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): February 15, 2012
STIFEL FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Delaware
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001-09305
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43-1273600
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One Financial Plaza
501 North Broadway
St. Louis, Missouri 63102-2102
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (314) 342-2000
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N/A |
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(Former name or former address, if changed since last report) |
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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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On February 15, 2012, Stifel Financial Corp. reported its financial results for the three and twelve months ended December 31, 2011. A copy of the related press release is attached hereto as Exhibit 99.1. The press release includes a reference to core earnings per diluted common share. Management believes this non-GAAP financial measure provides useful information to investors because it excludes certain expenses, which are unrelated to our primary business operations, and the exclusion of these charges helps investors understand our operating results and underlying operational trends as compared to prior periods.
Stifel Financial Corp. will hold a conference call on Wednesday, February 15, 2012, at 5:00 p.m. Eastern time. This call will be available via a webcast, and slides can be accessed on the Investor Relations portion of the Stifel Financial Corp. website at www.stifel.com, as well as on all sites within Thomson/CCBN's Investor Distribution Network. All interested parties are invited to participate by dialing (800) 651-2240 and referencing conference ID #51663538. The conference call slide show is attached hereto as Exhibit 99.2.
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 in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) |
Exhibits. |
Exhibit No. |
Description of Exhibit |
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99.1 | Press release dated February 15, 2012. |
99.2 | Investor presentation. |
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.
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STIFEL FINANCIAL CORP. | |
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Date: February 15, 2012 |
By: |
/s/ James M. Zemlyak |
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James M. Zemlyak |
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Senior Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit No. |
Description of Exhibit |
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99.1 | Press release dated February 15, 2012. |
99.2 | Investor presentation. |
Exhibit 99.1
FOR IMMEDIATE RELEASE
STIFEL FINANCIAL CORP. REPORTS FOURTH QUARTER AND FULL-YEAR 2011 FINANCIAL RESULTS
16th Consecutive Year of Record Net Revenues
Non-GAAP net income of $113.6 million1, or $1.80 per diluted share.
Summary Results of Operations (Unaudited)
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||||||||||||||||||||||||||||||||
Three Months Ended
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Year Ended
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|||||||||||||||||||||||||||||||
(in 000s)
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12/31/11
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12/31/10
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% Change
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9/30/11
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% Change
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12/31/11
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12/31/10
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% Change
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||||||||||||||||||||||||
Net revenues
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$ | 356,878 | $ | 401,599 | (11.1 | ) | $ | 334,214 | 6.8 | $ | 1,416,562 | $ | 1,382,026 | 2.5 | ||||||||||||||||||
Net income
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$ | 27,016 | $ | 41,394 | (34.7 | ) | $ | 22,304 | 21.1 | $ | 84,134 | $ | 1,907 | * | ||||||||||||||||||
Non-GAAP net income
1
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$ | 27,016 | $ | 47,318 | (42.9 | ) | $ | 22,304 | 21.1 | $ | 113,562 | $ | 124,760 | (9.0 | ) | |||||||||||||||||
Earnings per share:
2
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||||||||||||||||||||||||||||||||
Basic
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$ | 0.52 | $ | 0.81 | (35.8 | ) | $ | 0.43 | 20.9 | $ | 1.61 | $ | 0.04 | * | ||||||||||||||||||
Diluted
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$ | 0.43 | $ | 0.65 | (33.8 | ) | $ | 0.35 | 22.9 | $ | 1.33 | $ | 0.03 | * | ||||||||||||||||||
Non-GAAP diluted
1
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$ | 0.43 | $ | 0.74 | (41.9 | ) | $ | 0.35 | 22.9 | $ | 1.80 | $ | 2.16 | (16.7 | ) | |||||||||||||||||
* Not meaningful.
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Summary Segment Results
- Core
3 (Unaudited)
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||||||||||||||||||||||||||||||||
Three Months Ended
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Year Ended
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|||||||||||||||||||||||||||||||
(in 000s)
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12/31/11
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12/31/10
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% Change
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9/30/11
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% Change
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12/31/11
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12/31/10
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% Change
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||||||||||||||||||||||||
Net revenues:4
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Global Wealth Management
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$ | 224,569 | $ | 236,424 | (5.0 | ) | $ | 219,498 | 2.3 | $ | 908,158 | $ | 843,269 | 7.7 | ||||||||||||||||||
Institutional Group
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134,229 | 165,902 | (19.1 | ) | 113,259 | 18.5 | 507,397 | 541,839 | (6.4 | ) | ||||||||||||||||||||||
Other
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(1,920 | ) | 461 | (516.5 | ) | 1,457 | (231.8 | ) | 1,119 | (956 | ) | 217.1 | ||||||||||||||||||||
$ | 356,878 | $ | 402,787 | (11.4 | ) | $ | 334,214 | 6.8 | $ | 1,416,674 | $ | 1,384,152 | 2.3 | |||||||||||||||||||
Operating contribution:4
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Global Wealth Management
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$ | 62,872 | $ | 62,717 | 0.2 | $ | 55,612 | 13.1 | $ | 235,382 | $ | 194,023 | 21.3 | |||||||||||||||||||
Institutional Group
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10,773 | 43,656 | (75.3 | ) | 9,152 | 17.7 | 63,269 | 129,535 | (51.2 | ) | ||||||||||||||||||||||
Other
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(28,619 | ) | (29,994 | ) | (4.6 | ) | (25,741 | ) | 11.2 | (112,395 | ) | (116,587 | ) | (3.6 | ) | |||||||||||||||||
$ | 45,026 | $ | 76,379 | (41.0 | ) | $ | 39,023 | 15.4 | $ | 186,256 | $ | 206,971 | (10.0 | ) | ||||||||||||||||||
Global Wealth Management
The Private Client Group reported net revenues of $205.1 million, a 10% decrease compared with the fourth quarter of 2010 and a 2% increase compared with the third quarter of 2011.
Stifel Bank reported net revenues of $19.5 million, a 99% increase compared with the fourth quarter of 2010 and an 11% increase compared with the third quarter of 2011.
Institutional Group
4 A reconciliation of the company’s GAAP results to these non-GAAP measures is discussed below under “Non-GAAP Financial Measures.”
2
Equity brokerage revenues were $40.6 million, a 13% decrease compared with the fourth quarter of 2010 and a 14% decrease compared with the third quarter of 2011.
Fixed income brokerage revenues were $39.7 million, a 10% increase compared with the fourth quarter of 2010 and a 25% increase compared with the third quarter of 2011.
Equity capital raising revenues were $10.1 million, a 71% decrease compared with the fourth quarter of 2010 and a 38% decrease compared with the third quarter of 2011.
Fixed income capital raising revenues were $13.2 million, a 113% increase compared with the fourth quarter of 2010 and a 162% increase compared with the third quarter of 2011.
Equity advisory fee revenues were $25.7 million, a 33% decrease compared with the fourth quarter of 2010, and a 135% increase compared with the third quarter of 2011.
Fixed income advisory fee revenues were $3.1 million, a 9% increase compared with the fourth quarter of 2010 and a 94% increase compared with the third quarter of 2011.
Provision for Income Taxes
The Private Client Group reported record net revenues of $850.1 million, a 6% increase compared to $804.7 million in 2010.
Stifel Bank reported net revenues of $58.1 million, a 50% increase compared to $38.6 million in 2010.
Equity institutional brokerage revenues were $181.9 million, a 5% increase compared to $173.0 million in 2010.
Fixed income institutional brokerage revenues were $141.4 million, a 16% decrease compared to $168.5 million in 2010.
Equity capital raising revenues were $77.5 million, an 11% decrease compared to $87.4 million in 2010.
Fixed income capital raising revenues were $26.5 million, a 26% increase compared to $21.1 million in 2010.
Equity advisory fee revenues were $67.9 million, an 11% decrease compared to $76.1 million in 2010.
Fixed income advisory fee revenues were $7.2 million, a 2% decrease compared to $7.3 million in 2010.
Statement of Financial Condition (Unaudited)
5
Reconciliation of GAAP to Non-GAAP Earnings (Unaudited)
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(in thousands, except per share amounts)
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Three Months Ended December 31, 2011
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Year Ended December 31, 2011
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GAAP
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Non-core
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Non-GAAP
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GAAP
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Non-core7
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Non-GAAP
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Net revenues
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$ | 356,878 | $ | — | $ | 356,878 | $ | 1,416,562 | $ | 112 | $ | 1,416,674 | ||||||||||||
Non-interest expenses:
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Compensation and benefits
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228,743 | — | 228,743 | 900,421 | (1,722 | ) | 898,699 | |||||||||||||||||
Non-compensation operating expenses
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83,109 | — | 83,109 | 377,533 | (45,814 | ) | 331,719 | |||||||||||||||||
Total non-interest expenses
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311,852 | — | 311,852 | 1,277,954 | (47,536 | ) | 1,230,418 | |||||||||||||||||
Income before income taxes
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45,026 | — | 45,026 | 138,608 | 47,648 | 186,256 | ||||||||||||||||||
Provision for income taxes
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18,010 | — | 18,010 | 54,474 | 18,220 | 72,694 | ||||||||||||||||||
Net income
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$ | 27,016 | $ | — | $ | 27,016 | $ | 84,134 | $ | 29,428 | $ | 113,562 | ||||||||||||
Earnings per share:
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Diluted
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$ | 0.43 | $ | 0.43 | $ | 1.33 | $ | 1.80 | ||||||||||||||||
As a percentage of net revenues:
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Compensation and benefits
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64.1 | % | 64.1 | % | 63.6 | % | 63.4 | % | ||||||||||||||||
Non-compensation operating expenses
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23.3 | % | 23.3 | % | 26.6 | % | 23.5 | % | ||||||||||||||||
Income before income taxes
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12.6 | % | 12.6 | % | 9.8 | % | 13.1 | % |
Reconciliation of GAAP to Non-GAAP Earnings (Unaudited)
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(in thousands, except per share amounts)
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Three Months Ended December 31, 2010
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Year Ended December 31, 2010
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GAAP
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Non-core7
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Non-GAAP
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GAAP
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Non-core7
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Non-GAAP
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Net revenues
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$ | 401,599 | $ | 1,188 | $ | 402,787 | $ | 1,382,026 | $ | 2,126 | $ | 1,384,152 | ||||||||||||
Non-interest expenses:
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Compensation and benefits
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237,117 | 242 | 237,359 | 1,056,202 | (186,053 | ) | 870,149 | |||||||||||||||||
Non-compensation operating expenses
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97,665 | (8,616 | ) | 89,049 | 326,053 | (19,021 | ) | 307,032 | ||||||||||||||||
Total non-interest expenses
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334,782 | (8,374 | ) | 326,408 | 1,382,255 | (205,074 | ) | 1,177,181 | ||||||||||||||||
Income/(loss) before income taxes
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66,817 | 9,562 | 76,379 | (229 | ) | 207,200 | 206,971 | |||||||||||||||||
Provision for income taxes/(benefit)
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25,423 | 3,638 | 29,061 | (2,136 | ) | 84,347 | 82,211 | |||||||||||||||||
Net income
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$ | 41,394 | $ | 5,924 | $ | 47,318 | $ | 1,907 | $ | 122,853 | $ | 124,760 | ||||||||||||
Earnings per share:8
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Diluted
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$ | 0.65 | $ | 0.74 | $ | 0.03 | $ | 2.16 | ||||||||||||||||
As a percentage of net revenues:
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Compensation and benefits
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59.0 | % | 58.9 | % | 76.4 | % | 62.9 | % | ||||||||||||||||
Non-compensation operating expenses
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24.4 | % | 22.1 | % | 23.6 | % | 22.1 | % | ||||||||||||||||
Income/(loss) before income taxes
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16.6 | % | 19.0 | % | 0.0 | % | 15.0 | % |
6
Summary Results of Operations (Unaudited)
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Three Months Ended
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Year Ended
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(in thousands, except per share amounts)
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12/31/11
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12/31/10
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% Change
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9/30/11
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% Change
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12/31/11
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12/31/10
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% Change
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Revenues:
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Commissions
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$ | 123,737 | $ | 139,605 | (11.4 | ) | $ | 143,243 | (13.6 | ) | $ | 561,081 | $ | 445,260 | 26.0 | |||||||||||||||||
Principal transactions
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93,963 | 89,996 | 4.4 | 76,650 | 22.6 | 343,213 | 453,533 | (24.3 | ) | |||||||||||||||||||||||
Asset management
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55,920 | 57,042 | (2.0 | ) | 58,253 | (4.0 | ) | 228,834 | 193,159 | 18.5 | ||||||||||||||||||||||
Investment banking
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56,075 | 90,975 | (38.4 | ) | 37,673 | 48.8 | 199,584 | 218,104 | (8.5 | ) | ||||||||||||||||||||||
Other income
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8,379 | 10,497 | (20.2 | ) | 540 | * | 19,731 | 19,855 | (0.6 | ) | ||||||||||||||||||||||
Operating revenues
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338,074 | 388,115 | (12.9 | ) | 316,359 | 6.9 | 1,352,443 | 1,329,911 | 1.7 | |||||||||||||||||||||||
Interest revenue
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25,220 | 18,307 | 37.8 | 24,161 | 4.4 | 89,466 | 65,326 | 37.0 | ||||||||||||||||||||||||
Total revenues
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363,294 | 406,422 | (10.6 | ) | 340,520 | 6.7 | 1,441,909 | 1,395,237 | 3.3 | |||||||||||||||||||||||
Interest expense
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6,416 | 4,823 | 33.0 | 6,306 | 1.7 | 25,347 | 13,211 | 91.9 | ||||||||||||||||||||||||
Net revenues
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356,878 | 401,599 | (11.1 | ) | 334,214 | 6.8 | 1,416,562 | 1,382,026 | 2.5 | |||||||||||||||||||||||
Non-interest expenses:
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Compensation and benefits
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228,743 | 237,117 | (3.5 | ) | 210,573 | 8.6 | 900,421 | 1,056,202 | (14.7 | ) | ||||||||||||||||||||||
Occupancy and equipment rental
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31,967 | 34,730 | (8.0 | ) | 30,914 | 3.4 | 121,929 | 115,742 | 5.3 | |||||||||||||||||||||||
Communications and office supplies
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19,391 | 19,709 | (1.6 | ) | 18,838 | 2.9 | 75,589 | 69,929 | 8.1 | |||||||||||||||||||||||
Commission and floor brokerage
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6,097 | 7,313 | (16.6 | ) | 7,400 | (17.6 | ) | 27,040 | 26,301 | 2.8 | ||||||||||||||||||||||
Other operating expenses
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25,654 | 35,913 | (28.6 | ) | 27,466 | (6.6 | ) | 152,975 | 114,081 | 34.1 | ||||||||||||||||||||||
Total non-interest expenses
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311,852 | 334,782 | (6.8 | ) | 295,191 | 5.6 | 1,277,954 | 1,382,255 | (7.5 | ) | ||||||||||||||||||||||
Income/(loss) before income taxes
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45,026 | 66,817 | (32.6 | ) | 39,023 | 15.4 | 138,608 | (229 | ) | * | ||||||||||||||||||||||
Provision for income taxes/(benefit)
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18,010 | 25,423 | (29.2 | ) | 16,719 | 7.7 | 54,474 | (2,136 | ) | * | ||||||||||||||||||||||
Net income
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$ | 27,016 | $ | 41,394 | (34.7 | ) | $ | 22,304 | 21.1 | $ | 84,134 | $ | 1,907 | * | ||||||||||||||||||
Earnings per share:9
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Basic
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$ | 0.52 | $ | 0.81 | (35.8 | ) | $ | 0.43 | 20.9 | $ | 1.61 | $ | 0.04 | * | ||||||||||||||||||
Diluted
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$ | 0.43 | $ | 0.65 | (33.8 | ) | $ | 0.35 | 22.9 | $ | 1.33 | $ | 0.03 | * | ||||||||||||||||||
Weighted average number of common shares outstanding:9
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Basic
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51,849 | 51,268 | 1.1 | 52,367 | (1.0 | ) | 52,418 | 48,723 | 7.6 | |||||||||||||||||||||||
Diluted
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62,695 | 63,700 | (1.6 | ) | 63,152 | (0.7 | ) | 63,058 | 57,672 | 9.3 | ||||||||||||||||||||||
* Not meaningful.
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(in thousands, except per share, employee and location amounts)
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12/31/11
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12/31/10
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% Change
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9/30/11
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% Change
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Statistical Information:
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Book value per share9
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$ | 25.10 | $ | 24.42 | 2.8 | $ | 24.48 | 2.5 | ||||||||||||
Financial advisors10
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1,987 | 1,935 | 2.7 | 1,961 | 1.3 | |||||||||||||||
Full-time associates
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5,097 | 4,906 | 3.9 | 4,942 | 3.1 | |||||||||||||||
Locations
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320 | 312 | 2.6 | 313 | 2.2 | |||||||||||||||
Total client assets
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$ | 119,362,000 | $ | 110,593,000 | 7.9 | $ | 107,693,000 | 10.8 |
Global Wealth Management Summary Results of Operations (Unaudited)
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Three Months Ended
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Year Ended
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(in 000s)
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12/31/11
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12/31/10
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% Change
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9/30/11
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% Change
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12/31/11
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12/31/10
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% Change
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Revenues:
|
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Commissions
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$ | 83,662 | $ | 92,558 | (9.6 | ) | $ | 92,029 | (9.1 | ) | $ | 371,046 | $ | 321,541 | 15.4 | |||||||||
Principal transactions
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53,700 | 58,520 | (8.2 | ) | 48,836 | 10.0 | 209,962 | 239,851 | (12.5 | ) | ||||||||||||||
Asset management and service fees
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55,691 | 56,953 | (2.2 | ) | 58,007 | (4.0 | ) | 228,045 | 192,073 | 18.7 | ||||||||||||||
Net interest
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17,602 | 10,277 | 71.3 | 15,016 | 17.2 | 57,188 | 44,834 | 27.6 | ||||||||||||||||
Investment banking
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4,015 | 5,015 | (19.9 | ) | 3,737 | 7.4 | 20,475 | 22,768 | (10.1 | ) | ||||||||||||||
Other income
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9,899 | 13,101 | (24.4 | ) | 1,873 | 428.5 | 21,442 | 22,202 | (3.4 | ) | ||||||||||||||
Net revenues
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224,569 | 236,424 | (5.0 | ) | 219,498 | 2.3 | 908,158 | 843,269 | 7.7 | |||||||||||||||
Non-interest expenses:
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||||||||||||||||||||||||
Compensation and benefits
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125,053 | 136,009 | (8.1 | ) | 128,244 | (2.5 | ) | 528,835 | 503,456 | 5.0 | ||||||||||||||
Non-compensation operating expenses
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36,644 | 37,698 | (2.8 | ) | 35,642 | 2.8 | 143,941 | 145,790 | (1.3 | ) | ||||||||||||||
Total non-interest expenses
|
161,697 | 173,707 | (6.9 | ) | 163,886 | (1.3 | ) | 672,776 | 649,246 | 3.6 | ||||||||||||||
Income before income taxes
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$ | 62,872 | $ | 62,717 | 0.2 | $ | 55,612 | 13.1 | $ | 235,382 | $ | 194,023 | 21.3 | |||||||||||
As a percentage of net revenues:
|
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Compensation and benefits
|
55.7 | 57.5 | 58.4 | 58.2 | 59.7 | |||||||||||||||||||
Non-compensation operating expenses
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16.3 | 16.0 | 16.3 | 15.8 | 17.3 | |||||||||||||||||||
Income before income taxes
|
28.0 | 26.5 | 25.3 | 26.0 | 23.0 |
Stifel Bank & Trust (Unaudited)
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(in thousands)
|
|||||||||||||||||||||
12/31/11
|
12/31/10
|
% Change
|
9/30/11
|
% Change
|
|||||||||||||||||
Other information:
|
|||||||||||||||||||||
Assets
|
$ | 2,275,729 | $ | 1,773,270 | 28.3 | $ | 2,311,371 | (1.5 | ) | ||||||||||||
Investment securities
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1,403,552 | 1,065,354 | 31.7 | 1,311,680 | (4.6 | ) | |||||||||||||||
Retained loans, net
|
631,173 | 388,265 | 62.6 | 567,341 | 11.3 | ||||||||||||||||
Loans held for sale, net
|
131,754 | 86,344 | 52.6 | 114,452 | 15.1 | ||||||||||||||||
Deposits
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2,071,738 | 1,623,568 | 27.6 | 2,210,763 | (2.3 | ) | |||||||||||||||
Allowance as a percentage of loans11
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0.83 | % | 0.60 | % | 0.67 | % | |||||||||||||||
Non-performing assets as a percentage of total assets
|
0.14 | % | 0.18 | % | 0.08 | % |
9
Institutional Group Summary Results of Operations (Unaudited)
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Three Months Ended
|
Year Ended
|
|||||||||||||||||||||||||||||||
(in 000s)
|
12/31/11
|
12/31/10
|
% Change
|
9/30/11
|
% Change
|
12/31/11
|
12/31/10
|
% Change
|
||||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||||||||
Commissions
|
$ | 40,076 | $ | 47,047 | (14.8 | ) | $ | 51,214 | (21.7 | ) | $ | 190,036 | $ | 123,719 | 53.6 | |||||||||||||||||
Principal transactions
|
40,263 | 35,564 | 13.2 | 27,815 | 44.8 | 133,251 | 217,770 | (38.8 | ) | |||||||||||||||||||||||
Capital raising
|
23,331 | 40,674 | (42.6 | ) | 21,436 | 8.8 | 103,985 | 108,473 | (4.1 | ) | ||||||||||||||||||||||
Advisory fees
|
28,728 | 40,909 | (29.8 | ) | 12,500 | 129.8 | 75,123 | 83,425 | (10.0 | ) | ||||||||||||||||||||||
Investment banking
|
52,059 | 81,583 | (36.2 | ) | 33,936 | 53.4 | 179,108 | 191,898 | (6.7 | ) | ||||||||||||||||||||||
Other income12
|
1,831 | 1,708 | 7.2 | 294 | 522.8 | 5,002 | 8,452 | (40.8 | ) | |||||||||||||||||||||||
Net revenues
|
134,229 | 165,902 | (19.1 | ) | 113,259 | 18.5 | 507,397 | 541,839 | (6.4 | ) | ||||||||||||||||||||||
Non-interest expenses:
|
||||||||||||||||||||||||||||||||
Compensation and benefits
|
89,497 | 94,300 | (5.1 | ) | 74,813 | 19.6 | 323,503 | 315,329 | 2.6 | |||||||||||||||||||||||
Non-compensation operating expenses
|
33,959 | 27,946 | 21.5 | 29,294 | 15.9 | 120,625 | 96,975 | 24.4 | ||||||||||||||||||||||||
Total non-interest expenses
|
123,456 | 122,246 | 1.0 | 104,107 | 18.6 | 444,128 | 412,304 | 7.7 | ||||||||||||||||||||||||
Income before income taxes
|
$ | 10,773 | $ | 43,656 | (75.3 | ) | $ | 9,152 | 17.7 | $ | 63,269 | $ | 129,535 | (51.2 | ) | |||||||||||||||||
As a percentage of net revenues:
|
||||||||||||||||||||||||||||||||
Compensation and benefits
|
66.7 | 56.8 | 66.0 | 63.8 | 58.2 | |||||||||||||||||||||||||||
Non-compensation operating expenses
|
25.3 | 16.9 | 25.9 | 23.7 | 17.9 | |||||||||||||||||||||||||||
Income before income taxes
|
8.0 | 26.3 | 8.1 | 12.5 | 23.9 |
Institutional Group Brokerage & Investment Banking Revenues (Unaudited)
|
||||||||||||||||||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||||||||||||||||||
(in 000s)
|
12/31/11
|
12/31/10
|
% Change
|
9/30/11
|
% Change
|
12/31/11
|
12/31/10
|
% Change
|
||||||||||||||||||||||||
Institutional brokerage:
|
||||||||||||||||||||||||||||||||
Equity
|
$ | 40,598 | $ | 46,521 | (12.7 | ) | $ | 47,185 | (14.0 | ) | $ | 181,876 | $ | 172,983 | 5.1 | |||||||||||||||||
Fixed income
|
39,741 | 36,090 | 10.1 | 31,844 | 24.8 | 141,411 | 168,506 | (16.1 | ) | |||||||||||||||||||||||
Institutional brokerage
|
80,339 | 82,611 | (2.8 | ) | 79,029 | 1.7 | 323,287 | 341,489 | (5.3 | ) | ||||||||||||||||||||||
Investment banking:
|
||||||||||||||||||||||||||||||||
Capital raising:
|
||||||||||||||||||||||||||||||||
Equity
|
10,109 | 34,458 | (70.7 | ) | 16,382 | (38.3 | ) | 77,495 | 87,415 | (11.3 | ) | |||||||||||||||||||||
Fixed income
|
13,222 | 6,216 | 112.7 | 5,054 | 161.5 | 26,490 | 21,058 | 25.8 | ||||||||||||||||||||||||
Capital raising
|
23,331 | 40,674 | (42.6 | ) | 21,436 | 8.8 | 103,985 | 108,473 | (4.1 | ) | ||||||||||||||||||||||
Advisory fees:
|
||||||||||||||||||||||||||||||||
Equity
|
25,680 | 38,119 | (32.6 | ) | 10,930 | 134.9 | 67,921 | 76,100 | (10.7 | ) | ||||||||||||||||||||||
Fixed income
|
3,048 | 2,790 | 9.3 | 1,570 | 94.3 | 7,202 | 7,325 | (1.7 | ) | |||||||||||||||||||||||
Advisory fees
|
28,728 | 40,909 | (29.8 | ) | 12,500 | 129.8 | 75,123 | 83,425 | (10.0 | ) | ||||||||||||||||||||||
Investment banking
|
$ | 52,059 | $ | 81,583 | (36.2 | ) | $ | 33,936 | 53.4 | $ | 179,108 | $ | 191,898 | (6.7 | ) |
10
Exhibit 99.2