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): July 28, 2021

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware	001-09305	43-1273600
(State of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On July 28, 2021, Stifel Financial Corp. (“Stifel” or the “Company”) reported its financial results for the three months ended June 30, 2021. A copy of the related press release is attached hereto as Exhibit 99.1. In addition, a copy of the Company’s Financial Data Supplement for the three months ended June 30, 2021 is attached hereto as Exhibit 99.2.

Stifel will hold a conference call on Wednesday, July 28, 2021, at 9:30 a.m. Eastern time. All interested parties are invited to listen to Stifel Chairman and CEO, Ronald J. Kruszewski, by dialing (877) 876-9938 and referencing conference ID 4838637. 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. 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. The conference call slide show is attached hereto as Exhibit 99.3.

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 July 28, 2021.
99.2	Quarterly Financial Supplement.
99.3	Investor presentation.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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: July 28, 2021	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

3

EX-99.1

Exhibit 99.1

ST. LOUIS, MO, July 28, 2021 – Stifel Financial Corp. (NYSE: SF) today reported net income available to common shareholders of $189.8 million, or $1.60 per diluted common share on net revenues of $1.2 billion for the three months ended June 30, 2021, compared with net income available to common shareholders of $103.0 million, or $0.92 per diluted common share ⁽¹⁾ on net revenues of $895.8 million for the second quarter of 2020. For the three months ended June 30, 2021, the Company reported non-GAAP net income available to common shareholders of $202.1 million, or $1.70 per diluted common share. The Company’s reported GAAP net income for the three months ended June 30, 2021 was primarily impacted by merger-related expenses.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Our results in the first half of 2021 are impressive. We generated consecutive quarters of record net revenue and our improved operating scale drove record non-GAAP earnings for both the quarter and the first half of the year. With both of the firm’s operating segments driving our performance, I am optimistic that these results can be sustained, as illustrated by our increased guidance for the remainder of the year.”

Highlights

› Record net revenues of $1.2 billion, increased 29% compared with the year-ago quarter. Year-to-date record net revenues of $2.3 billion, increased 27% over the comparable period last year.

› Record net income available to common shareholders of $1.60 per diluted common share, or $1.70 per diluted common share excluding the impact of merger-related expenses. This represents an increase of 74% over the year-ago quarter.

› Year-to-date record net income available to common shareholders of $3.00 per diluted common share, or $3.20 per diluted common share excluding the impact of merger-related expenses. This represents an increase of 84% over the comparable period last year.

› Record client assets of $402.4 billion, increased 31% compared with the year-ago quarter.

› Annualized return on average tangible shareholders’ equity (ROTCE) ⁽⁶⁾ was 29%, or 31% excluding the impact of merger-related expenses.

› Tangible book value per common share of $25.87 ⁽⁸⁾, up 29% compared with the year ago quarter.

Segment Highlights

› Global Wealth Management reported record net revenues, up 26% compared with the year ago quarter reflecting growth in fee-based assets and client activity.

› Institutional Group reported record net revenues, up 31% compared with the year ago quarter as a result of strong advisory fee and capital raising revenues.

Financial Summary (Unaudited)
($ in 000s)	2Q 2021			2Q 2020			6m 2021			6m 2020
GAAP Financial Highlights:
Net revenues	$	1,153,136		$	895,817		$	2,287,925		$	1,808,851
Net income (2)	$	189,788		$	103,044		$	354,514		$	184,789
Diluted EPS (1) (2)	$	1.60		$	0.92		$	3.00		$	1.63
Comp. ratio		60.0	%		61.1	%		60.8	%		62.2	%
Non-comp. ratio		17.1	%		22.9	%		17.7	%		23.5	%
Pre-tax margin		22.9	%		16.0	%		21.5	%		14.3	%
Non-GAAP Financial Highlights:
Net revenues	$	1,153,098		$	895,817		$	2,288,078		$	1,809,030
Net income (2) (3)	$	202,067		$	115,335		$	378,492		$	207,268
Diluted EPS (1) (2) (3)	$	1.70		$	1.03		$	3.20		$	1.83
Comp. ratio (3)		59.5	%		60.0	%		60.2	%		61.3	%
Non-comp. ratio (3)		16.2	%		22.2	%		16.9	%		22.8	%
Pre-tax margin (4)		24.3	%		17.8	%		22.9	%		15.9	%
ROCE (5)		20.6	%		14.1	%		19.7	%		12.7	%
ROTCE (6)		30.5	%		23.2	%		29.5	%		20.9	%
Global Wealth Management (assets and loans in millions)
Net revenues	$	637,567		$	505,782		$	1,269,062		$	1,088,738
Pre-tax net income	$	227,305		$	156,325		$	450,536		$	350,492
Total client assets	$	402,442		$	306,235
Fee-based client assets	$	148,838		$	106,218
Bank loans, net (7)	$	13,165		$	10,923
Institutional Group
Net revenues	$	520,811		$	398,096		$	1,026,892		$	730,334
Equity	$	334,689		$	211,044		$	681,080		$	406,372
Fixed Income	$	186,122		$	187,052		$	345,812		$	323,962
Pre-tax net income	$	141,494		$	83,049		$	258,682		$	124,789

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

Global Wealth Management

Global Wealth Management reported record net revenues of $637.6 million for the three months ended June 30, 2021 compared with $505.8 million during the second quarter of 2020. Pre-tax net income was $227.3 million compared with $156.3 million in the second quarter of 2020.

Highlights

› Added 26 financial advisors, including 14 experienced advisors, with total trailing 12 month production of $12 million.

› Record client assets of $402.4 billion, up 31% over the year-ago quarter.

› Private Client fee-based assets of $148.8 billion, up 40% over the year-ago quarter.

› Bank loans of $13.2 billion, up 21% over the year-ago quarter.

Net revenues increased 26% from a year ago:

› Asset management revenues increased 49% over the year-ago quarter reflecting higher asset values and strong fee-based asset flows.

› Brokerage revenues increased 23% over the year-ago quarter reflecting strong client activity during the quarter.

› Net interest income increased 3% over the year-ago quarter driven by higher bank lending partially offset by the impact of lower interest rates.

Total Expenses:

› Compensation expense increased over the year-ago quarter primarily driven by higher revenues.

› Provision for credit losses was impacted by the release of the allowance for credit losses driven by improvements in the outlook for macroeconomic conditions. Approximately $4.6 million of the release relates to loans that are being sold at a premium.

› Non-compensation operating expenses increased over the year-ago quarter primarily as a result of higher professional fees, travel, entertainment, and conference-related expenses. The increase was partially offset by lower net provisions for litigation matters.

Summary Results of Operations
($ in 000s)	2Q 2021			2Q 2020
Net revenues	$	637,567		$	505,782
Asset management and service fees		295,847			198,921
Brokerage revenues		194,862			159,123
Net interest income		124,686			121,564
Investment banking		11,898			8,016
Other income		10,274			18,158
Total expenses	$	410,262		$	349,457
Compensation expense		341,367			258,291
Provision for credit losses		(9,652	)		19,210
Non-comp. opex		78,547			71,956
Pre-tax net income	$	227,305		$	156,325
Compensation ratio		53.5	%		51.1	%
Non-compensation ratio		10.8	%		18.0	%
Pre-tax margin		35.7	%		30.9	%

Stifel Financial Corp.  |  Page 2

Institutional Group

Institutional Group reported record net revenues of $520.8 million for the three months ended June 30, 2021 compared with $398.1 million during the second quarter of 2020. Pre-tax net income was $141.5 million compared with $83.0 million in the second quarter of 2020.

Highlights

› Investment banking pipeline at record levels.

› Pre-tax margin of 27%, up from 21% in the year-ago quarter.

Investment banking revenues increased 74% from a year ago:

› Advisory fee revenues increased 111% over the year-ago quarter on higher completed advisory transactions.

› Equity capital raising revenues increased 62% over the year-ago quarter driven by higher volumes.

› Fixed income capital raising revenues increased 16% over the year-ago quarter driven by an increase in public finance, as well as an increase in our corporate debt issuance business.

Equity brokerage revenues decreased 3% from a year ago:

› Equity brokerage revenues declined from the year-ago quarter due to declines in cash equities driven by lower volatility and volumes.

Fixed income brokerage revenues decreased 24% from a year ago:

› Fixed income brokerage revenues declined from the year-ago quarter due to lower volatility as well as tighter credit spreads.

Total Expenses:

› Compensation expense increased over the year-ago quarter primarily driven by higher compensable revenues.

› Non-compensation expenses increased over the year-ago quarter primarily as a result of higher professional fees, travel, entertainment, and conference-related expenses partially offset by lower net provisions for litigation matters.

Summary Results of Operations
($ in 000s)	2Q 2021			2Q 2020
Net revenues	$	520,811		$	398,096
Investment banking		364,545			209,019
Advisory fee revenue		206,665			97,838
Equity capital raising		102,460			63,277
Fixed income capital raising		55,420			47,904
Equity brokerage		61,459			63,193
Fixed income brokerage		91,855			120,731
Other		2,952			5,153
Total expenses	$	379,317		$	315,047
Compensation expense		299,469			241,420
Non-comp. opex.		79,848			73,627
Pre-tax net income	$	141,494		$	83,049
Compensation ratio		57.5	%		60.6	%
Non-compensation ratio		15.3	%		18.5	%
Pre-tax margin		27.2	%		20.9	%

Stifel Financial Corp.  |  Page 3

Other Segment

Highlights

› The Company issued $300.0 million 4.50% Non-Cumulative Preferred Stock (Series D) in July 2021 and announced the redemption of its 6.25% Non-Cumulative Preferred Stock (Series A).

› Total assets increased $4.1 billion, or 16%, over the year-ago quarter.

› Fitch Ratings affirmed the Company’s rating at ‘BBB’ with its outlook revised to positive during the second quarter.

› The Company repurchased $29.0 million of its outstanding common stock during the second quarter.

› Tier 1 leverage ratio increased 0.7% over the year-ago quarter.

› The Board of Directors declared a $0.15 quarterly dividend per share payable on June 15, 2021 to common shareholders of record on June 1, 2021.

› The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on June 15, 2021 to shareholders of record on June 1, 2021.

($ in millions)	2Q 2021			2Q 2020
Net revenues	$	(5,242	)	$	(8,061	)
Pre-tax net loss	$	(104,774	)	$	(96,414	)
Stifel Financial Corp.
Tier 1 common capital ratio (9)		15.8	%		15.3	%
Tier 1 risk based capital ratio (9)		18.9	%		19.3	%
Tier 1 leverage capital ratio (9)		11.7	%		11.0	%
Tier 1 capital (9)	$	3,208		$	2,606
Quarter end assets	$	29,745		$	25,624
Average assets (9)	$	27,378		$	23,684
Risk weighted assets (9)	$	16,952		$	13,522
Common stock repurchases
Repurchases ($ in 000s)	$	28,972			NM
Number of shares (000s)		440			NM
Average price	$	65.85			NM
Period end shares (000s) (1)		104,865			102,855
Effective tax rate		25.0	%		24.5	%
Agency	Rating			Outlook
Fitch Ratings		BBB			Positive
S&P Global Ratings		BBB-			Positive

Stifel Financial Corp.  |  Page 4

Conference Call Information

Stifel Financial Corp. will host its second quarter 2021 financial results conference call on Wednesday, July 28, 2021, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (877) 876-9938 and referencing conference ID 4838637. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position and liquidity may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected.

Stifel Financial Corp.  |  Page 5

Summary Results of Operations (Unaudited)

	Three Months Ended												Six Months Ended
($ in 000s, except per share amounts)	6/30/21		6/30/20		% Change			3/31/21		% Change			6/30/21		6/30/20		% Change
Revenues:
Commissions	$	195,579	$	177,028		10.5		$	213,614		(8.4	)	$	409,193	$	388,126		5.4
Principal transactions		152,597		166,017		(8.1	)		165,006		(7.5	)		317,603		304,683		4.2
Investment banking		376,443		217,035		73.4			339,288		11.0			715,731		396,503		80.5
Asset management and service fees		295,869		198,939		48.7			278,147		6.4			574,016		436,714		31.4
Other income		13,235		21,514		(38.5	)		25,634		(48.4	)		38,869		30,721		26.5
Operating revenues		1,033,723		780,533		32.4			1,021,689		1.2			2,055,412		1,556,747		32.0
Interest revenue		133,591		128,368		4.1			127,540		4.7			261,131		289,545		(9.8	)
Total revenues		1,167,314		908,901		28.4			1,149,229		1.6			2,316,543		1,846,292		25.5
Interest expense		14,178		13,084		8.4			14,440		(1.8	)		28,618		37,441		(23.6	)
Net revenues		1,153,136		895,817		28.7			1,134,789		1.6			2,287,925		1,808,851		26.5
Non-interest expenses:
Compensation and benefits		692,054		547,174		26.5			697,914		(0.8	)		1,389,968		1,124,353		23.6
Non-compensation operating expenses		197,057		205,683		(4.2	)		208,983		(5.7	)		406,040		426,432		(4.8	)
Total non-interest expenses		889,111		752,857		18.1			906,897		(2.0	)		1,796,008		1,550,785		15.8
Income before income taxes		264,025		142,960		84.7			227,892		15.9			491,917		258,066		90.6
Provision for income taxes		65,948		35,073		88.0			54,877		20.2			120,825		63,590		90.0
Net income		198,077		107,887		83.6			173,015		14.5			371,092		194,476		90.8
Preferred dividends		8,289		4,843		71.2			8,289		—			16,578		9,687		71.1
Net income available to common shareholders	$	189,788	$	103,044		84.2		$	164,726		15.2		$	354,514	$	184,789		91.8
Earnings per common share: (1)
Basic	$	1.76	$	0.97		81.4		$	1.53		15.0		$	3.29	$	1.74		89.1
Diluted	$	1.60	$	0.92		73.9		$	1.40		14.3		$	3.00	$	1.63		84.0
Cash dividends declared per common share (1)	$	0.15	$	0.11		36.4		$	0.15		—		$	0.30	$	0.22		36.4
Weighted average number of common shares outstanding: (1)
Basic		107,837		105,791		1.9			107,746		0.1			107,795		106,358		1.4
Diluted		118,602		111,581		6.3			117,875		0.6			118,279		113,477		4.2

Stifel Financial Corp.  |  Page 6

Non-GAAP Financial Measures

The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three months ended June 30, 2021, June 30, 2020, and March 31, 2021. 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. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of on-going business.

A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these 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 and the same respective non-GAAP measures of the Company’s financial performance should be considered together.

The following tables provide details with respect to reconciling net income and earnings per diluted common share on a GAAP basis for the three and six months ended June 30, 2021 and 2020, and the three months ended March 31, 2021 to net income and earnings per diluted common share on a non-GAAP basis for the same period.

	Three Months Ended						Six Months Ended
($ in 000s, except per share amounts)	6/30/21			6/30/20			6/30/21			6/30/20
GAAP net income	$	198,077		$	107,887		$	371,092		$	194,476
Preferred dividend		8,289			4,843			16,578			9,687
Net income available to common shareholders		189,788			103,044			354,514			184,789
Non-GAAP adjustments:
Merger-related (10)		16,368			16,259			31,797			29,769
Provision for income taxes (11)		(4,089	)		(3,968	)		(7,819	)		(7,290	)
Total non-GAAP adjustments		12,279			12,291			23,978			22,479
Non-GAAP net income available to common shareholders	$	202,067		$	115,335		$	378,492		$	207,268
Weighted average diluted shares outstanding (1)		118,602			111,581			118,279			113,477
GAAP earnings per diluted common share (1)	$	1.67		$	0.97		$	3.14		$	1.71
Non-GAAP adjustments (1)		0.10			0.11			0.20			0.20
Non-GAAP earnings per diluted common share (1)	$	1.77		$	1.08		$	3.34		$	1.91
GAAP earnings per diluted common share available to common shareholders (1)	$	1.60		$	0.92		$	3.00		$	1.63
Non-GAAP adjustments (1)		0.10			0.11			0.20			0.20
Non-GAAP earnings per diluted common share available to common shareholders (1)	$	1.70		$	1.03		$	3.20		$	1.83

Stifel Financial Corp.  |  Page 7

GAAP to Non-GAAP Reconciliation

	Three Months Ended						Six Months Ended
($ in 000s)	6/30/21			6/30/20			6/30/21			6/30/20
GAAP compensation and benefits	$	692,054		$	547,174		$	1,389,968		$	1,124,353
As a percentage of net revenues		60.0	%		61.1	%		60.8	%		62.2	%
Non-GAAP adjustments:
Merger-related(10)		(6,119	)		(9,710	)		(12,293	)		(16,137	)
Non-GAAP compensation and benefits	$	685,935		$	537,464		$	1,377,675		$	1,108,216
As a percentage of non-GAAP net revenues		59.5	%		60.0	%		60.2	%		61.3	%
GAAP non-compensation expenses	$	197,057		$	205,683		$	406,040		$	426,432
As a percentage of net revenues		17.1	%		22.9	%		17.7	%		23.5	%
Non-GAAP adjustments:
Merger-related(10)		(10,287	)		(6,549	)		(19,351	)		(13,453	)
Non-GAAP non-compensation expenses	$	186,770		$	199,134		$	386,689		$	412,979
As a percentage of non-GAAP net revenues		16.2	%		22.2	%		16.9	%		22.8	%
Total merger-related expenses	$	16,368		$	16,259		$	31,797		$	29,769

Stifel Financial Corp.  |  Page 8

Footnotes

⁽¹⁾ All share and per share information has been retroactively adjusted to reflect the December 2020 three-for-two stock split.

⁽²⁾ Represents available to common shareholders.

⁽³⁾ Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures.”

⁽⁴⁾ Non-GAAP pre-tax margin for the three months ended June 30, 2021 of 24.3% is calculated by adding non-GAAP adjustments of $16.4 million to our GAAP income before income taxes of $264.0 million and dividing it by non-GAAP net revenues for the quarter of $1.2 billion. Non-GAAP pre-tax margin for the six months ended June 30, 2021 of 22.9% is calculated by adding non-GAAP adjustments of $31.8 million to our GAAP income before income taxes of $491.9 million and dividing it by non-GAAP net revenues for the period of $2.3 billion. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”

⁽⁵⁾ Annualized return on average common shareholders’ equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

⁽⁶⁾ Annualized return on average tangible common shareholders’ equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible shareholders’ equity. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $53.1 million, $48.5 million, and $51.7 million, as of June 30, 2021 and 2020, and March 31, 2021, respectively.

⁽⁷⁾ Includes loans held for sale.

⁽⁸⁾ Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.

⁽⁹⁾ Capital ratios are estimates at time of the Company’s earnings release.

⁽¹⁰⁾ Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards and promissory notes issued as retention, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.

⁽¹¹⁾ Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

Stifel Financial Corp.  |  Page 9

EX-99.2

Exhibit 99.2

Second Quarter 2021 Earnings Results    

Quarterly Financial Supplement	Page
Consolidated Financial Highlights		2
GAAP Consolidated Results of Operations		3
Non-GAAP Consolidated Results of Operations		4
Consolidated Financial Summary		5
Consolidated Financial Information & Metrics		6
Regulatory Capital		7
Global Wealth Management - Summary Results of Operations		8
Global Wealth Management - Statistical Information		9
Institutional Group - Summary Results of Operations		10
Stifel Bancorp - Financial Information and Credit Metrics		11
Loans and Lending Commitments - Allowance for Credit Losses		12
Consolidated Net Interest Income		13
Stifel Bancorp Net Interest Income		14
GAAP to Core Reconciliation		15
Footnotes		16
Disclaimer and Legal Notice		17

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 1 of 17

Consolidated Financial Highlights

	Three Months Ended												Six Months Ended
(Unaudited, $ in 000s except per share information)	6/30/2021		6/30/2020		% Change			3/31/2021		% Change			6/30/2021		6/30/2020		% Change
Net revenues	$	1,153,136	$	895,817		28.7	%	$	1,134,789		1.6	%	$	2,287,925	$	1,808,851		26.5	%
Net income	$	198,077	$	107,887		83.6	%	$	173,015		14.5	%	$	371,092	$	194,476		90.8	%
Preferred dividends		8,289		4,843		71.2	%		8,289		0.0	%		16,578		9,687		71.1	%
Net income available to common shareholders	$	189,788	$	103,044		84.2	%	$	164,726		15.2	%	$	354,514	$	184,789		91.8	%
Earnings per diluted common share (1)	$	1.67	$	0.97		72.2	%	$	1.47		13.6	%	$	3.14	$	1.71		83.6	%
Earnings per diluted common share available to common shareholders (1)	$	1.60	$	0.92		73.9	%	$	1.40		14.3	%	$	3.00	$	1.63		84.0	%
Non-GAAP financial summary (2):
Net revenues	$	1,153,098	$	895,817		28.7	%	$	1,134,980		1.6	%	$	2,288,078	$	1,809,030		26.5	%
Net income	$	210,356	$	120,178		75.0	%	$	184,714		13.9	%	$	395,070	$	216,955		82.1	%
Preferred dividends		8,289		4,843		71.2	%		8,289		0.0	%		16,578		9,687		71.1	%
Net income available to common shareholders	$	202,067		115,335		75.2	%		176,425		14.5	%		378,492		207,268		82.6	%
Earnings per diluted common share (1)	$	1.77	$	1.08		63.9	%	$	1.57		12.7	%	$	3.34	$	1.91		74.9	%
Earnings per diluted common share available to common shareholders (1)	$	1.70	$	1.03		65.0	%	$	1.50		13.3	%	$	3.20	$	1.83		74.9	%
Weighted average number of common shares outstanding (1)
Basic		107,837		105,791		1.9	%		107,746		0.1	%		107,795		106,358		1.4	%
Diluted		118,602		111,581		6.3	%		117,875		0.6	%		118,279		113,477		4.2	%
Period end common shares outstanding (1)		104,865		102,855		2.0	%		105,215		(0.3	%)		104,865		102,855		2.0	%
Cash dividends declared per common share (1)	$	0.15	$	0.11		36.4	%	$	0.15		0.0	%	$	0.30	$	0.22		36.4	%

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 2 of 17

GAAP Results of Operations (Unaudited)

	Three Months Ended														Six Months Ended
($ in 000s except per share information)	6/30/2021			6/30/2020		% Change			3/31/2021			% Change			6/30/2021			6/30/2020		% Change
Revenues:
Commissions	$	195,579		$	177,028		10.5	%	$	213,614			(8.4	%)	$	409,193		$	388,126		5.4	%
Principal transactions		152,597			166,017		(8.1	%)		165,006			(7.5	%)		317,603			304,683		4.2	%
Brokerage revenues		348,176			343,045		1.5	%		378,620			(8.0	%)		726,796			692,809		4.9	%
Capital raising		169,778			119,197		42.4	%		208,806			(18.7	%)		378,584			222,593		70.1	%
Advisory fees		206,665			97,838		111.2	%		130,482			58.4	%		337,147			173,910		93.9	%
Investment banking		376,443			217,035		73.4	%		339,288			11.0	%		715,731			396,503		80.5	%
Asset management and service fees		295,869			198,939		48.7	%		278,147			6.4	%		574,016			436,714		31.4	%
Other income		13,235			21,514		(38.5	%)		25,634			(48.4	%)		38,869			30,721		26.5	%
Operating revenues		1,033,723			780,533		32.4	%		1,021,689			1.2	%		2,055,412			1,556,747		32.0	%
Interest revenue		133,591			128,368		4.1	%		127,540			4.7	%		261,131			289,545		(9.8	%)
Total revenues		1,167,314			908,901		28.4	%		1,149,229			1.6	%		2,316,543			1,846,292		25.5	%
Interest expense		14,178			13,084		8.4	%		14,440			(1.8	%)		28,618			37,441		(23.6	%)
Net revenues		1,153,136			895,817		28.7	%		1,134,789			1.6	%		2,287,925			1,808,851		26.5	%
Non-interest expenses:
Compensation and benefits		692,054			547,174		26.5	%		697,914			(0.8	%)		1,389,968			1,124,353		23.6	%
Occupancy and equipment rental		70,971			66,264		7.1	%		72,032			(1.5	%)		143,003			132,337		8.1	%
Communication and office supplies		41,308			43,046		(4.0	%)		41,825			(1.2	%)		83,133			84,170		(1.2	%)
Commissions and floor brokerage		13,977			15,177		(7.9	%)		15,703			(11.0	%)		29,680			30,019		(1.1	%)
Provision for credit losses		(9,652	)		19,210		(150.2	%)		(5,252	)		83.8	%		(14,904	)		35,278		(142.2	%)
Other operating expenses		80,453			61,986		29.8	%		84,675			(5.0	%)		165,128			144,628		14.2	%
Total non-interest expenses		889,111			752,857		18.1	%		906,897			(2.0	%)		1,796,008			1,550,785		15.8	%
Income before income taxes		264,025			142,960		84.7	%		227,892			15.9	%		491,917			258,066		90.6	%
Provision for income taxes		65,948			35,073		88.0	%		54,877			20.2	%		120,825			63,590		90.0	%
Net income		198,077			107,887		83.6	%		173,015			14.5	%		371,092			194,476		90.8	%
Preferred dividends		8,289			4,843		71.2	%		8,289			0.0	%		16,578			9,687		71.1	%
Net income available to common shareholders	$	189,788		$	103,044		84.2	%	$	164,726			15.2	%	$	354,514		$	184,789		91.8	%
Earnings per common share: (1)
Basic	$	1.76		$	0.97		81.4	%	$	1.53			15.0	%	$	3.29		$	1.74		89.1	%
Diluted	$	1.60		$	0.92		73.9	%	$	1.40			14.3	%	$	3.00		$	1.63		84.0	%
Weighted average number of common shares outstanding: (1)
Basic		107,837			105,791		1.9	%		107,746			0.1	%		107,795			106,358		1.4	%
Diluted		118,602			111,581		6.3	%		117,875			0.6	%		118,279			113,477		4.2	%
Cash dividends declared per common share (1)	$	0.15		$	0.11		36.4	%	$	0.15			0.0	%	$	0.30		$	0.22		36.4	%

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 3 of 17

Non-GAAP Results of Operations (Unaudited)

	Three Months Ended														Six Months Ended
($ in 000s except per share information)	6/30/2021			6/30/2020		% Change			3/31/2021			% Change			6/30/2021			6/30/2020		% Change
Revenues:
Commissions	$	195,579		$	177,028		10.5	%	$	213,614			(8.4	%)	$	409,193		$	388,126		5.4	%
Principal transactions		152,597			166,017		(8.1	%)		165,006			(7.5	%)		317,603			304,683		4.2	%
Brokerage revenues		348,176			343,045		1.5	%		378,620			(8.0	%)		726,796			692,809		4.9	%
Capital raising		169,778			119,197		42.4	%		208,806			(18.7	%)		378,584			222,593		70.1	%
Advisory fees		206,665			97,838		111.2	%		130,482			58.4	%		337,147			173,910		93.9	%
Investment banking		376,443			217,035		73.4	%		339,288			11.0	%		715,731			396,503		80.5	%
Asset management and service fees		295,869			198,939		48.7	%		278,147			6.4	%		574,016			436,714		31.4	%
Other income		13,197			21,514		(38.7	%)		25,700			(48.6	%)		38,897			30,900		25.9	%
Operating revenues		1,033,685			780,533		32.4	%		1,021,755			1.2	%		2,055,440			1,556,926		32.0	%
Interest revenue		133,591			128,368		4.1	%		127,540			4.7	%		261,131			289,545		(9.8	%)
Total revenues		1,167,276			908,901		28.4	%		1,149,295			1.6	%		2,316,571			1,846,471		25.5	%
Interest expense		14,178			13,084		8.4	%		14,315			(1.0	%)		28,493			37,441		(23.9	%)
Net revenues		1,153,098			895,817		28.7	%		1,134,980			1.6	%		2,288,078			1,809,030		26.5	%
Non-interest expenses:
Compensation and benefits		685,935			537,464		27.6	%		691,740			(0.8	%)		1,377,675			1,108,216		24.3	%
Occupancy and equipment rental		70,938			65,854		7.7	%		72,002			(1.5	%)		142,939			131,759		8.5	%
Communication and office supplies		41,232			43,008		(4.1	%)		41,825			(1.4	%)		83,057			83,773		(0.9	%)
Commissions and floor brokerage		13,977			15,177		(7.9	%)		15,703			(11.0	%)		29,680			30,019		(1.1	%)
Provision for credit losses		(9,652	)		19,210		(150.2	%)		(5,252	)		83.8	%		(14,904	)		35,278		(142.2	%)
Other operating expenses		70,275			55,885		25.7	%		75,641			(7.1	%)		145,917			132,150		10.4	%
Total non-interest expenses		872,705			736,598		18.5	%		891,659			(2.1	%)		1,764,364			1,521,195		16.0	%
Income before income taxes		280,393			159,219		76.1	%		243,321			15.2	%		523,714			287,835		81.9	%
Provision for income taxes		70,037			39,041		79.4	%		58,607			19.5	%		128,644			70,880		81.5	%
Net income		210,356			120,178		75.0	%		184,714			13.9	%		395,070			216,955		82.1	%
Preferred dividends		8,289			4,843		71.2	%		8,289			0.0	%		16,578			9,687		71.1	%
Net income available to common shareholders	$	202,067		$	115,335		75.2	%	$	176,425			14.5	%	$	378,492		$	207,268		82.6	%
Earnings per common share: (1)
Basic	$	1.87		$	1.09		71.6	%	$	1.64			14.0	%	$	3.51		$	1.95		80.0	%
Diluted	$	1.70		$	1.03		65.0	%	$	1.50			13.3	%	$	3.20		$	1.83		74.9	%
Weighted average number of common shares outstanding: (1)
Basic		107,837			105,791		1.9	%		107,746			0.1	%		107,795			106,358		1.4	%
Diluted		118,602			111,581		6.3	%		117,875			0.6	%		118,279			113,477		4.2	%
Cash dividends declared per common share (1)	$	0.15		$	0.11		36.4	%	$	0.15			0.0	%	$	0.30		$	0.22		36.4	%

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 4 of 17

Consolidated Financial Summary

	Three Months Ended															Six Months Ended
(Unaudited, $ in 000s except percentages)	6/30/2021			6/30/2020			% Change			3/31/2021			% Change			6/30/2021			6/30/2020			% Change
Net revenues:
Global Wealth Management	$	637,567		$	505,782			26.1	%	$	631,495			1.0	%	$	1,269,062		$	1,088,738			16.6	%
Institutional Group		520,811			398,096			30.8	%		506,081			2.9	%		1,026,892			730,334			40.6	%
Other		(5,242	)		(8,061	)		(35.0	%)		(2,787	)		88.1	%		(8,029	)		(10,221	)		(21.4	%)
Total net revenues	$	1,153,136		$	895,817			28.7	%	$	1,134,789			1.6	%	$	2,287,925		$	1,808,851			26.5	%
Operating expenses:
Global Wealth Management	$	410,262		$	349,457			17.4	%	$	408,264			0.5	%	$	818,526		$	738,246			10.9	%
Institutional Group		379,317			315,047			20.4	%		388,893			(2.5	%)		768,210			605,545			26.9	%
Other		99,532			88,353			12.7	%		109,740			(9.3	%)		209,272			206,994			1.1	%
Total operating expenses	$	889,111		$	752,857			18.1	%	$	906,897			(2.0	%)	$	1,796,008		$	1,550,785			15.8	%
Operating contribution:
Global Wealth Management	$	227,305		$	156,325			45.4	%	$	223,231			1.8	%	$	450,536		$	350,492			28.5	%
Institutional Group		141,494			83,049			70.4	%		117,188			20.7	%		258,682			124,789			107.3	%
Other		(104,774	)		(96,414	)		8.7	%		(112,527	)		(6.9	%)		(217,301	)		(217,215	)		0.0	%
Income before income taxes	$	264,025		$	142,960			84.7	%	$	227,892			15.9	%	$	491,917		$	258,066			90.6	%
Financial ratios:
Compensation and benefits		60.0	%		61.1	%		(170	)		61.5	%		290			60.8	%		62.2	%		(140	)
Non-compensation operating expenses		17.1	%		22.9	%		(580	)		18.4	%		(90	)		17.7	%		23.5	%		(580	)
Income before income taxes		22.9	%		16.0	%		750			20.1	%		(200	)		21.5	%		14.3	%		720
Effective tax rate		25.0	%		24.5	%		(70	)		24.1	%		440			24.6	%		24.6	%		—

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 5 of 17

Consolidated Financial Information and Metrics

	Three Months Ended
(Unaudited, $ in 000s except percentages and per share data)	6/30/2021			6/30/2020			% Change			3/31/2021			% Change
Financial Information:
Total assets	$	29,744,764		$	25,624,225			16.1	%	$	28,141,581			5.7	%
Total shareholders’ equity	$	4,508,790		$	3,884,060			16.1	%	$	4,318,872			4.4	%
Total common equity	$	3,973,790		$	3,349,060			18.7	%	$	3,783,872			5.0	%
Less: Goodwill and intangible assets	$	(1,314,818	)	$	(1,330,543	)		(1.2	%)	$	(1,319,089	)		(0.3	%)
Less: DTL on goodwill and intangible assets	$	54,049		$	49,175			9.9	%	$	52,651			2.7	%
Tangible common equity	$	2,713,021		$	2,067,692			31.2	%	$	2,517,434			7.8	%
Preferred equity	$	535,000		$	535,000			0.0	%	$	535,000			0.0	%
Financial Metrics:
Book value per common share (1)(3)	$	37.89		$	32.56			16.4	%	$	35.96			5.4	%
Tangible book value per common share (1) (3)	$	25.87		$	20.11			28.6	%	$	23.93			8.1	%
Return on common equity (4)		19.4	%		12.6	%					17.6	%
Non-GAAP return on common equity (2)(4)		20.6	%		14.1	%					18.8	%
Return on tangible common equity (5)		28.6	%		20.7	%					26.5	%
Non-GAAP return on common equity (2)(5)		30.5	%		23.2	%					28.4	%
Pre-tax margin on net revenues		22.9	%		16.0	%					20.1	%
Non-GAAP pre-tax margin on net revenues (2)		24.3	%		17.8	%					21.4	%
Effective tax rate		25.0	%		24.5	%					24.1	%
Non-GAAP effective tax rate (2)		25.0	%		24.5	%					24.1	%

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 6 of 17

Regulatory Capital

	Three Months Ended
(Unaudited, $ in 000s except percentages)	6/30/2021			6/30/2020			% Change			3/31/2021			% Change
SF Regulatory Capital (6):
Common equity tier 1 capital	$	2,672,682		$	2,071,121			29.0	%	$	2,498,655			7.0	%
Tier 1 capital	$	3,207,682		$	2,606,121			23.1	%	$	3,033,655			5.7	%
Risk-weighted assets	$	16,952,415		$	13,521,861			25.4	%	$	15,655,984			8.3	%
Common equity tier 1 capital ratio		15.8	%		15.3	%					16.0	%
Tier 1 risk based capital ratio		18.9	%		19.3	%					19.4	%
Tier 1 leverage capital ratio		11.7	%		11.0	%					11.5	%
Stifel Bank & Trust Regulatory Capital (6):
Common equity tier 1 capital	$	1,069,763		$	1,058,401			1.1	%	$	1,044,894			2.4	%
Tier 1 capital	$	1,069,763		$	1,058,401			1.1	%	$	1,044,894			2.4	%
Risk-weighted assets	$	9,958,105		$	8,538,099			16.6	%	$	9,428,239			5.6	%
Common equity tier 1 capital ratio		10.7	%		12.4	%					11.1	%
Tier 1 risk based capital ratio		11.8	%		13.9	%					12.4	%
Tier 1 leverage capital ratio		7.0	%		7.2	%					7.1	%
Stifel Bank Regulatory Capital (6):
Common equity tier 1 capital	$	326,622		$	196,916			65.9	%	$	280,718			16.4	%
Tier 1 capital	$	326,622		$	196,916			65.9	%	$	280,718			16.4	%
Risk-weighted assets	$	1,593,962		$	1,047,142			52.2	%	$	1,517,312			5.1	%
Common equity tier 1 capital ratio		20.5	%		18.8	%					18.5	%
Tier 1 risk based capital ratio		20.9	%		20.1	%					19.2	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.3	%
Stifel Net Capital:
Net capital	$	614,500		$	449,400			36.7	%	$	570,300			7.8	%
Excess net capital	$	584,000		$	425,200			37.3	%	$	541,600			7.8	%

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 7 of 17

Global Wealth Management - Summary Results of Operations

	Three Months Ended															Six Months Ended
(Unaudited, $ in 000s except percentages)	6/30/2021			6/30/2020			% Change			3/31/2021			% Change			6/30/2021			6/30/2020			% Change
Revenues:
Commissions	$	139,653		$	116,156			20.2	%	$	147,505			(5.3	%)	$	287,158		$	253,053			13.5	%
Principal transactions		55,209			42,967			28.5	%		53,599			3.0	%		108,808			85,949			26.6	%
Brokerage revenues		194,862			159,123			22.5	%		201,104			(3.1	%)		395,966			339,002			16.8	%
Asset management and service fees		295,847			198,921			48.7	%		278,109			6.4	%		573,956			436,681			31.4	%
Net interest		124,686			121,564			2.6	%		117,775			5.9	%		242,461			260,246			(6.8	%)
Investment banking (7)		11,898			8,016			48.4	%		13,549			(12.2	%)		25,447			18,349			38.7	%
Other income		10,274			18,158			(43.4	%)		20,958			(51.0	%)		31,232			34,460			(9.4	%)
Net revenues		637,567			505,782			26.1	%		631,495			1.0	%		1,269,062			1,088,738			16.6	%
Non-interest expenses:
Compensation and benefits		341,367			258,291			32.2	%		336,721			1.4	%		678,088			556,661			21.8	%
Non-compensation operating expenses		68,895			91,166			(24.4	%)		71,543			(3.7	%)		140,438			181,585			(22.7	%)
Total non-interest expenses		410,262			349,457			17.4	%		408,264			0.5	%		818,526			738,246			10.9	%
Income before income taxes	$	227,305		$	156,325			45.4	%	$	223,231			1.8	%	$	450,536		$	350,492			28.5	%
As a percentage of net revenues:
Compensation and benefits		53.5	%		51.1	%		240			53.3	%		20			53.4	%		51.1	%		230
Non-compensation operating expenses		10.8	%		18.0	%		(720	)		11.4	%		(60	)		11.1	%		16.7	%		(560	)
Income before income taxes		35.7	%		30.9	%		480			35.3	%		40			35.5	%		32.2	%		330

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 8 of 17

Global Wealth Management - Statistical Information

	Three Months Ended
(Unaudited, $ in 000s except financial advisors and locations)	6/30/2021			6/30/2020			% Change			3/31/2021			% Change
Financial advisors		2,190			2,138			2.4	%		2,182			0.4	%
Independent contractors		92			94			(2.1	%)		92			0.0	%
Total financial advisors		2,282			2,232			2.2	%		2,274			0.4	%
Locations		446			447			(0.2	%)		446			0.0	%
Total client assets	$	402,442,000		$	306,235,000			31.4	%	$	378,615,000			6.3	%
Fee-based client assets	$	148,838,000		$	106,218,000			40.1	%	$	137,804,000			8.0	%
Brokerage assets	$	253,604,000		$	200,017,000			26.8	%	$	240,811,000			5.3	%
Client money market and insured product	$	23,615,000		$	18,664,000			26.5	%	$	23,616,000			nm
Secured client lending (8)	$	3,451,625		$	2,563,773			34.6	%	$	3,124,545			10.5	%
Asset Management and Service Fee Revenue ($ in 000s):
Private Client Group (9)	$	249,273		$	164,403			51.6	%	$	233,805			6.6	%
Asset Management		32,202			23,769			35.5	%		30,114			6.9	%
Third-party Bank Sweep Program		1,516			522			190.4	%		2,102			(27.9	%)
Other (10)		12,878			10,245			25.7	%		12,126			6.2	%
Total asset management and service fee revenues	$	295,869		$	198,939			48.7	%	$	278,147			6.4	%
Fee-based Assets ($ in millions):
Private Client Group (9)	$	129,565			91,360			41.8	%	$	119,836			8.1	%
Asset Management		33,289			25,706			29.5	%		31,115			7.0	%
Elimination (11)		(14,015	)		(10,848	)		29.2	%		(13,147	)		6.6	%
Total fee-based assets	$	148,839		$	106,218			40.1	%	$	137,804			8.0	%
Third-party Bank Sweep Program	$	5,795		$	3,007			92.7	%	$	6,455			(10.2	%)
ROA (bps) (12):
Private Client Group (9)		83.2			81.6						83.5
Asset Management		38.7			37.0						38.7
Third-party Bank Sweep Program		9.9			7.1						12.3

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 9 of 17

Institutional Group - Summary Results of Operations
	Three Months Ended															Six Months Ended
(Unaudited, $ in 000s except percentages)	6/30/2021			6/30/2020			% Change			3/31/2021			% Change			6/30/2021			6/30/2020			% Change
Revenues:
Commissions	$	55,926		$	60,875			(8.1	%)	$	66,109			(15.4	%)	$	122,035		$	135,073			(9.7	%)
Principal transactions		97,388			123,049			(20.9	%)		111,407			(12.6	%)		208,795			218,734			(4.5	%)
Brokerage revenues		153,314			183,924			(16.6	%)		177,516			(13.6	%)		330,830			353,807			(6.5	%)
Capital raising		157,880			111,181			42.0	%		195,257			(19.1	%)		353,137			204,263			72.9	%
Advisory fees		206,665			97,838			111.2	%		130,482			58.4	%		337,147			173,891			93.9	%
Investment banking		364,545			209,019			74.4	%		325,739			11.9	%		690,284			378,154			82.5	%
Other income (13)		2,952			5,153			(42.7	%)		2,826			4.5	%		5,778			(1,627	)		(455.1	%)
Net revenues		520,811			398,096			30.8	%		506,081			2.9	%		1,026,892			730,334			40.6	%
Non-interest expenses:
Compensation and benefits		299,469			241,420			24.0	%		301,624			(0.7	%)		601,093			447,408			34.4	%
Non-compensation operating expenses		79,848			73,627			8.4	%		87,269			(8.5	%)		167,117			158,137			5.7	%
Total non-interest expenses		379,317			315,047			20.4	%		388,893			(2.5	%)		768,210			605,545			26.9	%
Income before income taxes	$	141,494		$	83,049			70.4	%	$	117,188			20.7	%	$	258,682		$	124,789			107.3	%
As a percentage of net revenues:
Compensation and benefits		57.5	%		60.6	%		(310	)		59.6	%		(210	)		58.5	%		61.3	%		(280	)
Non-compensation operating expenses		15.3	%		18.5	%		(320	)		17.2	%		(190	)		16.3	%		21.6	%		(530	)
Income before income taxes		27.2	%		20.9	%		630			23.2	%		400			25.2	%		17.1	%		810

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 10 of 17

Stifel Bancorp - Financial Information and Credit Metrics

	Three Months Ended
(Unaudited, $ in 000s except percentages)	6/30/2021			6/30/2020			% Change			3/31/2021			% Change
Stifel Bancorp Financial Information:
Total assets	$	21,250,293		$	18,123,326			17.3	%	$	20,500,414			3.7	%
Total shareholder’s equity	$	1,563,380		$	1,378,096			13.4	%	$	1,474,473			6.0	%
Total loans, net (includes loans held for sale)	$	13,164,958		$	10,923,212			20.5	%	$	12,422,234			6.0	%
Commercial and industrial		4,950,516			4,149,307			19.3	%		4,923,494			0.5	%
Residental real estate		4,567,467			3,710,657			23.1	%		4,158,033			9.8	%
Securities-based loans		2,331,737			1,716,786			35.8	%		2,089,747			11.6	%
Commercial real estate		370,517			406,788			(8.9	%)		374,736			(1.1	%)
Other		678,570			590,759			14.9	%		669,183			1.4	%
Loans held for sale		394,017			474,899			(17.0	%)		330,521			19.2	%
Investment securities	$	7,264,849		$	6,255,286			16.1	%	$	6,948,574			4.6	%
Available-for-sale securities, at fair value		2,279,678			3,172,160			(28.1	%)		2,189,664			4.1	%
Held-to-maturity securities, at amortized cost		4,985,171			3,083,126			61.7	%		4,758,910			4.8	%
Total deposits	$	19,608,800		$	16,302,821			20.3	%	$	18,715,133			4.8	%
Demand deposits (interest-bearing)		18,908,576			15,855,029			19.3	%		18,125,863			4.3	%
Demand deposits (non interest-bearing)		643,890			287,251			124.2	%		524,338			22.8	%
Certificates of deposit		56,334			160,541			(64.9	%)		64,932			(13.2	%)
Credit Metrics:
Allowance for credit losses	$	115,190		$	139,949			(17.7	%)	$	129,109			(10.8	%)
Allowance as a percentage of retained loans		0.90	%		1.32	%					1.06	%
Net charge-offs as a percentage of average loans		0.03	%		0.00	%					0.01	%
Total nonperforming assets	$	9,808		$	14,602			(32.8	%)	$	13,756			(28.7	%)
Nonperforming assets as a percentage of total assets		0.05	%		0.08	%					0.07	%

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 11 of 17

Loans and Lending Commitments - Allowance for Credit Losses

	Loans and Lending
(Unaudited, $ in 000s except percentages)	Commitments		ACL		ACL %			Q2 Provision
Commercial and industrial	$	4,950,516	$	46,943		0.9	%	$	(5,105	)
Residental real estate		4,567,467		21,267		0.5	%		4,602
Securities-based loans		2,331,737		2,519		0.1	%		350
Commercial real estate		370,517		11,903		3.2	%		(1,157	)
Other		678,570		16,564		2.4	%		(2,894	)
Loans held for investment, gross		12,898,807		99,196		0.8	%		(4,204	)
Loans held for sale		394,017
Total loans, gross		13,292,824
Lending commitments		2,827,000		15,994		0.6	%		(5,448	)
Loans and lending commitments	$	16,119,824	$	115,190				$	(9,652	)

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 12 of 17

Consolidated Net Interest Income

	Three Months Ended
	June 30, 2021							June 30, 2020								March 31, 2021
($ in millions, except percentages)	Average balance		Interest income/ expense		Average interest rate			Average balance		Interest income/ expense			Average interest rate			Average balance		Interest income/ expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,249.2	$	0.8		0.26	%	$	1,674.0	$	1.0			0.24	%	$	1,812.2	$	0.9		0.20	%
Financial instruments owned		979.7		2.5		1.04	%		761.7		2.9			1.50	%		807.8		2.9		1.43	%
Margin balances		1,059.3		6.3		2.37	%		981.5		6.4			2.59	%		961.6		6.1		2.53	%
Investments:
Asset-backed securities		5,132.9		22.8		1.77	%		4,842.0		32.6			2.70	%		4,724.6		21.3		1.80	%
Mortgage-backed securities		1,070.5		4.1		1.53	%		877.2		4.6			2.09	%		905.9		3.3		1.44	%
Corporate fixed income securities		709.7		4.6		2.61	%		648.9		4.2			2.59	%		639.8		5.4		3.37	%
Other		5.8		—		2.11	%		17.5		0.1			2.14	%		6.4		—		2.06	%
Total investments		6,918.9		31.5		1.82	%		6,385.6		41.5			2.60	%		6,276.7		30.0		1.91	%
Loans:
Commercial and industrial		5,055.4		43.3		3.43	%		4,095.4		31.8			3.10	%		4,573.6		39.5		3.45	%
Residental real estate		4,296.5		28.5		2.66	%		3,589.2		25.6			2.85	%		3,994.5		27.0		2.71	%
Securities-based loans		2,214.1		10.8		1.94	%		1,789.2		9.9			2.22	%		2,002.3		9.7		1.94	%
Commercial real estate		417.7		3.0		2.89	%		402.6		4.0			3.98	%		371.0		3.3		3.51	%
Loans held for sale		286.7		1.6		2.20	%		486.7		3.3			2.68	%		534.4		2.8		2.09	%
Other		688.6		5.2		3.03	%		546.3		4.6			3.36	%		639.9		4.9		3.07	%
Total loans		12,959.0		92.4		2.85	%		10,909.4		79.2			2.90	%		12,115.7		87.2		2.88	%
Other interest-bearing assets		698.9		0.1		0.01	%		476.3		(2.6	)		(2.15	%)		596.2		0.4		0.32	%
Total interest-bearing assets/ interest income		23,865.0		133.6		2.24	%		21,188.5		128.4			2.42	%		22,570.2		127.5		2.26	%
Interest-bearing liabilities:
Senior notes		1,112.7		12.0		4.30	%		1,195.0		13.1			4.38	%		1,112.5		12.1		4.35	%
Deposits		18,637.1		1.2		0.03	%		16,676.5		2.3			0.05	%		17,629.6		1.3		0.03	%
Federal Home Loan advances		60.3		—		0.27	%		250.8		0.7			1.09	%		15.8		—		0.29	%
Other interest-bearing liabilities		1,441.9		1.0		0.26	%		1,190.6		(3.0	)		(0.99	%)		1,209.6		1.0		0.34	%
Total interest-bearing liabilities/ interest expense	$	21,252.0		14.2		0.27	%	$	19,312.9		13.1			0.27	%	$	19,967.5		14.4		0.29	%
Net interest income/margin			$	119.4		2.00	%			$	115.3			2.18	%			$	113.1		2.00	%

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 13 of 17

Stifel Bancorp Net Interest Income

	Three Months Ended
	June 30, 2021							June 30, 2020							March 31, 2021
($ in millions, except percentages)	Average balance		Interest income/ expense		Average interest rate			Average balance		Interest income/ expense		Average interest rate			Average balance		Interest income/ expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	611.9	$	0.2		0.14	%	$	961.1	$	0.3		0.13	%	$	962.3	$	0.3		0.12	%
Investments		6,918.9		31.5		1.82	%		6,385.6		41.5		2.60	%		6,276.7		30.0		1.91	%
Loans		12,959.0		92.4		2.85	%		10,909.4		79.2		2.90	%		12,115.7		87.2		2.88	%
Other interest-bearing assets		44.5		0.4		3.21	%		46.7		0.3		2.46	%		40.7		0.2		2.23	%
Total interest-bearing assets/ interest income	$	20,534.3	$	124.5		2.42	%	$	18,302.8	$	121.3		2.65	%	$	19,395.4	$	117.7		2.43	%
Interest-bearing liabilities:
Deposits	$	18,637.1	$	1.2		0.03	%	$	16,676.5	$	2.3		0.05	%	$	17,629.6	$	1.3		0.03	%
Federal Home Loan advances		60.3		—		0.27	%		250.8		0.7		1.09	%		15.8		—		0.29	%
Other interest-bearing liabilities		1.3		0.1		7.44	%		1.5		—		6.71	%		1.4		—		7.92	%
Total interest-bearing liabilities/ interest expense	$	18,698.7		1.3		0.03	%	$	16,928.8		3.0		0.07	%	$	17,646.8		1.3		0.03	%
Net interest income/margin			$	123.2		2.40	%			$	118.3		2.59	%			$	116.4		2.40	%

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 14 of 17

GAAP to Core Reconciliation

	Three Months Ended															Six Months Ended
(Unaudited, $ in 000s except percentages)	6/30/2021			6/30/2020			Change			3/31/2021			Change			6/30/2021			6/30/2020			Change
GAAP net revenues	$	1,153,136		$	895,817					$	1,134,789					$	2,287,925		$	1,808,851
Non-GAAP adjustments		(38	)		—						191						153			179
Non-GAAP rnet revenues		1,153,098			895,817						1,134,980						2,288,078			1,809,030
GAAP compensation and benefits expense		692,054			547,174						697,914						1,389,968			1,124,353
Merger-related (14)		(6,119	)		(9,710	)					(6,174	)					(12,293	)		(16,137	)
Non-GAAP compensation and benefits expense		685,935			537,464						691,740						1,377,675			1,108,216
GAAP non-compensation operating expenses		197,057			205,683						208,983						406,040			426,432
Merger-related (14)		(10,287	)		(6,549	)					(9,064	)					(19,351	)		(13,453	)
Non-GAAP non-compensation operating expenses		186,770			199,134						199,919						386,689			412,979
GAAP provision for income taxes		65,948			35,073						54,877						120,825			63,590
Merger-related and other (14)		4,089			3,968						3,730						7,819			7,290
Non-GAAP provision for income taxes		70,037			39,041						58,607						128,644			70,880
Total merger-related adjustments		(16,368	)		(16,259	)					(15,429	)					(31,797	)		(29,769	)
Financial ratios:
Compensation and benefits		59.5	%		60.0	%		(50	)		60.9	%		(140	)		60.2	%		61.3	%		(110	)
Non-compensation operating expenses		16.2	%		22.2	%		(600	)		17.7	%		(150	)		16.9	%		22.8	%		(590	)
Income before income taxes		24.3	%		17.8	%		650			21.4	%		290			22.9	%		15.9	%		700
Effective tax rate		25.0	%		24.5	%		50			24.1	%		90			24.6	%		24.6	%		—

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 15 of 17

Footnotes

(1) All share and per share information has been retroactively adjusted to reflect the December 2020 three-for-two stock split.

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

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

(4) Annualized return on average common shareholders’ equity (“ROE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

(5) Annualized return on average tangible common shareholders’ equity (“ROTE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible shareholders’ equity. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $53.1 million, $48.5 million, and $51.7 million, as of June 30, 2021 and 2020, and March 31, 2021, respectively. Historical periods have been restated to conform with the current period presentation.

(6) Regulatory capital amounts and ratios are estimates at the time of the Company’s earnings release on July 28, 2021.

(7) Includes capital raising and advisory fee revenues.

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

(9) Includes Private Client Group and Trust Business

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

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

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

(13) Includes net interest, asset management and service fees, and other income.

(14) Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards and promissory notes issued as retention, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 16 of 17

Disclaimer and Legal Notice

Forward-Looking Statements

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

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position and liquidity may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected.

Use of Non-GAAP Financial Measures

The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three and six months ended June 30, 2021. 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. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of ongoing business.

A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these 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 and the same respective non-GAAP measures of the Company’s financial performance should be considered together.

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s second quarter earnings release issued July 28, 2021.

Stifel Financial Corp. Quarterly Financial Supplement  |  Second Quarter 2021 Earnings Release Page 17 of 17

EX-99.3

2nd Quarter 2021 Financial Results Presentation July 28, 2021 Exhibit 99.3

Record Quarterly & Six Month Net Revenue Second Quarter Snapshot 2Q21 & YTD Results millions, except per share and ratios HIGHLIGHTS NET REVENUE 2Q21: GAAP & NON-GAAP $1,153 YTD: GAAP & NON-GAAP $2,288 NET EARNINGS 2Q21: GAAP $190 NON-GAAP $202 YTD: GAAP $355 NON-GAAP $378 EPS 2Q21 GAAP $1.60 NON-GAAP $1.70 YTD: GAAP $3.00 NON-GAAP $3.20 ANNUALIZED ROE 2Q21: GAAP 19.4% NON-GAAP 20.6% YTD: GAAP 18.5% NON-GAAP 19.7% ANNUALIZED ROTCE 2Q21 GAAP 28.6% NON-GAAP 30.5% YTD: GAAP 27.6% NON-GAAP 29.5% BOOK VALUE PER SHARE TBV $25.87 BV $37.89 Record Quarterly & Six Month Pre-tax Income & EPS Record Quarterly & Six Month Global Wealth Management Revenue Record Quarterly & Six Month Institutional Group Revenue Record Investment Banking Pipelines Substantial Growth in Private Client Fee-Based Assets

Second Quarter Results SECOND QUARTER HIGHLIGHTS Record Quarterly: Non-GAAP Net Revenue of $1.15 billion, up 29% Y/Y Global Wealth Management Revenue of $638 million, up 26% Y/Y Institutional Group Revenue of $521 million, up 31% Non-GAAP Pre-tax Margin of 24.3%, up 650 bps Y/Y Fee-based Client Assets of $149 billion, up 8% sequentially Tangible Book Value Per Share of $25.87, up 29% Y/Y Non-GAAP annualized ROTCE of 30.5%, up 730 basis points Y/Y Operating Expense = Non-Compensation Expense – Provision for Credit Loss Operating Expense Ratio excludes Provision for Credit Loss) millions 2Q21 Y/Y Change Sequential Change YTD VS 2020 Global Wealth Management $638 26% 1% $1,269 17% Institutional 521 31% 3% 1,027 41% Other -5 n/m n/m -8 n/m Net revenue 1,153 29% 2% 2,288 27% Compensation expense 686 28% -1% 1,378 24% Operating expense 1 196 9% -4% 401 6% Provision for credit loss -10 n/m 84% -15 n/m Pre-tax income 280 76% 15% 524 82% Taxes 70 79% 20% 129 81% Net income 210 75% 14% 395 82% Preferred dividends 8 71% 0% 17 71% Net income available to common shareholders 202 75% 15% 378 83% Diluted EPS $1.70 65% 13% $3.20 75% Compensation ratio 59.5% -50 bps -140 bps 60.2% -110 bps Operating expense ratio 2 17.0% -310 bps -110 bps 17.5% -340 bps Pre-tax operating margin 24.3% 650 bps 290 bps 22.9% 700 bps Book value per share $37.89 16% 5% Tangible book value per share $25.87 29% 8% ROTCE 30.5% 730 bps 210 bps FINANCIAL RESULTS

Impressive Track Record of Growth 2015 & 2016 exclude duplicative acquisition costs Earnings per share have been adjusted to reflect December 2020 three for two stock split Non-GAAP 3

Increased 2021 Guidance After Record First Half Results Original 2021 Guidance Assumptions Total Net Revenue Increase of 1% - 7% Net Interest Income Growth of -2% - 9% Stable Bank Net Interest Margin Bank Interest-Earning Asset Growth of up to $2 billion Growth in Asset Management Fees Comp. Ratio of 58.5% - 60.5% Operating Non-Comp. Ratio of 18-20% (1) Operating Non-Compensation Ratio excludes loan loss provision & investment banking gross up Updated 2021 Guidance Assumptions Total Net Revenue Increase of 20% - 25% Net Interest Income Expected Growth of 2% - 6% Stable Bank Net Interest Margin Bank Interest Earning Assets growth of $4 billion Record Investment Banking Revenue Record Asset Management Revenue Comp. Ratio Guidance positively Impacted by Increased Net Interest Income & Investment Banking Operating Non-Comp. Ratio Positively Impacted Higher Revenue & Improved Operating Margin

HIGHLIGHTS Record First Half Net Revenue of $1.3 billion, up 17% Y/Y Record Quarterly Net Revenue of $638 million, up 26% Y/Y Record Quarterly Wealth Management Revenue, ex. Stifel Bancorp Inc., of $501 million Private Client Fee-based Assets Increased 42% Y/Y Added 26 Financial Advisors, including 14 Experienced Advisors with total Trailing Twelve Month production of $12 million. Global Wealth Management

Wealth Management Metrics EFFICIENT BUSINESS MODEL Advisors are empowered to do what is right for their clients Product-neutral compensation – not motivated by comp to use specific products or services Product desks are not layered profit centers Supervisory function is centralized for efficiency and neutral approach Advisors have direct access to knowledgeable home office associates to collaboratively deliver services to clients Technology to support advice-based model Stifel Wealth Tracker – online and mobile app: free/ secure / smart aggregation / budgeting tools / advice when you want it / understand the markets / understand your complete financial picture Performance reporting tools – enhanced platform-wide capabilities with key vendor partners collaborating Cash management and digital banking capabilities in WM platform, including client mobile app Video meetings, centralized technology support DYNAMIC BUSINESS Announced renewed focus on recruiting independent FAs & rebranded business to Stifel Independent Advisors 85% of FAs who joined Stifel in past 10 years came through organic recruiting, 15% through acquisitions Recruiting remotely during pandemic Growth of average AUM Adding capabilities that attract FAs and differentiate Stifel Stifel Wealth Tracker OurCrowd access to early-stage venture sponsors

Institutional Group * Includes net interest, asset management and service fees, and other income HIGHLIGHTS Record Results: Quarterly Net Revenue of $521 million, up 31% Y/Y Quarterly Advisory Revenue of $207 million, up 111% Y/Y First Half Net Revenue of $1.03 billion, up 41% Y/Y First Half Advisory Revenue of $337 million, up 94% Y/Y First Half Capital Raising Revenue of $353 million, up 73% Y/Y Pre-tax Margin of 27.2%, up 630 bps Y/Y * 2021 revenue based on annualized results through 6/30/2021

highlights Record Quarterly Capital Raising Revenue Surpassed Prior Record by 9% (3Q20) Second Highest First Half Institutional Fixed Income Revenue Third Highest Quarterly Institutional Fixed Income Revenue Lead Managed 244 Negotiated Municipal Offerings Institutional Equities & Fixed Income highlights Record Six Month Institutional Equities Revenue Record Six Month Institutional Equities Brokerage Revenue Second Highest Quarterly Institutional Equities Revenue Third Highest Quarterly Capital Raising Revenue Bar chart header numbers are a graphic

Investment Banking Revenue Highlights Record Quarterly Investment Banking Revenue Record Quarterly Advisory Revenue, up 111% Y/Y Record 2nd Quarter Capital Raising Revenue, up 42% Y/Y Record Half Year Investment Banking Revenue Surpassed Prior Record by 29% (2nd half 2020) Strongest Verticals were Financials, Healthcare, Technology, & Consumer Bar chart header numbers are a graphic * 2021 revenue based on annualized results through 6/30/2021

Net Interest Income Net Interest commentary 2Q21 Net Interest Income Increased 6% sequentially. Average Interest Earning Assets Increased by $1.3 billion in 2Q21. Deposits up 20% year-on-year More Highly Levered to Increased Short-term Interest Rates than in Past Cycles 2021: Estimated Incremental Pre-tax Income of $150-$175 million from a 100 bps increase in Fed Funds rate. 2015: Estimated Incremental Pre-tax Income of $66 million from a 100 bps increase in Fed Funds rate.

Stifel Bancorp Inc. Loan & Investment Portfolio * Total excludes $394 million of loans classified as held for sale

CECL & Credit Metrics ASSUMPTIONS Moody’s Forecast 40% Baseline (gradual recovery) 30% Downside (double dip recession) 30% Upside (accelerated recovery) Forecast Update for Most Recent Scenarios Broad-based Improvement of Forecasted Economic Variables Since June 30 Incorporated a Management Overlay to Offset Some of the Forecasted Economic Variables

Capital & Liquidity HIGHLIGHTS Balance Sheet Growth of $3 billion in First Half of 2021, Increase of 12% YTD. Client Cash Balances Continued to Increase in 3Q21 Capital Ratios Remained Strong Repurchased Nearly 650,000 Shares in the First Half of 2021 Issued $300 million of Preferred Stock in July 2021 Announced Redemption of $150 million of Series A Preferred Stock in July 2021

Expenses * For reconciliation of GAAP to non-GAAP expenses, refer to our second quarter 2021 earnings release. Bar chart header numbers are a graphic (000s) 2Q21 GAAP Net Income $198,077 Preferred Dividend $8,289 Net Income available to common Shareholders $189,788 Non-GAAP After Tax Adjustments $12,279 Non-GAAP Net Income Available to Common Shareholders $202,067 GAAP to Non-GAAP RECONCILIATION

Q&A

Disclaimer Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions. All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position and liquidity may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Use of Non-GAAP Financial Measures The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three and six months ended June 30, 2021. 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. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of ongoing business. A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these 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 and the same respective non-GAAP measures of the Company’s financial performance should be considered together.

XML

Document and Entity Information	Jul. 28, 2021
Document And Entity Information [Line Items]
Entity Registrant Name	STIFEL FINANCIAL CORP
Amendment Flag	false
Entity Central Index Key	0000720672
Document Type	8-K
Document Period End Date	Jul. 28, 2021
Entity Incorporation State Country Code	DE
Entity File Number	001-09305
Entity Tax Identification Number	43-1273600
Entity Address, Address Line One	501 N. Broadway
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63102-2188
City Area Code	(314)
Local Phone Number	342-2000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
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Document And Entity Information [Line Items]
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Trading Symbol	SF
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series A
Trading Symbol	SF-PA
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B
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Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C
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Series D Preferred Stock [Member]
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Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D
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Senior Notes [Member]
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Security 12b Title	5.20% Senior Notes due 2047
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Security Exchange Name	NYSE