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): October 25, 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 October 25, 2023, Stifel Financial Corp. (“Stifel” or the “Company”) reported its financial results for the quarter ended September 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 September 30, 2023 is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, October 25, 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 October 25, 2023.

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

99.3		Financial Results Presentation, dated October 25, 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: October 25, 2023	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

Exhibit 99.1

LOGO

Stifel Reports Third Quarter 2023 Results

ST. LOUIS, MO, October 25, 2023 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.0 billion for the three months ended September 30, 2023, compared with $1.0 billion a year ago. Net income available to common shareholders was $58.8 million, or $0.52 per diluted common share, compared with $141.8 million, or $1.21 per diluted common share for the third quarter of 2022. Non-GAAP net income available to common shareholders was $67.4 million, or $0.60 per diluted common share for the third quarter of 2023.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Stifel generated a solid quarter despite challenging market conditions. Our bottom line was impacted by non-recurring legal accruals, primarily associated with an industry-wide SEC review of off-channel communications that totaled $0.58 per diluted common share, after tax. Excluding the impact of these charges, our results are consistent with those in the sequential and year-ago quarters. Although the near-term environment remains uncertain, we remain well positioned to generate stable returns and strong growth as the market improves.”

Highlights

•

The Company reported net revenues of $1.0 billion as our business navigated an environment that remains challenging.

•

Non-GAAP net income available to common shareholders of $0.60 per diluted common share was negatively impacted by elevated provisions for legal and regulatory matters of $0.58 per diluted common share (after-tax).

•

Net interest income up $40.2 million, or 17%, over the year-ago quarter.

•

Recruited 36 financial advisors during the quarter, including 24 experienced employee advisors.

•

Non-GAAP pre-tax margin of 12% was negatively impacted by elevated provisions for legal and regulatory matters.

•

Annualized return on tangible common equity (ROTCE)⁽⁵⁾ of 9%.

•

Tangible book value per common share ⁽⁷⁾ of $30.06, up 2% from prior year.

•

The Board of Directors approved an increase to the Company’s share repurchase program of an additional 10.0 million shares, bringing the authorized share repurchase amount to 14.2 million shares.


Financial Summary (Unaudited)
(000s)	3Q 2023			3Q 2022			9m 2023			9m 2022
GAAP Financial Highlights:
Net revenues	$	1,045,051		$	1,045,139		$	3,202,565		$	3,269,792
Net income ⁽¹⁾	$	58,840		$	141,849		$	332,091		$	457,573
Diluted EPS ⁽¹⁾	$	0.52		$	1.21		$	2.91		$	3.89
Comp. ratio		58.7	%		58.5	%		58.7	%		59.3	%
Non-comp. ratio		30.8	%		21.8	%		25.7	%		20.8	%
Pre-tax margin		10.5	%		19.7	%		15.6	%		19.9	%
Non-GAAP Financial Highlights:
Net revenues	$	1,045,028		$	1,045,133		$	3,202,539		$	3,269,847
Net income ⁽¹⁾ ⁽²⁾	$	67,413		$	150,756		$	364,937		$	490,196
Diluted EPS ^(1) (2)	$	0.60		$	1.29		$	3.20		$	4.17
Comp. ratio ⁽²⁾		58.0	%		58.0	%		58.0	%		58.5	%
Non-comp. ratio ⁽²⁾		30.2	%		21.2	%		24.9	%		20.2	%
Pre-tax margin ⁽³⁾		11.8	%		20.8	%		17.1	%		21.3	%
ROCE ⁽⁴⁾		5.8	%		13.3	%		10.4	%		14.7	%
ROTCE ⁽⁵⁾		8.5	%		19.2	%		15.1	%		21.5	%
*Global Wealth Management (assets and loans in millions***)
Net revenues	$	768,558		$	701,820		$	2,283,934		$	2,081,525
Pre-tax net income	$	298,449		$	279,935		$	914,462		$	750,500
Total client assets	$	412,458		$	364,824
Fee-based client assets	$	150,982		$	135,521
Bank loans ⁽⁶⁾	$	20,435		$	20,911
Institutional Group
Net revenues	$	256,888		$	339,408		$	867,025		$	1,182,135
Equity	$	144,764		$	223,147		$	508,371		$	715,474
Fixed Income	$	112,124		$	116,261		$	358,654		$	466,661
Pre-tax net income/ (loss)	($	27,804	)	$	40,000		($	5,671	)	$	209,620

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 $768.6 million for the three months ended September 30, 2023 compared with $701.8 million during the third quarter of 2022. Pre-tax net income was $298.4 million compared with $279.9 million in the third quarter of 2022.

Highlights

•

Recruited 36 financial advisors during the quarter, including 24 experienced employee advisors with total trailing 12 month production of $24 million.

•

Client assets of $412.5 billion, up 13% over the year-ago quarter.

•

Fee-based client assets of $151.0 billion, up 11% over the year-ago quarter.

Net revenues increased 10% from a year ago:

•

Transactional revenues increased 6% from the year-ago quarter reflecting an increase in client activity.

•

Asset management revenues increased 11% from the year-ago quarter primarily due to higher asset values.

•

Net interest income increased 11% over the year-ago quarter primarily driven by higher interest rates.

Total Expenses:

•

Compensation expense as a percent of net revenues increased to 46.8% primarily as a result of higher compensable revenues.

•

Provision for credit losses was primarily impacted by a deterioration in certain asset classes, partially offset by a slightly better macroeconomic forecast.

•

Non-compensation operating expenses as a percent of net revenues increased to 14.4% primarily as a result of an increase in the provision for credit losses over the year-ago quarter, partially offset by revenue growth.


Summary Results of Operations
(000s)	3Q 2023			3Q 2022
Net revenues	$	768,558		$	701,820
Transactional revenues		165,547			156,565
Asset management		333,088			300,540
Net interest income		269,431			242,194
Investment banking		3,895			4,498
Other income		(3,403	)		(1,977	)
Total expenses	$	470,109		$	421,885
Compensation expense		359,325			326,116
Provision for credit losses		9,992			6,453
Non-comp. opex		100,792			89,316
Pre-tax net income	$	298,449		$	279,935
Compensation ratio		46.8	%		46.5	%
Non-compensation ratio		14.4	%		13.6	%
Pre-tax margin		38.8	%		39.9	%

Stifel Financial Corp. | Page 2

LOGO

Institutional Group

Institutional Group reported net revenues of $256.9 million for the three months ended September 30, 2023 compared with $339.4 million during the third quarter of 2022. Institutional Group reported pre-tax net loss of $27.8 million for the three months ended September 30, 2023 compared with pre-tax net income of $40.0 million in the third quarter of 2022.

Highlights

Investment banking revenues decreased 34% from a year ago:

•

Advisory revenues of $97.3 million decreased 42% from the year-ago quarter driven by lower levels of completed advisory transactions.

•

Equity capital raising revenues decreased 12% over the year-ago quarter driven by lower volumes.

•

Fixed income capital raising revenues decreased 8% over the year-ago quarter as macroeconomic conditions contributed to lower municipal bond and debt issuances.

Fixed income transactional revenues decreased 9% 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, partially offset by higher trading gains.

Equity transactional revenues increased 1% from a year ago:

•

Equity transactional revenues increased from the year-ago quarter driven by an increase in equities trading commissions, partially offset by lower trading gains.

Total Expenses:

•

Compensation expense as a percent of net revenues increased to 75.0% primarily as a result of lower net revenues, partially offset by lower discretionary compensation.

•

Non-compensation operating expenses as a percent of net revenues increased to 35.8% as a result of lower net revenues, higher travel-related expenses, occupancy costs, and professional fees, as well as continued investments in technology, partially offset by lower investment banking transaction expenses.


Summary Results of Operations
(000s)	3Q 2023			3Q 2022
Net revenues	$	256,888		$	339,408
Investment banking		142,991			217,361
Advisory		97,272			166,736
Equity capital raising		21,049			23,883
Fixed income capital raising		24,670			26,742
Fixed income transactional		67,439			74,384
Equity transactional		46,930			46,483
Other		(472	)		1,180
Total expenses	$	284,692		$	299,408
Compensation expense		192,638			211,818
Non-comp. opex.		92,054			87,590
Pre-tax net income/(loss)	($	27,804	)	$	40,000
Compensation ratio		75.0	%		62.4	%
Non-compensation ratio		35.8	%		25.8	%
Pre-tax margin		(10.8	%)		11.8	%

Stifel Financial Corp. | Page 3

LOGO

Other Matters

Highlights

•

Total assets increased $265.5 million, or 1%, over the year-ago quarter.

•

The Company repurchased $118.8 million of its outstanding common stock during the third quarter.

•

Weighted average diluted shares outstanding decreased primarily as a result of the increase in share repurchases over the comparable period.

•

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

•

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


	3Q 2023			3Q 2022
Common stock repurchases
Repurchases (000s)	$	118,810		$	0
Number of shares (000s)		1,886			0
Average price	$	63.00			NA
Period end shares (000s)		103,120			106,225
Weighted average diluted shares outstanding (000s)		113,195			117,218
Effective tax rate		37.7	%		26.5	%
Stifel Financial Corp. ⁽⁸⁾
Tier 1 common capital ratio		13.9	%		14.1	%
Tier 1 risk based capital ratio		16.9	%		17.0	%
Tier 1 leverage capital ratio		10.8	%		11.1	%
Tier 1 capital (MM)	$	3,914		$	3,964
Risk weighted assets (MM)	$	23,219		$	23,300
Average assets (MM)	$	36,356		$	35,620
Quarter end assets (MM)	$	37,878		$	37,612
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 third quarter 2023 financial results conference call on Wednesday, October 25, 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 and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. 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												Nine Months Ended
(000s, except per share amounts)	9/30/2023		9/30/2022		% Change			6/30/2023		% Change			9/30/2023			9/30/2022		% Change
Revenues:
Commissions	$	165,075	$	159,054		3.8		$	165,358		(0.2	)	$	499,983		$	541,644		(7.7	)
Principal transactions		114,841		118,379		(3.0	)		105,700		8.6			336,063			403,252		(16.7	)
Investment banking		146,887		221,858		(33.8	)		166,825		(12.0	)		525,591			747,779		(29.7	)
Asset management		333,127		300,557		10.8			320,264		4.0			968,960			973,457		(0.5	)
Other income		459		852		(46.1	)		894		(48.7	)		(940	)		7,823		(112.0	)
Operating revenues		760,389		800,700		(5.0	)		759,041		0.2			2,329,657			2,673,955		(12.9	)
Interest revenue		505,198		304,195		66.1			482,770		4.6			1,439,532			682,384		111.0
Total revenues		1,265,587		1,104,895		14.5			1,241,811		1.9			3,769,189			3,356,339		12.3
Interest expense		220,536		59,756		269.1			191,090		15.4			566,624			86,547		554.7
Net revenues		1,045,051		1,045,139		(0.0	)		1,050,721		(0.5	)		3,202,565			3,269,792		(2.1	)
Non-interest expenses:
Compensation and benefits		613,287		611,870		0.2			615,667		(0.4	)		1,880,144			1,938,270		(3.0	)
Non-compensation operating expenses		322,335		227,500		41.7			253,669		27.1			821,724			680,103		20.8
Total non-interest expenses		935,622		839,370		11.5			869,336		7.6			2,701,868			2,618,373		3.2
Income before income taxes		109,429		205,769		(46.8	)		181,385		(39.7	)		500,697			651,419		(23.1	)
Provision for income taxes		41,268		54,600		(24.4	)		47,033		(12.3	)		140,645			165,885		(15.2	)
Net income		68,161		151,169		(54.9	)		134,352		(49.3	)		360,052			485,534		(25.8	)
Preferred dividends		9,321		9,320		0.0			9,320		0.0			27,961			27,961		0.0
Net income available to common shareholders	$	58,840	$	141,849		(58.5	)	$	125,032		(52.9	)	$	332,091		$	457,573		(27.4	)
Earnings per common share:
Basic	$	0.55	$	1.30		(57.7	)	$	1.16		(52.6	)	$	3.09		$	4.20		(26.4	)
Diluted	$	0.52	$	1.21		(57.0	)	$	1.10		(52.7	)	$	2.91		$	3.89		(25.2	)
Cash dividends declared per common share	$	0.36	$	0.30		20.0		$	0.36		0.0		$	1.08		$	0.90		20.0
Weighted average number of common shares outstanding:
Basic		106,068		108,767		(2.5	)		107,944		(1.7	)		107,580			109,017		(1.3	)
Diluted		113,195		117,218		(3.4	)		113,864		(0.6	)		114,170			117,649		(3.0	)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures ⁽⁹⁾


	Three Months Ended						Nine Months Ended
(000s, except per share amounts)	9/30/2023			9/30/2022			9/30/2023			9/30/2022
GAAP net income	$	68,161		$	151,169		$	360,052		$	485,534
Preferred dividend		9,321			9,320			27,961			27,961
Net income available to common shareholders		58,840			141,849			332,091			457,573

Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		13,771			11,958			46,301			43,602
Provision for income taxes ⁽¹¹⁾		(5,198	)		(3,051	)		(13,455	)		(10,979	)
Total non-GAAP adjustments		8,573			8,907			32,846			32,623
Non-GAAP net income available to common shareholders	$	67,413		$	150,756		$	364,937		$	490,196
Weighted average diluted shares outstanding		113,195			117,218			114,170			117,649

GAAP earnings per diluted common share	$	0.60		$	1.29		$	3.15		$	4.13
Non-GAAP adjustments		0.08			0.08			0.29			0.28
Non-GAAP earnings per diluted common share	$	0.68		$	1.37		$	3.44		$	4.41
GAAP earnings per diluted common share available to common shareholders	$	0.52		$	1.21		$	2.91		$	3.89
Non-GAAP adjustments		0.08			0.08			0.29			0.28
Non-GAAP earnings per diluted common share available to common shareholders	$	0.60		$	1.29		$	3.20		$	4.17

GAAP to Non-GAAP Reconciliation ⁽⁹⁾


	Three Months Ended						Nine Months Ended
(000s)	9/30/2023			9/30/2022			9/30/2023			9/30/2022
GAAP compensation and benefits	$	613,287		$	611,870		$	1,880,144		$	1,938,270
As a percentage of net revenues		58.7	%		58.5	%		58.7	%		59.3	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(7,171	)		(6,059	)		(22,947	)		(24,544	)
Non-GAAP compensation and benefits	$	606,116		$	605,811		$	1,857,197		$	1,913,726
As a percentage of non-GAAP net revenues		58.0	%		58.0	%		58.0	%		58.5	%

GAAP non-compensation expenses	$	322,335		$	227,500		$	821,724		$	680,103
As a percentage of net revenues		30.8	%		21.8	%		25.7	%		20.8	%
Non-GAAP adjustments:
Merger-related ⁽¹⁰⁾		(6,623	)		(5,905	)		(23,380	)		(19,003	)
Non-GAAP non-compensation expenses	$	315,712		$	221,595		$	798,344		$	661,100
As a percentage of non-GAAP net revenues		30.2	%		21.2	%		24.9	%		20.2	%
Total merger-related expenses	$	13,771		$	11,958		$	46,301		$	43,602

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 $67.4 million and $59.2 million as of September 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, October 25, 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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Third 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 \| Third Quarter 2023 Earnings Release		Page 1 of 18

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Consolidated Financial Highlights


	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2023		9/30/2022		% Change			6/30/2023		% Change			9/30/2023		9/30/2022		% Change
Net revenues	$	1,045,051	$	1,045,139		(0.0	%)	$	1,050,721		(0.5	%)	$	3,202,565	$	3,269,792		(2.1	%)
Net income	$	68,161	$	151,169		(54.9	%)	$	134,352		(49.3	%)	$	360,052	$	485,534		(25.8	%)
Preferred dividends		9,321		9,320		0.0	%		9,320		0.0	%		27,961		27,961		0.0	%

Net income available to common shareholders	$	58,840	$	141,849		(58.5	%)	$	125,032		(52.9	%)	$	332,091	$	457,573		(27.4	%)
Earnings per diluted common share	$	0.60	$	1.29		(53.5	%)	$	1.18		(49.2	%)	$	3.15	$	4.13		(23.7	%)
Earnings per diluted common share available to common shareholders	$	0.52	$	1.21		(57.0	%)	$	1.10		(52.7	%)	$	2.91	$	3.89		(25.2	%)
Non-GAAP financial summary (1):
Net revenues	$	1,045,028	$	1,045,133		(0.0	%)	$	1,050,721		(0.5	%)	$	3,202,539	$	3,269,847		(2.1	%)
Net income	$	76,734	$	160,076		(52.1	%)	$	145,576		(47.3	%)	$	392,898	$	518,157		(24.2	%)
Preferred dividends		9,321		9,320		0.0	%		9,320		0.0	%		27,961		27,961		0.0	%

Net income available to common shareholders	$	67,413		150,756		(55.3	%)		136,256		(50.5	%)		364,937		490,196		(25.6	%)
Earnings per diluted common share	$	0.68	$	1.37		(50.4	%)	$	1.28		(46.9	%)	$	3.44	$	4.41		(22.0	%)
Earnings per diluted common share available to common shareholders	$	0.60	$	1.29		(53.5	%)	$	1.20		(50.0	%)	$	3.20	$	4.17		(23.3	%)

Weighted average number of common shares outstanding:
Basic		106,068		108,767		(2.5	%)		107,944		(1.7	%)		107,580		109,017		(1.3	%)
Diluted		113,195		117,218		(3.4	%)		113,864		(0.6	%)		114,170		117,649		(3.0	%)
Period end common shares outstanding		103,120		106,225		(2.9	%)		104,889		(1.7	%)		103,120		106,225		(2.9	%)
Cash dividends declared per common share	$	0.36	$	0.30		20.0	%	$	0.36		0.0	%	$	1.08	$	0.90		20.0	%


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

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GAAP Consolidated Results of Operations


	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2023		9/30/2022		% Change			6/30/2023		% Change			9/30/2023			9/30/2022		% Change
Revenues:
Commissions	$	165,075	$	159,054		3.8	%	$	165,358		(0.2	%)	$	499,983		$	541,644		(7.7	%)
Principal transactions		114,841		118,379		(3.0	%)		105,700		8.6	%		336,063			403,252		(16.7	%)

Transactional revenues		*279,916*		277,433		0.9	%		271,058		3.3	%		*836,046*			944,896		(11.5	%)
Capital raising		49,615		55,122		(10.0	%)		78,950		(37.2	%)		189,381			200,091		(5.4	%)
Advisory		97,272		166,736		(41.7	%)		87,875		10.7	%		336,210			547,688		(38.6	%)

Investment banking		*146,887*		221,858		(33.8	%)		166,825		(12.0	%)		*525,591*			747,779		(29.7	%)
Asset management		333,127		300,557		10.8	%		320,264		4.0	%		968,960			973,457		(0.5	%)
Other income		459		852		(46.1	%)		894		(48.7	%)		(940	)		7,823		(112.0	%)

Operating revenues		760,389		800,700		(5.0	%)		759,041		0.2	%		2,329,657			2,673,955		(12.9	%)
Interest revenue		505,198		304,195		66.1	%		482,770		4.6	%		1,439,532			682,384		111.0	%

Total revenues		1,265,587		1,104,895		14.5	%		1,241,811		1.9	%		3,769,189			3,356,339		12.3	%
Interest expense		220,536		59,756		269.1	%		191,090		15.4	%		566,624			86,547		554.7	%

Net revenues		1,045,051		1,045,139		(0.0	%)		1,050,721		(0.5	%)		3,202,565			3,269,792		(2.1	%)

Non-interest expenses:
Compensation and benefits		613,287		611,870		0.2	%		615,667		(0.4	%)		1,880,144			1,938,270		(3.0	%)
Occupancy and equipment rental		84,396		77,230		9.3	%		84,604		(0.2	%)		251,140			232,507		8.0	%
Communication and office supplies		46,215		43,825		5.5	%		44,969		2.8	%		137,320			129,926		5.7	%
Commissions and floor brokerage		14,413		13,576		6.2	%		14,112		2.1	%		42,965			44,569		(3.6	%)
Provision for credit losses		9,992		6,453		54.8	%		7,824		27.7	%		22,736			27,478		(17.3	%)
Other operating expenses		167,319		86,416		93.6	%		102,160		63.8	%		367,563			245,623		49.6	%

Total non-interest expenses		935,622		839,370		11.5	%		869,336		7.6	%		2,701,868			2,618,373		3.2	%
Income before income taxes		109,429		205,769		(46.8	%)		181,385		(39.7	%)		500,697			651,419		(23.1	%)
Provision for income taxes		41,268		54,600		(24.4	%)		47,033		(12.3	%)		140,645			165,885		(15.2	%)

Net income		68,161		151,169		(54.9	%)		134,352		(49.3	%)		360,052			485,534		(25.8	%)
Preferred dividends		9,321		9,320		0.0	%		9,320		0.0	%		27,961			27,961		0.0	%

Net income available to common shareholders	$	58,840	$	141,849		(58.5	%)	$	125,032		(52.9	%)	$	332,091		$	457,573		(27.4	%)

Earnings per common share:
Basic	$	0.55	$	1.30		(57.7	%)	$	1.16		(52.6	%)	$	3.09		$	4.20		(26.4	%)
Diluted	$	0.52	$	1.21		(57.0	%)	$	1.10		(52.7	%)	$	2.91		$	3.89		(25.2	%)
Weighted average number of common shares outstanding:
Basic		106,068		108,767		(2.5	%)		107,944		(1.7	%)		107,580			109,017		(1.3	%)
Diluted		113,195		117,218		(3.4	%)		113,864		(0.6	%)		114,170			117,649		(3.0	%)
Cash dividends declared per common share	$	0.36	$	0.30		20.0	%	$	0.36		0.0	%	$	1.08		$	0.90		20.0	%


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

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Non-GAAP Consolidated Results of Operations ⁽¹⁾


	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2023		9/30/2022		% Change			6/30/2023		% Change			9/30/2023			9/30/2022		% Change
Revenues:
Commissions	$	165,075	$	159,054		3.8	%	$	165,358		(0.2	%)	$	499,983		$	541,644		(7.7	%)
Principal transactions		114,841		118,379		(3.0	%)		105,700		8.6	%		336,063			403,252		(16.7	%)

Transactional revenues		*279,916*		277,433		0.9	%		271,058		3.3	%		*836,046*			944,896		(11.5	%)
Capital raising		49,615		55,122		(10.0	%)		78,950		(37.2	%)		189,381			200,091		(5.4	%)
Advisory		97,272		166,736		(41.7	%)		87,875		10.7	%		336,210			547,688		(38.6	%)

Investment banking		*146,887*		221,858		(33.8	%)		166,825		(12.0	%)		*525,591*			747,779		(29.7	%)
Asset management		333,127		300,557		10.8	%		320,264		4.0	%		968,960			973,457		(0.5	%)
Other income		436		852		(48.8	%)		894		(51.2	%)		(963	)		7,823		(112.3	%)

Operating revenues		760,366		800,700		(5.0	%)		759,041		0.2	%		2,329,634			2,673,955		(12.9	%)
Interest revenue		505,198		304,195		66.1	%		482,770		4.6	%		1,439,532			682,384		111.0	%

Total revenues		1,265,564		1,104,895		14.5	%		1,241,811		1.9	%		3,769,166			3,356,339		12.3	%
Interest expense		220,536		59,762		269.0	%		191,090		15.4	%		566,627			86,492		555.1	%

Net revenues		1,045,028		1,045,133		(0.0	%)		1,050,721		(0.5	%)		3,202,539			3,269,847		(2.1	%)

Non-interest expenses:
Compensation and benefits		606,116		605,811		0.1	%		609,144		(0.5	%)		1,857,197			1,913,726		(3.0	%)
Occupancy and equipment rental		84,342		77,142		9.3	%		84,579		(0.3	%)		250,960			232,035		8.2	%
Communication and office supplies		46,215		43,794		5.5	%		44,965		2.8	%		137,314			129,863		5.7	%
Commissions and floor brokerage		14,413		13,576		6.2	%		14,112		2.1	%		42,965			44,569		(3.6	%)
Provision for credit losses		9,992		6,453		54.8	%		7,824		27.7	%		22,736			27,478		(17.3	%)
Other operating expenses		160,750		80,630		99.4	%		93,568		71.8	%		344,369			227,155		51.6	%

Total non-interest expenses		921,828		827,406		11.4	%		854,192		7.9	%		2,655,541			2,574,826		3.1	%
Income before income taxes		123,200		217,727		(43.4	%)		196,529		(37.3	%)		546,998			695,021		(21.3	%)
Provision for income taxes		46,466		57,651		(19.4	%)		50,953		(8.8	%)		154,100			176,864		(12.9	%)

Net income		76,734		160,076		(52.1	%)		145,576		(47.3	%)		392,898			518,157		(24.2	%)
Preferred dividends		9,321		9,320		0.0	%		9,320		0.0	%		27,961			27,961		0.0	%

Net income available to common shareholders	$	67,413	$	150,756		(55.3	%)	$	136,256		(50.5	%)	$	364,937		$	490,196		(25.6	%)

Earnings per common share:
Basic	$	0.64	$	1.39		(54.0	%)	$	1.26		(49.2	%)	$	3.39		$	4.50		(24.7	%)
Diluted	$	0.60	$	1.29		(53.5	%)	$	1.20		(50.0	%)	$	3.20		$	4.17		(23.3	%)
Weighted average number of common shares outstanding:
Basic		106,068		108,767		(2.5	%)		107,944		(1.7	%)		107,580			109,017		(1.3	%)
Diluted		113,195		117,218		(3.4	%)		113,864		(0.6	%)		114,170			117,649		(3.0	%)
Cash dividends declared per common share	$	0.36	$	0.30		20.0	%	$	0.36		0.0	%	$	1.08		$	0.90		20.0	%


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

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Consolidated Financial Summary


	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2023			9/30/2022			% Change			6/30/2023			% Change			9/30/2023			9/30/2022			% Change
Net revenues:
Global Wealth Management	$	768,558		$	701,820			9.5	%	$	758,190			1.4	%	$	2,283,934		$	2,081,525			9.7	%
Institutional Group		256,888			339,408			(24.3	%)		277,524			(7.4	%)		867,025			1,182,135			(26.7	%)
Other		19,605			3,911			401.3	%		15,007			30.6	%		51,606			6,132			741.6	%

Total net revenues	$	1,045,051		$	1,045,139			(0.0	%)	$	1,050,721			(0.5	%)	$	3,202,565		$	3,269,792			(2.1	%)
Operating expenses:
Global Wealth Management	$	470,109		$	421,885			11.4	%	$	458,286			2.6	%	$	1,369,472		$	1,331,025			2.9	%
Institutional Group		284,692			299,408			(4.9	%)		289,117			(1.5	%)		872,696			972,515			(10.3	%)
Other		180,821			118,077			53.1	%		121,933			48.3	%		459,700			314,833			46.0	%

Total operating expenses	$	935,622		$	839,370			11.5	%	$	869,336			7.6	%	$	2,701,868		$	2,618,373			3.2	%
Operating contribution:
Global Wealth Management	$	298,449		$	279,935			6.6	%	$	299,904			(0.5	%)	$	914,462		$	750,500			21.8	%
Institutional Group		(27,804	)		40,000			(169.5	%)		(11,593	)		(139.8	%)		(5,671	)		209,620			(102.7	%)
Other		(161,216	)		(114,166	)		(41.2	%)		(106,926	)		(50.8	%)		(408,094	)		(308,701	)		(32.2	%)

Income before income taxes	$	109,429		$	205,769			(46.8	%)	$	181,385			(39.7	%)	$	500,697		$	651,419			(23.1	%)
Financial ratios:
Compensation and benefits		58.7	%		58.5	%		20			58.6	%		10			58.7	%		59.3	%		(60	)
Non-compensation operating expenses		30.8	%		21.8	%		900			24.1	%		670			25.7	%		20.8	%		490
Income before income taxes		10.5	%		19.7	%		(920	)		17.3	%		(680	)		15.6	%		19.9	%		(430	)
Effective tax rate		37.7	%		26.5	%		1,120			25.9	%		1,180			28.1	%		25.5	%		260


Stifel Financial Corp. Quarterly Financial Supplement \| Third 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)	9/30/2023			9/30/2022			% Change			6/30/2023			% Change
Financial Information:
Total assets	$	37,877,577		$	37,612,063			0.7	%	$	37,298,239			1.6	%
Total shareholders’ equity	$	5,242,594		$	5,227,350			0.3	%	$	5,342,987			(1.9	%)
Total common equity	$	4,557,594		$	4,542,350			0.3	%	$	4,657,987			(2.2	%)
Goodwill and intangible assets	$	(1,526,572	)	$	(1,454,532	)		5.0	%	$	(1,509,431	)		1.1	%
DTL on goodwill and intangible assets	$	69,187		$	60,034			15.2	%	$	65,651			5.4	%

Tangible common equity	$	3,100,209		$	3,147,852			(1.5	%)	$	3,214,207			(3.5	%)
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	44.20		$	42.76			3.4	%	$	44.41			(0.5	%)
Tangible book value per common share (2)	$	30.06		$	29.63			1.5	%	$	30.64			(1.9	%)
Return on common equity (3)		5.1	%		12.5	%					10.7	%
Non-GAAP return on common equity (1)(3)		5.8	%		13.3	%					11.6	%
Return on tangible common equity (4)		7.4	%		18.0	%					15.5	%
Non-GAAP return on tangible common equity (1)(4)		8.5	%		19.2	%					16.8	%
Pre-tax margin on net revenues		10.5	%		19.7	%					17.3	%
Non-GAAP pre-tax margin on net revenues (1)		11.8	%		20.8	%					18.7	%
Effective tax rate		37.7	%		26.5	%					25.9	%
Non-GAAP effective tax rate (1)		37.7	%		26.5	%					25.9	%


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

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Regulatory Capital


(Unaudited, 000s)	9/30/2023			9/30/2022			% Change			6/30/2023			% Change
SF Regulatory Capital (5):
Common equity tier 1 capital	$	3,228,952		$	3,279,013			(1.5	%)	$	3,314,189			(2.6	%)
Tier 1 capital	$	3,913,952		$	3,964,013			(1.3	%)	$	3,999,189			(2.1	%)
Risk-weighted assets	$	23,218,858		$	23,300,119			(0.3	%)	$	23,164,596			0.2	%
Common equity tier 1 capital ratio		13.9	%		14.1	%					14.3	%
Tier 1 risk based capital ratio		16.9	%		17.0	%					17.3	%
Tier 1 leverage capital ratio		10.8	%		11.1	%					11.1	%
Stifel Bank & Trust Regulatory Capital (5):
Common equity tier 1 capital	$	1,489,819		$	1,655,760			(10.0	%)	$	1,513,202			(1.5	%)
Tier 1 capital	$	1,489,819		$	1,655,760			(10.0	%)	$	1,513,202			(1.5	%)
Risk-weighted assets	$	13,785,150		$	15,406,324			(10.5	%)	$	13,967,683			(1.3	%)
Common equity tier 1 capital ratio		10.8	%		10.8	%					10.8	%
Tier 1 risk based capital ratio		10.8	%		10.8	%					10.8	%
Tier 1 leverage capital ratio		7.7	%		7.3	%					7.5	%
Stifel Bank Regulatory Capital (5):
Common equity tier 1 capital	$	690,455		$	377,572			82.9	%	$	639,967			7.9	%
Tier 1 capital	$	690,455		$	377,572			82.9	%	$	639,967			7.9	%
Risk-weighted assets	$	4,724,176		$	3,591,228			31.5	%	$	5,145,958			(8.2	%)
Common equity tier 1 capital ratio		14.6	%		10.5	%					12.4	%
Tier 1 risk based capital ratio		14.6	%		10.5	%					12.4	%
Tier 1 leverage capital ratio		7.1	%		7.3	%					7.1	%
Stifel Net Capital (5):
Net capital	$	395,400		$	642,700			(38.5	%)	$	456,500			(13.4	%)
Excess net capital	$	373,800		$	614,300			(39.2	%)	$	433,900			(13.9	%)


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

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Global Wealth Management - Summary Results of Operations


	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2023			9/30/2022			% Change			6/30/2023			% Change			9/30/2023			9/30/2022			% Change
Revenues:
Commissions	$	112,300		$	108,214			3.8	%	$	109,836			2.2	%	$	332,327		$	360,994			(7.9	%)
Principal transactions		53,247			48,351			10.1	%		48,122			10.7	%		152,433			142,361			7.1	%

Transactional revenues		165,547			156,565			5.7	%		157,958			4.8	%		484,760			503,355			(3.7	%)
Asset management		333,088			300,540			10.8	%		320,238			4.0	%		968,863			973,396			(0.5	%)
Net interest		269,431			242,194			11.2	%		277,345			(2.9	%)		828,708			594,782			39.3	%
Investment banking (6)		3,895			4,498			(13.4	%)		4,065			(4.2	%)		12,118			14,701			(17.6	%)
Other income		(3,403	)		(1,977	)		(72.1	%)		(1,416	)		(140.3	%)		(10,515	)		(4,709	)		(123.3	%)

Net revenues		768,558			701,820			9.5	%		758,190			1.4	%		2,283,934			2,081,525			9.7	%
Non-interest expenses:
Compensation and benefits		359,325			326,116			10.2	%		354,086			1.5	%		1,055,834			1,040,477			1.5	%
Non-compensation operating expenses		110,784			95,769			15.7	%		104,200			6.3	%		313,638			290,548			7.9	%

Total non-interest expenses		470,109			421,885			11.4	%		458,286			2.6	%		1,369,472			1,331,025			2.9	%

Income before income taxes	$	298,449		$	279,935			6.6	%	$	299,904			(0.5	%)	$	914,462		$	750,500			21.8	%

As a percentage of net revenues:
Compensation and benefits		46.8	%		46.5	%		30			46.7	%		10			46.2	%		50.0	%		(380	)
Non-compensation operating expenses		14.4	%		13.6	%		80			13.7	%		70			13.8	%		13.9	%		(10	)
Income before income taxes		38.8	%		39.9	%		(110	)		39.6	%		(80	)		40.0	%		36.1	%		390


Stifel Financial Corp. Quarterly Financial Supplement \| Third 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)	9/30/2023			9/30/2022			% Change			6/30/2023			% Change
Financial advisors (including independent contractors) (7)		2,374			2,337			1.6	%		2,369			0.2	%
Total client assets	$	412,458,000		$	364,824,000			13.1	%	$	417,669,000			(1.2	%)
Fee-based client assets	$	150,982,000		$	135,521,000			11.4	%	$	154,538,000			(2.3	%)
Transactional assets	$	261,476,000		$	229,303,000			14.0	%	$	263,131,000			(0.6	%)
Secured client lending (8)	$	3,083,000		$	3,841,000			(19.7	%)	$	3,163,000			(2.5	%)
Asset Management Revenue (000s):
Private Client Group (9)	$	279,807		$	252,487			10.8	%	$	266,510			5.0	%
Asset Management		33,211			30,648			8.4	%		33,154			0.2	%
Third-party Bank Sweep Program		7,023			3,851			82.4	%		7,452			(5.8	%)
Other (10)		13,086			13,571			(3.6	%)		13,148			(0.5	%)

Total asset management revenues	$	333,127		$	300,557			10.8	%	$	320,264			4.0	%
Fee-based Assets (millions):
Private Client Group (9)	$	132,712		$	118,850			11.7	%	$	135,606			(2.1	%)
Asset Management		33,519			30,095			11.4	%		34,766			(3.6	%)
Elimination (11)		(15,249	)		(13,424	)		13.6	%		(15,834	)		(3.7	%)

Total fee-based assets	$	150,982		$	135,521			11.4	%	$	154,538			(2.3	%)
Third-party Bank Sweep Program	$	578		$	1,114			(48.1	%)	$	657			(12.0	%)
ROA (bps) (12):
Private Client Group (9)		82.5			81.6						81.1
Asset Management		39.6			40.7						38.1
Third-party Bank Sweep Program		429.7			104.3						362.3
Stifel Bancorp Deposits (millions):
Sweep Deposits	$	11,142		$	19,992			(44.3	%)	$	12,293			(9.4	%)
Smart Rate Deposits		13,605			4,739			187.1	%		11,858			14.7	%
Direct Wealth Management Deposits at Stifel Bancorp		397			25			nm			319			24.5	%

Total Stifel Bancorp Wealth Management Deposits		25,144			24,756			1.6	%		24,470			2.8	%
Other Bank Deposits		2,450			2,435			0.6	%		2,535			(3.4	%)

Total Stifel Bancorp Deposits	$	27,594		$	27,191			1.5	%	$	27,005			2.2	%

Short-term Treasuries (millions) (13)	$	7,586		$	3,019			151.3	%	$	7,104			6.8	%
Wealth Management Cash (millions):
Stifel Bancorp Wealth Management Deposits	$	25,144		$	24,756			1.6	%	$	24,470			2.8	%
Third-party Bank Sweep Program		578			1,114			(48.1	%)		657			(12.0	%)
Other Sweep Cash		173			236			(26.7	%)		284			(39.1	%)
Money Market Mutual Funds		8,760			6,240			40.4	%		8,034			9.0	%

Total Wealth Management Cash	$	34,655		$	32,346			7.1	%	$	33,445			3.6	%


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

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Institutional Group - Summary Results of Operations


	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2023			9/30/2022			% Change			6/30/2023			% Change			9/30/2023			9/30/2022			% Change
Revenues:
Commissions	$	52,775		$	50,840			3.8	%	$	55,522			(4.9	%)	$	167,656		$	180,650			(7.2	%)
Principal transactions		61,594			70,027			(12.0	%)		57,578			7.0	%		183,630			260,890			(29.6	%)

Transactional revenues		114,369			120,867			(5.4	%)		113,100			1.1	%		351,286			441,540			(20.4	%)
Capital raising		45,719			50,625			(9.7	%)		74,886			(38.9	%)		177,263			185,391			(4.4	%)
Advisory		97,272			166,736			(41.7	%)		87,875			10.7	%		336,210			547,688			(38.6	%)

Investment banking		142,991			217,361			(34.2	%)		162,761			(12.1	%)		513,473			733,079			(30.0	%)
Other income (14)		(472	)		1,180			(140.0	%)		1,663			(128.4	%)		2,266			7,516			(69.9	%)

Net revenues		256,888			339,408			(24.3	%)		277,524			(7.4	%)		867,025			1,182,135			(26.7	%)
Non-interest expenses:
Compensation and benefits		192,638			211,818			(9.1	%)		194,158			(0.8	%)		592,701			708,876			(16.4	%)
Non-compensation operating expenses		92,054			87,590			5.1	%		94,959			(3.1	%)		279,995			263,639			6.2	%

Total non-interest expenses		284,692			299,408			(4.9	%)		289,117			(1.5	%)		872,696			972,515			(10.3	%)

Income/(loss) before income taxes	$	(27,804	)	$	40,000			(169.5	%)	$	(11,593	)		(139.8	%)	$	(5,671	)	$	209,620			(102.7	%)

As a percentage of net revenues:
Compensation and benefits		75.0	%		62.4	%		1,260			70.0	%		500			68.4	%		60.0	%		840
Non-compensation operating expenses		35.8	%		25.8	%		1,000			34.2	%		160			32.3	%		22.3	%		1,000
Income before income taxes		(10.8	%)		11.8	%		(2,260	)		(4.2	%)		(660	)		(0.7	%)		17.7	%		(1,840	)


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

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	9/30/2023			9/30/2022			% Change			6/30/2023			% Change
Stifel Bancorp Financial Information:
Total assets	$	29,872,977		$	29,307,718			1.9	%	$	29,260,431			2.1	%
Total shareholder’s equity	$	2,162,000		$	1,995,933			8.3	%	$	2,148,221			0.6	%
Total loans, net (includes loans held for sale)	$	20,435,170		$	20,910,895			(2.3	%)	$	20,562,492			(0.6	%)
Residential real estate		7,957,027			7,048,762			12.9	%		7,708,506			3.2	%
Commercial and industrial		4,367,671			5,040,682			(13.4	%)		4,471,031			(2.3	%)
Fund banking		4,114,889			4,353,875			(5.5	%)		4,349,541			(5.4	%)
Securities-based loans		2,317,631			2,785,679			(16.8	%)		2,399,328			(3.4	%)
Commercial real estate		670,907			872,010			(23.1	%)		677,521			(1.0	%)
Construction and land		851,709			564,581			50.9	%		772,571			10.2	%
Other		172,555			153,661			12.3	%		154,469			11.7	%
Loans held for sale		142,617			234,927			(39.3	%)		224,017			(36.3	%)
Investment securities	$	7,411,040		$	7,650,130			(3.1	%)	$	7,532,175			(1.6	%)
Available-for-sale securities, at fair value		1,512,233			1,660,847			(8.9	%)		1,582,418			(4.4	%)
Held-to-maturity securities, at amortized cost		5,898,807			5,989,283			(1.5	%)		5,949,757			(0.9	%)
Unrealized losses on available-for-sale securities		(250,506	)		(247,188	)		1.3	%		(215,038	)		16.5	%
Total deposits	$	27,594,358		$	27,190,619			1.5	%	$	27,004,807			2.2	%
Demand deposits (interest-bearing)		27,335,890			26,783,010			2.1	%		26,744,730			2.2	%
Demand deposits (non-interest-bearing)		258,466			397,573			(35.0	%)		260,075			(0.6	%)
Certificates of deposit		2			10,036			nm			2			0.0	%

Credit Metrics:
Allowance for credit losses	$	169,822		$	141,998			19.6	%	$	160,132			6.1	%
Allowance as a percentage of retained loans		0.83	%		0.68	%					0.78	%
Net charge-offs as a percentage of average loans		0.00	%		0.02	%					0.00	%
Total nonperforming assets	$	50,719		$	11,291			349.2	%	$	11,420			344.1	%
Nonperforming assets as a percentage of total assets		0.17	%		0.04	%					0.04	%


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

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	9/30/2023		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	7,957		30	%	Industrials	$	1,012	4	%
Securities-based loans		2,318		9	%	Financials		908	3	%
Home equity lines of credit and other		172		1	%	Information technology		604	2	%

Total consumer		10,447		39	%	Consumer discretionary		567	2	%

Commercial and industrial		4,368		17	%	Healthcare		298	1	%
Fund banking		4,115		16	%	REITs		275	1	%
Construction and land		852		3	%	Materials		224	1	%
Commercial real estate		671		3	%	Hotel, leisure, restaurants		173	1	%

Total commercial		10,006		38	%	Communication services		158	1	%

Total loan portfolio		20,453		77	%	Consumer staples		110	0	%

Unfunded commitments		6,012		23	%

Total	$	26,465

						CLO by Major Sector
						High tech industries	$	601	10	%
Investment Portfolio						Healthcare & pharmaceuticals		598	10	%
CLO	$	5,868		77	%	Services: business		524	9	%
Agency MBS		878		11	%	Banking, finance, insurance, & real estate		509	9	%
Corporate bonds		618		8	%	Construction & building		255	4	%
SBA		132		2	%	Services: consumer		249	4	%
Student loan ARS		92		1	%	Media: broadcasting & subscription		249	4	%
CMBS		70		1	%	Chemicals, plastics, & rubber		247	4	%
Other		3		0	%	Hotel, gaming, & leisure		236	4	%

Total Portfolio	$	7,661		100	%	Telecommunications		233	4	%


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

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Loans and Lending Commitments - Allowance for Credit Losses


	September 30, 2023
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %			Q3 Provision
Residential real estate	$	7,957,027	$	14,607		0.2	%	$	194
Commercial and industrial		4,367,671		74,659		1.7	%		8,584
Fund banking		4,114,889		11,518		0.3	%		(660	)
Securities-based loans		2,317,631		3,018		0.1	%		(68	)
Commercial real estate		670,907		19,866		3.0	%		6,437
Construction and land		851,709		11,500		1.4	%		(1,145	)
Other		172,555		629		0.4	%		76

Loans held for investment, gross		20,452,389		135,797		0.7	%		13,418
Loans held for sale		142,617

Total loans, gross		20,595,006
Lending commitments		6,012,000		34,025		0.6	%		(3,426	)

Loans and lending commitments	$	26,607,006	$	169,822				$	9,992


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

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Consolidated Net Interest Income


	Three Months Ended
	September 30, 2023							September 30, 2022							June 30, 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	$	2,595.1	$	35.6		5.48	%	$	1,302.9	$	7.7		2.38	%	$	2,015.4	$	25.0		4.96	%
Financial instruments owned		875.6		4.4		2.01	%		982.7		3.6		1.45	%		864.7		4.6		2.14	%
Margin balances		768.2		15.6		8.15	%		1,062.3		12.5		4.71	%		795.6		15.4		7.72	%
Investments:
Asset-backed securities		6,130.3		111.0		7.25	%		6,178.0		61.0		3.95	%		6,162.8		106.5		6.91	%
Mortgage-backed securities		957.3		5.3		2.22	%		1,032.7		5.3		2.08	%		974.9		5.4		2.20	%
Corporate fixed income securities		619.5		4.3		2.77	%		722.7		5.1		2.81	%		622.5		4.3		2.77	%
Other		4.8		0.1		2.55	%		4.6		—		1.77	%		4.7		—		2.55	%

Total investments		7,711.9		120.7		6.26	%		7,938.0		71.4		3.60	%		7,764.9		116.2		5.99	%
Loans:
Residential real estate		7,839.4		61.7		3.15	%		6,824.3		44.8		2.63	%		7,605.8		57.2		3.01	%
Commercial and industrial		4,372.4		96.8		8.86	%		4,947.8		65.2		5.27	%		4,715.2		96.7		8.21	%
Fund banking		4,155.7		83.0		7.99	%		4,090.2		47.6		4.66	%		4,403.6		82.9		7.53	%
Securities-based loans		2,342.4		42.7		7.30	%		2,901.9		31.7		4.36	%		2,469.1		43.0		6.96	%
Commercial real estate		668.0		13.4		8.00	%		733.4		8.6		4.68	%		688.3		13.1		7.59	%
Construction and land		820.5		17.3		8.44	%		493.3		6.4		5.21	%		702.3		14.2		8.07	%
Loans held for sale		202.2		2.6		5.06	%		231.2		2.1		3.57	%		178.9		3.0		6.72	%
Other		162.2		3.2		7.86	%		154.0		2.0		5.06	%		161.6		2.9		7.65	%

Total loans		20,562.8		320.7		6.24	%		20,376.1		208.4		4.09	%		20,924.8		313.0		5.98	%
Other interest-bearing assets		730.9		8.2		4.49	%		889.5		0.6		0.27	%		718.2		8.6		4.76	%

Total interest-bearing assets/ interest income		33,244.5		505.2		6.08	%		32,551.5		304.2		3.74	%		33,083.6		482.8		5.84	%
Interest-bearing liabilities:
Senior notes		1,115.2		12.5		4.49	%		1,114.1		11.2		4.03	%		1,114.9		12.5		4.49	%
Deposits		27,247.4		198.2		2.91	%		25,998.2		43.4		0.67	%		27,223.3		171.4		2.52	%
Other interest-bearing liabilities		1,218.9		9.8		3.23	%		1,958.6		5.2		1.05	%		1,181.3		7.2		2.45	%

Total interest-bearing liabilities/ interest expense	$	29,581.5		220.5		2.98	%	$	29,070.9		59.8		0.82	%	$	29,519.5		191.1		2.59	%

Net interest income/margin			$	284.7		3.43	%			$	244.4		3.00	%			$	291.7		3.53	%


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

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Stifel Bancorp Net Interest Income


	Three Months Ended
	September 30, 2023							September 30, 2022							June 30, 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	$	1,536.8	$	21.9		5.70	%	$	520.5	$	3.2		2.45	%	$	1,128.4	$	15.0		5.31	%
Investments		7,711.9		120.7		6.26	%		7,938.0		71.4		3.60	%		7,764.9		116.2		5.99	%
Loans		20,562.8		320.7		6.24	%		20,376.1		208.4		4.09	%		20,924.8		313.0		5.98	%
Other interest-bearing assets		64.9		0.7		4.08	%		75.8		0.8		4.37	%		62.9		0.7		4.13	%

Total interest-bearing assets/ interest income	$	29,876.4	$	464.0		6.21	%	$	28,910.4	$	283.8		3.93	%	$	29,881.0	$	444.9		5.96	%
Interest-bearing liabilities:
Deposits	$	27,247.4	$	198.2		2.91	%	$	25,998.2	$	43.4		0.67	%	$	27,223.3	$	171.4		2.52	%
Other interest-bearing liabilities		0.9		0.2		80.57	%		543.2		3.3		2.43	%		0.8		0.1		50.62	%

Total interest-bearing liabilities/ interest expense	$	27,248.3		198.4		2.91	%	$	26,541.4		46.7		0.70	%	$	27,224.1		171.5		2.52	%

Net interest income/margin			$	265.6		3.56	%			$	237.1		3.28	%			$	273.4		3.66	%


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

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GAAP to Core Reconciliation


	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2023			9/30/2022			Change			6/30/2023			Change			9/30/2023			9/30/2022			Change
GAAP net revenues	$	1,045,051		$	1,045,139					$	1,050,721					$	3,202,565		$	3,269,792
Non-GAAP adjustments		(23	)		(6	)					—						(26	)		55

Non-GAAP net revenues		1,045,028			1,045,133						1,050,721						3,202,539			3,269,847

GAAP compensation and benefits expense		613,287			611,870						615,667						1,880,144			1,938,270
Merger-related (15)		(7,171	)		(6,059	)					(6,523	)					(22,947	)		(24,544	)

Non-GAAP compensation and benefits expense		606,116			605,811						609,144						1,857,197			1,913,726

GAAP non-compensation operating expenses		322,335			227,500						253,669						821,724			680,103
Merger-related (15)		(6,623	)		(5,905	)					(8,621	)					(23,380	)		(19,003	)

Non-GAAP non-compensation operating expenses		315,712			221,595						245,048						798,344			661,100

Total merger-related adjustments		(13,771	)		(11,958	)					(15,144	)					(46,301	)		(43,602	)

GAAP provision for income taxes		41,268			54,600						47,033						140,645			165,885
Merger-related and other (15)		5,198			3,051						3,920						13,455			10,979

Non-GAAP provision for income taxes		46,466			57,651						50,953						154,100			176,864

Financial ratios:
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—			58.0	%		58.5	%		(50	)
Non-compensation operating expenses		30.2	%		21.2	%		900			23.3	%		690			24.9	%		20.2	%		470
Income before income taxes		11.8	%		20.8	%		(900	)		18.7	%		(690	)		17.1	%		21.3	%		(420	)
Effective tax rate		37.7	%		26.5	%		1,120			25.9	%		1,180			28.2	%		25.4	%		280


Stifel Financial Corp. Quarterly Financial Supplement \| Third 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 $67.4 million, $59.2 million, and $64.6 million, as of September 30, 2023 and 2022, and June 30, 2023, respectively.

(5)	Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, October 25, 2023.

(6)	Includes capital raising and advisory revenues.

(7)	Includes independent contractors of 108, 102, and 109 as of September 30, 2023 and 2022, and June 30, 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 \| Third 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 third quarter earnings release issued October 25, 2023.


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

Exhibit 99.3 Third Quarter 2023 Financial Results Presentation October 25, 2023 Quarterly Earnings Report

Third Quarter Snapshot 3Q23 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 3Q23: GAAP & NON-GAAP $1,045 3Q23: GAAP $0.52 & NON-GAAP $0.60 3Q23: GAAP $59 & NON-GAAP $67 YTD: GAAP & NON-GAAP $3,203 YTD: GAAP $332 & NON-GAAP $365 YTD: GAAP $2.91 & NON-GAAP $3.20 ANNUALIZED ROTCE* BOOK VALUE PER SHARE ANNUALIZED ROCE TBV $30.06 BV $44.20 3Q23: GAAP 5.1% & NON-GAAP 5.8% 3Q23: GAAP 7.4% & NON-GAAP 8.5% YTD: GAAP 13.7% & NON-GAAP 15.1% YTD: GAAP 9.5% & NON-GAAP 10.4% * Please see our definition of ROTCE in our third quarter 2023 earnings release HIGHLIGHTS Record Increased Deposits Global Wealth Management Revenue By $600 million Continued Recruiting Repurchased Strength 1.9 million Common Shares Stable Increased Share Repurchase Net Interest Income Authorization by 10 million Shares Quarterly Earnings Report 1

Variance to Consensus Estimates Third Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates (in Millions, except diluted EPS and share data) 3Q23 3Q23 Mean % Δ ■ Commissions & Principal Transactions: Revenues Operating ANALYST Commissions + Principal transactions $280 $275 2% ■ Stronger Revenue from GWM Investment banking $147 $176 (17%) ■ Investment Banking: Asset management and service fees $333 $330 1% Net interest $285 $287 (1%) ■ Slower Closing in Advisory Net revenues $1,045 $1,073 (3%) ■ Weaker ECM & FICM Results Non-interest expenses Compensation and benefits 606 625 3%■ Net Interest Income Compensation Ratio 58.0% 58.2% 20 bps ■ Modest Cash Sorting Non-compensation expenses, including legal charges 316 241 31% ■ Non-compensation Expense: Total non-interest expenses 922 866 6% Income before income taxes 123 207 (40%) ■ Includes $67 million of Legal Settlements Provision for income taxes 46 53 (13%) ■ Higher Provision Expense Tax Rate 37.7% 25.7% 47% Net Income $77 $154 (50%) ■ Tax Rate: Diluted Operating EPS* $0.60 $1.29 (54%) ■ Negatively Impacted by Non-Deductibility of Legal After-tax EPS Impact of Legal Rerserve* ($0.58) Settlement Expense * Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of 25%, divided by the diluted average share count. Quarterly Earnings Report 2

Wealth Management: A Key Growth Driver CONSISTENT GROWTH $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023* Brokerage Asset Management & Service Fees Net Interest Investment Banking & Other *2023 GWM Net Revenue based on annualized results through 9/30/2023 INCREASING PERCENTAGE OF RECURRING REVENUE RECRUITING DRIVES REVENUE GROWTH $450 700 100% 650 90% 22% $400 24% 600 34% 32% 32% 80% 33% 39% 550 $350 46% 51% 70% 500 $300 450 60% 400 $250 50% 350 $200 40% 78% 300 76% 66% 66% 66% 64% 250 30% 60% $150 53% 200 47% 20% $100 150 10% 100 $50 0% 50 $- 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Net Interest Income & Asset Management Fees Transactional & Investment Banking T-12 Cumulative Production Cumulative Gross FAs Quarterly Earnings Report 3 millions Net Revenue (millions) Financial Advisors

Third Quarter Results FINANCIAL RESULTS NET REVENUE Sequential millions 3Q23 Y/Y Change 2023 YTD VS 2022 YTD Change $1,400 Global Wealth Management $769 10% 1% $2,284 10% $1,122 $1,200 $1,107 Institutional 257 -24% -7% 867 -27% $1,045 $1,051 $1,045 Other 20 nm 31% 52 nm $1,000 Net revenue 1,045 0% -1% 3,203 -2% $800 Compensation expense 606 0% 0% 1,857 -3% $600 1 306 42% 29% 776 22% Operating expense 2 $400 10 55% 28% 23 -17% Provision for credit loss Pre-tax pre-provision income 133 -41% -35% 570 -21% $200 Pre-tax income 123 -43% -37% 547 -21% $0 3Q22 4Q22 1Q23 2Q23 3Q23 Taxes 46 -19% -9% 154 -13% Net income 77 -52% -47% 393 -24% Preferred dividends 9 0% 0% 28 0% Net income available to common 67 -55% -51% 365 -26% shareholders Diluted EPS $0.60 -54% -50% $3.20 -23% Compensation ratio 58.0% 0 bps 0 bps 58.0% -50 bps 3 29.3% 870 bps 670 bps 24.2% 480 bps Operating expense ratio Pre-tax operating margin 11.8% -900 bps -690 bps 17.1% -420 bps Book value per share $44.20 3% -1% Tangible book value per share $30.06 2% -2% 4 8.5% -1070 bps -830 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 third quarter earnings release Quarterly Earnings Report 4 millions

Global Wealth Management HIGHLIGHTS GLOBAL WEALTH MANAGEMENT REVENUE Sequential millions 3Q23 Y/Y Change 2023 YTD VS 2022 YTD Change■ Record Quarterly & First Three Quarters’ Net Revenue Transactional $166 6% 5% $485 -4% ■ Second Highest Quarterly Asset Management Asset Management 333 11% 4% 969 -1% Revenue Net Interest 269 11% -3% 829 39% ■ Added 36 Financial Advisors, Including 24 Investment Banking 4 -13% -4% 12 -18% Experienced with Total Trailing Twelve Month Other (3) nm nm (11) nm Production of $24.3 million Total Global Wealth Management Net $769 10% 1% $2,284 10% Revenue ■ 34% Increase in Recruited Advisors YTD 2023 Comp. Ratio 46.8% 30 bps 10 bps 46.2% -380 bps Non-Comp. Ratio 14.4% 80 bps 70 bps 13.8% -10 bps Provision for credit loss $10 55% 28% $23 -17% Pre-tax Margin 38.8% -110 bps -80 bps 40.0% 390 bps NET REVENUE & MARGIN Pre-tax Pre-provision Margin 40.1% -70 bps -50 bps 41.0% 370 bps $790 $769 44% $757 $758 $765 FINANCIAL ADVISOR & CLIENT ASSET METRICS $744 42% $740 Sequential millions 3Q23 Y/Y 40% Change $702 $715 42.6% 41.7% Financial Advisors 2,266 1% 0% 38% 39.6% 39.9% $690 38.8% 36% Independent Contractors 108 6% -1% $665 34% Total Financial Advisors 2,374 2% 0% $640 32% Client AUA $412,458 13% -1% $615 Fee-based Client Assets $150,982 11% -2% 30% $590 3Q22 4Q22 1Q23 2Q23 3Q23 Private Client Fee-based Client Assets $132,712 12% -2% Net Revenue Pre-tax Margin Quarterly Earnings Report 5 Margin Net Revenue (millions)

Strong Bank Fundamentals SLOWING CASH SORTING NIM STABLE DESPITE RISING DEPOSIT $3,969 $3,811 COSTS 7.00% $2,068 $1,747 6.00% $1,080 $905 $726 $599 $381 $288 5.00% 3.64% 3.57% 3.53% 4.00% 3.43% 3.00% ($1,230) 3.00% ($2,022) 2.00% ($2,494) 1.00% ($3,640) ($4,364) 0.00% 3Q22 4Q22 1Q23 2Q23 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 Sweep Smart Rate Ticketed MMF Net Interest Margin Deposit Costs Asset Yields ALLOWANCE FOR CREDIT LOSSES / TOTAL LOANS WELL CAPITALIZED UNDER STRESS SCENARIO 3.50% 12.0% 11.0% 3.00% 10.0% 2.50% 9.0% 2.00% 8.0% 1.50% 7.0% 0.85% 0.80% 1.00% 0.75% 6.0% 0.74% 0.70% 5.0% 0.50% 4.0% 0.00% 3Q22 4Q22 1Q23 2Q23 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 Tier 1 R atio (ex. 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 3Q23 Y/Y Change 2023 YTD VS 2022 YTD Change ■ Ranked #1 in Municipal Issuance YTD with 13.8% Advisory $97 -42% 11% $336 -39% Market Share Capital Raising $46 -10% -39% $177 -4% Transactional $114 -5% 1% $351 -20% ■ Increased Market Share in Equity Transactions Total Institutional Revenue* $257 -24% -7% $867 -27% ■ Improving Investment Banking Backlogs Comp. Ratio 75.0% 1260 bps 500 bps 68.4% 840 bps Non-Comp. Ratio 35.8% 1000 bps 160 bps 32.3% 1000 bps Pre-tax Margin -10.8% -2260 bps -660 bps -0.7% -1840 bps * Includes net interest, asset management, and other income EQUITIES REVENUE FIXED INCOME REVENUE $100 $150 $76 $77 $76 $113 $80 $70 $105 $101 $103 $68 $110 $92 $60 $24 $25 $28 $27 $32 $24 $21 $30 $45 $25 $70 $40 $30 $20 $74 $77 $71 $68 $67 $46 $52 $52 $46 $47 $0 -$10 3Q22 4Q22 1Q23 2Q23 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 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% 35% millions 3Q23 3Q22 Y/Y Change 63% 30% 61% 25% Compensation $606 $606 0% 59% 20% Non-compensation Expense, 57% 15% $302 $209 44% 58.0% 58.0% 58.0% 58.0% Ex. IB Gross Up & Credit Loss 55% 56.5% 10% Credit Loss Provision & IB Gross Up $14 $12 13% 53% 5% 51% 0% Non-compensation $316 $222 42% 3Q22 4Q22 1Q23 2Q23 3Q23 Pre-tax Income $123 $218 -43% 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) 3Q23 $700 $600 GAAP Net Income $68,161 $500 $400 Preferred Dividend $9,321 $300 $200 Net Income available to common Shareholders $58,840 $100 $0 Non-GAAP After Tax Adjustments $8,573 2019 2020 2021 2022 2023* Non-GAAP Net Income Available to Common $67,413 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our third quarter 2023 earnings release. *2023 annual GAAP to non-GAAP results based on annualized results through 9/30/2023 Quarterly Earnings Report 8 millions Compensation Ratio Non-compensation Ratio

Capital Utilization FIRM-WIDE ASSETS & CAPITAL RATIOS HIGHLIGHTS $40,000 $38,598 22.0% $37,878 $37,612 ■ Repurchased 1.9 million Shares $37,298 $37,196 $38,000 20.0% $36,000 ■ Approved Additional 10 million Share 18.0% $34,000 Repurchase Authorization $32,000 17.6% 17.3% 16.0% 16.9% 17.0% 16.8% $30,000 ■ 14.2 million Shares in Total Authorization 14.0% $28,000 $26,000 12.0% ■ Total Assets Increased $600 million $24,000 10.0% 11.1% 11.1% 11.1% 10.9% 10.8% $22,000■ Bank Funding Increased at CAGR of 13% Since 2019 $20,000 8.0% 3Q22 4Q22 1Q23 2Q23 3Q23 Assets Tier 1 Leverage Tier 1 Risk Based Capital $1,600,000 BANK FUNDING: A TRACK RECORD of GROWTH DEPLOYING EXCESS CAPITAL $50,000 $1,400,000 $45,000 $1,200,000 $40,000 $1,000,000 $35,000 $30,000 $800,000 $25,000 $600,000 $20,000 $15,000 $400,000 $10,000 $200,000 $5,000 $0 $0 2018 2019 2020 2021 2022 2023E 2017 2018 2019 2020 2021 2022 2023* ($200,000) Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) Bank Deposits Available Funding *2023 based on results through 9/30/2023 *2023 Estimated Capital Generated based annualized 3Q23 Net Income plus current capital in excess of regulatory minimum. Quarterly Earnings Report 9 (000s) millions millions

Concluding Remarks Quarterly Earnings Report

Third Quarter 2023 Financial Results Presentation October 25, 2023 Quarterly Earnings Report

Disclaimer 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 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. Quarterly Earnings Report 12

Document and Entity Information	Oct. 25, 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	Oct. 25, 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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