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):  October 30, 2019

_________________________

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

_________________________

Delaware
(State of incorporation)   001-09305
(Commission File Number)   43-1273600
(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 PR A		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 PrB		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 October 30, 2019, Stifel Financial Corp. (“Stifel” or the “Company”) reported its financial results for the three months ended September 30, 2019. A copy of the related press release is attached hereto as Exhibit 99.1.

Stifel will hold a conference call on Wednesday, October 30, 2019, at 8:00 a.m. Eastern time. All interested parties are invited to listen to Stifel Chairman and CEO, Ronald J. Kruszewski, by dialing (888) 676-3684 and referencing conference ID #1347575. 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 99.2.

The exhibit is 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 NumberDescription of Exhibit

99.1	Press release dated October 30, 2019.
99.2 104	Investor presentation. 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:  October 30, 2019	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

3

EX-99.1

Exhibit 99.1

October 30, 2019

FOR IMMEDIATE RELEASE

Media Contact:  Neil Shapiro (212) 271-3447

Investor Contact:  Joel Jeffrey  (212) 271-3610

www.stifel.com/investor-relations

STIFEL REPORTS THIRD QUARTER 2019 FINANCIAL RESULTS

• Record net revenues of $821.6 million, increased 11.3% compared with the year-ago quarter.

• Record net revenues in Global Wealth Management.

• Net income available to common shareholders of $104.6 million, or $1.34 per diluted common share.

• Non-GAAP net income available to common shareholders of $117.1 million, or $1.50 per diluted common share.

• Record client assets of $311.8 billion, increased 7.8% compared with the year-ago quarter.

• Non-GAAP return on tangible common equity of 24.2%.

• Repurchased approximately 1.0 million shares of the Company’s common stock at an average price of $55.43.

ST. LOUIS, MO – Stifel Financial Corp. (NYSE: SF) today reported net income available to common shareholders of $104.6 million, or $1.34 per diluted common share on record net revenues of $821.6 million for the three months ended September 30, 2019, compared with net income available to common shareholders of $101.5 million, or $1.25 per diluted common share, on net revenues of $738.3 million for the third quarter of 2018.

For the three months ended September 30, 2019, the Company reported non-GAAP net income available to common shareholders of $117.1 million, or $1.50 per diluted common share. The Company’s reported GAAP net income for the three months ended September 30, 2019 was primarily impacted by merger-related expenses. Details discussed below and in the “Non-GAAP Financial Matters” section.

Chairman’s Comments

“I am pleased with our performance in the third quarter. We generated record net revenue of $822 million, a pre-tax margin greater than 20%, and return on tangible common equity of more than 24%. Our record results and the growth in the business validate of our long-term strategy to build a diversified financial services firm that can consistently generate strong performance in various market conditions. This was illustrated by our record wealth management revenue and our second strongest institutional revenues in our history despite less than optimal market conditions. As I look forward, I am optimistic about our business as the investments we’ve made in our firm will continue to drive revenue growth,” stated Ronald J. Kruszewski, Chairman and Chief Executive Officer of Stifel.

Financial Highlights (Unaudited)	Three Months Ended
($ in 000s, except per share data)	GAAP 9/30/19			GAAP 9/30/18			% Change		GAAP 6/30/19			% Change			Non-GAAP (1) 9/30/19			Non-GAAP (1) 9/30/18			% Change
Net revenues	$	821,572		$	738,342			11.3	$	800,787			2.6		$	821,572		$	738,367			11.3
Net income applicable to Stifel Financial Corp.	$	109,414		$	103,858			5.3	$	109,085			0.3		$	121,990		$	112,405			8.5
Preferred dividends		4,844			2,343			106.7		5,288			(8.4	)		4,844			2,343			106.7
Net income available to common shareholders	$	104,570		$	101,515			3.0	$	103,797			0.7		$	117,146		$	110,062			6.4
Earnings per diluted common share	$	1.40		$	1.27			10.2	$	1.38			1.4		$	1.56		$	1.38			13.0
Earnings per diluted common share available to common shareholders	$	1.34		$	1.25			7.2	$	1.31			2.3		$	1.50		$	1.35			11.1
Compensation ratio		59.2	%		57.2	%				58.3	%					58.1	%		56.5	%
Non-compensation ratio		22.5	%		23.8	%				23.2	%					21.7	%		22.9	%
Pre-tax operating margin (2)		18.3	%		19.0	%				18.5	%					20.2	%		20.6	%

1

2

For nine months ended September 30, 2019, the Company reported net income available to common shareholders of $305.2 million, or $3.87 per diluted common share on record net revenues of $2.4 billion, compared with net income available to common shareholders of $272.9 million, or $3.35 per diluted common share, on net revenues of $2.2 billion for the nine months ended September 30, 2018.

For the nine months ended September 30, 2019, the Company reported non-GAAP net income available to common shareholders of $333.0 million, or $4.22 per diluted common share.

Financial Highlights (Unaudited)	Nine Months Ended
($ in 000s, except per share data)	GAAP 9/30/19			GAAP 9/30/18			% Change		Non-GAAP (1) 9/30/19			Non-GAAP (1) 9/30/18			% Change
Net revenues	$	2,392,779		$	2,231,432			7.2	$	2,392,779		$	2,231,457			7.2
Net income applicable to Stifel Financial Corp.	$	317,706		$	279,906			13.5	$	345,513		$	309,683			11.6
Preferred dividends		12,476			7,031			77.4		12,476			7,031			77.4
Net income available to common shareholders	$	305,230		$	272,875			11.9	$	333,037		$	302,652			10.0
Earnings per diluted common share	$	4.03		$	3.44			17.2	$	4.38		$	3.80			15.3
Earnings per diluted common share available to common shareholders	$	3.87		$	3.35			15.5	$	4.22		$	3.72			13.4
Compensation ratio		59.0	%		59.3	%				58.3	%		58.7	%
Non-compensation ratio		22.8	%		23.8	%				22.1	%		22.5	%
Pre-tax operating margin (3)		18.2	%		16.9	%				19.6	%		18.8	%

Brokerage Revenues

Brokerage revenues, defined as commissions and principal transactions, were $261.8 million, an 8.5% increase compared with the third quarter of 2018 and a 0.1% increase compared with the second quarter of 2019.

	Three Months Ended
($ in 000s)	9/30/19		9/30/18		% Change			6/30/19		% Change
Global Wealth Management	$	160,117	$	158,818		0.8		$	162,388		(1.4	)
Institutional brokerage:
Equity capital markets		41,037		43,904		(6.5	)		40,670		0.9
Fixed income capital markets		60,613		38,446		57.7			58,387		3.8
Total institutional brokerage		101,650		82,350		23.4			99,057		2.6
Total brokerage revenues	$	261,767	$	241,168		8.5		$	261,445		0.1

• Global Wealth Management brokerage revenues were $160.1 million, a 0.8% increase compared with the third quarter of 2018 and a 1.4% decrease compared with the second quarter of 2019.

• Institutional equity brokerage revenues were $41.0 million, a 6.5% decrease compared with the third quarter of 2018 and a 0.9% increase compared with the second quarter of 2019.

• Institutional fixed income brokerage revenues were $60.6 million, a 57.7% increase compared with the third quarter of 2018 and a 3.8% increase compared with the second quarter of 2019.

3

Investment Banking Revenues

Investment banking revenues were $198.8 million, a 17.6% increase compared with the third quarter of 2018 and a 10.7% increase compared with the second quarter of 2019.

	Three Months Ended
($ in 000s)	9/30/19		9/30/18		% Change			6/30/19		% Change
Capital raising:
Global Wealth Management	$	9,855	$	7,722		27.6		$	10,559		(6.7	)
Equity capital markets		53,006		65,000		(18.5	)		59,156		(10.4	)
Fixed income capital markets		31,082		20,553		51.2			26,997		15.1
Institutional Group		84,088		85,553		(1.7	)		86,153		(2.4	)
Total capital raising (4)		93,943		93,275		0.7			96,712		(2.9	)
Advisory fees (4)		104,847		75,717		38.5			82,905		26.5
Total investment banking (4)	$	198,790	$	168,992		17.6		$	179,617		10.7

• Global Wealth Management capital raising revenues were $9.9 million, a 27.6% increase compared with the third quarter of 2018 and a 6.7% decrease compared with the second quarter of 2019.

• Institutional equity capital raising revenues were $53.0 million, an 18.5% decrease compared with the third quarter of 2018 and a 10.4% decrease compared with the second quarter of 2019.

• Institutional fixed income capital raising revenues were $31.1 million, a 51.2% increase compared with the third quarter of 2018 and a 15.1% increase compared with the second quarter of 2019.

• Advisory fee revenues were $104.8 million, a 38.5% increase compared with the third quarter of 2018 and a 26.5% increase compared with the second quarter of 2019.

Asset Management and Service Fee Revenues

Asset management and service fee revenues were $217.6 million, an 8.4% increase compared with the third quarter of 2018 and a 3.1% increase compared with the second quarter of 2019. See Asset Management and Service Fee Break-down table.

Net Interest Income

Net interest income of $134.7 million, an 11.0% increase compared with the third quarter of 2018 and a 0.3% decrease compared with the second quarter of 2019. See Net Interest Income Analysis table.

• Interest income was $178.8 million, a 5.3% increase compared with the third quarter of 2018 and a 4.9% decrease compared with the second quarter of 2019.

• Interest expense was $44.1 million, an 8.9% decrease compared with the third quarter of 2018 and a 16.5% decrease compared with the second quarter of 2019.

4

Compensation and Benefits Expenses

For the quarter ended September 30, 2019, compensation and benefits expenses were $486.2 million, which included $8.8 million of merger-related and severance expenses (non-GAAP adjustments). This compares with $422.3 million in the third quarter of 2018 and $466.9 million in the second quarter of 2019. Excluding the non-GAAP adjustments, compensation and benefits as a percentage of net revenues were 58.1% in the third quarter of 2019 (non-GAAP measure).

	Three Months Ended						Nine Months Ended
($ in 000s)	9/30/19			9/30/18			9/30/19			9/30/18
GAAP compensation and benefits	$	486,160		$	422,324		$	1,411,135		$	1,322,387
As a percentage of net revenues		59.2	%		57.2	%		59.0	%		59.3	%
Non-GAAP adjustments: (5)
Merger-related and severance		(8,827	)		(5,475	)		(16,063	)		(13,289	)
Non-GAAP compensation and benefits	$	477,333		$	416,849		$	1,395,072		$	1,309,098
As a percentage of non-GAAP net revenues		58.1	%		56.5	%		58.3	%		58.7	%

Non-Compensation Operating Expenses

For the quarter ended September 30, 2019, non-compensation operating expenses were $184.7 million, which included $6.0 million of merger-related expenses (non-GAAP adjustments). This compares with $175.5 million in the third quarter of 2018 and $185.9 million in the second quarter of 2019. Excluding the non-GAAP adjustments, non-compensation operating expenses as a percentage of net revenues for the quarter ended September 30, 2019 were 21.7% (non-GAAP measure).

	Three Months Ended						Nine Months Ended
($ in 000s)	9/30/19			9/30/18			9/30/19			9/30/18
GAAP non-compensation expenses	$	184,658		$	175,488		$	545,099		$	530,614
As a percentage of net revenues		22.5	%		23.8	%		22.8	%		23.8	%
Non-GAAP adjustments: (5)
Merger-related		(6,023	)		(5,277	)		(13,699	)		(20,192	)
Litigation-related		—			(774	)		(3,507	)		(6,774	)
		(6,023	)		(6,051	)		(17,206	)		(26,966	)
Non-GAAP non-compensation expenses	$	178,635		$	169,437		$	527,893		$	503,648
As a percentage of non-GAAP net revenues		21.7	%		22.9	%		22.1	%		22.5	%

Provision for Income Taxes

The GAAP effective income tax rate for the quarter ended September 30, 2019 was 27.1%. This compares with an effective income tax rate of 26.1% for the third quarter of 2018 and 25.9% for the second quarter of 2019. The adjusted non-GAAP effective income tax rate for the quarter ended September 30, 2019 was 26.0%.

	Three Months Ended						Nine Months Ended
($ in 000s)	9/30/19			9/30/18			9/30/19			9/30/18
GAAP provision for income taxes	$	40,632		$	36,672		$	117,227		$	98,525
GAAP effective tax rate		27.1	%		26.1	%		27.0	%		26.0	%
Non-GAAP adjustments: (5)
Merger-related, litigation-related, and severance		3,994			3,166			8,949			10,980
Other		(1,720	)		(162	)		(3,487	)		(477	)
		2,274			3,004			5,462			10,503
Non-GAAP provision for income taxes	$	42,906		$	39,676		$	122,689		$	109,028
Non-GAAP effective tax rate		26.0	%		26.1	%		26.2	%		26.0	%

5

Conference Call Information

Stifel Financial Corp. will host its third quarter 2019 financial results conference call on Wednesday, October 30, 2019, at 8:00 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(888) 676-3684 and referencing conference ID #1347575.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; Keefe Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc., and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. 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 web site at www.stifel.com.

Forward-Looking Statements

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

6

Summary Results of Operations (Unaudited)
	Three Months Ended												Nine Months Ended
($ in 000s, except per share amounts)	9/30/19		9/30/18		% Change			6/30/19		% Change			9/30/19		9/30/18		% Change
Revenues:
Commissions	$	163,920	$	158,016		3.7		$	164,981		(0.6	)	$	484,350	$	490,693		(1.3	)
Principal transactions		97,847		83,152		17.7			96,464		1.4			298,343		269,918		10.5
Brokerage revenues		261,767		241,168		8.5			261,445		0.1			782,693		760,611		2.9
Advisory fees		104,847		75,717		38.5			82,911		26.5			292,648		260,393		12.4
Capital raising		93,943		93,295		0.7			96,706		(2.9	)		247,599		246,044		0.6
Investment banking		198,790		169,012		17.6			179,617		10.7			540,247		506,437		6.7
Asset management and service fees		217,628		200,743		8.4			211,171		3.1			624,066		596,112		4.7
Other income		8,747		6,127		42.8			13,505		(35.2	)		34,461		18,557		85.7
Operating revenues		686,932		617,050		11.3			665,738		3.2			1,981,467		1,881,717		5.3
Interest revenue		178,784		169,760		5.3			187,940		(4.9	)		557,795		461,915		20.8
Total revenues		865,716		786,810		10.0			853,678		1.4			2,539,262		2,343,632		8.3
Interest expense		44,144		48,468		(8.9	)		52,891		(16.5	)		146,483		112,200		30.6
Net revenues		821,572		738,342		11.3			800,787		2.6			2,392,779		2,231,432		7.2
Non-interest expenses:
Compensation and benefits		486,160		422,324		15.1			466,861		4.1			1,411,135		1,322,387		6.7
Occupancy and equipment rental		58,649		54,035		8.5			61,055		(3.9	)		178,566		165,226		8.1
Communication and office supplies		36,817		33,330		10.5			35,069		5.0			107,583		103,468		4.0
Commissions and floor brokerage		10,542		11,338		(7.0	)		11,008		(4.2	)		32,506		30,798		5.5
Provision for loan losses		929		6,924		(86.6	)		2,353		(60.5	)		5,565		13,244		(58.0	)
Other operating expenses		77,721		69,861		11.3			76,459		1.7			220,879		217,878		1.4
Total non-interest expenses		670,818		597,812		12.2			652,805		2.8			1,956,234		1,853,001		5.6
Income before income taxes		150,754		140,530		7.3			147,982		1.9			436,545		378,431		15.4
Provision for income taxes		40,632		36,672		10.8			38,225		6.3			117,227		98,525		19.0
Net income		110,122		103,858		6.0			109,757		0.3			319,318		279,906		14.1
Net income applicable to non-controlling interests		708		—	n/m				672		5.4			1,612		—	n/m
Net income applicable to Stifel Financial Corp.		109,414		103,858		5.3			109,085		0.3			317,706		279,906		13.5
Preferred dividends		4,844		2,343		106.7			5,288		(8.4	)		12,476		7,031		77.4
Net income available to common shareholders	$	104,570	$	101,515		3.0		$	103,797		0.7		$	305,230	$	272,875		11.9
Earnings per common share:
Basic	$	1.47	$	1.41		4.3		$	1.43		2.8		$	4.21	$	3.80		10.8
Diluted	$	1.34	$	1.25		7.2		$	1.31		2.3		$	3.87	$	3.35		15.5
Cash dividends declared per common share	$	0.15	$	0.12		25.0		$	0.15		—		$	0.45	$	0.36		25.0
Weighted average number of common shares outstanding:
Basic		71,197		71,919		(1.0	)		72,519		(1.8	)		72,512		71,824		1.0
Diluted		78,144		81,484		(4.1	)		79,079		(1.2	)		78,826		81,425		(3.2	)

7

Summary Segment Results (Unaudited)
	Three Months Ended														Nine Months Ended
($ in 000s)	9/30/19			9/30/18			% Change		6/30/19			% Change			9/30/19			9/30/18			% Change
Net revenues:
Global Wealth Management	$	534,571		$	498,161			7.3	$	532,433			0.4		$	1,577,614		$	1,481,063			6.5
Institutional Group		290,222			245,952			18.0		270,602			7.3			822,110			768,855			6.9
Other		(3,221	)		(5,771	)		44.2		(2,248	)		(43.3	)		(6,945	)		(18,486	)		62.4
Total net revenues	$	821,572		$	738,342			11.3	$	800,787			2.6		$	2,392,779		$	2,231,432			7.2
Operating expenses:
Global Wealth Management	$	331,748		$	314,784			5.4	$	340,081			(2.5	)	$	987,949		$	933,020			5.9
Institutional Group		241,599			211,647			14.2		231,300			4.5			701,981			653,956			7.3
Other		97,471			71,381			36.6		81,424			19.7			266,304			266,025			0.1
Total operating expenses	$	670,818		$	597,812			12.2	$	652,805			2.8		$	1,956,234		$	1,853,001			5.6
Operating contribution:
Global Wealth Management	$	202,823		$	183,377			10.6	$	192,352			5.4		$	589,665		$	548,043			7.6
Institutional Group		48,623			34,305			41.7		39,302			23.7			120,129			114,899			4.6
Other		(100,692	)		(77,152	)		30.5		(83,672	)		20.3			(273,249	)		(284,511	)		(4.0	)
Income before income taxes	$	150,754		$	140,530			7.3	$	147,982			1.9		$	436,545		$	378,431			15.4
As a percentage of net revenues:
Compensation and benefits
Global Wealth Management		49.0			48.5					49.3						48.9			48.7
Institutional Group		59.1			59.4					57.6						59.2			59.2
Non-comp. operating expenses
Global Wealth Management		13.1			14.7					14.6						13.7			14.3
Institutional Group		24.1			26.7					27.9						26.2			25.9
Income before income taxes
Global Wealth Management		37.9			36.8					36.1						37.4			37.0
Institutional Group		16.8			13.9					14.5						14.6			14.9
Consolidated pre-tax margin		18.3			19.0					18.5						18.2			16.9

8

Financial metrics (unaudited):	As of and For the Three Months Ended
($ in 000s, except percentages and per share amounts)	9/30/19			9/30/18			6/30/19
Total assets	$	24,160,777		$	23,760,048		$	24,343,597
Total Stifel Financial shareholders' equity		3,501,715			3,161,569			3,429,126
Book value per common share (6)	$	46.34		$	41.25		$	44.68
Return on common equity (7)		13.2	%		13.8	%		13.4	%
Non-GAAP return on common equity (1) (7)		14.8	%		15.0	%		14.3	%
Return on tangible common equity (8)		21.6	%		22.4	%		21.5	%
Non-GAAP return on tangible common equity (1) (8)		24.2	%		24.3	%		23.1	%
Tier 1 common capital ratio (9)		15.6	%		16.6	%		15.6	%
Tier 1 risk based capital ratio (9)		18.1	%		17.9	%		18.0	%
Tier 1 leverage capital ratio (9)		10.0	%		9.6	%		10.0	%
Pre-tax margin on net revenues		18.3	%		19.0	%		18.5	%
Non-GAAP pre-tax margin on net revenues (1) (2)		20.2	%		20.6	%		19.8	%
Effective tax rate		27.1	%		26.1	%		25.9	%
Non-GAAP effective tax rate (1)		26.0	%		26.1	%		25.9	%

Statistical Information (unaudited):	As of and For the Three Months Ended
($ in 000s, except financial advisors and locations)	9/30/19		9/30/18		% Change			6/30/19		% Change
Financial advisors (10)		2,097		2,045		2.5			2,097		—
Independent contractors		96		104		(7.7	)		96		—
Total financial advisors		2,193		2,149		2.0			2,193		—
Locations		426		404		5.4			413		3.1
Total client assets	$	311,819,000	$	289,136,000		7.8		$	305,233,000		2.2
Fee-based client assets	$	108,138,000	$	96,008,000		12.6		$	103,824,000		4.2
Client money market and insured product	$	14,246,000	$	15,121,000		(5.8	)	$	13,674,000		4.2
Secured client lending (11)	$	3,299,359	$	3,185,710		3.6		$	3,251,723		1.5

	Asset Management and Service Fee Break-down (unaudited)
Asset Management and Service Fee Revenues:	Three Months Ended
($ in 000s)	9/30/19			9/30/18			% Change			6/30/19			% Change
Private Client Group (12)	$	172,124		$	152,021			13.2		$	164,554			4.6
Asset Management		30,650			27,555			11.2			29,485			4.0
Third-party Bank Sweep Program		4,907			11,029			(55.5	)		6,869			(28.6	)
Other (13)		9,947			10,138			(1.9	)		10,263			(3.1	)
Total asset management and service fee revenues	$	217,628		$	200,743			8.4		$	211,171			3.1
Fee-based Assets:	Three Months Ended
($ in millions)	9/30/19			9/30/18			% Change			6/30/19			% Change
Private Client Group (12)	$	85,163		$	71,463			19.2		$	80,983			5.2
Asset Management		33,698			31,091			8.4			33,156			1.6
Elimination (14)		(10,723	)		(6,546	)		63.8			(10,315	)		4.0
Total fee-based assets	$	108,138		$	96,008			12.6		$	103,824			4.2
Individual Program Banks	$	1,225		$	2,953			(58.5	)	$	1,459			(16.0	)
ROA (bps) (15)
Private Client Group (12)		85.0			89.7						89.5
Asset Management		36.4			35.5						35.6
Individual Program Banks		145.3			134.0						163.6

9

Consolidated Net Interest Income Analysis (Unaudited):
	Three Months Ended
	September 30, 2019							September 30, 2018							June 30, 2019
($ 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	$	1,056.3	$	5.7		2.15	%	$	387.8	$	2.3		2.35	%	$	750.4	$	4.3		2.31	%
Financial instruments owned		1,157.8		5.7		1.96			1,171.4		5.7		1.96			1,320.5		6.4		1.94
Margin balances		1,308.3		13.3		4.08			1,324.0		13.1		3.95			1,291.5		13.7		4.23
Investments:
Asset-backed securities		4,367.8		42.4		3.88			4,967.2		48.2		3.88			4,508.4		46.0		4.08
Mortgage-backed securities		1,253.4		6.6		2.10			1,668.4		9.1		2.18			1,470.9		8.6		2.33
Corporate fixed income securities		743.7		5.7		3.06			1,286.7		9.2		2.85			915.0		6.9		3.02
State and municipal securities		34.3		0.2		2.27			73.2		0.3		1.99			48.0		0.2		1.85
Other		4.5		—		5.98			8.7		—		1.48			—		—		—
Total Investments		6,403.7		54.9		3.43			8,004.2		66.8		3.34			6,942.3		61.7		3.56
Loans:
Commercial and industrial		3,330.2		39.7		4.77			2,950.2		34.1		4.62			3,337.4		41.3		4.95
Residential real estate		3,003.8		23.2		3.08			2,753.7		19.8		2.88			2,953.7		22.5		3.05
Securities-based loans		1,959.3		19.9		4.06			1,848.2		18.2		3.94			1,916.3		20.2		4.21
Commercial real estate		377.2		5.2		5.52			192.4		2.4		4.98			354.3		5.0		5.63
Loans held for sale		209.7		1.7		3.21			224.5		2.5		4.38			178.6		1.8		4.02
Other		444.9		5.7		5.23			142.5		1.8		5.12			377.9		5.1		5.38
Total Loans		9,325.1		95.4		4.09			8,111.5		78.8		3.88			9,118.2		95.9		4.21
Other interest-bearing assets		678.7		3.8		2.19			747.4		3.1		1.66			831.6		5.9		2.86
Total interest-earning assets/interest income		19,929.9		178.8		3.59			19,746.3		169.8		3.44			20,254.5		187.9		3.71
Interest-bearing liabilities:
Short-term borrowings		21.0		0.1		2.63			35.3		0.3		2.89			29.8		0.2		3.16
Senior notes		1,016.6		11.1		4.38			1,015.7		11.2		4.43			1,016.2		11.1		4.38
Deposits		14,926.2		24.8		0.67			14,003.2		25.9		0.74			14,660.7		29.3		0.80
FHLB		270.1		1.1		1.70			1,028.8		4.2		1.65			550.2		2.9		2.12
Other interest-bearing liabilities		1,673.0		7.0		1.66			1,591.7		6.9		1.73			1,764.4		9.4		2.10
Total interest-bearing liabilities/interest expense	$	17,906.9	$	44.1		0.99	%	$	17,674.7	$	48.5		1.10	%	$	18,021.3	$	52.9		1.17	%
Net interest income/margin			$	134.7		2.70	%			$	121.3		2.46	%			$	135.0		2.67	%

Stifel Bancorp, Inc. (16) Net Interest Income Analysis (Unaudited):
	Three Months Ended
	September 30, 2019							September 30, 2018							June 30, 2019
($ 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	$	540.8	$	3.2		2.36	%	$	29.4	$	0.2		2.06	%	$	330.6	$	1.8		2.15	%
Investments		6,403.7		54.9		3.43			8,004.2		66.8		3.34			6,942.3		61.7		3.56
Loans		9,325.1		95.4		4.09			8,111.5		78.8		3.88			9,118.2		95.9		4.21
Other interest-bearing assets		46.7		0.4		3.04			73.9		0.7		4.19			57.2		0.6		4.38
Total interest-earning assets/interest income		16,316.3		153.9		3.77			16,219.0		146.5		3.61			16,448.3		160.0		3.89
Interest-bearing liabilities:
Deposits		14,926.2		24.8		0.67			14,003.2		25.9		0.74			14,660.7		29.3		0.80
FHLB		270.1		1.1		1.70			1,028.8		4.2		1.65			550.2		2.9		2.12
Other interest-bearing liabilities		1.7		0.1		6.49			28.1		0.2		3.17			1.7		0.1		6.73
Total interest-bearing liabilities/interest expense	$	15,198.0		26.0		0.68	%	$	15,060.1		30.3		0.81	%	$	15,212.6		32.3		0.85	%
Net interest income/margin			$	127.9		3.14	%			$	116.2		2.87	%			$	127.7		3.11	%

10

Stifel Bancorp, Inc. (16) - a component of Global Wealth Management
Selected operating data (unaudited):	Three Months Ended															Nine Months Ended
($ in 000s, except percentages)	9/30/19			9/30/18			% Change			6/30/19			% Change			9/30/19			9/30/18			% Change
Net interest income	$	127,942		$	116,204			10.1		$	127,714			0.2		$	390,220		$	338,031			15.4
Bank loan loss provision		929			6,924			(86.6	)		2,353			(60.5	)		5,565			13,244			(58.0	)
Charge-offs		56			—		n/m				54			3.7			166			14			n/m
Net interest margin		3.14	%		2.87	%	27 bps				3.11	%	3 bps				3.14	%		2.91	%	23 bps

Financial Metrics (unaudited):	As of
($ in 000s, except percentages)	9/30/19			9/30/18			6/30/19
Total assets	$	16,442,707		$	17,005,070		$	16,645,984
Total shareholders' equity		1,234,932			1,200,250			1,236,318
Total loans, net (includes loans held for sale)		9,367,233			8,516,052			9,127,836
Total deposits		14,836,646			14,502,952			14,901,061
Available-for-sale securities, at fair value		3,448,207			3,347,819			2,702,211
Held-to-maturity securities, at amortized cost		2,878,516			4,562,021			3,957,629
Commercial and industrial		3,315,706			3,127,435			3,338,127
Residential real estate		3,043,271			2,792,269			2,984,725
Securities-based loans		1,986,339			1,836,450			1,962,528
Commercial real estate		387,868			328,814			367,283
Loans held for sale		265,330			262,063			163,511
Stifel Bank & Trust:
Common equity tier 1 capital ratio (9)		13.1	%		14.2	%		13.4	%
Tier 1 capital ratio (9)		13.1	%		14.2	%		13.4	%
Total capital ratio (9)		14.3	%		15.2	%		14.5	%
Tier 1 leverage ratio (9)		7.3	%		7.0	%		7.2	%
Stifel Bank:
Common equity tier 1 capital ratio (9)		17.9	%		13.8	%		17.7	%
Tier 1 capital ratio (9)		17.9	%		13.8	%		17.7	%
Total capital ratio (9)		19.1	%		15.0	%		18.9	%
Tier 1 leverage ratio (9)		7.0	%		12.5	%		7.3	%
Credit Metrics:
Allowance for loan losses	$	91,360		$	80,700		$	90,472
Allowance as a percentage of retained loans		0.99	%		0.97	%		1.00	%
Net charge-offs as a percentage of average loans		0.00	%		0.00	%		0.00	%
Total nonperforming assets	$	18,031		$	24,352		$	21,111
Nonperforming assets as % of total assets		0.11	%		0.14	%		0.13	%

11

Global Wealth Management Summary Results of Operations (Unaudited)
	Three Months Ended												Nine Months Ended
($ in 000s)	9/30/19		9/30/18		% Change			6/30/19		% Change			9/30/19		9/30/18		% Change
Revenues:
Commissions	$	118,061	$	117,795		0.2		$	120,284		(1.8	)	$	348,272	$	355,129		(1.9	)
Principal transactions		42,056		41,023		2.5			42,104		(0.1	)		127,427		125,713		1.4
Brokerage revenues		160,117		158,818		0.8			162,388		(1.4	)		475,699		480,842		(1.1	)
Asset management and service fees		217,616		200,735		8.4			211,156		3.1			624,025		596,081		4.7
Net interest		137,937		127,341		8.3			137,599		0.2			420,831		370,783		13.5
Investment banking		9,855		7,722		27.6			10,559		(6.7	)		28,637		23,459		22.1
Other income		9,046		3,545		155.2			10,731		(15.7	)		28,422		9,898		187.1
Net revenues		534,571		498,161		7.3			532,433		0.4			1,577,614		1,481,063		6.5
Non-interest expenses:
Compensation and benefits		261,681		241,713		8.3			262,321		(0.2	)		771,475		721,352		6.9
Non-compensation operating expenses		70,067		73,071		(4.1	)		77,760		(9.9	)		216,474		211,668		2.3
Total non-interest expenses		331,748		314,784		5.4			340,081		(2.5	)		987,949		933,020		5.9
Income before income taxes	$	202,823	$	183,377		10.6		$	192,352		5.4		$	589,665	$	548,043		7.6
As a percentage of net revenues:
Compensation and benefits		49.0		48.5					49.3					48.9		48.7
Non-compensation operating expenses		13.1		14.7					14.6					13.7		14.3
Income before income taxes		37.9		36.8					36.1					37.4		37.0

Institutional Group Summary Results of Operations (Unaudited)
	Three Months Ended													Nine Months Ended
($ in 000s)	9/30/19			9/30/18		% Change			6/30/19		% Change			9/30/19		9/30/18		% Change
Revenues:
Commissions	$	45,859		$	40,220		14.0		$	44,697		2.6		$	136,078	$	135,563		0.4
Principal transactions		55,791			42,130		32.4			54,360		2.6			170,916		144,206		18.5
Brokerage revenues		101,650			82,350		23.4			99,057		2.6			306,994		279,769		9.7
Advisory fees		104,847			75,717		38.5			82,905		26.5			292,647		260,312		12.4
Capital raising		84,088			85,553		(1.7	)		86,153		(2.4	)		218,963		222,666		(1.7	)
Investment banking		188,935			161,270		17.2			169,058		11.8			511,610		482,978		5.9
Other (17)		(363	)		2,332		(115.6	)		2,487		(114.6	)		3,506		6,108		(42.6	)
Net revenues		290,222			245,952		18.0			270,602		7.3			822,110		768,855		6.9
Non-interest expenses:
Compensation and benefits		171,534			146,187		17.3			155,779		10.1			486,724		455,515		6.9
Non-compensation operating expenses		70,065			65,460		7.0			75,521		(7.2	)		215,257		198,441		8.5
Total non-interest expenses		241,599			211,647		14.2			231,300		4.5			701,981		653,956		7.3
Income before income taxes	$	48,623		$	34,305		41.7		$	39,302		23.7		$	120,129	$	114,899		4.6
As a percentage of net revenues:
Compensation and benefits		59.1			59.4					57.6					59.2		59.2
Non-compensation operating expenses		24.1			26.7					27.9					26.2		25.9
Income before income taxes		16.8			13.9					14.5					14.6		14.9

12

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 September 30, 2019 and 2018, and June 30, 2019. 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 table provides details with respect to reconciling net income and earnings per diluted common share on a GAAP basis for the three and nine months ended September 30, 2019 and 2018, and the three months ended June 30, 2019 to net income and earnings per diluted common share on a non-GAAP basis for the same period.

	Three Months Ended									Nine Months Ended
($ in 000s)	9/30/19			9/30/18			6/30/19			9/30/19			9/30/18
GAAP net income applicable to Stifel Financial Corp.	$	109,414		$	103,858		$	109,085		$	317,706		$	279,906
Preferred dividend		4,844			2,343			5,288			12,476			7,031
Net income available to common shareholders		104,570			101,515			103,797			305,230			272,875
Non-GAAP adjustments:
Merger-related and severance (18)		14,850			10,777			6,721			29,762			33,506
Litigation-related (19)		—			774			3,507			3,507			6,774
Provision for income taxes (20)		(2,274	)		(3,004	)		(2,654	)		(5,462	)		(10,503	)
Total non-GAAP adjustments		12,576			8,547			7,574			27,807			29,777
Non-GAAP net income available to common shareholders	$	117,146		$	110,062		$	111,371		$	333,037		$	302,652
Weighted average diluted shares outstanding		78,144			81,484			79,079			78,826			81,425
GAAP earnings per diluted common share	$	1.40		$	1.27		$	1.38		$	4.03		$	3.44
Non-GAAP adjustments		0.16			0.11			0.10			0.35			0.36
Non-GAAP earnings per diluted common share	$	1.56		$	1.38		$	1.48		$	4.38		$	3.80
GAAP earnings per diluted common share available to common shareholders	$	1.34		$	1.25		$	1.31		$	3.87		$	3.35
Non-GAAP adjustments		0.16			0.10			0.10			0.35			0.37
Non-GAAP earnings per diluted common share available to common shareholders	$	1.50		$	1.35		$	1.41		$	4.22		$	3.72

13

Footnotes

⁽¹⁾ Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures.”

⁽²⁾ Non-GAAP pre-tax margin for the three months ended September 30, 2019 of 20.2% is calculated by adding non-GAAP adjustments of $14.8 million to our GAAP income before income taxes of $150.8 million and dividing it by non-GAAP net revenues for the quarter of $821.6 million. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”

⁽³⁾ Non-GAAP pre-tax margin for the nine months ended September 30, 2019 of 19.6% is calculated by adding non-GAAP adjustments of $33.3 million to our GAAP income before income taxes of $436.5 million and dividing it by non-GAAP net revenues of $2.4 billion. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”

⁽⁴⁾ Excludes revenue included in the Other segment.

⁽⁵⁾ See further discussion of non-GAAP adjustments under “Non-GAAP Financial Measures.”

⁽⁶⁾ Book value per common share represents shareholders’ equity (excluding preferred stock and non-controlling interests) divided by period end common shares outstanding.

⁽⁷⁾ Computed by dividing annualized net income by average common shareholders’ equity or, in the case of non-GAAP return on common equity, computed by dividing non-GAAP net income by average common shareholders’ equity.

⁽⁸⁾ Computed by dividing annualized net income by average tangible shareholders' equity or, in the case of non-GAAP return on tangible common equity, computed by dividing non-GAAP net income by average tangible shareholders' equity. Tangible common shareholders' equity equals total common shareholders' equity less goodwill and identifiable intangible assets.

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

⁽¹⁰⁾ Reflects change in the definition of producing brokers as of January 1, 2019. Prior period amounts have been restated to conform with current period presentation.

⁽¹¹⁾ Includes client margin balances held by our broker-dealer subsidiaries and securities-based loans held at our bank subsidiaries.

⁽¹²⁾ Includes Private Client Group and Trust Business.

⁽¹³⁾ Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.

⁽¹⁴⁾ Asset management assets managed in Private Client Group or Trust accounts.

⁽¹⁵⁾ 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.

⁽¹⁶⁾ Includes Stifel Bank & Trust and Stifel Bank, formerly known as The Business Bank of St. Louis, which was acquired on August 31, 2018, and Stifel Trust Company, N.A.

⁽¹⁷⁾ Includes net interest, asset management and service fees, and other income.

⁽¹⁸⁾ Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards and promissory notes issued as retention, professional fees, 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.

⁽¹⁹⁾ Primarily related to costs associated with Company’s legal matters.

⁽²⁰⁾ See details of non-GAAP adjustments under “Provision for Income Taxes.”

14

EX-99.2

3rd Quarter Financial Results Presentation October 30, 2019 Exhibit 99.2

Disclaimer Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions. In particular, these statements may refer to our goals, intentions, and expectations, our business plans and growth strategies, our ability to integrate and manage our acquired businesses, estimates of our risks and future costs and benefits, and forecasted demographic and economic trends relating to our industry. You should not place undue reliance on any forward-looking statements, which speak only as of the date they were made. We will not update these forward-looking statements, even though our situation may change in the future, unless we are obligated to do so under federal securities laws. Actual results may differ materially and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ are included in the Company’s annual and quarterly reports and from time to time in other reports filed by the Company with the Securities and Exchange Commission and include, among other things, changes in general economic and business conditions, actions of competitors, regulatory and legal actions, changes in legislation, and technology changes. Use of Non-GAAP Financial Measures The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three and nine months ended September 30, 2019. 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.

Highlights & Third Quarter Results Record Net Revenue of $822 million, up 11% Y/Y. Record Global Wealth Management Net Revenue of $535 million, up 7% Y/Y. Institutional Group Net Revenue of $290 million, up 18% Y/Y Record Client Assets of $312 billion, up 8% Y/Y Record Fee-Based Assets of $108 billion, up 13% Y/Y Non-GAAP Pre-tax Margin of 20.2%, up 40 bps Q/Q Non-GAAP ROCE of 14.8% & Non-GAAP ROTCE of 24.2% Repurchased 1 million shares at an average price of $55.43

Brokerage Revenue and Asset Management & Service Fees * Sum of Global Wealth Management Brokerage Revenue and Asset Management & Service Fees

Investment Banking Revenue * Excludes Other Segment revenue

Global Wealth Management

Institutional Group * Includes net interest, asset management and service fees, and other income

Acquisitions 2011 2012 2013 Institutional Fixed Income Sales & Trading 2013 2014 2010 2010 Missouri Valley Partners 56 UBS Branches 2009 2007 Renamed Stifel Bank & Trust 2005 2006 2007 2000 2008 2014 2014 Private Client Group 2013 2013 Wealth and Investment Management, Americas 2014 2015 2015 2016 2016 2017 2018 2018 2018 Announced* 2019 2019 2019 2019 Renamed Stifel Bank Renamed 1919 Investment Counsel Announced* *Announced agreement to acquire

Net Interest Income, Balance Sheet, & Expenses

Net Interest Income *Yields for Average Assets & Liabilities include the impact of Financial Instruments Owned, Stock Loan, Stifel Capital Trusts, Cash and Other. **Net interest margin in historical periods reflect impact of reverse repos

Balance Sheet * 3Q19 Capital ratios are estimated

Stifel Bancorp, Inc.

Expenses * For reconciliation of GAAP to non-GAAP expenses, refer to our third quarter 2019 earnings release.

Outlook

A Five Year Quarterly Comparison

Q&A

XML

Document And Entity Information	Oct. 30, 2019
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 30, 2019
Entity Registrant Name	STIFEL FINANCIAL CORP.
Entity Central Index Key	0000720672
Entity Emerging Growth Company	false
Entity Incorporation, State or 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
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Pre-commencement Tender Offer	false
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Security Exchange Name	NYSE
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Security Exchange Name	NYSE
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Document And Entity Information [Line Items]
Title of 12(b) Security	Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B
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