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 21, 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 7.01 Regulation FD Disclosure.
On November 12, 2013, Stifel Financial Corp. (the “Company” or “Stifel”) filed its Form 10-Q for the period ended September 30, 2013. As disclosed in the Form 10-Q, during the third quarter of 2013, the Company’s Canadian subsidiary, Stifel Nicolaus Canada, Inc. (“SN Canada”) ceased business operations. The results of SN Canada were previously reported in the Institutional Group segment. The results of SN Canada were classified as discontinued operations in the Company’s Form 10-Q for the period ended September 30, 2013.
The Company is filing this Form 8-K to present its consolidated statement of operations to reflect the reclassification of SN Canada from continuing operations to discontinued operations. Tables reflecting the Company’s previously reported consolidated statements of operations, the results of SN Canada, now shown as discontinued operations, and the consolidated statements of operations after the reclassification of SN Canada to discontinued operations for each of the last seven quarters in the period ended June 30, 2013 are included in Exhibit 99.1, which is incorporated by reference.
The supplemental financial information is being furnished pursuant to Item 7.01, 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 | Stifel Supplemental Financial Information. | |
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 21, 2013 | By: | /s/ James M. Zemlyak | ||||
| Name: | James M. Zemlyak | |||||
| Title: | Senior Vice President and Chief Financial Officer | |||||
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EXHIBIT INDEX
| Exhibit Number |
Description of Exhibit | |
| 99.1 | Stifel Supplemental Financial Information. | |
4
Exhibit 99.1
During the third quarter of 2013, Stifel Financial Corp.’s (the “Company”) Canadian subsidiary, Stifel Nicolaus Canada, Inc. (“SN Canada”) ceased business operations. The results of SN Canada were previously reported in the Institutional Group segment. The results of SN Canada were classified as discontinued operations in our Form 10-Q for the period ended September 30, 2013.
The following unaudited supplemental financial information presents the Company’s previously reported consolidated statements of operations, the results of SN Canada shown as discontinued operations, and the consolidated statements of operations after the reclassification of SN Canada to discontinued operations for the three month periods indicated.
| Three months ended June 30, 2013 | Three months ended March 31, 2013 | |||||||||||||||||||||||
| (in 000s, except per share data) | As Reported |
Discontinued Operations |
As Adjusted |
As Reported |
Discontinued Operations |
As Adjusted |
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| Net revenues |
$ | 498,736 | $ | 5,058 | $ | 493,678 | $ | 441,780 | $ | 3,176 | $ | 438,604 | ||||||||||||
| Non-interest expenses: |
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| Compensation and benefits |
321,331 | 4,084 | 317,247 | 315,727 | 815 | 314,912 | ||||||||||||||||||
| Non-comp operating expenses |
126,207 | 2,351 | 123,856 | 102,707 | 2,673 | 100,034 | ||||||||||||||||||
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| Total non-interest expenses |
447,538 | 6,435 | 441,103 | 418,434 | 3,488 | 414,946 | ||||||||||||||||||
| Income from continuing operations before income taxes |
51,198 | (1,377 | ) | 52,575 | 23,346 | (312 | ) | 23,658 | ||||||||||||||||
| Provision for income taxes |
21,763 | 104 | 21,659 | 8,727 | 5 | 8,722 | ||||||||||||||||||
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| Net income from continuing operations |
29,435 | (1,481 | ) | 30,916 | 14,619 | (317 | ) | 14,936 | ||||||||||||||||
| Discontinued operations: |
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| Income/(loss) from discontinued operations, net of tax |
— | 1,481 | (1,481 | ) | — | 317 | (317 | ) | ||||||||||||||||
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| Net income |
$ | 29,435 | $ | — | $ | 29,435 | $ | 14,619 | $ | — | $ | 14,619 | ||||||||||||
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| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.46 | $ | 0.48 | $ | 0.24 | $ | 0.25 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.02 | ) | — | (0.01 | ) | ||||||||||||||||||
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| Earnings per basic common share |
$ | 0.46 | $ | 0.46 | $ | 0.24 | $ | 0.24 | ||||||||||||||||
| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.40 | $ | 0.42 | $ | 0.21 | $ | 0.22 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.02 | ) | — | (0.01 | ) | ||||||||||||||||||
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| Earnings per basic common share |
$ | 0.40 | $ | 0.40 | $ | 0.21 | $ | 0.21 | ||||||||||||||||
| Weighted average number of common shares outstanding: |
|
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| Basic |
64,505 | 64,505 | 60,054 | 60,054 | ||||||||||||||||||||
| Diluted |
74,090 | 74,090 | 69,189 | 69,189 | ||||||||||||||||||||
“As Reported” reflects amounts reported in the Company’s Form 10-Q for the periods ended June 30, 2013 and March 31, 2013.
“Discontinued Operations” reflects the results of SN Canada for the three months ended June 30, 2013 and March 31, 2013.
“As Adjusted” reflects the Company’s results after reclassification of SN Canada to discontinued operations for the periods presented.
1
| Three months ended December 31, 2012 | Three months ended September 30, 2012 | |||||||||||||||||||||||
| (in 000s, except per share data) | As Reported |
Discontinued Operations |
As Adjusted |
As Reported |
Discontinued Operations |
As Adjusted |
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| Net revenues |
$ | 417,830 | $ | 6,547 | $ | 411,283 | $ | 420,080 | $ | 5,923 | $ | 414,157 | ||||||||||||
| Non-interest expenses: |
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| Compensation and benefits |
262,213 | 4,064 | 258,149 | 267,652 | 3,194 | 264,458 | ||||||||||||||||||
| Non-comp operating expenses |
94,550 | 1,767 | 92,783 | 90,751 | 2,226 | 88,525 | ||||||||||||||||||
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| Total non-interest expenses |
356,763 | 5,831 | 350,932 | 358,403 | 5,420 | 352,983 | ||||||||||||||||||
| Income from continuing operations before income taxes |
61,067 | 716 | 60,351 | 61,677 | 503 | 61,174 | ||||||||||||||||||
| Provision for income taxes |
21,113 | 4,046 | 17,067 | 23,967 | 227 | 23,740 | ||||||||||||||||||
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| Net income from continuing operations |
39,954 | (3,330 | ) | 43,284 | 37,710 | 276 | 37,434 | |||||||||||||||||
| Discontinued operations: |
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| Income/(loss) from discontinued operations, net of tax |
— | 3,330 | (3,330 | ) | — | (276 | ) | 276 | ||||||||||||||||
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| Net income |
$ | 39,954 | $ | — | $ | 39,954 | $ | 37,710 | $ | — | $ | 37,710 | ||||||||||||
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| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.74 | $ | 0.80 | $ | 0.70 | $ | 0.70 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.06 | ) | — | — | |||||||||||||||||||
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| Earnings per basic common share |
$ | 0.74 | $ | 0.74 | $ | 0.70 | $ | 0.70 | ||||||||||||||||
| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.63 | $ | 0.68 | $ | 0.60 | $ | 0.60 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.05 | ) | — | — | |||||||||||||||||||
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| Earnings per basic common share |
$ | 0.63 | $ | 0.63 | $ | 0.60 | $ | 0.60 | ||||||||||||||||
| Weighted average number of common shares outstanding: |
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| Basic |
53,835 | 53,835 | 53,601 | 53,601 | ||||||||||||||||||||
| Diluted |
63,301 | 63,301 | 63,054 | 63,054 | ||||||||||||||||||||
“As Reported” reflects amounts reported in the Company’s press release reporting its fourth quarter results for fiscal 2012 furnished as Exhibit 99.1 to Form 8-K filed on February 25, 2013, and the September 30, 2012 Form 10-Q.
“Discontinued Operations” reflects the results of SN Canada for the three months ended December 31, 2012 and September 30, 2012.
“As Adjusted” reflects the Company’s results after reclassification of SN Canada to discontinued operations for the periods presented.
2
| Three months ended June 30, 2012 | Three months ended March 31, 2012 | |||||||||||||||||||||||
| (in 000s, except per share data) | As Reported |
Discontinued Operations |
As Adjusted |
As Reported |
Discontinued Operations |
As Adjusted |
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| Net revenues |
$ | 374,407 | $ | 3,819 | $ | 370,588 | $ | 400,333 | $ | 2,248 | $ | 398,085 | ||||||||||||
| Non-interest expenses: |
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| Compensation and benefits |
239,374 | 3,272 | 236,102 | 254,704 | 3,272 | 251,432 | ||||||||||||||||||
| Non-comp operating expenses |
91,159 | 2,158 | 89,001 | 86,375 | 2,459 | 83,916 | ||||||||||||||||||
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| Total non-interest expenses |
330,533 | 5,430 | 325,103 | 341,079 | 5,731 | 335,348 | ||||||||||||||||||
| Income from continuing operations before income taxes |
43,874 | (1,611 | ) | 45,485 | 59,254 | (3,483 | ) | 62,737 | ||||||||||||||||
| Provision for income taxes |
17,738 | (496 | ) | 18,234 | 24,481 | (929 | ) | 25,410 | ||||||||||||||||
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| Net income from continuing operations |
26,136 | (1,115 | ) | 27,251 | 34,773 | (2,554 | ) | 37,327 | ||||||||||||||||
| Discontinued operations: |
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| Income/(loss) from discontinued operations, net of tax |
— | 1,115 | (1,115 | ) | — | 2,554 | (2,554 | ) | ||||||||||||||||
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| Net income |
$ | 26,136 | $ | — | $ | 26,136 | $ | 34,773 | $ | — | $ | 34,773 | ||||||||||||
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| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.49 | $ | 0.51 | $ | 0.65 | $ | 0.70 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.02 | ) | — | (0.05 | ) | ||||||||||||||||||
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| Earnings per basic common share |
$ | 0.49 | $ | 0.49 | $ | 0.65 | $ | 0.65 | ||||||||||||||||
| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.42 | $ | 0.43 | $ | 0.55 | $ | 0.60 | ||||||||||||||||
| Income from discontinued operations, net of tax |
— | (0.01 | ) | — | (0.05 | ) | ||||||||||||||||||
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| Earnings per basic common share |
$ | 0.42 | $ | 0.42 | $ | 0.55 | $ | 0.55 | ||||||||||||||||
| Weighted average number of common shares outstanding: |
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| Basic |
53,569 | 53,569 | 53,243 | 53,243 | ||||||||||||||||||||
| Diluted |
62,678 | 62,678 | 62,669 | 62,669 | ||||||||||||||||||||
“As Reported” reflects amounts reported in the Company’s Form 10-Q for the periods ended June 30, 2012 and March 31, 2012.
“Discontinued Operations” reflects the results of SN Canada for the three months ended June 30, 2012 and March 31, 2012.
“As Adjusted” reflects the Company’s results after reclassification of SN Canada to discontinued operations for the periods presented.
3
| Three months ended December 31, 2011 | ||||||||||||
| (in 000s, except per share data) | As Reported |
Discontinued Operations |
As Adjusted |
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| Net revenues |
$ | 356,878 | $ | 6,972 | $ | 349,906 | ||||||
| Non-interest expenses: |
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| Compensation and benefits |
228,743 | 3,112 | 225,631 | |||||||||
| Non-comp operating expenses |
83,109 | 3,147 | 79,962 | |||||||||
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| Total non-interest expenses |
311,852 | 6,259 | 305,593 | |||||||||
| Income from continuing operations before income taxes |
45,026 | 713 | 44,313 | |||||||||
| Provision for income taxes |
18,010 | 117 | 17,893 | |||||||||
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| Net income from continuing operations |
27,016 | 596 | 26,420 | |||||||||
| Discontinued operations: |
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| Income/(loss) from discontinued operations, net of tax |
— | (596 | ) | 596 | ||||||||
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| Net income |
$ | 27,016 | $ | — | $ | 27,016 | ||||||
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| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.52 | $ | 0.51 | ||||||||
| Income from discontinued operations, net of tax |
— | 0.01 | ||||||||||
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| Earnings per basic common share |
$ | 0.52 | $ | 0.52 | ||||||||
| Earnings per basic common share: |
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| Income from continuing operations |
$ | 0.43 | $ | 0.42 | ||||||||
| Income from discontinued operations, net of tax |
— | 0.01 | ||||||||||
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| Earnings per basic common share |
$ | 0.43 | $ | 0.43 | ||||||||
| Weighted average number of common shares outstanding: |
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| Basic |
51,849 | 51,849 | ||||||||||
| Diluted |
62,695 | 62,695 | ||||||||||
“As Reported” reflects amounts reported in the Company’s press release reporting its fourth quarter results for fiscal 2011 furnished as Exhibit 99.1 to Form 8-K filed on February 15, 2012.
“Discontinued Operations” reflects the results of SN Canada for the three months ended December 31, 2011.
“As Adjusted” reflects the Company’s results after reclassification of SN Canada to discontinued operations for the period presented.
4