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): April 24, 2024

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

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

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

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On April 24, 2024, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended March 31, 2024. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K.

In addition, a copy of the Company’s Financial Supplement for the quarter ended March 31, 2024 is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, April 24, 2024, at 9:30 a.m. Eastern time, the Company will hold a conference call to discussion its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.

The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Description
99.1	Press release dated April 24, 2024.
99.2	Financial Supplement for the quarter ended March 31, 2024.
99.3	Financial Results Presentation, dated April 24, 2024.
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. (Registrant)
Date: April 24, 2024	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

3

EX-99.1

Exhibit 99.1

Stifel Reports First Quarter 2024 Results

ST. LOUIS, MO, April 24, 2024 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three months ended March 31, 2024, compared with $1.1 billion a year ago. Net income available to common shareholders was $154.3 million, or $1.40 per diluted common share, compared with $148.2 million, or $1.28 per diluted common share for the first quarter of 2023. Non-GAAP net income available to common shareholders was $163.3 million, or $1.49 per diluted common share for the first quarter of 2024.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Total net revenue of more than $1.16 billion was our second highest quarterly net revenue ever, as the momentum we highlighted at the end of 2023 carried into the first quarter. Record Global Wealth Management revenue and improving market conditions for our Institutional Group drove our top and bottom line growth from the same period a year ago. While the outlook for the remainder of 2024 is not without risk, I remain cautiously optimistic that our diversified business will continue to generate strong returns for this year and beyond.”

Highlights

• The Company reported net revenues of $1.2 billion, the second best quarter in its history, driven by higher asset management revenues, transactional revenues, and capital raising revenues.

• Non-GAAP net income available to common shareholders of $1.49 per diluted common share.

• Record asset management revenues, up 16% over the year-ago quarter.

• Capital raising revenues increased 56% over the year-ago quarter.

• Record client assets of $467.7 billion, up 15% over the year-ago quarter.

• Recruited 22 financial advisors during the quarter, including 4 experienced employee advisors and 11 experienced independent advisors.

• Credit rating upgrade from S&P Global Ratings to BBB, from BBB-, with a stable outlook.

• Non-GAAP pre-tax margin of 19.8% as the Company maintained its focus on expense discipline, while continuing to invest in the business.

• Annualized return on tangible common equity (ROTCE) ⁽⁵⁾ of 21%.

• Tangible book value per common share ⁽⁷⁾ of $30.67, up 2% from prior year.

Financial Summary (Unaudited)
(000s)	1Q 2024			1Q 2023
GAAP Financial Highlights:
Net revenues	$	1,163,038		$	1,106,793
Net income (1)	$	154,255		$	148,219
Diluted EPS (1)	$	1.40		$	1.28
Comp. ratio		58.4	%		58.8	%
Non-comp. ratio		22.8	%		22.2	%
Pre-tax margin		18.8	%		19.0	%
Non-GAAP Financial Highlights:
Net revenues	$	1,163,038		$	1,106,790
Net income (1) (2)	$	163,346		$	161,268
Diluted EPS (1) (2)	$	1.49		$	1.40
Comp. ratio (2)		58.0	%		58.0	%
Non-comp. ratio (2)		22.2	%		21.5	%
Pre-tax margin (3)		19.8	%		20.5	%
ROCE (4)		14.3	%		13.9	%
ROTCE (5)		20.9	%		19.9	%
Global Wealth Management (assets and loans in millions)
Net revenues	$	790,500		$	757,186
Pre-tax net income	$	290,748		$	316,109
Total client assets	$	467,697		$	405,988
Fee-based client assets	$	177,108		$	149,541
Bank loans (6)	$	19,484		$	20,935
Institutional Group
Net revenues	$	351,376		$	332,613
Equity	$	206,417		$	214,572
Fixed Income	$	144,959		$	118,041
Pre-tax net income	$	37,109		$	33,720

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 $790.5 million for the three months ended March 31, 2024 compared with $757.2 million during the first quarter of 2023. Pre-tax net income was $290.7 million compared with $316.1 million in the first quarter of 2023.

Highlights

• Recruited 22 financial advisors during the quarter, including 4 experienced employee advisors, and 11 experienced independent advisors, with total trailing 12 month production of $7 million.

• Client assets of $467.7 billion, up 15% over the year-ago quarter.

• Fee-based client assets of $177.1 billion, up 18% over the year-ago quarter.

Net revenues increased 4% from a year ago:

• Transactional revenues increased 13% over the year-ago quarter reflecting an increase in client activity.

• Asset management revenues increased 17% over the year-ago quarter reflecting higher asset values.

• Net interest income decreased 16% over the year-ago quarter driven by changes in deposit mix, partially offset by higher interest rates.

Total Expenses:

• Compensation expense as a percent of net revenues increased to 49.3% primarily as a result of higher compensable revenues.

• Provision for credit losses was primarily impacted by changes in the outlook for macroeconomic conditions.

• Non-compensation operating expenses as a percent of net revenues increased to 13.9% primarily as a result of higher litigation-related and FDIC insurance expense, partially offset by revenue growth over the year-ago quarter.

Summary Results of Operations
(000s)	1Q 2024			1Q 2023
Net revenues	$	790,500		$	757,186
Transactional revenues		181,753			161,255
Asset management		367,450			315,537
Net interest income		236,269			281,932
Investment banking		4,280			4,158
Other income		748			(5,696	)
Total expenses	$	499,752		$	441,077
Compensation expense		389,536			342,423
Provision for credit losses		4,968			4,920
Non-comp. opex		105,248			93,734
Pre-tax net income	$	290,748		$	316,109
Compensation ratio		49.3	%		45.2	%
Non-compensation ratio		13.9	%		13.1	%
Pre-tax margin		36.8	%		41.7	%

Stifel Financial Corp. | Page 2

Institutional Group

Institutional Group reported net revenues of $351.4 million for the three months ended March 31, 2024 compared with $332.6 million during the first quarter of 2023. Pre-tax net income was $37.1 million compared with $33.7 million in the first quarter of 2023.

Highlights

Investment banking revenues increased 1% from a year ago:

• Advisory revenues decreased 21% from the year-ago quarter driven by lower levels of completed advisory transactions.

• Fixed income capital raising revenues increased 57% over the year-ago quarter primarily driven by higher bond issuances.

• Equity capital raising revenues increased 63% over the year-ago quarter driven by higher volumes.

Fixed income transactional revenues increased 24% from a year ago:

• Fixed income transactional revenues increased from the year-ago quarter driven by improved market conditions and increased client activity.

Equity transactional revenues increased 3% from a year ago:

• Equity transactional revenues increased from the year-ago quarter primarily driven by higher trading gains.

Total Expenses:

• Compensation expense as a percent of net revenues decreased to 61.4% primarily as a result of higher revenues.

• Non-compensation operating expenses as a percent of net revenues remained consistent with the year-ago quarter.

Summary Results of Operations
(000s)	1Q 2024			1Q 2023
Net revenues	$	351,376		$	332,613
Investment banking		209,669			207,721
Advisory		119,252			151,063
Fixed income capital raising		50,116			31,986
Equity capital raising		40,301			24,672
Fixed income transactional		88,654			71,428
Equity transactional		54,083			52,389
Other		(1,030	)		1,075
Total expenses	$	314,267		$	298,893
Compensation expense		215,749			205,905
Non-comp. opex.		98,518			92,988
Pre-tax net income	$	37,109		$	33,720
Compensation ratio		61.4	%		61.9	%
Non-compensation ratio		28.0	%		28.0	%
Pre-tax margin		10.6	%		10.1	%

Stifel Financial Corp. | Page 3

Other Matters

Highlights

• The Company repurchased $159.3 million of its outstanding common stock during the first quarter, including $98.6 million in connection with net-share settlements under its equity compensation plan.

• Weighted average diluted shares outstanding decreased primarily as a result of share repurchases. The Company has repurchased 6.6 million shares since the first quarter of 2023.

• Credit rating upgrade from S&P Global Ratings to BBB, from BBB-, with a stable outlook.

• The Board of Directors declared a $0.42 quarterly dividend per share payable on March 15, 2024 to common shareholders of record on March 1, 2024.

• The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on March 15, 2024 to shareholders of record on March 1, 2024.

	1Q 2024			1Q 2023
Common stock repurchases
Repurchases (000s)	$	159,348		$	171,527
Number of shares (000s)		2,254			2,752
Average price	$	70.71		$	62.32
Period end shares (000s)		102,649			106,172
Weighted average diluted shares outstanding (000s)		109,985			115,390
Effective tax rate		25.2	%		24.9	%
Stifel Financial Corp. (8)
Tier 1 common capital ratio		14.3	%		13.9	%
Tier 1 risk based capital ratio		17.3	%		16.8	%
Tier 1 leverage capital ratio		10.6	%		10.9	%
Tier 1 capital (MM)	$	3,911		$	3,965
Risk weighted assets (MM)	$	22,588		$	23,534
Average assets (MM)	$	37,018		$	36,415
Quarter end assets (MM)	$	38,258		$	38,598
Agency		Rating			Outlook
Fitch Ratings		BBB+			Stable
S&P Global Ratings		BBB			Stable

Stifel Financial Corp. | Page 4

Conference Call Information

Stifel Financial Corp. will host its first quarter 2024 financial results conference call on Wednesday, April 24, 2024, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC. 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, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Stifel Financial Corp. | Page 5

Summary Results of Operations (Unaudited)

	Three Months Ended
(000s, except per share amounts)	3/31/2024		3/31/2023			% Change			12/31/2023		% Change
Revenues:
Commissions	$	185,476	$	169,550			9.4		$	173,614		6.8
Principal transactions		139,014		115,522			20.3			154,377		(10.0	)
Investment banking		213,949		211,879			1.0			205,664		4.0
Asset management		367,476		315,569			16.4			330,536		11.2
Other income		4,950		(2,293	)		315.9			9,687		(48.9	)
Operating revenues		910,865		810,227			12.4			873,878		4.2
Interest revenue		506,828		451,564			12.2			516,213		(1.8	)
Total revenues		1,417,693		1,261,791			12.4			1,390,091		2.0
Interest expense		254,655		154,998			64.3			243,712		4.5
Net revenues		1,163,038		1,106,793			5.1			1,146,379		1.5
Non-interest expenses:
Compensation and benefits		679,695		651,190			4.4			674,437		0.8
Non-compensation operating expenses		264,652		245,720			7.7			265,947		(0.5	)
Total non-interest expenses		944,347		896,910			5.3			940,384		0.4
Income before income taxes		218,691		209,883			4.2			205,995		6.2
Provision for income taxes		55,116		52,344			5.3			43,511		26.7
Net income		163,575		157,539			3.8			162,484		0.7
Preferred dividends		9,320		9,320			0.0			9,320		0.0
Net income available to common shareholders	$	154,255	$	148,219			4.1		$	153,164		0.7
Earnings per common share:
Basic	$	1.48	$	1.36			8.8		$	1.47		0.7
Diluted	$	1.40	$	1.28			9.4		$	1.38		1.4
Cash dividends declared per common share	$	0.42	$	0.36			16.7		$	0.36		16.7
Weighted average number of common shares outstanding:
Basic		104,275		108,754			(4.1	)		103,934		0.3
Diluted		109,985		115,390			(4.7	)		111,330		(1.2	)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures ⁽⁹⁾

	Three Months Ended
(000s, except per share amounts)	3/31/2024			3/31/2023
GAAP net income	$	163,575		$	157,539
Preferred dividend		9,320			9,320
Net income available to common shareholders		154,255			148,219
Non-GAAP adjustments:
Merger-related (10)		12,154			17,386
Provision for income taxes (11)		(3,063	)		(4,337	)
Total non-GAAP adjustments		9,091			13,049
Non-GAAP net income available to common shareholders	$	163,346		$	161,268
Weighted average diluted shares outstanding		109,985			115,390
GAAP earnings per diluted common share	$	1.48		$	1.36
Non-GAAP adjustments		0.09			0.12
Non-GAAP earnings per diluted common share	$	1.57		$	1.48
GAAP earnings per diluted common share available to common shareholders	$	1.40		$	1.28
Non-GAAP adjustments		0.09			0.12
Non-GAAP earnings per diluted common share available to common shareholders	$	1.49		$	1.40

GAAP to Non-GAAP Reconciliation ⁽⁹⁾

	Three Months Ended
(000s)	3/31/2024			3/31/2023
GAAP compensation and benefits	$	679,695		$	651,190
As a percentage of net revenues		58.4	%		58.8	%
Non-GAAP adjustments:
Merger-related (10)		(5,533	)		(9,253	)
Non-GAAP compensation and benefits	$	674,162		$	641,937
As a percentage of non-GAAP net revenues		58.0	%		58.0	%
GAAP non-compensation expenses	$	264,652		$	245,720
As a percentage of net revenues		22.8	%		22.2	%
Non-GAAP adjustments:
Merger-related (10)		(6,621	)		(8,136	)
Non-GAAP non-compensation expenses	$	258,031		$	237,584
As a percentage of non-GAAP net revenues		22.2	%		21.5	%
Total merger-related expenses	$	12,154		$	17,386

Stifel Financial Corp. | Page 7

Footnotes

⁽¹⁾ Represents available to common shareholders.

⁽²⁾ Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

⁽³⁾ Non-GAAP pre-tax margin is calculated by adding total merger-related expenses (non-GAAP adjustments) and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

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

⁽⁵⁾ Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $73.9 million and $62.3 million as of March 31, 2024 and 2023, respectively.

⁽⁶⁾ Includes loans held for sale.

⁽⁷⁾ Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.

⁽⁸⁾ Capital ratios are estimates at time of the Company’s earnings release, April 24, 2024.

⁽⁹⁾ The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

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

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

Stifel Financial Corp. | Page 8

EX-99.2

Exhibit 99.2

First Quarter 2024 Earnings Results

Quarterly Financial Supplement	Page
Consolidated Financial Highlights	2
GAAP Consolidated Results of Operations	3
Non-GAAP Consolidated Results of Operations	4
Consolidated Financial Summary	5
Consolidated Financial Information and Metrics	6
Regulatory Capital	7
Global Wealth Management - Summary Results of Operations	8
Global Wealth Management - Statistical Information	9
Institutional Group - Summary Results of Operations	10
Stifel Bancorp - Financial Information and Credit Metrics	11
Stifel Bancorp - Loan and Investment Portfolio	12
Loans and Lending Commitments - Allowance for Credit Losses	13
Consolidated Net Interest Income	14
Stifel Bancorp Net Interest Income	15
GAAP to Core Reconciliation	16
Footnotes	17
Disclaimer and Legal Notice	18

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 1 of 18

Consolidated Financial Highlights

	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2024		3/31/2023		% Change			12/31/2023		% Change
Net revenues	$	1,163,038	$	1,106,793		5.1	%	$	1,146,379		1.5	%
Net income	$	163,575	$	157,539		3.8	%	$	162,484		0.7	%
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%
Net income available to common shareholders	$	154,255	$	148,219		4.1	%	$	153,164		0.7	%
Earnings per diluted common share	$	1.49	$	1.36		9.6	%	$	1.46		2.1	%
Earnings per diluted common share available to common shareholders	$	1.40	$	1.28		9.4	%	$	1.38		1.4	%
Non-GAAP financial summary (1):
Net revenues	$	1,163,038	$	1,106,790		5.1	%	$	1,146,419		1.4	%
Net income	$	172,666	$	170,588		1.2	%	$	175,907		(1.8	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%
Net income available to common shareholders	$	163,346		161,268		1.3	%		166,587		(1.9	%)
Earnings per diluted common share	$	1.57	$	1.48		6.1	%	$	1.58		(0.6	%)
Earnings per diluted common share available to common shareholders	$	1.49	$	1.40		6.4	%	$	1.50		(0.7	%)
Weighted average number of common shares outstanding:
Basic		104,275		108,754		(4.1	%)		103,934		0.3	%
Diluted		109,985		115,390		(4.7	%)		111,330		(1.2	%)
Period end common shares outstanding		102,649		106,172		(3.3	%)		101,062		1.6	%
Cash dividends declared per common share	$	0.42	$	0.36		16.7	%	$	0.36		16.7	%

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 2 of 18

GAAP Consolidated Results of Operations

	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2024		3/31/2023			% Change			12/31/2023		% Change
Revenues:
Commissions	$	185,476	$	169,550			9.4	%	$	173,614		6.8	%
Principal transactions		139,014		115,522			20.3	%		154,377		(10.0	%)
Transactional revenues		324,490		285,072			13.8	%		327,991		(1.1	%)
Capital raising		94,697		60,816			55.7	%		76,286		24.1	%
Advisory		119,252		151,063			(21.1	%)		129,378		(7.8	%)
Investment banking		213,949		211,879			1.0	%		205,664		4.0	%
Asset management		367,476		315,569			16.4	%		330,536		11.2	%
Other income		4,950		(2,293	)		315.9	%		9,687		(48.9	%)
Operating revenues		910,865		810,227			12.4	%		873,878		4.2	%
Interest revenue		506,828		451,564			12.2	%		516,213		(1.8	%)
Total revenues		1,417,693		1,261,791			12.4	%		1,390,091		2.0	%
Interest expense		254,655		154,998			64.3	%		243,712		4.5	%
Net revenues		1,163,038		1,106,793			5.1	%		1,146,379		1.5	%
Non-interest expenses:
Compensation and benefits		679,695		651,190			4.4	%		674,437		0.8	%
Occupancy and equipment rental		88,712		82,140			8.0	%		88,182		0.6	%
Communication and office supplies		47,367		46,136			2.7	%		47,332		0.1	%
Commissions and floor brokerage		15,767		14,440			9.2	%		15,379		2.5	%
Provision for credit losses		5,268		4,920			7.1	%		2,263		132.8	%
Investment banking expenses		7,729		5,913			30.7	%		6,601		17.1	%
Other operating expenses		99,809		92,171			8.3	%		106,190		(6.0	%)
Total non-interest expenses		944,347		896,910			5.3	%		940,384		0.4	%
Income before income taxes		218,691		209,883			4.2	%		205,995		6.2	%
Provision for income taxes		55,116		52,344			5.3	%		43,511		26.7	%
Net income		163,575		157,539			3.8	%		162,484		0.7	%
Preferred dividends		9,320		9,320			0.0	%		9,320		0.0	%
Net income available to common shareholders	$	154,255	$	148,219			4.1	%	$	153,164		0.7	%
Earnings per common share:
Basic	$	1.48	$	1.36			8.8	%	$	1.47		0.7	%
Diluted	$	1.40	$	1.28			9.4	%	$	1.38		1.4	%
Weighted average number of common shares outstanding:
Basic		104,275		108,754			(4.1	%)		103,934		0.3	%
Diluted		109,985		115,390			(4.7	%)		111,330		(1.2	%)
Cash dividends declared per common share	$	0.42	$	0.36			16.7	%	$	0.36		16.7	%

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 3 of 18

Non-GAAP Consolidated Results of Operations ⁽¹⁾

	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2024		3/31/2023			% Change			12/31/2023		% Change
Revenues:
Commissions	$	185,476	$	169,550			9.4	%	$	173,614		6.8	%
Principal transactions		139,014		115,522			20.3	%		154,377		(10.0	%)
Transactional revenues		324,490		285,072			13.8	%		327,991		(1.1	%)
Capital raising		94,697		60,816			55.7	%		76,286		24.1	%
Advisory		119,252		151,063			(21.1	%)		129,378		(7.8	%)
Investment banking		213,949		211,879			1.0	%		205,664		4.0	%
Asset management		367,476		315,569			16.4	%		330,536		11.2	%
Other income		4,950		(2,293	)		315.9	%		9,726		(49.1	%)
Operating revenues		910,865		810,227			12.4	%		873,917		4.2	%
Interest revenue		506,828		451,564			12.2	%		516,213		(1.8	%)
Total revenues		1,417,693		1,261,791			12.4	%		1,390,130		2.0	%
Interest expense		254,655		155,001			64.3	%		243,711		4.5	%
Net revenues		1,163,038		1,106,790			5.1	%		1,146,419		1.4	%
Non-interest expenses:
Compensation and benefits		674,162		641,937			5.0	%		665,234		1.3	%
Occupancy and equipment rental		88,665		82,039			8.1	%		88,127		0.6	%
Communication and office supplies		47,364		46,134			2.7	%		47,328		0.1	%
Commissions and floor brokerage		15,767		14,440			9.2	%		15,379		2.5	%
Provision for credit losses		5,268		4,920			7.1	%		2,263		132.8	%
Investment banking expenses		7,729		5,913			30.7	%		6,601		17.1	%
Other operating expenses		93,238		84,138			10.8	%		98,571		(5.4	%)
Total non-interest expenses		932,193		879,521			6.0	%		923,503		0.9	%
Income before income taxes		230,845		227,269			1.6	%		222,916		3.6	%
Provision for income taxes		58,179		56,681			2.6	%		47,009		23.8	%
Net income		172,666		170,588			1.2	%		175,907		(1.8	%)
Preferred dividends		9,320		9,320			0.0	%		9,320		0.0	%
Net income available to common shareholders	$	163,346	$	161,268			1.3	%	$	166,587		(1.9	%)
Earnings per common share:
Basic	$	1.57	$	1.48			6.1	%	$	1.60		(1.9	%)
Diluted	$	1.49	$	1.40			6.4	%	$	1.50		(0.7	%)
Weighted average number of common shares outstanding:
Basic		104,275		108,754			(4.1	%)		103,934		0.3	%
Diluted		109,985		115,390			(4.7	%)		111,330		(1.2	%)
Cash dividends declared per common share	$	0.42	$	0.36			16.7	%	$	0.36		16.7	%

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 4 of 18

Consolidated Financial Summary

	Three Months Ended
(Unaudited, 000s)	3/31/2024			3/31/2023			% Change			12/31/2023			% Change
Net revenues:
Global Wealth Management	$	790,500		$	757,186			4.4	%	$	766,028			3.2	%
Institutional Group		351,376			332,613			5.6	%		359,292			(2.2	%)
Other		21,162			16,994			24.5	%		21,059			0.5	%
Total net revenues	$	1,163,038		$	1,106,793			5.1	%	$	1,146,379			1.5	%
Operating expenses:
Global Wealth Management	$	499,752		$	441,077			13.3	%	$	464,668			7.6	%
Institutional Group		314,267			298,893			5.1	%		351,521			(10.6	%)
Other		130,328			156,940			(17.0	%)		124,195			4.9	%
Total operating expenses	$	944,347		$	896,910			5.3	%	$	940,384			0.4	%
Operating contribution:
Global Wealth Management	$	290,748		$	316,109			(8.0	%)	$	301,360			(3.5	%)
Institutional Group		37,109			33,720			10.1	%		7,771			377.5	%
Other		(109,166	)		(139,946	)		(22.0	%)		(103,136	)		5.8	%
Income before income taxes	$	218,691		$	209,883			4.2	%	$	205,995			6.2	%
Financial ratios:
Compensation and benefits		58.4	%		58.8	%		(40	)		58.8	%		(40	)
Non-compensation operating expenses		22.8	%		22.2	%		60			23.2	%		(40	)
Income before income taxes		18.8	%		19.0	%		(20	)		18.0	%		80
Effective tax rate		25.2	%		24.9	%		30			21.1	%		410

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 5 of 18

Consolidated Financial Information and Metrics

	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	3/31/2024			3/31/2023			% Change			12/31/2023			% Change
Financial Information:
Total assets	$	38,258,280		$	38,597,653			(0.9	%)	$	37,727,460			1.4	%
Total shareholders’ equity	$	5,273,941		$	5,327,392			(1.0	%)	$	5,294,431			(0.4	%)
Total common equity	$	4,588,941		$	4,642,392			(1.2	%)	$	4,609,431			(0.4	%)
Goodwill and intangible assets	$	(1,515,588	)	$	(1,512,400	)		0.2	%	$	(1,521,522	)		(0.4	%)
DTL on goodwill and intangible assets	$	74,841		$	63,455			17.9	%	$	72,927			2.6	%
Tangible common equity	$	3,148,194		$	3,193,447			(1.4	%)	$	3,160,836			(0.4	%)
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	44.71		$	43.73			2.2	%	$	45.61			(2.0	%)
Tangible book value per common share (2)	$	30.67		$	30.08			2.0	%	$	31.28			(2.0	%)
Return on common equity (3)		13.5	%		12.7	%					13.4	%
Non-GAAP return on common equity (1)(3)		14.3	%		13.9	%					14.6	%
Return on tangible common equity (4)		19.7	%		18.3	%					19.6	%
Non-GAAP return on tangible common equity (1)(4)		20.9	%		19.9	%					21.3	%
Pre-tax margin on net revenues		18.8	%		19.0	%					18.0	%
Non-GAAP pre-tax margin on net revenues (1)		19.8	%		20.5	%					19.4	%
Effective tax rate		25.2	%		24.9	%					21.1	%
Non-GAAP effective tax rate (1)		25.2	%		24.9	%					21.1	%

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 6 of 18

Regulatory Capital

	As of and for the Three Months Ended
(Unaudited, 000s)	3/31/2024			3/31/2023			% Change			12/31/2023			% Change
SF Regulatory Capital (5):
Common equity tier 1 capital	$	3,225,964		$	3,280,309			(1.7	%)	$	3,230,965			(0.2	%)
Tier 1 capital	$	3,910,964		$	3,965,309			(1.4	%)	$	3,915,965			(0.1	%)
Risk-weighted assets	$	22,588,330		$	23,533,555			(4.0	%)	$	22,748,215			(0.7	%)
Common equity tier 1 capital ratio		14.3	%		13.9	%					14.2	%
Tier 1 risk based capital ratio		17.3	%		16.8	%					17.2	%
Tier 1 leverage capital ratio		10.6	%		10.9	%					10.5	%
Stifel Bank & Trust Regulatory Capital (5):
Common equity tier 1 capital	$	1,242,565		$	1,590,068			(21.9	%)	$	1,344,589			(7.6	%)
Tier 1 capital	$	1,242,565		$	1,590,068			(21.9	%)	$	1,344,589			(7.6	%)
Risk-weighted assets	$	11,502,316		$	14,462,065			(20.5	%)	$	11,365,270			1.2	%
Common equity tier 1 capital ratio		10.8	%		11.0	%					11.8	%
Tier 1 risk based capital ratio		10.8	%		11.0	%					11.8	%
Tier 1 leverage capital ratio		7.1	%		7.5	%					7.3	%
Stifel Bank Regulatory Capital (5):
Common equity tier 1 capital	$	838,002		$	596,152			40.6	%	$	788,811			6.2	%
Tier 1 capital	$	838,002		$	596,152			40.6	%	$	788,811			6.2	%
Risk-weighted assets	$	5,663,726		$	4,548,287			24.5	%	$	6,622,892			(14.5	%)
Common equity tier 1 capital ratio		14.8	%		13.1	%					11.9	%
Tier 1 risk based capital ratio		14.8	%		13.1	%					11.9	%
Tier 1 leverage capital ratio		7.2	%		7.5	%					7.2	%
Stifel Net Capital (5):
Net capital	$	446,400		$	514,500			(13.2	%)	$	457,900			(2.5	%)
Excess net capital	$	421,100		$	491,500			(14.3	%)	$	435,900			(3.4	%)

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 7 of 18

Global Wealth Management - Summary Results of Operations

	Three Months Ended
(Unaudited, 000s)	3/31/2024			3/31/2023			% Change			12/31/2023			% Change
Revenues:
Commissions	$	121,217		$	110,191			10.0	%	$	112,622			7.6	%
Principal transactions		60,536			51,064			18.5	%		56,849			6.5	%
Transactional revenues		181,753			161,255			12.7	%		169,471			7.2	%
Asset management		367,450			315,537			16.5	%		330,498			11.2	%
Net interest		236,269			281,932			(16.2	%)		257,920			(8.4	%)
Investment banking (6)		4,280			4,158			2.9	%		4,562			(6.2	%)
Other income		748			(5,696	)		113.1	%		3,577			(79.1	%)
Net revenues		790,500			757,186			4.4	%		766,028			3.2	%
Non-interest expenses:
Compensation and benefits		389,536			342,423			13.8	%		359,376			8.4	%
Non-compensation operating expenses		110,216			98,654			11.7	%		105,292			4.7	%
Total non-interest expenses		499,752			441,077			13.3	%		464,668			7.6	%
Income before income taxes	$	290,748		$	316,109			(8.0	%)	$	301,360			(3.5	%)
As a percentage of net revenues:
Compensation and benefits		49.3	%		45.2	%		410			46.9	%		240
Non-compensation operating expenses		13.9	%		13.1	%		80			13.8	%		10
Income before income taxes		36.8	%		41.7	%		(490	)		39.3	%		(250	)

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 8 of 18

Global Wealth Management - Statistical Information

	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors)	3/31/2024			3/31/2023			% Change			12/31/2023			% Change
Financial advisors (including independent contractors) (7)		2,356			2,350			0.3	%		2,386			(1.3	%)
Total client assets	$	467,697,000		$	405,988,000			15.2	%	$	444,318,000			5.3	%
Fee-based client assets	$	177,108,000		$	149,541,000			18.4	%	$	165,301,000			7.1	%
Transactional assets	$	290,589,000		$	256,447,000			13.3	%	$	279,017,000			4.1	%
Secured client lending (8)	$	3,353,000		$	3,393,000			(1.2	%)	$	3,064,000			9.4	%
Asset Management Revenue (000s):
Private Client Group (9)	$	299,027		$	259,491			15.2	%	$	275,405			8.6	%
Asset Management		36,205			32,241			12.3	%		33,938			6.7	%
Third-party Bank Sweep Program		18,314			11,261			62.6	%		8,821			107.6	%
Other (10)		13,930			12,576			10.8	%		12,372			12.6	%
Total asset management revenues	$	367,476		$	315,569			16.4	%	$	330,536			11.2	%
Fee-based Assets (millions):
Private Client Group (9)	$	155,144		$	131,483			18.0	%	$	145,513			6.6	%
Asset Management		39,214			33,409			17.4	%		36,085			8.7	%
Elimination (11)		(17,250	)		(15,351	)		12.4	%		(16,297	)		5.8	%
Total fee-based assets	$	177,108		$	149,541			18.4	%	$	165,301			7.1	%
Third-party Bank Sweep Program	$	1,172		$	915			28.1	%	$	2,044			(42.7	%)
ROA (bps) (12):
Private Client Group (9)		82.2			82.3						83.0
Asset Management		36.9			38.6						37.6
Third-party Bank Sweep Program		478.5			303.9						451.2
Stifel Bancorp Deposits (millions):
Smart Rate Deposits	$	15,561		$	10,778			44.4	%	$	14,465			7.6	%
Sweep Deposits		9,771			14,057			(30.5	%)		9,642			1.3	%
Direct Wealth Management Deposits at Stifel Bancorp		176			189			(6.9	%)		402			(56.2	%)
Total Stifel Bancorp Wealth Management Deposits		25,508			25,024			1.9	%		24,509			4.1	%
Other Bank Deposits (13)		2,046			3,301			(38.0	%)		2,826			(27.6	%)
Total Stifel Bancorp Deposits	$	27,554		$	28,325			(2.7	%)	$	27,335			0.8	%
Short-term Treasuries (millions) (14)	$	7,698		$	6,617			16.3	%	$	7,855			(2.0	%)
Wealth Management Cash (millions):
Stifel Bancorp Wealth Management Deposits	$	25,508		$	25,024			1.9	%	$	24,509			4.1	%
Third-party Bank Sweep Program		1,172			915			28.1	%		2,044			(42.7	%)
Other Sweep and Third-party Bank Cash		620			252			146.0	%		324			91.4	%
Money Market Mutual Funds		9,879			7,434			32.9	%		9,374			5.4	%
Total Wealth Management Cash	$	37,179		$	33,625			10.6	%	$	36,251			2.6	%

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 9 of 18

Institutional Group - Summary Results of Operations

	Three Months Ended
(Unaudited, 000s)	3/31/2024			3/31/2023			% Change			12/31/2023			% Change
Revenues:
Commissions	$	64,259		$	59,359			8.3	%	$	60,992			5.4	%
Principal transactions		78,478			64,458			21.8	%		97,528			(19.5	%)
Transactional revenues		142,737			123,817			15.3	%		158,520			(10.0	%)
Capital raising		90,417			56,658			59.6	%		71,724			26.1	%
Advisory		119,252			151,063			(21.1	%)		129,378			(7.8	%)
Investment banking		209,669			207,721			0.9	%		201,102			4.3	%
Other income (15)		(1,030	)		1,075			(195.8	%)		(330	)		(212.1	%)
Net revenues		351,376			332,613			5.6	%		359,292			(2.2	%)
Non-interest expenses:
Compensation and benefits		215,749			205,905			4.8	%		248,970			(13.3	%)
Non-compensation operating expenses		98,518			92,988			5.9	%		102,551			(3.9	%)
Total non-interest expenses		314,267			298,893			5.1	%		351,521			(10.6	%)
Income before income taxes	$	37,109		$	33,720			10.1	%	$	7,771			377.5	%
As a percentage of net revenues:
Compensation and benefits		61.4	%		61.9	%		(50	)		69.3	%		(790	)
Non-compensation operating expenses		28.0	%		28.0	%		—			28.5	%		(50	)
Income before income taxes		10.6	%		10.1	%		50			2.2	%		840

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 10 of 18

Stifel Bancorp - Financial Information and Credit Metrics

(Unaudited, 000s)	3/31/2024			3/31/2023			% Change			12/31/2023			% Change
Stifel Bancorp Financial Information:
Total assets	$	29,800,815		$	30,701,371			(2.9	%)	$	29,722,320			0.3	%
Total shareholder’s equity	$	2,062,271		$	2,199,821			(6.3	%)	$	2,154,839			(4.3	%)
Total loans, net (includes loans held for sale)	$	19,484,389		$	20,935,133			(6.9	%)	$	19,729,804			(1.2	%)
Residential real estate		8,096,975			7,494,788			8.0	%		8,047,647			0.6	%
Fund banking		3,129,642			4,623,423			(32.3	%)		3,633,126			(13.9	%)
Commercial and industrial		3,541,770			4,755,664			(25.5	%)		3,566,987			(0.7	%)
Securities-based loans		2,302,250			2,558,343			(10.0	%)		2,306,455			(0.2	%)
Construction and land		1,167,300			644,800			81.0	%		1,034,370			12.9	%
Commercial real estate		655,355			663,325			(1.2	%)		660,631			(0.8	%)
Other		198,568			159,101			24.8	%		192,251			3.3	%
Loans held for sale		534,593			225,365			137.2	%		423,999			26.1	%
Investment securities	$	7,292,490		$	7,607,385			(4.1	%)	$	7,439,109			(2.0	%)
Available-for-sale securities, at fair value		1,499,982			1,624,458			(7.7	%)		1,551,686			(3.3	%)
Held-to-maturity securities, at amortized cost		5,792,508			5,982,927			(3.2	%)		5,887,423			(1.6	%)
Unrealized losses on available-for-sale securities		(187,163	)		(196,621	)		(4.8	%)		(175,943	)		6.4	%
Total deposits	$	27,554,411		$	28,325,327			(2.7	%)	$	27,334,579			0.8	%
Demand deposits (interest-bearing)		27,357,692			27,862,336			(1.8	%)		27,111,072			0.9	%
Demand deposits (non-interest-bearing)		196,717			456,091			(56.9	%)		223,505			(12.0	%)
Certificates of deposit		2			6,900			nm			2			0.0	%
Credit Metrics:
Allowance for credit losses	$	163,936		$	152,906			7.2	%	$	161,605			1.4	%
Allowance as a percentage of retained loans		0.86	%		0.73	%					0.83	%
Net charge-offs as a percentage of average loans		0.01	%		0.00	%					0.04	%
Total nonperforming assets	$	59,429		$	10,749			452.9	%	$	45,456			30.7	%
Nonperforming assets as a percentage of total assets		0.20	%		0.04	%					0.15	%

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 11 of 18

Stifel Bancorp - Loan and Investment Portfolio

(Unaudited, millions)	3/31/2024		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	8,097		32	%	Industrials	$	873	25	%
Securities-based loans		2,302		9	%	Financials		860	24	%
Home equity lines of credit and other		199		1	%	Information technology		541	15	%
Total consumer		10,598		42	%	Consumer discretionary		389	11	%
Fund banking		3,130		12	%	REITs		227	6	%
Commercial and industrial		3,542		14	%	Materials		167	5	%
Construction and land		1,167		5	%	Healthcare		164	5	%
Commercial real estate		655		3	%	Hotel, leisure, restaurants		132	4	%
Total commercial		8,494		34	%	Communication services		80	2	%
Total loan portfolio		19,092		76	%	Consumer staples		72	2	%
Unfunded commitments		5,961		24	%
Total	$	25,053		100	%
						CLO by Major Sector
						Healthcare & pharmaceuticals	$	568	10	%
Investment Portfolio						High tech industries		554	10	%
CLO	$	5,758		77	%	Banking, finance, insurance, & real estate		511	9	%
Agency MBS		840		11	%	Services: business		511	9	%
Corporate bonds		601		8	%	Construction & building		249	4	%
SBA		116		2	%	Chemicals, plastics, & rubber		242	4	%
Student loan ARS		92		1	%	Hotel, gaming, & leisure		239	4	%
CMBS		70		1	%	Media: broadcasting & subscription		236	4	%
Other		3		0	%	Services: consumer		235	4	%
Total Portfolio	$	7,480		100	%	Telecommunications		227	4	%

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 12 of 18

Loans and Lending Commitments - Allowance for Credit Losses

	March 31, 2024
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %			Q1 Provision (16)
Residential real estate	$	8,096,975	$	12,507		0.15	%	$	(1,348	)
Fund banking		3,129,642		8,763		0.28	%		(1,410	)
Commercial and industrial		3,541,770		65,887		1.86	%		1,447
Securities-based loans		2,302,250		3,068		0.13	%		33
Construction and land		1,167,300		18,589		1.59	%		6,772
Commercial real estate		655,355		20,689		3.16	%		(697	)
Other		198,568		710		0.36	%		(239	)
Loans held for investment, gross		19,091,860		130,213		0.68	%		4,558
Loans held for sale		534,593
Total loans, gross		19,626,453
Lending-related commitments (unfunded)		5,961,182		33,723		0.57	%		410
Loans and lending-related commitments	$	25,587,635	$	163,936				$	4,968

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 13 of 18

Consolidated Net Interest Income

	Three Months Ended
	March 31, 2024							March 31, 2023							December 31, 2023
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	4,060.3	$	54.3		5.35	%	$	1,989.5	$	22.7		4.57	%	$	2,956.9	$	40.1		5.42	%
Financial instruments owned		911.7		4.9		2.13	%		877.7		3.7		1.70	%		962.2		4.0		1.65	%
Margin balances		699.8		14.2		8.12	%		831.2		14.9		7.16	%		750.0		15.3		8.14	%
Investments:
Asset-backed securities		6,011.1		109.1		7.26	%		6,202.4		98.8		6.37	%		6,079.2		112.4		7.39	%
Mortgage-backed securities		916.5		5.2		2.29	%		986.6		5.4		2.18	%		935.5		5.3		2.27	%
Corporate fixed income securities		606.5		4.2		2.76	%		637.5		4.1		2.61	%		617.1		4.3		2.78	%
Other		4.7		—		2.55	%		4.7		—		2.55	%		4.7		—		2.55	%
Total investments		7,538.8		118.5		6.29	%		7,831.2		108.3		5.53	%		7,636.5		122.0		6.39	%
Loans:
Residential real estate		8,060.6		67.8		3.37	%		7,446.1		53.5		2.87	%		8,027.0		69.4		3.46	%
Commercial and industrial		3,527.5		81.3		9.21	%		4,816.3		94.3		7.83	%		4,073.9		90.5		8.89	%
Fund banking		3,418.8		67.8		7.94	%		4,396.4		76.3		6.94	%		4,076.5		80.9		7.94	%
Securities-based loans		2,297.1		41.6		7.25	%		2,638.0		42.5		6.44	%		2,318.7		42.5		7.33	%
Commercial real estate		658.3		11.9		7.20	%		666.8		10.9		6.57	%		659.3		12.3		7.49	%
Construction and land		1,099.9		22.9		8.34	%		612.6		11.5		7.49	%		942.8		20.2		8.57	%
Loans held for sale		489.3		9.0		7.36	%		206.3		3.4		6.53	%		254.0		4.7		7.40	%
Other		191.7		3.8		7.92	%		153.9		2.7		7.12	%		186.9		3.7		7.90	%
Total loans		19,743.2		306.1		6.20	%		20,936.4		295.1		5.64	%		20,539.1		324.2		6.31	%
Other interest-bearing assets		755.0		8.8		4.63	%		797.3		6.9		3.45	%		812.3		10.6		5.26	%
Total interest-bearing assets/ interest income		33,708.8		506.8		6.01	%		33,263.3		451.6		5.43	%		33,657.0		516.2		6.13	%
Interest-bearing liabilities:
Senior notes		1,115.7		12.5		4.48	%		1,114.6		12.5		4.49	%		1,115.5		12.5		4.48	%
Deposits		27,607.8		230.1		3.33	%		27,138.0		137.3		2.02	%		27,457.7		218.0		3.18	%
Other interest-bearing liabilities		1,385.8		12.1		3.49	%		1,170.5		5.2		1.78	%		1,384.6		13.2		3.81	%
Total interest-bearing liabilities/ interest expense	$	30,109.3		254.7		3.38	%	$	29,423.1		155.0		2.11	%	$	29,957.8		243.7		3.25	%
Net interest income/margin			$	252.1		2.99	%			$	296.6		3.57	%			$	272.5		3.24	%

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 14 of 18

Stifel Bancorp Net Interest Income

	Three Months Ended
	March 31, 2024							March 31, 2023							December 31, 2023
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	2,845.9	$	39.6		5.56	%	$	916.1	$	11.2		4.91	%	$	1,841.8	$	26.4		5.73	%
Investments		7,538.8		118.5		6.29	%		7,831.2		108.3		5.53	%		7,636.5		122.0		6.39	%
Loans		19,743.2		306.1		6.20	%		20,936.4		295.1		5.64	%		20,539.1		324.2		6.31	%
Other interest-bearing assets		62.7		0.8		4.71	%		57.4		0.6		3.86	%		64.7		0.7		4.55	%
Total interest-bearing assets/ interest income	$	30,190.6	$	465.0		6.16	%	$	29,741.1	$	415.2		5.58	%	$	30,082.1	$	473.3		6.29	%
Interest-bearing liabilities:
Deposits	$	27,607.8	$	230.1		3.33	%	$	27,138.0	$	137.3		2.02	%	$	27,457.7	$	218.0		3.18	%
Other interest-bearing liabilities		55.1		1.0		7.61	%		6.4		0.1		6.62	%		73.2		1.4		7.70	%
Total interest-bearing liabilities/ interest expense	$	27,662.9		231.1		3.34	%	$	27,144.4		137.4		2.02	%	$	27,530.9		219.4		3.19	%
Net interest income/margin			$	233.9		3.10	%			$	277.8		3.74	%			$	253.9		3.38	%

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 15 of 18

GAAP to Core Reconciliation

	Three Months Ended
(Unaudited, 000s)	3/31/2024			3/31/2023			Change			12/31/2023			Change
GAAP net revenues	$	1,163,038		$	1,106,793					$	1,146,379
Non-GAAP adjustments		—			(3	)					40
Non-GAAP net revenues		1,163,038			1,106,790						1,146,419
GAAP compensation and benefits expense		679,695			651,190						674,437
Merger-related (17)		(5,533	)		(9,253	)					(9,203	)
Non-GAAP compensation and benefits expense		674,162			641,937						665,234
GAAP non-compensation operating expenses		264,652			245,720						265,947
Merger-related (17)		(6,621	)		(8,136	)					(7,678	)
Non-GAAP non-compensation operating expenses		258,031			237,584						258,269
Total merger-related adjustments		(12,154	)		(17,386	)					(16,921	)
GAAP provision for income taxes		55,116			52,344						43,511
Merger-related and other (17)		3,063			4,337						3,498
Non-GAAP provision for income taxes		58,179			56,681						47,009
Financial ratios:
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—
Non-compensation operating expenses		22.2	%		21.5	%		70			22.6	%		(40	)
Income before income taxes		19.8	%		20.5	%		(70	)		19.4	%		40
Effective tax rate		25.2	%		24.9	%		30			21.1	%		410

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 16 of 18

Footnotes

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

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

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

(4) Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible common equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $73.9 million, $62.3 million, and $71.1 million, as of March 31, 2024 and 2023, and December 31, 2023, respectively.

(5) Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, April 24, 2024.

(6) Includes capital raising and advisory revenues.

(7) Includes independent contractors of 114, 102, and 108 as of March 31, 2024 and 2023, and December 31, 2023, respectively.

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

(9) Includes Private Client Group and Trust Business.

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

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

(12) Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average daily balances for Individual Program Banks. Prior to Q4 2023, ROA for Individual Program Banks was calculated on average quarterly balances. Prior periods have not been restated to reflect the change as the differences are immaterial.

(13) During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks. The March 31, 2024 balance excludes $1.3 billion of commercial treasury deposits sitting at third-party banks.

(14) Represents client assets in Treasury Securities with maturities of 52 weeks or less.

(15) Includes net interest, asset management, and other income.

(16) Provision for credit losses for the three months ended March 31, 2024 includes a reserve of $0.3 million related to employee retention awards.

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

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 17 of 18

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, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

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 first quarter earnings release issued April 24, 2024.

Stifel Financial Corp. Quarterly Financial Supplement | First Quarter 2024 Earnings Release Page 18 of 18

EX-99.3

Exhibit 99.3 First Quarter 2024 Financial Results Presentation April 24, 2024 Quarterly Earnings Report

First Quarter Snapshot 1Q24 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 1Q24: GAAP & NON-GAAP $1,163 1Q24: GAAP $1.40 & NON-GAAP $1.49 1Q24: GAAP $164 & NON-GAAP $173 ANNUALIZED ROTCE* BOOK VALUE PER SHARE ANNUALIZED ROCE TBV $30.67 BV $44.71 1Q24:GAAP 13.5% & NON-GAAP 14.3% 1Q24:GAAP 19.7% & NON-GAAP 20.9% * Please see our definition of ROTCE in our first quarter 2024 earnings release HIGHLIGHTS Second Highest Credit Rating Upgrade Net Revenue By S&P Record Net Revenue Named U.S. Mid-Market Global Wealth Management Equity House of the Year for 2023 Record Client Assets Repurchased Under Management 2.3 million Common Shares Quarterly Earnings Report 1

Variance to Consensus Estimates First Quarter Results Variance to Consensus Estimates Commentary on Variance to Analyst Estimates (in Millions, except diluted EPS and share data) 1Q24 1Q24 Mean % Δ ■ Commissions & Principal Transactions: Revenues Operating* ANALYST Commissions + Principal transactions $324 $319 2% ■ Stronger Revenue from Global Wealth Management & Investment banking $214 $185 16% Institutional Equities Asset management and service fees $367 $367 0% ■ Investment Banking: Net interest $252 $258 (2%) Net revenues $1,163 $1,143 2% ■ Stronger Advisory Revenue Non-interest expenses ■ Stronger Equity & Fixed Income Underwriting Revenue Compensation and benefits 674 664 5% Compensation Ratio 58.0% 58.1% 10 bps ■ Net Interest Income Non-compensation expenses 258 250 3% ■ Modest Cash Sorting Total non-interest expenses 932 914 2% Income before income taxes 231 229 1% ■ Non-compensation Expense: Provision for income taxes 58 58 1% ■ Higher Provision & Investment Banking Gross Up Tax Rate 25.2% 25.3% 10 bps Net Income $173 $171 1% Diluted Operating EPS $1.49 $1.46 2% *Non-GAAP Quarterly Earnings Report 2

Highly Complimentary Business Lines Significant Operating Leverage Benefits from Lower Interest Rates on Institutional Margins Significantly Outweigh Expected Decline in NII $350 $300 $250 $200 $150 $100 $50 $0 -$50 Institutional Group Pre-tax Income Net Interest Income Non-GAAP Pre-tax Margin Non-GAAP Return on Tangible Common Equity 32.0% 30.9% 32.0% 23.9% 24.0% 21.7% 24.7% 24.6% 19.9% 19.8% 19.0% 19.2% 21.8% 24.0% 20.9% 18.7% 16.0% 16.0% 8.0% 8.0% 0.0% 0.0% 2019 2020 2021 2022 2023 2024* 2019 2020 2021 2022 2023 2024* *2024 based on results through 3/31/2024 *2024 based on results through 3/31/2024 Quarterly Earnings Report 3 millions 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24

First Quarter Results FINANCIAL RESULTS NET REVENUE Sequential millions 1Q24 Y/Y Change Change $1,400 Global Wealth Management $791 4% 3% $1,163 $1,146 $1,200 $1,107 Institutional 351 6% -2% $1,051 $1,045 Other 21 25% 0% $1,000 Net revenue 1,163 5% 1% $800 Compensation expense 674 5% 1% $600 1 Operating expense 253 9% -1% 2 $400 57% 133% Provision for credit loss Pre-tax pre-provision income 236 2% 5% $200 Pre-tax income 231 2% 4% $0 1Q23 2Q23 3Q23 4Q23 1Q24 Taxes 58 3% 24% Net income 173 1% -2% Preferred dividends 9 0% 0% Net income available to common 163 1% -2% shareholders Diluted EPS $1.49 6% -1% Compensation ratio 58.0% 0 bps 0 bps 3 Operating expense ratio 21.7% 70 bps -80 bps Pre-tax operating margin 19.8% -70 bps 40 bps Book value per share $44.71 2% -2% Tangible book value per share $30.67 2% -2% 4 ROTCE 20.9% 100 bps -40 bps (1) Operating Expense = Non-Compensation Expense – Provision for Credit Loss (2) Provision for Credit Loss at bank subsidiary (3) Operating Expense Ratio excludes Provision for Credit Loss (4) Please see our definition of ROTCE in our fourth quarter earnings release Quarterly Earnings Report 4 millions

Global Wealth Management HIGHLIGHTS GLOBAL WEALTH MANAGEMENT REVENUE Sequential millions 1Q24 Y/Y Change ■ Record Quarterly Net Revenue Change Transactional $182 13% 7% ■ Record Quarterly Asset Management Revenue Asset Management 367 17% 11% ■ Record Client Assets Under Administration Net Interest 236 -16% -8% ■ Added 22 Financial Advisors, Including 15 Investment Banking 4 3% -6% Experienced with Total Trailing Twelve Month Other 1 nm nm Production of $6.8 million Total Global Wealth Management Net $791 4% 3% Revenue Comp. Ratio 49.3% 410 bps 240 bps Non-Comp. Ratio 13.9% 80 bps 10 bps Provision for credit loss $5 1% nm Pre-tax Margin 36.8% -490 bps -250 bps NET REVENUE & MARGIN Pre-tax Pre-provision Margin 37.4% -500 bps -190 bps $840 44% $815 FINANCIAL ADVISOR & CLIENT ASSET METRICS $791 42% $769 $790 $766 Sequential $758 $757 millions 1Q24 Y/Y $765 40% Change 41.7% $740 Financial Advisors 2,242 0% -2% 38% 39.3% $715 39.6% 36% Independent Contractors 114 12% 6% 38.8% $690 36.8% $665 34% Total Financial Advisors 2,356 0% -1% $640 32% Client AUA $467,697 15% 5% $615 Fee-based Client Assets $177,108 18% 7% 30% $590 1Q23 2Q23 3Q23 4Q23 1Q24 Private Client Fee-based Client Assets $155,144 18% 7% Net Revenue Pre-tax Margin Quarterly Earnings Report 5 Margin Net Revenue (millions)

Wealth Management: A Key Growth Driver CONSISTENT GROWTH $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Brokerage Asset Management & Service Fees Net Interest Investment Banking & Other *2024 GWM Net Revenue based on annualized results through 3/31/2024 INCREASING PERCENTAGE OF RECURRING REVENUE RECRUITING DRIVES REVENUE GROWTH 100% $500 750 90% 700 22% 23% 24% $450 34% 32% 32% 650 80% 39% 33% 46% $400 600 51% 55% 70% 550 $350 60% 500 50% $300 450 400 40% 78% $250 76% 77% 350 66% 66% 66% 64% 30% 60% 53% $200 300 47% 44% 20% 250 $150 200 10% $100 150 0% 100 $50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50 $- 0 Net Interest Income & Asset Management Fees Transactional & Investment Banking 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 T-12 Cumulative Production Cumulative Gross FAs Quarterly Earnings Report 6 Net Revenue (millions) millions Financial Advisors

Strong Bank Fundamentals SLOWING CASH SORTING STRONG NIM DESPITE RISING DEPOSIT COSTS 7.00% $2,068 $1,747 6.00% $1,080 $1,097 $905 $859 $726 $599 $614 $505 5.00% ($35) 3.57% 3.53% 4.00% 3.43% 3.24% 2.99% ($742) ($1,230) 3.00% ($2,022) 2.00% 1.00% ($3,640) 0.00% 1Q23 2Q23 3Q23 4Q23 1Q24 1Q23 2Q23 3Q23 4Q23 1Q24 Sweep Smart Rate Ticketed MMF Net Interest Margin Deposit Costs Asset Yields ALLOWANCE FOR CREDIT LOSSES / TOTAL LOANS WELL CAPITALIZED UNDER STRESS SCENARIO 3.50% 12.0% 3.00% 11.0% 10.0% 2.50% 9.0% 2.00% 8.0% 1.50% 7.0% 0.89% 0.86% 0.85% 6.0% 0.80% 1.00% 0.75% 5.0% 0.50% 4.0% 0.00% 1Q23 2Q23 3Q23 4Q23 1Q24 1Q23 2Q23 3Q23 4Q23 1Q24 Tier 1 Ratio (ex. AOCI & HTM Losses) Tier 1 Ratio Well Capitalized Residential SBL CRE Construction C&I Unfunded / Other reserves* Total Reserve Ratio Quarterly Earnings Report 7 millions

Institutional Group HIGHLIGHTS INSTITUTIONAL GROUP REVENUE Sequential millions 1Q24 Y/Y Change Change ■ Named US Mid-Market Equity House for 2023 by Advisory $119 -21% -8% International Financing Review Capital Raising $90 60% 26% ■ Ranked #1 in Municipal Issuance in Number of Transactional $143 15% -10% Issues in 2024 with 15.2% Market Share Total Institutional Revenue* $351 6% -2% ■ Increased Market Share in Equity Transactions Comp. Ratio 61.4% -50 bps -790 bps Non-Comp. Ratio 28.0% 0 bps -50 bps ■ Highest Equity & Fixed Income Underwriting Pre-tax Margin 10.6% 50 bps 840 bps Revenue since 4Q21 * Includes net interest, asset management, and other income FIXED INCOME REVENUE EQUITIES REVENUE $142 $150 $139 $94 $100 $89 $77 $113 $80 $76 $103 $40 $110 $68 $92 $50 $32 $40 $25 $60 $21 $32 $30 $45 $25 $70 $40 $20 $30 $52 $46 $47 $57 $54 $71 $68 $67 $102 $89 $0 1Q23 2Q23 3Q23 4Q23 1Q24 -$10 1Q23 2Q23 3Q23 4Q23 1Q24 Transactional Underwriting Transactional Underwriting * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 8 millions millions

Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 35% millions 1Q24 1Q23 Y/Y Change 30% 63% 25% 61% Compensation $674 $642 5% 20% 59% Non-compensation Expense, 15% $245 $227 8% Ex. IB Gross Up & Credit Loss 57% 58.0% 58.0% 58.0% 58.0% 58.0% 10% Credit Loss Provision & IB Gross Up $13 $11 18% 55% 5% 53% 0% Non-compensation $258 $238 9% 1Q23 2Q23 3Q23 4Q23 1Q24 Pre-tax Income $231 $227 2% Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio ANNUAL GAAP to Non-GAAP RESULTS GAAP to Non-GAAP RECONCILIATION $900 $800 (000s) 1Q24 $700 $600 GAAP Net Income $163,575 $500 $400 Preferred Dividend $9,320 $300 $200 Net Income available to common Shareholders $154,255 $100 $0 Non-GAAP After Tax Adjustments $9,091 2019 2020 2021 2022 2023 2024* Non-GAAP Net Income Available to Common $163,346 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our first quarter 2024 earnings release. *2024 annual GAAP to non-GAAP results based on annualized results through 3/31/2024 Quarterly Earnings Report 9 millions Compensation Ratio Non-compensation Ratio

Capital Utilization HIGHLIGHTS FIRM-WIDE ASSETS & CAPITAL RATIOS $40,000 $38,598 22.0% $38,258 ■ Repurchased 2.3 million Shares $37,878 $37,727 $37,298 $38,000 20.0% $36,000 ■ 11 million Shares in Total Authorization 18.0% $34,000 $32,000■ Total Assets Increased $531 million 17.2% 17.3% 17.3% 16.0% 16.9% 16.8% $30,000 14.0% ■ Bank Funding Increased at CAGR of 13% Since 2019 $28,000 $26,000 12.0% $24,000 10.0% 11.1% 10.9% 10.8% $22,000 10.6% 10.5% $20,000 8.0% 1Q23 2Q23 3Q23 4Q23 1Q24 Assets Tier 1 Leverage Tier 1 Risk Based Capital $1,600,000 DEPLOYING EXCESS CAPITAL BANK FUNDING: A TRACK RECORD of GROWTH $1,400,000 $50,000 $1,200,000 $45,000 $40,000 $1,000,000 $35,000 $800,000 $30,000 $600,000 $25,000 $20,000 $400,000 $15,000 $200,000 $10,000 $5,000 $0 2019 2020 2021 2022 2023 2024* $0 ($200,000) 2019 2020 2021 2022 2023 2024* ($400,000) Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) Bank Deposits Available Funding Acquisitions *2024 Estimated Capital Generated based annualized 1Q24 Net Income plus current capital in excess of regulatory minimum. *2024 based on results through 3/31/2024 Quarterly Earnings Report 10 (000s) millions millions

Concluding Remarks Quarterly Earnings Report

First Quarter 2024 Financial Results Presentation April 24, 2024 Quarterly Earnings Report

Disclaimer Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions. All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Use of Non-GAAP Financial Measures The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure. Quarterly Earnings Report 13

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Document and Entity Information	Apr. 24, 2024
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	Apr. 24, 2024
Entity Incorporation State Country Code	DE
Entity File Number	001-09305
Entity Tax Identification Number	43-1273600
Entity Address, Address Line One	501 N. Broadway
Entity Address, City or Town	St. Louis
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63102-2188
City Area Code	(314)
Local Phone Number	342-2000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $0.15 par value per share
Trading Symbol	SF
Security Exchange Name	NYSE
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
Trading Symbol	SF-PB
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
Trading Symbol	SF-PC
Security Exchange Name	NYSE
Series D Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D
Trading Symbol	SF-PD
Security Exchange Name	NYSE
Senior Notes [Member]
Document And Entity Information [Line Items]
Security 12b Title	5.20% Senior Notes due 2047
Trading Symbol	SFB
Security Exchange Name	NYSE