8-K

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): November 7, 2013

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)

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))

Item 2.02 Results of Operations and Financial Condition.

On November 7, 2013, Stifel Financial Corp. (“Stifel”) reported its financial results for the three months ended September 30, 2013. A copy of the related press release is attached hereto as Exhibit 99.1.

Stifel will hold a conference call on Thursday, November 7, 2013, at 5:00 p.m. Eastern time. A live audio webcast of the call, as well as a presentation highlighting the company’s results, will be available through Stifel’s web site, 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 (888) 676-3684 and referencing conference ID #95677827. 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 Number	Description of Exhibit
99.1	Press release dated November 7, 2013.
99.2	Investor presentation.

2

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.
Date: November 7, 2013	By:	/s/ James M. Zemlyak
	Name:	James M. Zemlyak
	Title:	Senior Vice President and Chief Financial Officer

3

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Press release dated November 7, 2013.
99.2	Investor presentation.

4

EX-99.1

Exhibit 99.1

STIFEL REPORTS THIRD QUARTER 2013 FINANCIAL RESULTS

• Net revenues of $478.6 million, increased 16% compared with the year-ago quarter.

• Net income from continuing operations of $74.9 million, or $1.00 per diluted share.

• Non-GAAP net income of $39.6 million, or $0.53 per diluted share.

ST. LOUIS, November 7, 2013 – Stifel Financial Corp. (NYSE: SF) today reported net income from continuing operations of $74.9 million, or $1.00 per diluted common share on net revenues of $478.6 million for the three months ended September 30, 2013, compared with net income of $37.4 million, or $0.60 per diluted share, on net revenues of $414.2 million for the third quarter of 2012. Included in net revenues for the three months ended September 30, 2012 is $25.6 million in realized and unrealized gains recognized on the Company’s investment in Knight Capital Group, Inc. The after-tax impact of these gains was $0.09 per diluted share.

On August 21, 2013, the Company announced its intention to discontinue the business operations of its Canadian subsidiary, Stifel Nicolaus Canada, Inc. (“SN Canada”), which is expected to be completed by the end of the second quarter of 2014. The results of SN Canada, previously reported in the Institutional Group segment, are classified as discontinued operations for all periods presented. As a result of discontinuing the business operations of SN Canada during the current quarter, the Company recorded a U.S. tax benefit of $58.2 million.

For the three months ended September 30, 2013, the Company reported non-GAAP net income of $39.6 million, or $0.53 per diluted share. These non-GAAP results exclude merger-related expenses associated with the acquisitions of the Knight Capital Fixed Income business, KBW, and Miller Buckfire of $22.9 million (after-tax), and the tax benefit described above. A reconciliation of the Company’s GAAP results to these non-GAAP measures is discussed below under “Non-GAAP Financial Measures.”

Summary Results of Operations (Unaudited)

	Three Months Ended														Nine Months Ended
(in 000s)	9/30/13			9/30/12		% Change			6/30/13			% Change			9/30/13			9/30/12			% Change
Net revenues	$	478,639		$	414,157		15.6		$	493,678			(3.0	)	$	1,410,921		$	1,182,830			19.3
Net income from continuing operations	$	74,929		$	37,434		100.2		$	30,916			142.4		$	120,782		$	102,012			18.4
Net income	$	69,690		$	37,710		84.8		$	29,435			136.8		$	113,745		$	98,619			15.3
Non-GAAP net income 1	$	39,649		$	37,434		5.9		$	45,133			(12.5	)	$	124,840		$	102,012			22.4
Earnings per basic share:
Income from continuing operations	$	1.16		$	0.70		65.7		$	0.48			141.7		$	1.91		$	1.91			—
Loss from discontinued operations		(0.08	)		—		*			(0.02	)		300.0			(0.11	)		(0.07	)		57.1
Earnings per basic common share	$	1.08		$	0.70		54.3		$	0.46			134.8		$	1.80		$	1.84			(2.2	)
Non-GAAP diluted 1	$	0.53		$	0.60		(11.7	)	$	0.70			(24.3	)	$	1.71		$	1.62			5.6
Earnings per diluted share:
Income from continuing operations	$	1.00		$	0.60		66.7		$	0.42			138.1		$	1.66		$	1.62			2.5
Loss from discontinued operations		(0.07	)		—		*			(0.02	)		250.0			(0.10	)		(0.05	)		100.0
Earnings per diluted common share	$	0.93		$	0.60		55.0		$	0.40			132.5		$	1.56		$	1.57			(0.6	)
Non-GAAP diluted 1	$	0.53		$	0.60		(11.7	)	$	0.61			(13.1	)	$	1.71		$	1.62			5.6
Weighted average number of common shares outstanding:
Basic		64,706			53,601		20.7			64,505			0.3			63,133			53,471			18.1
Diluted		75,191			63,054		19.2			74,090			1.5			72,851			62,817			16.0

* Percentage not meaningful.

¹  A reconciliation of the Company’s GAAP results to these non-GAAP measures is discussed under “Non-GAAP Financial Measures.”

1

Nine Months Results

• Record net revenues of $1.41 billion, increased 19% compared with the year-ago period.

• Net income from continuing operations of $120.8 million, or $1.66 per diluted share.

• Non-GAAP net income of $124.8 million, or $1.71 per diluted share.

For the nine months ended September 30, 2013, the Company reported net income from continuing operations of $120.8 million, or $1.66 per diluted common share on record net revenues of $1.41 billion, compared with net income of $102.0 million, or $1.62 per diluted share, on net revenues of $1.18 billion for the comparable period in 2012. For the nine months ended September 30, 2013, the Company reported non-GAAP net income of $124.8 million, or $1.71 per diluted share. A reconciliation of the Company’s GAAP results to these non-GAAP measures is discussed below under “Non-GAAP Financial Measures.”

Chairman’s Comments

Ronald J. Kruszewski, Chairman, President and CEO of Stifel said, “Despite the fact that the industry reflected muted client activity during the summer months, we are pleased with our third quarter results. Year over year, revenues are up 19% and core net income from continuing operations is up 18%, both reflecting the strength of our balanced business model.”

Kruszewski continued, “We have had a very encouraging start to our 4th quarter. We remain focused on serving our clients and are well positioned to capitalize on the opportunities ahead.”

Business Segment Results

Summary Segment Results (Unaudited)

	Three Months Ended															Nine Months Ended
(in 000s)	9/30/13			9/30/12			% Change			6/30/13			% Change			9/30/13			9/30/12			% Change
Net revenues:
Global Wealth Management	$	274,669		$	250,914			9.5		$	282,717			(2.8	)	$	824,344		$	737,822			11.7
Institutional Group		205,132			164,611			24.6			215,443			(4.7	)		593,875			443,961			33.8
Other		(1,162	)		(1,368	)		(15.1	)		(4,482	)		(74.1	)		(7,298	)		1,047			*
	$	478,639		$	414,157			15.6		$	493,678			(3.0	)	$	1,410,921		$	1,182,830			19.3
Operating contribution: 2
Global Wealth Management	$	72,128		$	68,020			6.0		$	78,924			(8.6	)	$	220,551		$	197,933			11.4
Institutional Group		34,986			33,201			5.4			31,082			12.6			94,298			79,809			18.2
Other		(41,669	)		(40,047	)		4.1			(34,784	)		19.8			(110,192	)		(108,346	)		1.7
	$	65,443		$	61,174			7.0		$	75,222			(13.0	)	$	204,657		$	169,396			20.8

* Percentage not meaningful.

Global Wealth Management

For the quarter ended September 30, 2013, the Global Wealth Management (“GWM”) segment generated pre-tax operating income of $72.1 million, compared with $68.0 million in the third quarter of 2012 and $78.9 million in the second quarter of 2013. Net revenues for the quarter were $274.7 million, compared with $250.9 million in the third quarter of 2012, and $282.7 million in the second quarter of 2013. The increase in net revenues from the third quarter of 2012 is primarily attributable to (1) an increase in commission revenues; (2) growth in asset management and service fees; and (3) increased net interest revenues.

• The Private Client Group reported net revenues of $248.5 million, a 9% increase compared with the third quarter of 2012 and a 3% decrease compared with the second quarter of 2013.

• Stifel Bank reported net revenues of $26.1 million, a 17% increase compared with the third quarter of 2012 and a 3% increase compared with the second quarter of 2013.

²  A reconciliation of the Company’s GAAP results to these non-GAAP measures is discussed under “Non-GAAP Financial Measures.”

2

Institutional Group

For the quarter ended September 30, 2013, the Institutional Group segment generated pre-tax operating income of $35.0 million, compared with $33.2 million in the third quarter of 2012 and $31.1 million in the second quarter of 2013. Net revenues for the quarter were $205.1 million, compared with $164.6 million in the third quarter of 2012 and $215.4 million in the second quarter of 2013. The increase in net revenues from the third quarter of 2012 was primarily attributable to (1) an increase in equity capital raising revenues; (2) an increase in advisory fees; and (3) higher institutional brokerage revenues, offset by a reduction in other revenues as a result of gains recorded on our investment in Knight Capital during the third quarter of 2012.

The decrease in net revenues from the second quarter of 2013 was primarily attributable to (1) a decline in capital raising revenues; and (2) a decrease in equity institutional brokerage revenues, offset by (1) higher fixed income institutional brokerage revenues. Net revenue growth, on a year-over-year basis, is attributable to the acquisitions of KBW and the Knight Capital Fixed Income business and, to a lesser extent, Miller Buckfire.

Institutional brokerage revenues were $110.3 million, a 37% increase compared with the third quarter of 2012 and a 5% increase compared with the second quarter of 2013.

• Equity brokerage revenues were $58.7 million, a 68% increase compared with the third quarter of 2012 and an 8% decrease compared with the second quarter of 2013.

• Fixed income brokerage revenues were $51.7 million, a 13% increase compared with the third quarter of 2012 and a 26% increase compared with the second quarter of 2013.

Investment banking revenues were $83.5 million, a 43% increase compared with the third quarter of 2012 and a 19% decrease compared with the second quarter of 2013.

• Equity capital raising revenues were $30.7 million, an 88% increase compared with the third quarter of 2012 and a 26% decrease compared with the second quarter of 2013.

• Fixed income capital raising revenues were $13.5 million, a 9% decrease compared with the third quarter of 2012 and a 5% decrease compared with the second quarter of 2013.

• Advisory fee revenues were $39.2 million, a 44% increase compared with the third quarter of 2012 and an 18% decrease compared with the second quarter of 2013.

Consolidated Compensation and Benefits Expenses

For the quarter ended September 30, 2013, compensation and benefits expenses were $326.0 million, which included merger-related expenses of $28.6 million, compared with $264.5 million in the third quarter of 2012 and $317.2 million in the second quarter of 2013, which included merger-related expenses of $6.0 million.

Excluding merger-related expenses, compensation and benefits as a percentage of net revenues was 62.0% in the third quarter of 2013, compared with 63.8% in the third quarter of 2012 and 63.0% in the second quarter of 2013. Transition pay, which primarily consists of amortization of upfront notes, signing bonuses and retention awards, as a percentage of net revenues was 4.6% in the second quarter of 2013, compared with 4.3% in the third quarter of 2012 and 4.2% in the second quarter of 2013.

Consolidated Non-Compensation Operating Expenses

For the quarter ended September 30, 2013, non-compensation operating expenses were $121.6 million, which included $4.8 million of merger-related expenses, compared with $88.5 million in the third quarter of 2012 and $123.9 million in the second quarter of 2013, which included $15.0 million in merger-related expenses.

Excluding merger-related expenses, non-compensation operating expenses as a percentage of net revenues for the quarter ended September 30, 2013 was 24.4%, compared with 21.4% in the third quarter of 2012 and 22.2% in the second quarter of 2013.

Provision for Income Taxes

As a result of discontinuing the business operations of SN Canada during the current quarter, the Company recorded a $58.2 million U.S. tax benefit arising out of its investment in SN Canada, primarily resulting from a non-deductible impairment charge on this investment during the third quarter of 2008.

3

Assets and Capital

Assets

• Assets increased 42% to $8.7 billion as of September 30, 2013 from $6.1 billion as of September 30, 2012. The increase is primarily attributable to growth of Stifel Bank, the Company’s bank subsidiary, which as of September 30, 2013 has grown its assets to $4.5 billion from $3.2 billion as of September 30, 2012.

• At September 30, 2013, the Company’s Level 3 assets of $252.3 million, or 3% of total assets, consisted of $144.4 million of auction rate securities and $107.9 million of private equity, municipal securities, and other fixed income securities. The Company’s Level 3 assets as a percentage of total assets measured at fair value was 10% at September 30, 2013.

• Non-performing assets as a percentage of total assets as of September 30, 2013 was 0.17%.

• LTM net charge-offs of $0.4 million.

Capital

• The Company’s Tier 1 leverage capital ratio was 14.8% at September 30, 2013 and Tier 1 risk-based capital ratio was 23.2% at September 30, 2013.

• At September 30, 2013, book value per common share was $31.46 based on approximately 63.4 million shares outstanding.

• Stockholders’ equity as of September 30, 2013 increased $467.3 million, or 40%, to $2.0 billion from $1.4 billion as of September 30, 2012.

4

Non-GAAP Financial Measures

The Company utilized non-GAAP calculations of presented net revenues, compensation and benefits, non-compensation operating expenses, income before income taxes, provision for income taxes, net income, compensation and non-compensation operating expense ratios, pre-tax margin and diluted earnings per share as additional measures to aid in understanding and analyzing the Company’s financial results for the three and nine months ended September 30, 2013. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company’s core operating results and business outlook. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company’s results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors’ overall understanding of the Company’s current financial performance. These non-GAAP amounts exclude compensation expense related to the granting of stock awards with no continuing service requirement issued as retention as part of the acquisitions of the Knight Capital Fixed Income business and KBW and certain compensation and non-compensation operating expenses associated with the acquisitions of KBW, Miller Buckfire, the Knight Capital Fixed Income business, and the U.S. tax benefit arising out of the Company’s investment in SN Canada.

A limitation of utilizing these non-GAAP measures of net revenues, compensation and benefits, non-compensation operating expenses, income before income taxes, provision for income taxes, net income, compensation and non-compensation operating expenses ratios, pre-tax margin and diluted earnings per share is that the GAAP accounting effects of these merger-related charges do in fact reflect the underlying financial results of the Company’s business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measures of net revenues, compensation and benefits, non-compensation operating expenses, income before income taxes, provision for income taxes, net income, compensation and non-compensation operating expense ratios, pre-tax margin and diluted earnings per share and the same respective non-GAAP measures of the Company’s financial performance should be considered together.

The following table provides details with respect to reconciling net revenues, compensation and benefits, non-compensation operating expenses, income before income taxes, provision for income taxes, net income, compensation and non-compensation operating expense ratios, pre-tax margin and diluted earnings per share on a GAAP basis for the three and nine months ended September 30, 2013 to the aforementioned expenses on a non-GAAP basis for the same period.

	Three Months Ended September 30, 2013								Nine Months Ended September 30, 2013
(in 000s, except per share amounts)	Non-GAAP		Non-Core			GAAP			Non-GAAP		Non-Core			GAAP
Net revenues	$	479,634	$	(995	)	$	478,639		$	1,413,660	$	(2,739	)	$	1,410,921
Non-interest expenses:
Compensation and benefits		297,374		28,646			326,020			889,728		68,451			958,179
Non-compensation operating expenses		116,817		4,795			121,611			319,275		26,226			345,501
Total non-interest expenses		414,191		33,441			447,631			1,209,003		94,677			1,303,680
Income from continuing operations before income taxes		65,443		(34,436	)		31,008			204,657		(97,416	)		107,241
Provision for income taxes		25,795		(69,716	)		(43,921	)		79,817		(93,358	)		(13,541	)
Net income from continuing operations	$	39,649	$	35,280		$	74,929		$	124,840	$	(4,058	)	$	120,782
Earnings per share::
Basic	$	0.61	$	0.55		$	1.16		$	1.98	$	(0.06	)	$	1.91
Diluted	$	0.53	$	0.47		$	1.00		$	1.71	$	(0.05	)	$	1.66
As a percentage of net revenues:
Compensation and benefits		62.0					68.1			62.9					67.9
Non-compensation operating expenses		24.4					25.4			22.6					24.5
Income before income taxes		13.6					6.5			14.5					7.6

5

Conference Call Information

Stifel Financial Corp. will host its third quarter 2013 financial results conference call on Thursday, November 7, 2013, at 5:00 p.m. Eastern time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman, President, and CEO, Ronald J. Kruszewski, by dialing (888) 676-3684 and referencing conference ID #95677827. 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 clients are served through Stifel, Nicolaus & Company, Incorporated in the U.S., through Stifel Nicolaus Europe Limited in the United Kingdom and Europe, and through Keefe, Bruyette & Woods, Inc. in the U.S. and Europe. 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 & Trust offers a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. offers trust and related services. To learn more about Stifel, please visit the Company’s web site at www.stifel.com.

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. Forward-looking statements speak only as to the date they are made. Stifel Financial Corp. 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.

6

Summary Results of Operations (Unaudited)

	Three Months Ended														Nine Months Ended
(in thousands, except per share amounts)	9/30/13			9/30/12		% Change			6/30/13			% Change			9/30/13			9/30/12			% Change
Revenues:
Commissions	$	145,837		$	125,509		16.2		$	154,795			(5.8	)	$	446,498		$	370,107			20.6
Principal transactions		122,583			102,474		19.6			111,306			10.1			341,153			311,420			9.5
Investment banking		92,851			71,743		29.4			119,443			(22.3	)		289,199			208,342			38.8
Asset management and service fees		76,710			62,881		22.0			76,088			0.8			221,711			189,010			17.3
Other income		13,063			31,094		(58.0	)		11,787			10.8			45,269			49,991			(9.4	)
Operating revenues		451,044			393,701		14.6			473,419			(4.7	)		1,343,830			1,128,870			19.0
Interest revenue		39,130			26,360		48.4			32,893			19.0			101,829			78,728			29.3
Total revenues		490,174			420,061		16.7			506,312			(3.2	)		1,445,659			1,207,598			19.7
Interest expense		11,535			5,904		95.4			12,634			(8.7	)		34,738			24,768			40.3
Net revenues		478,639			414,157		15.6			493,678			(3.0	)		1,410,921			1,182,830			19.3
Non-interest expenses:
Compensation and benefits		326,020			264,458		23.3			317,247			2.8			958,179			751,992			27.4
Occupancy and equipment rental		41,288			32,596		26.7			41,282			—			116,090			94,776			22.5
Communications and office supplies		26,122			19,561		33.5			25,456			2.6			74,034			60,115			23.2
Commission and floor brokerage		10,150			7,842		29.4			9,790			3.7			28,777			22,339			28.8
Other operating expenses		44,051			28,526		54.4			47,328			(1.8	)		126,600			84,212			50.3
Total non-interest expenses		447,631			352,983		26.8			441,103			1.5			1,303,680			1,013,434			28.6
Income from continuing operations before income taxes		31,008			61,174		(49.3	)		52,575			(41.0	)		107,241			169,396			(36.7	)
Provision for income taxes		(43,921	)		23,740		*			21,659			*			(13,541	)		67,384			*
Net income from continuing operations		74,929			37,434		100.2			30,916			142.4			120,782			102,012			18.4
Discontinued operations:
Income/(loss) from discontinued operations, net of tax		(5,239	)		276		*			(1,481	)		253.7			(7,037	)		(3,393	)		107.4
Net income	$	69,690		$	37,710		84.8		$	29,435			136.8		$	113,745		$	98,619			15.3
Earnings per basic common share:
Income from continuing operations	$	1.16		$	0.70		65.7		$	0.48			141.7		$	1.91		$	1.91			—
Income/(loss) from discontinued operations		(0.08	)		—		*			(0.02	)		300.0			(0.11	)		(0.07	)		57.1
Earnings per basic common share	$	1.08		$	0.70		54.3		$	0.46			134.8		$	1.80		$	1.84			(2.2	)
Earnings per diluted common share:
Income from continuing operations	$	1.00		$	0.60		66.7		$	0.42			138.1		$	1.66		$	1.62			2.5
Income/(loss) from discontinued operations		(0.07	)		—		*			(0.02	)		250.0			(0.10	)		(0.05	)		100.0
Earnings per diluted common share	$	0.93		$	0.60		55.0		$	0.40			132.5		$	1.56		$	1.57			(0.6	)
Weighted average number of common shares outstanding:
Basic		64,706			53,601		20.7			64,505			0.3			63,133			53,471			18.1
Diluted		75,191			63,054		19.2			74,090			1.5			72,851			62,817			16.0

* Percentage not meaningful.

7

	(in thousands, except per share, employee and location amounts)
	9/30/13		9/30/12		% Change		6/30/13		% Change
Statistical Information:
Book value per share	$	31.46	$	26.62		18.2	$	30.05		4.7
Financial advisors 3		2,075		2,042		1.6		2,069		0.3
Full-time associates		5,780		5,266		9.8		5,759		0.4
Locations		355		338		5.0		357		(0.6	)
Total client assets	$	153,901,000	$	136,015,000		13.2	$	150,628,000		2.2

³  Includes 145, 154 and 145 independent contractors at September 30, 2013 and 2012 and June 30, 2013, respectively.

8

Global Wealth Management Summary Results of Operations (Unaudited)
	Three Months Ended												Nine Months Ended
(in 000s)	9/30/13		9/30/12		% Change			6/30/13		% Change			9/30/13		9/30/12		% Change
Revenues:
Commissions	$	99,427	$	89,390		11.2		$	104,576		(4.9	)	$	306,089	$	268,827		13.9
Principal transactions		58,658		58,027		1.1			56,313		4.2			171,278		171,466		(0.1	)
Asset management and service fees		76,667		62,871		21.9			75,976		0.9			221,577		188,626		17.5
Net interest		27,665		22,277		24.5			24,505		12.9			73,657		58,146		26.7
Investment banking		9,394		13,315		(29.4	)		15,334		(38.7	)		35,832		34,101		5.1
Other income		2,858		5,034		(43.2	)		6,013		(52.5	)		15,911		16,656		(4.5	)
Net revenues		274,669		250,914		9.5			282,717		(2.8	)		824,344		737,822		11.7
Non-interest expenses:
Compensation and benefits		159,949		146,452		9.2			163,156		(2.0	)		480,701		430,432		11.7
Non-compensation operating expenses		42,592		36,442		16.9			40,637		4.8			123,092		109,457		12.5
Total non-interest expenses		202,541		182,894		10.7			203,793		(0.6	)		603,793		539,889		11.8
Income before income taxes	$	72,128	$	68,020		6.0		$	78,924		(8.6	)	$	220,551	$	197,933		11.4
As a percentage of net revenues:
Compensation and benefits		58.2		58.4					57.7					58.3		58.3
Non-compensation operating expenses		15.5		14.5					14.4					14.9		14.9
Income before income taxes		26.3		27.1					27.9					26.8		26.8

Stifel Bank & Trust (Unaudited)

Key Statistical Information
(in 000s, except percentages)	9/30/13			9/30/12			% Change			6/30/13			% Change
Other information:
Assets	$	4,547,071		$	3,228,021			40.9		$	4,306,447			5.6
Investment securities		2,949,080			2,128,752			38.5			2,956,073			(0.2	)
Retained loans, net		1,061,313			746,120			42.2			983,788			7.9
Loans held for sale		75,440			209,358			(64.0	)		152,246			(50.4	)
Deposits		4,228,405			2,923,671			44.6			4,007,050			5.5
Allowance as a percentage of loans		1.23	%		0.85	%					1.10	%
Non-performing assets as a percentage of total assets		0.32	%		0.07	%					0.03	%

9

Institutional Group Summary Results of Operations (Unaudited)
	Three Months Ended												Nine Months Ended
(in 000s)	9/30/13		9/30/12		% Change			6/30/13		% Change			9/30/13		9/30/12		% Change
Revenues:
Commissions	$	46,410	$	36,119		28.5		$	50,218		(7.2	)	$	140,409	$	101,280		38.6
Principal transactions		63,925		44,447		43.8			54,966		16.2			169,875		139,954		21.4
Capital raising		44,270		31,247		41.7			56,431		(21.6	)		139,420		105,339		32.5
Advisory fees		39,186		27,180		44.2			47,705		(17.9	)		113,947		68,902		65.4
Investment banking		83,456		58,427		42.8			104,136		(19.9	)		253,367		174,241		45.5
Other 4		11,341		25,618		(55.7	)		6,123		85.2			30,224		28,486		6.1
Net revenues		205,132		164,611		24.6			215,443		(4.8	)		593,875		443,961		33.8
Non-interest expenses:
Compensation and benefits		119,874		102,148		17.4			132,396		(9.5	)		359,091		275,159		30.5
Non-compensation operating expenses		50,272		29,262		71.8			51,965		(3.3	)		140,486		88,993		57.9
Total non-interest expenses		170,146		131,410		29.5			184,361		(7.7	)		499,577		364,152		37.2
Income before income taxes	$	34,986	$	33,201		5.4		$	31,082		12.6		$	94,298	$	79,809		18.2
As a percentage of net revenues:
Compensation and benefits		58.4		62.1					61.5					60.5		62.0
Non-compensation operating expenses		24.5		17.8					24.1					23.6		20.0
Income before income taxes		17.1		20.1					14.4					15.9		18.0

Institutional Group Brokerage & Investment Banking Revenues (Unaudited)

	Three Months Ended												Nine Months Ended
(in 000s)	9/30/13		9/30/12		% Change			6/30/13		% Change			9/30/13		9/30/12		% Change
Institutional brokerage:
Equity	$	58,677	$	34,994		67.7		$	64,245		(8.7	)	$	172,187	$	112,648		52.9
Fixed income		51,658		45,572		13.4			40,939		26.2			138,097		128,586		7.4
Institutional brokerage		110,335		80,566		36.9			105,184		4.9			310,284		241,234		28.6
Investment banking:
Capital raising:
Equity		30,739		16,357		87.9			42,258		(27.3	)		96,001		64,780		48.2
Fixed income		13,531		14,890		(9.1	)		14,173		(4.5	)		43,419		40,469		7.3
Capital raising		44,270		31,247		41.7			56,431		(21.6	)		139,420		105,339		32.5
Advisory fees:		39,186		27,180		44.2			47,705		(17.9	)		113,947		68,902		65.4
Investment banking	$	83,456	$	58,427		42.8		$	104,136		(19.9	)	$	253,367	$	174,241		45.5

Investor Relations

James M. Zemlyak

(314) 342-2000, investorrelations@stifel.com

⁴  Includes net interest and other income.

10

EX-99.2

Exhibit 99.2

3rd Quarter 2013 Financial Results Presentation

November 7, 2013

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. In particular, these statements may refer to our goals, intentions, and expectations, our business plans and growth strategies, our ability to integrate and manage our acquired businesses, estimates of our risks and future costs and benefits, and forecasted demographic and economic trends relating to our industry.

You should not place undue reliance on any forward-looking statements, which speak only as of the date they were made. We will not update these forward-looking statements, even though our situation may change in the future, unless we are obligated to do so under federal securities laws.

Actual results may differ materially and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ are included in the Company’s annual and quarterly reports and from time to time in other reports filed by the Company with the Securities and Exchange Commission and include, among other things, changes in general economic and business conditions, actions of competitors, regulatory and legal actions, changes in legislation, and technology changes.

Use of Non GAAP Financial Measures

The Company utilized non GAAP calculations of presented net revenues, compensation and benefits, non-compensation operating expenses, income before income taxes, provision for income taxes, net income, compensation and non-compensation operating expense ratios, pre-tax margin and diluted earnings per share as an additional measure to aid in understanding and analyzing the Company’s financial results for the three and six months ended June 30, 2013. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company’s core operating results and business outlook. The Company believes that these no-n GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company’s results in the current period to those in prior periods and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors’ overall understanding of the Company’s financial performance.

1

Market Overview

Domestic Equity Flows

Equity Risk Premium

Chairman’s Comments

“Despite the fact that the industry reflected muted client activity during the summer months, we are pleased with our third quarter results. Year over year, revenues are up 19% and core net income from continuing operations is up 18%, both reflecting the strength of our balanced business model.

We have had a very encouraging start to our 4th quarter. We remain focused on serving our clients and are well positioned to capitalize on the opportunities ahead.”

3

Financial Results

Stifel Financial Corp. Results

Three months ended September 30, 2013

Three Months Ended September 30, 2013 Three Months Ended

($ in thousands, except per share amounts) Non-GAAP Non-Core (1) GAAP 9/30/12 (2)% Change 6/30/13% Change

Total revenues $ 491,169 $ (995) $ 490,174 $ 420,061 16.9% $ 508,022(3.3%)

Interest expense 11,535 - 11,535 5,904 95.4% 12,608 (8.5%)

Net revenues 479,634 (995) 478,639 414,157 15.8% $ 495,414(3.2%)

Compensation and benefits 297,374 28,646 326,020 264,458 12.4% 311,228 (4.5%)

Non-comp operating expenses 116,816 4,795 121,611 88,525 32.0% 108,964 7.2%

Total non-interest expenses 414,190 33,441 447,631 352,983 17.3% 420,192 (1.4%)

Income from continuing operations before income taxes 65,444 (34,436) 31,008 61,174 7.0% 75,222 (13.0%)

Provision for income taxes 25,795 (69,716) (43,921) 23,740 8.7% 30,089 (14.3%)

Net income from continuing operations $ 39,649 $ 35,280 $ 74,929 $ 37,434 5.9% $ 45,133(12.2%)

Discontinued operations:

Income/(loss) from discontinued operations, net - (5,239) (5,239) 276 nm(1,481)(100.0%)

Net income $ 39,649 $ 30,041 $ 69,690 $ 37,710 5.1% $ 43,652(9.2%)

Earnings per diluted common share:

Income from continuing operations $ 0.53 $ 0.47 $ 1.00 $ 0.60(11.7%) $ 0.61(13.1%)

Income/(loss) from discontinued operations - (0.07) $ (0.07) - (0.02)

Earnings per diluted common share $ 0.53 $ 0.40 $ 0.93 $ 0.60(11.7%) $ 0.59(10.2%)

Weighted average number of shares outstanding:

Diluted 75,191 75,191 63,054 19.2% 74,090 1.5%

Ratios to net revenues :

Compensation and benefits 62.0% 68.1% 63.8% 62.8%

Non-comp operating expenses 24.4% 25.4% 21.4% 22.0%

Income from continuing operations before income taxes 13.6% 6.5% 14.8% 15.2%

(1) Non-core adjustments consist of merger-related revenues and expenses associated with our acquisitions of KBW, the Knight Capital Fixed Income business, Miller Buckfire and a U.S. tax benefit. (2) Core (non-GAAP) results for the three months ended September 30, 2012 are the same as GAAP results.

5

Unusual Items

Merger-Related Expenses, Discontinued Ops, & U.S. Tax Benefit

Three Months Ended

6/30/13 9/30/13 12/31/13

($ in thousands) Estimate Actual Estimate Actual Estimate

Net Revenues $ (995)

Operating expenses:

Compensation - merger?related (1) $ 6,200 $ 6,000 $ 2,500 $ 7,744 $ -

Compensation - KFI retention - - 22,000 20,902

Compensation and Benefits 6,200 6,000 24,500 28,646 -

Non?Compensation Operating Expenses 6,800 15,000 5,000 4,795 -

Total estimated non?core operating expenses - Acquisition-related $ 13,000 $ 21,000 $ 29,500 $ 33,441 $ 8,000

Income from continuing operations before income taxes (34,436)

Provision for income taxes (2) (69,716)

Net income from continuing operations 35,280

Loss from discontinued operations, net (5,239)

Net income $ 30,041

Earnings per diluted common share $ 0.40

(1) Included in compensation expense is a $5.0 million compensation accrual as a result of the recognition of the U.S. tax benefit during the three months ended September 30, 2013.

(2) Included in the provision for income taxes is a U.S. tax benefit arising out of the Company’s investment in Stifel Nicolaus Canada, Inc. of $58.2 million.

6

Discontinued Operations

Three Months Ended Nine Months Ended

($ in thousands) 9/30/13 9/30/12 6/30/13 9/30/13 9/30/12

Net revenues $ 4,696 $ 5,923 $ 5,059 $ 12,930 $ 11,990

Non-interest expenses:

Restructuring expenses 5,516 - - 5,516 -

Operating expenses 4,418 5,420 6,435 14,341 16,581

Total non-interest expenses 9,934 5,420 6,435 19,857 16,581

Income from discontinued operations before income taxes (5,238) 503 (1,376) (6,927) (4,591)

Provision for income taxes 1 227 105 110 (1,198)

Income/(loss) from discontinued operations $ (5,239) $ 276 $ (1,481) $ (7,037) $ (3,393)

7

Stifel Financial Corp. Results

Nine months ended September 30, 2013

Nine Months Ended September 30, 2013 Nine Months Ended

($ in thousands, except per share amounts) Non-GAAP Non-Core GAAP 9/30/12% Change

Total revenues $ 1,448,398(1) $ (2,739) $ 1,445,659 $ 1,207,598(2) 19.9%

Interest expense 34,738 - 34,738 24,768 40.3%

Net revenues 1,413,660 (2,739) 1,410,921 1,182,830 19.5%

Compensation and benefits 889,728 68,451 958,179 751,992 18.3%

Non-comp operating expenses 319,275 26,226 345,501 261,442 22.1%

Total non-interest expenses 1,209,003 94,677 1,303,680 1,013,434 19.3%

Income from continuing operations before income taxes 204,657 (97,416) 107,241 169,396 20.8%

Provision for income taxes 79,817 (93,358) (13,541) 67,384 18.5%

Net income from continuing operations $ 124,840 $ (4,058) $ 120,782 $ 102,012 22.4%

Discontinued operations:

Loss from discontinued operations, net - (7,037) (7,037)(3,393)(100.0%)

Net income $ 124,840 $ (11,095) $ 113,745 $ 98,619 26.6%

Earnings per diluted common share:

Income from continuing operations $ 1.71 $ (0.05) $ 1.66 $ 1.62 5.6%

Loss from discontinued operations, net - (0.10) (0.10) (0.05)(100.0%)

Earnings per diluted common share $ 1.71 $ (0.15) $ 1.56 $ 1.57 8.9%

Weighted average number of shares outstanding:

Diluted 72,851 72,851 62,817 16.0%

Ratios to net revenues :

Compensation and benefits 62.9% 67.9% 63.6%

Non-comp operating expenses 22.6% 24.5% 22.1%

Income from continuing operations before income taxes 14.5% 7.6% 14.3%

(1) Non-core adjustments consist of a charges related to expensing stock awards issued as retention in connection with the acquisitions of KBW and the Knight Capital Fixed Income business and other merger-related revenues and expenses associated with our acquisitions of KBW, the Knight Capital Fixed Income business, Miller Buckfire and a U.S. tax benefit. (2) Core (non-GAAP) results for the nine months ended September 30, 2012 are the same as GAAP results.

8

Source of Revenues

Three Months Ended Nine Months Ended

% % %

($ in thousands) 9/30/13 9/30/12 Change 6/30/13 Change 9/30/13 9/30/12 Change

Commissions $ 145,837 $ 125,509 16.2% $ 154,795(5.8%) $ 446,498 $ 370,107 20.6%

Principal transactions 122,583 102,474 19.6% 111,306 10.1% 341,153 311,420 9.5%

Brokerage revenues 268,420 227,983 17.7% 266,101 0.9% 787,651 681,527 15.6%

Capital raising 53,665 44,563 20.4% 71,737 (25.2%) 175,252 139,441 25.7%

Advisory 39,186 27,180 44.2% 47,706 (17.9%) 113,947 68,901 65.4%

Investment banking 92,851 71,743 29.4% 119,443 (22.3%) 289,199 208,342 38.8%

Asset mgt and service fees 76,710 62,881 22.0% 76,088 0.8% 221,711 189,010 17.3%

Other 13,063 31,094 (58.0%) 11,787 10.8% 45,269 49,991 (9.4%)

Total operating revenues 451,044 393,701 14.6% 473,419 (4.7%) 1,343,830 1,128,870 19.0%

Interest revenue 39,130 26,360 48.4% 32,893 19.0% 101,829 78,728 29.3%

Total revenues 490,174 420,061 16.7% 506,312 (3.2%) 1,445,659 1,207,598 19.7%

Interest expense 11,535 5,904 95.4% 12,634 (8.7%) 34,738 24,768 40.3%

Net revenues $ 478,639 $ 414,157 15.6% $ 493,678(3.0%) $ 1,410,921 $ 1,182,830 19.3%

9

Brokerage Revenues by Segment

Three Months Ended Nine Months Ended

% % %

($ in thousands) 9/30/13 9/30/12 Change 6/30/13 Change 9/30/13 9/30/12 Change

Private client group $ 158,085 $ 147,417 7.2% $ 160,889(1.7%) $ 477,367 $ 440,293 8.4%

Equity brokerage 58,677 34,994 67.7% 64,245 (8.7%) 172,187 112,648 52.9%

Fixed income brokerage 51,658 45,572 13.4% 40,939 26.2% 138,097 128,586 7.4%

Institutional brokerage 110,335 80,566 36.9% 105,184 4.9% 310,284 241,234 28.6%

Total Brokerage Revenues $ 268,420 $ 227,983 17.7% $ 266,073 0.9% $ 787,651 $ 681,527 15.6%

10

Core Non-Interest Expenses

Three months ended September 30, 2013

Three Months Ended% of Net revenues

(1)(1)

($ in thousands) 9/30/13 9/30/12% Change 6/30/13% Change 9/30/13 9/30/12 6/30/13

Net revenues $ 479,634 $ 414,157 15.8% $ 495,414(3.2%) 100.0% 100.0% 100.0%

Compensation and benefits 275,503 246,730 11.7% 290,511 (5.2%) 57.4% 59.6% 58.6%

Transitional pay (2) 21,871 17,728 23.4% 20,717 5.6% 4.6% 4.3% 4.2%

Total compensation and benefits 297,374 264,458 12.4% 311,228 (4.5%) 62.0% 63.9% 62.8%

Occupancy and equipment rental 39,856 32,596 22.3% 37,768 5.5% 8.3% 7.9% 7.6%

Communication and office supplies 25,105 19,561 28.3% 24,124 4.1% 5.2% 4.7% 4.9%

Commissions and floor brokerage 9,775 7,842 24.6% 9,374 4.3% 2.0% 1.9% 1.9%

Other operating expenses 42,080 28,526 47.5% 37,698 11.6% 8.8% 6.9% 7.5%

Total non-comp operating expenses 116,816 88,525 32.0% 108,964 7.2% 24.4% 21.4% 22.0%

Total non-interest expense 414,190 352,983 17.3% 420,192 (1.4%) 86.4% 85.2% 84.8%

Income from continuing operations before income taxes 65,444 61,174 7.0% 75,222 (13.0%) 13.6% 14.8% 15.2%

Provision for income taxes 25,795 23,740 8.7% 30,089 (14.3%) 5.4% 5.6% 6.1%

Non-GAAP net income from continuing operations $ 39,649 $ 37,434 5.9% $ 45,133(12.2%) 8.3% 9.0% 9.1%

Non-core expenses (after-tax) 35,280- (14,217)

GAAP net income from continuing operations $ 74,929 $ 37,434 $ 30,916

(1) Excludes non-core adjustments consisting of merger-related revenues and expenses associated with our acquisitions of KBW, the Knight Capital Fixed Income business, Miller Buckfire and the U.S. tax benefit.

(2) Transition pay includes amortization of upfront notes, signing bonuses and retention awards.

11

Core Non-Interest Expenses

Nine months ended September 30, 2013

Nine Months Ended% of Net revenues

(1)(1)

($ in thousands) 9/30/13 9/30/12% Change 9/30/13 9/30/12

Net revenues $ 1,413,660 $ 1,182,830 19.5% 100.0% 100.0%

Compensation and benefits 826,314 699,601 18.1% 58.5% 59.1%

Transitional pay (2) 63,414 52,391 21.0% 4.5% 4.4%

Total compensation and benefits 889,728 751,992 18.3% 62.9% 63.6%

Occupancy and equipment rental 108,596 94,776 14.6% 7.7% 8.0%

Communication and office supplies 70,565 60,115 17.4% 5.0% 5.1%

Commissions and floor brokerage 27,599 22,339 23.5% 2.0% 1.9%

Other operating expenses 112,515 84,212 33.6% 8.0% 7.1%

Total non-comp operating expenses 319,275 261,442 22.1% 22.6% 22.1%

Total non-interest expense 1,209,003 1,013,434 19.3% 85.5% 85.7%

Income from continuing operations before income taxes 204,657 169,396 20.8% 14.5% 14.3%

Provision for income taxes 79,817 67,384 18.5% 5.6% 5.6%

Non-GAAP net income from continuing operations $ 124,840 $ 102,012 22.4% 8.8% 8.6%

Non-core expenses (after-tax)(4,058) -

GAAP net income from continuing operations $ 120,782 $ 102,012

(1) Excludes non-core adjustments consisting of a charge related to expensing stock awards issued as retention in connection with the acquisitions of KBW and the Knight Capital Fixed Income business and other merger-related revenues and expenses associated with our acquisitions of KBW, the Knight Capital Fixed Income business, Miller Buckfire and a U.S. tax benefit.

(2) Transition pay includes amortization of upfront notes, signing bonuses and retention awards.

12

Segment Comparison -Core

Three Months Ended Nine Months Ended

% % %

(1)(1)

($ in thousands) 9/30/13 9/30/12 Change 6/30/13 Change 9/30/13 9/30/12 Change

Net revenues:

Global Wealth Management $ 274,669 $ 250,864 9.5% $ 282,717(2.8%) $ 824,344 $ 737,822 11.7%

Institutional Group 205,132 164,611 24.6% 215,443 (4.9%) 593,875 443,961 33.8%

Other (167) (1,318)(87.3%) (2,746)(93.9%) (4,559) 1,047 (535.4%)

$ 479,634 $ 414,157 15.8% $ 495,414(3.2%) $ 1,413,660 $ 1,182,830 19.5%

Operating contribution:

Global Wealth Management $ 72,128 $ 68,020 6.0% $ 78,924(8.6%) $ 220,551 $ 197,933 11.4%

Institutional Group 34,986 33,201 5.4% 31,082 12.6% 94,298 79,809 18.2%

Other (41,671) (40,047) 4.2% (34,784) 19.8% (110,192) (108,346) 1.8%

$ 65,443 $ 61,174 7.0% $ 75,222(13.0%) $ 204,657 $ 169,396 20.8%

(1) Core (non-GAAP) results for the three and nine months ended September 30, 2012 are the same as GAAP results.

13

Global Wealth Management

Three Months Ended Nine Months Ended

($ in thousands) 9/30/13 9/30/12% Change 6/30/13% Change 9/30/13 9/30/12% Change

Commissions $ 99,427 $ 89,390 11.2% $ 104,576(4.9%) $ 306,089 $ 268,827 13.9%

Principal transactions 58,658 58,027 1.1% 56,313 4.2% 171,278 171,466 (0.1%)

Asset management & service fees 76,667 62,871 21.9% 75,976 0.9% 221,577 188,626 17.5%

Net interest 27,665 22,277 24.2% 24,505 12.9% 73,657 58,146 26.7%

Investment banking 9,394 13,315 (29.4%) 15,334 (38.7%) 35,832 34,101 5.1%

Other income 2,858 5,034 (43.2%) 6,013 (52.5%) 15,911 16,656 (4.5%)

Net revenues 274,669 250,914 9.5% 282,717 (2.8%) 824,344 737,822 11.7%

Compensation and benefits 159,949 146,452 9.2% 163,156 (2.0%) 480,701 430,432 11.7%

Non-comp operating expenses 42,592 36,442 16.9% 40,637 4.8% 123,092 109,457 12.5%

Total non-interest expenses 202,541 182,894 10.7% 203,793 (0.6%) 603,793 539,889 11.8%

Income before income taxes $ 72,128 $ 68,020 5.9% $ 78,924(8.6%) $ 220,551 $ 197,933 11.4%

Ratios to net revenues :

Compensation and benefits 58.2% 58.4% 57.7% 58.3% 58.3%

Non-comp operating expenses 15.5% 14.5% 14.4% 14.9% 14.9%

Income before income taxes 26.3% 27.1% 27.9% 26.8% 26.8%

14

Retail Brokerage Branches

2005 Branches

Current Branches

316 Branches

92 Branches

644 Financial Advisors

2,075 Financial Advisors

Stifel Bank & Trust

(an operating unit of GWM)

As of As of

9/30/13 9/30/12% Change 6/30/13% Change

Assets $ 4,547,071 $ 3,228,021 40.9 $ 4,306,447 5.6

Investment securities 2,949,080 2,133,494 38.2 2,956,073 (0.2)

Retained loans, net 1,061,313 746,120 42.2 983,788 7.9

Loans held for sale 75,440 209,358 (64.0) 152,246 (50.4)

Deposits 4,228,405 2,923,671 44.6 4,007,050 5.5

Allowance for loan losses $ 13,233 $ 6,394 107.0 $ 10,919 21.2

Allowance as a percentage of loans 1.23 % 0.85 % 1.10 %

Non-performing loans $ 14,759 $ 1,670 783.8 $ 1,042 1,316.4

Other non-performing assets- 449 (100.0) 173 (100.0)

Non-performing assets $ 14,759 $ 2,119 596.5 $ 1,436 927.8

Non-performing assets as a percentage of

total assets 0.32 % 0.07 % 0.03 %

16`

Institutional Group

Three Months Ended Nine Months Ended

($ in thousands) 9/30/13 9/30/12 % Change 6/30/13 % Change 9/30/13 9/30/12 % Change

Net revenues $ 205,132 $ 164,611 24.6% $ 215,443 (4.8%) $ 593,875 $ 443,961 33.8%

Compensation and benefits 119,874 102,148 17.4% 132,396 (9.5%) 359,091 275,159 30.5%

Non -comp operating expenses 50,272 29,262 71.8% 51,965 (3.3%) 140,486 88,993 57.9%

Total non-interest expenses 170,146 131,410 29.5% 184,361 (7.7%) 499,577 364,152 37.2%

Income before income taxes $ 34,986 $ 33,201 5.4% $ 31,082 12.6% $ 94,298 $ 79,809 18.2%

Ratios to net revenues:

Compensation and benefits 58.4% 62.1% 61.5% 60.5% 62.0%

Non -comp operating expenses 24.5% 17.8% 24.1% 23.6% 20.0%

Income before income taxes 17.1% 20.1% 14.4% 15.9% 18.0%

17

Institutional Group Revenues

Three Months Ended Nine Months Ended

($ in thousands) 9/30/13 9/30/12% Change 6/30/13% Change 9/30/13 9/30/12% Change

Institutional brokerage:

Equity $ 58,677 $ 34,994 67.7% $ 64,245(8.7%) $ 172,187 $ 112,648 52.9%

Fixed income 51,658 45,572 13.4% 40,939 26.2% 138,097 128,586 7.4%

110,335 80,566 36.9% 105,184 4.9% 310,284 241,234 28.6%

Investment Banking:

Capital raising

Equity 30,739 16,357 87.9% 42,258 (27.3%) 96,001 64,780 48.2%

Fixed income 13,531 14,890 (9.1%) 14,173 (4.5%) 43,419 40,469 7.3%

44,270 31,247 41.7% 56,431 (21.6%) 139,420 105,249 32.5%

Advisory fees 39,186 27,180 44.2% 47,705 (17.9%) 113,947 68,902 65.4%

Investment banking 83,456 58,427 42.8% 104,136 (19.9%) 253,367 174,151 45.5%

Other (1) 11,341 25,618(55.7%) 6,123 85.2% 30,224 28,486 6.1%

Total net revenue $ 205,132 $ 164,611 24.6% $ 215,443(4.8%) $ 593,875 $ 443,871 33.8%

(1) Includes net interest and other income.

18

Financial Condition

Capital Structure

As of September 30, 2013

(in thousands, except ratios)

($ in thousands)

Total Assets $ 8,709,459

Stockholders’ Equity $ 1,994,489

6.70% senior notes, due 2022 $ 175,000

5.375% senior notes, due 2022 150,000

Non-recourse debt, 6.75%, due 2016 32,111

Debentures to Stifel Financial Capital Trusts II, III, & IV 82,500

Total Capitalization $ 2,434,100

Ratios:

Debt to Equity 12.9%

(1)

Leverage Ratio 3.6x

(2)

Equity Capitalization (3) 4.4x

(1) Debt to equity ratio includes the debentures to Stifel Financial Capital Trusts ($82.5m), non-recourse debt ($32.1m) and Senior Notes ($325.0m) divided by stockholders’equity.

(2) Leverage ratio = total assets divided by total capitalization. (3) Equity capitalization = total assets divided by stockholders’equity.

20

Other Financial Data

As of As of

9/30/13 9/30/12% Change 6/30/13% Change

Total assets (000s):

Stifel Nicolaus & Stifel Financial $ 4,162,388 $ 2,911,509 43.0% $ 4,186,744(0.6%)

Stifel Bank 4,547,071 3,228,021 40.9% 4,306,447 5.6%

Total assets $ 8,709,459 $ 6,139,530 41.9% $ 8,493,191 2.5%

Total shareholders’ equity (000s):

Stifel Nicolaus & Stifel Financial $ 1,701,158 $ 1,176,935 44.5% $ 1,613,003 5.5%

Stifel Bank 293,331 250,189 17.2% 284,987 2.9%

Total shareholders’ equity $ 1,994,489 $ 1,427,124 39.8% $ 1,897,990 5.1%

Leverage ratio:

Stifel Nicolaus & Stifel Financial 1.9 2.0 (4.2%) 2.0 (3.6%)

Stifel Bank 15.5 12.9 20.0% 15.1 2.6%

Total leverage ratio 3.6 3.6 (1.8%) 3.6 (0.4%)

(1)

Financial advisors 2,075 2,042 1.6% 2,069 0.3%

Full-time associates 5,780 5,266 9.8% 5,759 0.4%

Locations 355 338 5.0% 357 (0.6%)

(2)

Total client assets (000s) $ 153,901,000 $ 136,015,000 13.2% $ 150,628,000 2.2%

(1) Includes 145, 154 and 145 independent contractors as of September 30, 2013, September 30, 2012 and June 30, 2013.

(2) Includes money-market and FDIC-insured balances. Prior period amounts have been adjusted to conform to the current period presentation.

21

Recent Merger Updates

Recent Merger Updates

We announced KBW transaction November 5, 2012 and closed February 15, 2013. Integration has gone very well.

YTD advisory success: #1 by number of bank mergers (1) #1 by number of Insurance mergers (2) #2 by number of FIG mergers (1) #3 by bank deal value (1) Seeing increased market share in common equity FIG deals and equity trading volumes. Achieved superior recognition in independent research, sales and trading rankings. Successful conference pattern with a number attracting record levels of attendees

Knight Fixed Income transaction closed on July 1, 2013. Welcomed approximately 90 professionals to the firm. 3Q revenues in line with our expectations.

Sales and trading integration has gone very well and complimenting existing Stifel capabilities.

Investment grade, high yield, and loan trading focus. Primarily located in London, Greenwich and New York.

Miller Buckfire transaction was completed December 31, 2012.

Transaction has already resulted in nine completed or ongoing transactions. A number of these were won by leveraging/including other capabilities across Stifel.

Won assignments on a number of high profile advisory engagements including the City of Detroit, Lehman Brothers, UniTek, Furniture Brands, Excel Maritime, and OnCor.

M&A Statistics Source: SNL Financial

(1) Includes transactions announced since 1/1/2013; Data as of 10/21/2013 (2) Includes transactions announced since 1/1/2005; Data as of 10/29/2013

23

Recent Merger Updates

Previously announced acquisition of Acacia Federal Savings Bank ($525mm in assets) by Stifel Bank & Trust closed on October 31, 2013 at an attractive discount to tangible book value.

Expect significant synergies in connection with single branch closing in 1Q2104 Immediately accretive to Stifel Financial tangible book value/share.

Expected to add $10 million to core earnings for the next few years. Consistent with asset generation strategy within the bank.

Announced acquisition of Ziegler Lotsoff Capital Management (ZLCM) October 16th Chicago and Milwaukee based asset management company that currently manages $4.3 billion in assets.

ZLCM management team brings additional experience and capabilities to Stifel’s existing Asset Management efforts Opportunity to bring other Stifel Asset Management capabilities under one umbrella. Total AUM of combined entities will exceed $9 billion.

Expected closing 11/30/2013

24

Outlook

Q&A