		$	32,639			2.5	%	$	33,625			(0.5	%)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 9 of 18

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Institutional Group - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2023			6/30/2022			% Change			3/31/2023			% Change			6/30/2023			6/30/2022			% Change
Revenues:
Commissions	$	55,522		$	64,677			(14.2	%)	$	59,359			(6.5	%)	$	114,881		$	129,810			(11.5	%)
Principal transactions		57,578			77,137			(25.4	%)		64,458			(10.7	%)		122,036			190,863			(36.1	%)

Transactional revenues		113,100			141,814			(20.2	%)		123,817			(8.7	%)		236,917			320,673			(26.1	%)
Capital raising		74,886			66,463			12.7	%		56,658			32.2	%		131,544			134,766			(2.4	%)
Advisory		86,595			199,556			(56.6	%)		151,063			(42.7	%)		237,658			380,952			(37.6	%)

Investment banking		161,481			266,019			(39.3	%)		207,721			(22.3	%)		369,202			515,718			(28.4	%)
Other income (14)		1,663			3,531			(52.9	%)		1,075			54.7	%		2,738			6,336			(56.8	%)

Net revenues		276,244			411,364			(32.8	%)		332,613			(16.9	%)		608,857			842,727			(27.8	%)
Non-interest expenses:
Compensation and benefits		194,158			244,711			(20.7	%)		205,905			(5.7	%)		400,063			497,058			(19.5	%)
Non-compensation operating expenses		94,981			93,661			1.4	%		92,988			2.1	%		187,969			176,049			6.8	%

Total non-interest expenses		289,139			338,372			(14.5	%)		298,893			(3.3	%)		588,032			673,107			(12.6	%)

Income/(loss) before income taxes	$	(12,895	)	$	72,992			(117.7	%)	$	33,720			(138.2	%)	$	20,825		$	169,620			(87.7	%)

As a percentage of net revenues:
Compensation and benefits		70.3	%		59.5	%		1,080			61.9	%		840			65.7	%		59.0	%		670
Non-compensation operating expenses		34.4	%		22.8	%		1,160			28.0	%		640			30.9	%		20.9	%		1,000
Income before income taxes		(4.7	%)		17.7	%		(2,240	)		10.1	%		(1,480	)		3.4	%		20.1	%		(1,670	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 10 of 18

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	6/30/2023			6/30/2022			% Change			3/31/2023			% Change
Stifel Bancorp Financial Information:
Total assets	$	29,260,431		$	27,957,299			4.7	%	$	30,701,371			(4.7	%)
Total shareholder’s equity	$	2,148,221		$	1,840,273			16.7	%	$	2,199,821			(2.3	%)
Total loans, net (includes loans held for sale)	$	20,562,492		$	19,271,862			6.7	%	$	20,935,133			(1.8	%)
Residential real estate		7,708,506			6,607,825			16.7	%		7,494,788			2.9	%
Commercial and industrial		4,471,031			4,862,673			(8.1	%)		4,755,664			(6.0	%)
Fund banking		4,349,541			3,484,737			24.8	%		4,623,423			(5.9	%)
Securities-based loans		2,399,328			2,993,552			(19.9	%)		2,558,343			(6.2	%)
Commercial real estate		677,521			629,459			7.6	%		663,325			2.1	%
Construction and land		772,571			432,039			78.8	%		644,800			19.8	%
Other		154,469			148,335			4.1	%		159,101			(2.9	%)
Loans held for sale		224,017			288,676			(22.4	%)		225,365			(0.6	%)
Investment securities	$	7,532,175		$	7,761,115			(2.9	%)	$	7,607,385			(1.0	%)
Available-for-sale securities, at fair value		1,582,418			1,879,904			(15.8	%)		1,624,458			(2.6	%)
Held-to-maturity securities, at amortized cost		5,949,757			5,881,211			1.2	%		5,982,927			(0.6	%)
Unrealized losses on available-for-sale securities		(215,038	)		(173,910	)		23.6	%		(196,621	)		9.4	%
Total deposits	$	27,004,807		$	26,009,300			3.8	%	$	28,325,327			(4.7	%)
Demand deposits (interest-bearing)		26,744,730			25,670,438			4.2	%		27,862,336			(4.0	%)
Demand deposits (non-interest-bearing)		260,075			319,682			(18.6	%)		456,091			(43.0	%)
Certificates of deposit		2			19,180			nm			6,900			nm

Credit Metrics:
Allowance for credit losses	$	160,132		$	139,553			14.7	%	$	152,906			4.7	%
Allowance as a percentage of retained loans		0.78	%		0.73	%					0.73	%
Net charge-offs as a percentage of average loans		0.00	%		0.00	%					0.00	%
Total nonperforming assets	$	11,420		$	29,430			(61.2	%)	$	10,749			6.2	%
Nonperforming assets as a percentage of total assets		0.04	%		0.11	%					0.04	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 11 of 18

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	6/30/2023		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	7,709		29	%	Industrials	$	1,062	4	%
Securities-based loans		2,399		9	%	Financials		897	3	%
Home equity lines of credit and other		154		1	%	Consumer discretionary		605	2	%

Total consumer		10,262		38	%	Information technology		604	2	%

Commercial and industrial		4,471		17	%	Healthcare		303	1	%
Fund banking		4,350		16	%	Materials		257	1	%
Construction and land		773		3	%	REITs		255	1	%
Commercial real estate		677		3	%	Communication services		184	1	%

Total commercial		10,271		38	%	Hotel, leisure, restaurants		142	1	%

Total loan portfolio		20,533		76	%	Consumer staples		119	0	%

Unfunded commitments		6,402		24	%

Total	$	26,935

						CLO by Major Sector
						High tech industries	$	604	10	%
Investment Portfolio						Healthcare & pharmaceuticals		601	10	%
CLO	$	5,919		76	%	Services: business		533	9	%
Agency MBS		900		12	%	Banking, finance, insurance, & real estate		513	9	%
Corporate bonds		622		8	%	Construction & building		257	4	%
SBA		139		2	%	Services: consumer		250	4	%
Student loan ARS		93		1	%	Chemicals, plastics, & rubber		249	4	%
CMBS		70		1	%	Media: broadcasting & subscription		248	4	%
Other		4		0	%	Hotel, gaming, & leisure		240	4	%

Total Portfolio	$	7,747		100	%	Telecommunications		240	4	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 12 of 18

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Loans and Lending Commitments - Allowance for Credit Losses


	June 30, 2023
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %			Q2 Provision
Residential real estate	$	7,708,506	$	14,413		0.2	%	$	(8,283	)
Commercial and industrial		4,471,031		66,377		1.5	%		11,241
Fund banking		4,349,541		12,178		0.3	%		(765	)
Securities-based loans		2,399,328		3,086		0.1	%		(31	)
Commercial real estate		677,521		13,429		2.0	%		1,863
Construction and land		772,571		12,645		1.6	%		2,328
Other		154,469		553		0.4	%		(236	)

Loans held for investment, gross		20,532,967		122,681		0.6	%		6,117
Loans held for sale		224,017

Total loans, gross		20,756,984
Lending commitments		6,402,000		37,451		0.6	%		1,707

Loans and lending commitments	$	27,158,984	$	160,132				$	7,824


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 13 of 18

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Consolidated Net Interest Income


	Three Months Ended
	June 30, 2023							June 30, 2022							March 31, 2023
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	2,015.4	$	25.0		4.96	%	$	1,106.4	$	2.9		1.05	%	$	1,989.5	$	22.7		4.57	%
Financial instruments owned		864.7		4.6		2.14	%		1,171.1		4.1		1.39	%		877.7		3.7		1.70	%
Margin balances		795.6		15.4		7.72	%		1,105.7		8.7		3.16	%		831.2		14.9		7.16	%
Investments:
Asset-backed securities		6,162.8		106.5		6.91	%		5,728.1		36.3		2.53	%		6,202.4		98.8		6.37	%
Mortgage-backed securities		974.9		5.4		2.20	%		991.3		4.7		1.89	%		986.6		5.4		2.18	%
Corporate fixed income securities		622.5		4.3		2.77	%		756.2		5.0		2.68	%		637.5		4.1		2.61	%
Other		4.7		—		2.55	%		4.8		—		1.72	%		4.7		—		2.55	%

Total investments		7,764.9		116.2		5.99	%		7,480.4		46.0		2.46	%		7,831.2		108.3		5.53	%
Loans:
Residential real estate		7,605.8		57.2		3.01	%		6,301.8		39.5		2.51	%		7,446.1		53.5		2.87	%
Commercial and industrial		4,715.2		96.7		8.21	%		4,805.7		50.9		4.24	%		4,816.3		94.3		7.83	%
Fund banking		4,403.6		82.9		7.53	%		3,369.6		27.0		3.21	%		4,396.4		76.3		6.94	%
Securities-based loans		2,469.1		43.0		6.96	%		2,972.2		20.7		2.79	%		2,638.0		42.5		6.44	%
Commercial real estate		688.3		13.1		7.59	%		592.3		4.9		3.32	%		666.8		10.9		6.57	%
Construction and land		702.3		14.2		8.07	%		431.9		4.1		3.76	%		612.6		11.5		7.49	%
Loans held for sale		178.9		3.0		6.72	%		293.3		1.9		2.55	%		206.3		3.4		6.53	%
Other		161.6		2.9		7.65	%		130.8		1.4		4.17	%		153.9		2.7		7.12	%

Total loans		20,924.8		313.0		5.98	%		18,897.6		150.4		3.18	%		20,936.4		295.1		5.64	%
Other interest-bearing assets		718.2		8.6		4.76	%		1,149.5		0.7		0.24	%		797.3		6.9		3.45	%

Total interest-bearing assets/ interest income		33,083.6		482.8		5.84	%		30,910.7		212.8		2.75	%		33,263.3		451.6		5.43	%
Interest-bearing liabilities:
Senior notes		1,114.9		12.5		4.49	%		1,113.8		11.3		4.05	%		1,114.6		12.5		4.49	%
Deposits		27,223.3		171.4		2.52	%		24,231.9		3.6		0.06	%		27,138.0		137.3		2.02	%
Other interest-bearing liabilities		1,181.3		7.2		2.45	%		2,032.8		2.4		0.48	%		1,170.5		5.2		1.78	%

Total interest-bearing liabilities/ interest expense	$	29,519.5		191.1		2.59	%	$	27,378.5		17.3		0.25	%	$	29,423.1		155.0		2.11	%

Net interest income/margin			$	291.7		3.53	%			$	195.5		2.53	%			$	296.6		3.57	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 14 of 18

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Stifel Bancorp Net Interest Income


	Three Months Ended
	June 30, 2023							June 30, 2022							March 31, 2023
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,128.4	$	15.0		5.31	%	$	453.1	$	1.0		0.87	%	$	916.1	$	11.2		4.91	%
Investments		7,764.9		116.2		5.99	%		7,480.4		46.0		2.46	%		7,831.2		108.3		5.53	%
Loans		20,924.8		313.0		5.98	%		18,897.6		150.4		3.18	%		20,936.4		295.1		5.64	%
Other interest-bearing assets		62.9		0.7		4.13	%		68.1		0.8		4.67	%		57.4		0.6		3.86	%

Total interest-bearing assets/ interest income	$	29,881.0	$	444.9		5.96	%	$	26,899.2	$	198.2		2.95	%	$	29,741.1	$	415.2		5.58	%
Interest-bearing liabilities:
Deposits	$	27,223.3	$	171.4		2.52	%	$	24,231.9	$	3.6		0.06	%	$	27,138.0	$	137.3		2.02	%
Other interest-bearing liabilities		0.8		0.1		50.62	%		369.5		0.8		0.90	%		6.4		0.1		6.62	%

Total interest-bearing liabilities/ interest expense	$	27,224.1		171.5		2.52	%	$	24,601.4		4.4		0.07	%	$	27,144.4		137.4		2.02	%

Net interest income/margin			$	273.4		3.66	%			$	193.8		2.88	%			$	277.8		3.74	%


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 15 of 18

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GAAP to Core Reconciliation


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2023			6/30/2022			Change			3/31/2023			Change			6/30/2023			6/30/2022			Change
GAAP net revenues	$	1,050,721		$	1,108,126					$	1,106,793					$	2,157,514		$	2,224,653
Non-GAAP adjustments		—			1						(3	)					(3	)		61

Non-GAAP net revenues		1,050,721			1,108,127						1,106,790						2,157,511			2,224,714

GAAP compensation and benefits expense		615,667			652,709						651,190						1,266,857			1,326,400
Merger-related (15)		(6,523	)		(9,174	)					(9,253	)					(15,776	)		(18,485	)

Non-GAAP compensation and benefits expense		609,144			643,535						641,937						1,251,081			1,307,915

GAAP non-compensation operating expenses		253,669			236,876						245,720						499,389			452,603
Merger-related (15)		(8,621	)		(7,616	)					(8,136	)					(16,757	)		(13,098	)

Non-GAAP non-compensation operating expenses		245,048			229,260						237,584						482,632			439,505

Total merger-related adjustments		(15,144	)		(16,791	)					(17,386	)					(32,530	)		(31,644	)

GAAP provision for income taxes		47,033			57,725						52,344						99,377			111,285
Merger-related and other (15)		3,920			4,433						4,337						8,257			7,928

Non-GAAP provision for income taxes		50,953			62,158						56,681						107,634			119,213

Financial ratios:
Compensation and benefits		58.0	%		58.1	%		(10	)		58.0	%		—			58.0	%		58.8	%		(80	)
Non-compensation operating expenses		23.3	%		20.7	%		260			21.5	%		180			22.4	%		19.7	%		270
Income before income taxes		18.7	%		21.2	%		(250	)		20.5	%		(180	)		19.6	%		21.5	%		(190	)
Effective tax rate		25.9	%		26.4	%		(50	)		24.9	%		100			25.4	%		25.0	%		40


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 16 of 18

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Footnotes

(1)	Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.

(2)	Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per share represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.

(3)

(4)

Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible common 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 $64.6 million, $57.4 million, and $62.3 million, as of June 30, 2023 and 2022, and March 31, 2023, respectively.

(5)	Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, July 26, 2023.

(6)	Includes capital raising and advisory fee revenues.

(7)	Includes independent contractors of 109, 100, and 102 as of June 30, 2023 and 2022, and March 31, 2023, respectively.

(8)	Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.

(9)	Includes Private Client Group and Trust Business.

(10)	Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.

(11)	Asset management assets managed in Private Client Group or Trust accounts.

(12)	Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average quarterly balances for Individual Program Banks.

(13)	Represents client assets in Treasury Securities with maturities of 52 weeks or less.

(14)	Includes net interest, asset management, and other income.

(15)


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 17 of 18

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Disclaimer and Legal Notice

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. 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 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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.

Use of Non-GAAP Financial Measures

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s second quarter earnings release issued July 26, 2023.


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2023 Earnings Release		Page 18 of 18

Exhibit 99.3 Second Quarter 2023 Financial Results Presentation July 26, 2023 Quarterly Earnings Report

Second Quarter Snapshot 2Q23 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 2Q23: GAAP & NON-GAAP $1,051 2Q23: GAAP $1.10 & NON-GAAP $1.20 2Q23: GAAP $125 & NON-GAAP $136 YTD: GAAP & NON-GAAP $2,158 YTD: GAAP $273 & NON-GAAP $298 YTD: GAAP $2.38 & NON-GAAP $2.59 ANNUALIZED ROTCE* BOOK VALUE PER SHARE ANNUALIZED ROCE TBV $30.64 BV $44.41 2Q23:GAAP 10.7% & NON-GAAP 11.6% 2Q23: GAAP 15.5% NON-GAAP 16.8% YTD: GAAP 16.9% NON-GAAP 18.4% YTD: GAAP 11.7% & NON-GAAP 12.8% * Please see our definition of ROTCE in our second quarter 2023 earnings release HIGHLIGHTS Ranked #1 by J.D. Power Increased Deposits For Employee Advisor Satisfaction By $1.0 billion Record Repurchased Global Wealth Management Revenue 1.5 million Common Shares 3rd Highest Continued Recruiting Net Interest Income Strength Quarterly Earnings Report 1

Variance to Consensus Estimates Second Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates ■ Commissions & Principal Transactions: (in Millions, except diluted EPS and share data) 2Q23 2Q23 Mean % ∆ Revenues Non-GAAP ANALYST ■ Stronger Revenue from GWM & Institutional Equity Commissions + Principal transactions $271 $267 1% Investment banking $167 $185 (10%) ■ Investment Banking: Asset management and service fees $320 $320 0% ■ Four Transactions, Worth Approximately $18 million in Net interest $292 $295 (1%) Fees, Delayed at End of 2Q23 Net revenues $1,051 $1,071 (2%) ■ Anticipated to Close in 3Q23 Non-interest expenses Compensation and benefits 609 618 1% ■ Net Interest Income Compensation Ratio 58.0% 57.7% (30 bps) ■ Decline in Interest Earning Assets Non-compensation expenses 245 235 4% ■ Cash Sorting Total non-interest expenses 854 853 0% Income before income taxes 196 218 (10%) ■ Compensation Ratio Tax Rate 25.9% 25.7% 1% ■ Weakness in Institutional Business Net Income $146 $162 (10%) ■ Non-compensation Expense: Diluted Operating EPS $1.20 $1.33 (10%) ■ Increased Marketing Spend ■ Increased FDIC Insurance Cost Quarterly Earnings Report 2

Recognition for Wealth Management Platform Quarterly Earnings Report 3

Second Quarter Results FINANCIAL RESULTS NET REVENUE Sequential millions 2Q23 Y/Y Change 2023 YTD VS 2022 YTD Change $1,400 Global Wealth Management $758 9% 0% $1,515 10% $1,122 $1,200 $1,108 $1,107 Institutional 276 -33% -17% 609 -28% $1,051 $1,045 Other 16 n/m -4% 33 n/m $1,000 Net revenue 1,051 -5% -5% 2,158 -3% $800 Compensation expense 609 -5% -5% 1,251 -4% $600 1 Operating expense 237 9% 2% 470 12% 2 $400 8 -39% 59% 13 -39% Provision for credit loss Pre-tax pre-provision income 204 -17% -12% 437 -12% $200 Pre-tax income 197 -17% -14% 424 -11% $0 2Q22 3Q22 4Q22 1Q23 2Q23 Taxes 51 -18% -10% 108 -10% Net income 146 -16% -15% 316 -12% Preferred dividends 9 0% 0% 19 0% Net income available to common 136 -17% -16% 298 -12% shareholders Diluted EPS $1.20 -14% -14% $2.59 -10% Compensation ratio 58.0% -10 bps 0 bps 58.0% -80 bps 3 22.6% 300 bps 160 bps 21.8% 220 bps Operating expense ratio Pre-tax operating margin 18.7% -250 bps -180 bps 19.6% -190 bps Book value per share $44.41 6% 2% Tangible book value per share $30.64 6% 2% 4 16.8% -480 bps -310 bps ROTCE (1) Operating Expense = Non-Compensation Expense – Provision for Credit Loss (2) Provision for Credit Loss at bank subsidiary (3) Operating Expense Ratio excludes Provision for Credit Loss (4) Please see our definition of ROTCE in our first quarter earnings release Quarterly Earnings Report 4 millions

Global Wealth Management HIGHLIGHTS GLOBAL WEALTH MANAGEMENT REVENUE Sequential millions 2Q23 Y/Y Change 2023 YTD VS 2022 YTD Change■ Ranked #1 by J.D. Power For Employee Advisor Transactional $158 -7% -2% $319 -8% Satisfaction Asset Management 320 -3% 1% 636 -6% ■ Record Quarterly & First Half Net Revenue Net Interest 277 42% -2% 559 59% ■ Third Highest Quarterly Net Interest Income Investment Banking 4 -20% -2% 8 -19% ■ Third Highest Quarterly Asset Management Revenue Other (1) nm nm (7) nm Total Global Wealth Management Net $758 9% 0% $1,515 10% ■ Added 46 Financial Advisors, Including 28 Revenue Experienced with Total Trailing Twelve Month Comp. Ratio 46.7% -340 bps 150 bps 46.0% -580 bps Production of $24.8 million Non-Comp. Ratio 13.7% -110 bps 60 bps 13.3% -80 bps Provision for credit loss $8 -39% 59% $13 -39% Pre-tax Margin 39.6% 450 bps -210 bps 40.7% 660 bps NET REVENUE & MARGIN Pre-tax Pre-provision Margin 40.6% 380 bps -180 bps 41.5% 600 bps $790 44% $757 $758 $765 FINANCIAL ADVISOR & CLIENT ASSET METRICS $744 42% $740 Sequential millions 2Q23 Y/Y 40% 41.7% Change 42.6% $702 $715 $698 Financial Advisors 2,260 1% 1% 38% 39.6% $690 39.9% 36% Independent Contractors 109 9% 7% $665 34% Total Financial Advisors 2,369 2% 1% $640 35.1% 32% Client AUA $417,669 11% 3% $615 Fee-based Client Assets $154,538 9% 3% 30% $590 2Q22 3Q22 4Q22 1Q23 2Q23 Private Client Fee-based Client Assets $135,606 10% 3% Net Revenue Pre-tax Margin Quarterly Earnings Report 5 Margin Net Revenue (millions)

Strong Bank Fundamentals NIM STABLE DESPITE RISING DEPOSIT SLOWING CASH SORTING $1,407 COSTS 6.00% $619 $586 5.00% $412M $376M $307 $292M $202M $187 $129M $94M $42 3.64% 3.57% 4.00% 3.53% 3.00% 3.00% 2.53% ($288) ($673) 2.00% ($945) ($1,076) ($1,061) 1.00% ($1,619) 0.00% Jan '23 Feb '23 Mar '23 Apr '23 May '23 Jun '23 2Q22 3Q22 4Q22 1Q23 2Q23 Sweep Smart Rate Ticketed MMF Net Interest Margin Deposit Costs Asset Yields ALLOWANCE FOR CREDIT LOSSES / TOTAL LOANS WELL CAPITALIZED UNDER STRESS SCENARIO 2.50% 12.0% 11.0% 2.00% 10.0% 9.0% 1.50% 8.0% 1.00% 7.0% 0.80% 0.75% 0.74% 0.75% 0.70% 6.0% 0.50% 5.0% 4.0% 0.00% 2Q22 3Q22 4Q22 1Q23 2Q23 2Q22 3Q22 4Q22 1Q23 2Q23 Tier 1 Ratio (incl. AOCI & HTM Losses) Tier 1 Ratio Well Capitalized Residential SBL CRE Construction C&I Unfunded / Other reserves* Total Reserve Ratio Quarterly Earnings Report 6 millions

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 2Q23 Y/Y Change 2023 YTD VS 2022 YTD Change ■ Strongest Capital Raising Revenue Since Advisory $87 -57% -43% $238 -38% 4Q21 Capital Raising $75 13% 32% $132 -2% Transactional $113 -20% -9% $237 -26% ■ Ranked #1 in Municipal Issuance in 1H23 Total Institutional Revenue* $276 -33% -17% $609 -28% with 15.7% Market Share Comp. Ratio 70.3% 1080 bps 840 bps 65.7% 670 bps ■ Increased Market Share in Equity Non-Comp. Ratio 34.4% 1160 bps 640 bps 30.9% 1000 bps Transactions Pre-tax Margin -4.7% -2240 bps -1480 bps 3.4% -1670 bps * Includes net interest, asset management, and other income EQUITIES REVENUE FIXED INCOME REVENUE $100 $200 $77 $76 $76 $160 $80 $72 $70 $136 $113 $60 $25 $120 $105 $24 $103 $101 $40 $24 $26 $30 $28 $27 $32 $45 $80 $40 $40 $20 $96 $74 $77 $71 $68 $46 $46 $52 $52 $46 $0 $0 2Q22 3Q22 4Q22 1Q23 2Q23 2Q22 3Q22 4Q22 1Q23 2Q23 Transactional Underwriting Transactional Underwriting * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 7 millions millions

Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 25% millions 2Q23 2Q22 Y/Y Change 63% 20% 61% Compensation $609 $644 -5% 15% 59% Non-compensation Expense, 57% $230 $208 11% 58.1% 58.0% 58.0% 10% 58.0% Ex. IB Gross Up & Credit Loss 55% 56.5% 5% Credit Loss Provision & IB Gross Up $15 $21 -27% 53% 51% 0% Non-compensation $245 $229 7% 2Q22 3Q22 4Q22 1Q23 2Q23 Pre-tax Income $197 $235 -17% Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $900 $800 (000s) 2Q23 $700 $600 GAAP Net Income $134,352 $500 $400 Preferred Dividend $9,320 $300 $200 Net Income available to common Shareholders $125,032 $100 $0 Non-GAAP After Tax Adjustments $11,224 2019 2020 2021 2022 2023* Non-GAAP Net Income Available to Common $136,256 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our second quarter 2023 earnings release. *2023 annual GAAP to non-GAAP results based on annualized results through 6/30/2023 Quarterly Earnings Report 8 millions Compensation Ratio Non-compensation Ratio

Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $40,000 $38,598 22.0% ■ Total Assets Decreased $1.3 billion $37,298 $37,612 $37,196 $38,000 $36,476 20.0% $36,000 ■ Bank Funding Increased at CAGR of 12% Since 2019 18.0% $34,000 18.0% $32,000 ■ Repurchased 1.5 million Shares 17.6% 17.3% 16.0% 16.8% 17.0% $30,000 14.0% ■ 6.1 million Shares Remaining on Current $28,000 $26,000 12.0% Authorization $24,000 11.2% 11.1% 11.1% 11.1% 10.0% 10.9% $22,000 $20,000 8.0% 2Q22 3Q22 4Q22 1Q23 2Q23 Assets Tier 1 Leverage Tier 1 Risk Based Capital $1,600,000 DEPLOYING EXCESS CAPITAL BANK FUNDING: A TRACK RECORD of GROWTH $1,400,000 $50,000 $45,000 $1,200,000 $40,000 $1,000,000 $35,000 $800,000 $30,000 $600,000 $25,000 $20,000 $400,000 $15,000 $200,000 $10,000 $0 $5,000 2018 2019 2020 2021 2022 2023E $0 ($200,000) 2017 2018 2019 2020 2021 2022 2023* ($400,000) Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) Acquisitions Bank Deposits Available Funding *2023 based on results through 6/30/2023 *2023 Estimated Capital Generated based annualized 2Q23 Net Income plus current capital in excess of regulatory minimum. Quarterly Earnings Report 9 (000s) millions millions

Outlook Illustrates Operating Leverage Actuals Guidance 2H23 2023 millions 2022 1H23 Operating Net Revenue $3,482 $1,565 $1,700 - $1,850 $3,260 - $3,425 Global Wealth Management $1,946 $956 $1,000 - $1,050 $1,950 - $2,010 Institutional $1,536 $609 $700 - $800 $1,310 - $1,415 Net Interest Income $898 $588 $575 - $600 $1,165 - $1,188 Net Revenue* $4,391 $2,158 $2,275 - $2,450 $4,425 - $4,615 Compensation Ratio 58.0% 58.0% 58.0% 58.0% Non-Compensation Opex. Ratio** 19.6% 21.2% 19.0% - 20.0% 20.0% - 21.0% Pre-tax Margin 21.7% 19.6% 20.5% - 21.5% 20.0% - 21.0% * Net Revenue Includes Other Revenue ** Non-Compensation Opex. Ratio =Non-Compensation Expense – Credit Provision & investment Banking Gross Up / Net Revenue Quarterly Earnings Report 10

Concluding Remarks Quarterly Earnings Report

Second Quarter 2023 Financial Results Presentation July 26, 2023 Quarterly Earnings Report

Disclaimer Forward-Looking Statements This presentation may contain“forward-lookingstatements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively,“SF” or the“Company”). These statements can be identified by the use of the words“may,”“will,”“should,”“could,”“would,”“plan,”“potential,”“estimate,”“project,”“believe,”“intend,” “anticipate,”“expect,” and similar expressions. All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect theCompany’s future results, financial condition and liquidity, see“RiskFactors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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. Use of Non-GAAP Financial Measures 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 financialmeasures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a“non-GAAP financialmeasure” 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 theCompany’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. Quarterly Earnings Report 13

Document and Entity Information	Jul. 26, 2023
Document And Entity Information [Line Items]
Entity Registrant Name	STIFEL FINANCIAL CORP
Amendment Flag	false
Entity Central Index Key	0000720672
Document Type	8-K
Document Period End Date	Jul. 26, 2023
Entity Incorporation State Country Code	DE
Entity File Number	001-09305
Entity Tax Identification Number	43-1273600
Entity Address, Address Line One	501 N. Broadway
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63102-2188
City Area Code	(314)
Local Phone Number	342-2000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $0.15 par value per share
Trading Symbol	SF
Security Exchange Name	NYSE
Depository Shares Each Representing One By Thousandth Interest In Share Of Six Point Two Five Percentage Not Cumulative Preferred Stock Series B [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B
Trading Symbol	SF-PB
Security Exchange Name	NYSE
Depository Shares Each Representing One By Thousandth Interest In Share Of Six Point One Two Five Percentage Not Cumulative Preferred Stock Series C Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C
Trading Symbol	SF-PC
Security Exchange Name	NYSE
Depository Shares Each Representing One By Thousandth Interest In Share Of Four Point Five Zero Percentage Not Cumulative Preferred Stock Series D Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D
Trading Symbol	SF-PD
Security Exchange Name	NYSE
Senior Notes 520 Due 2047 [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.20% Senior Notes due 2047
Trading Symbol	SFB
Security Exchange Name	NYSE

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