Stifel Financial : 2026 1st Quarter Earnings (Supplement)

Published: 2026-05-15 11:05:21 ET SF

Published on 05/15/2026 at 11:05 am EDT

Consolidated Financial Highlights (1)

(Unaudited, 000s, except per share information)

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

Net revenues

$ 1,478,161

$ 1,255,469

17.7%

$ 1,560,579

(5.3 %)

Net income

$ 251,419

$ 52,992

374.4%

$ 264,361

(4.9 %)

Preferred dividends

9,320

0.0%

9,320

0.0 %

Net income available to common shareholders

$ 242,099

$ 43,672

454.4%

$ 255,041

(5.1 %)

Earnings per diluted common share

$ 1.54

$ 0.31

396.8%

$ 1.59

(3.1 %)

Earnings per diluted common share available to common shareholders

$ 1.48

$ 0.26

469.2%

$ 1.54

(3.9 %)

Non-GAAP financial summary (2):

Net revenues

$ 1,441,522

$ 1,255,455

14.8%

$ 1,560,593

(7.6 %)

Net income

$ 246,797

$ 63,556

288.3%

$ 299,332

(17.6 %)

Preferred dividends

9,320

0.0%

9,320

0.0 %

Net income available to common shareholders

$ 237,477

54,236

337.9%

290,012

(18.1 %)

Earnings per diluted common share

$ 1.51

$ 0.38

297.4%

$ 1.81

(16.6 %)

Earnings per diluted common share available to common shareholders

$ 1.45

$ 0.33

339.4%

$ 1.75

(17.1 %)

Weighted average number of common shares outstanding:

Basic

155,508

157,146

(1.0%)

154,181

0.9 %

Diluted

163,444

165,953

(1.5%)

165,516

(1.3 %)

Period end common shares outstanding

153,817

154,617

(0.5%)

152,496

0.9 %

Cash dividends declared per common share

$ 0.34

$ 0.31

9.7%

$ 0.31

9.7 %

GAAP Consolidated Results of Operations (1)

(Unaudited, 000s, except per share information)

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

Revenues:

Commissions

$ 207,834

$ 193,670

7.3% $ 213,204

(2.5%)

Principal transactions

150,221

141,660

6.0% 153,198

(1.9%)

Transactional revenues

358,055

335,330

6.8% 366,402

(2.3%)

Capital raising

122,974

100,472

22.4% 177,868

(30.9%)

Advisory

218,438

137,470

58.9% 277,988

(21.4%)

Investment banking

341,412

237,942

43.5% 455,856

(25.1%)

Asset management

459,457

409,541

12.2% 455,797

0.8%

Other income

55,679

10,581

426.2% 5,424

926.5%

Operating revenues

1,214,603

993,394

22.3% 1,283,479

(5.4%)

Interest revenue

451,049

475,632

(5.2%) 469,377

(3.9%)

Total revenues

1,665,652

1,469,026

13.4% 1,752,856

(5.0%)

Interest expense

187,491

213,557

(12.2%) 192,277

(2.5%)

Net revenues

1,478,161

1,255,469

17.7% 1,560,579

(5.3%)

Non-interest expenses:

Compensation and benefits

848,334

732,220

15.9% 925,154

(8.3%)

Occupancy and equipment rental

99,695

90,766

9.8% 100,242

(0.5%)

Communication and office supplies

51,021

49,513

3.0% 50,061

1.9%

Commissions and floor brokerage

15,041

16,806

(10.5%) 16,417

(8.4%)

Provision for credit losses

6,535

12,020

(45.6%) 9,740

(32.9%)

Investment banking expenses

8,546

8,547

(0.0%) 18,685

(54.3%)

Other operating expenses

122,917

282,233

(56.4%) 132,371

(7.1%)

Total non-interest expenses

1,152,089

1,192,105

(3.4%) 1,252,670

(8.0%)

Income before income taxes

326,072

63,364

414.6% 307,909

5.9%

Provision for income taxes

74,653

10,372

619.8% 43,548

71.4%

Net income

251,419

52,992

374.4% 264,361

(4.9%)

Preferred dividends

9,320

0.0% 9,320

0.0%

Net income available to common shareholders

$ 242,099

$ 43,672

454.4% $ 255,041

(5.1%)

Earnings per common share:

Basic

$ 1.56

$ 0.28

457.1% $ 1.65

(5.5%)

Diluted

$ 1.48

$ 0.26

469.2% $ 1.54

(3.9%)

Weighted average number of common shares outstanding:

Basic

155,508

157,146

(1.0%) 154,181

0.9%

Diluted

163,444

165,953

(1.5%) 165,516

(1.3%)

Cash dividends declared per common share

$ 0.34

$ 0.31

9.7% $ 0.31

9.7%

Non-GAAP Condensed Consolidated Results of Operations (1) (2)

(Unaudited, 000s, except per share information)

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

Non-GAAP net revenues

$ 1,441,522

$ 1,255,455

14.8%

$ 1,560,593

(7.6%)

Non-GAAP non-interest expenses:

Non-GAAP compensation and benefits

828,875

728,164

13.8%

905,144

(8.4%)

Non-GAAP non-compensation operating expenses

292,568

451,266

(35.2%)

306,808

(4.6%)

Total non-GAAP non-interest expenses

1,121,443

1,179,430

(4.9%)

1,211,952

(7.5%)

Non-GAAP income before income taxes

320,079

76,025

321.0%

348,641

(8.2%)

Non-GAAP provision for income taxes

73,282

12,469

487.7%

49,309

48.6%

Non-GAAP net income

246,797

63,556

288.3%

299,332

(17.6%)

Preferred dividends

9,320

0.0%

9,320

0.0%

Non-GAAP net income available to common shareholders

$ 237,477

$ 54,236

337.9%

$ 290,012

(18.1%)

Non-GAAP earnings per common share:

Basic

$ 1.53

$ 0.35

337.1%

$ 1.88

(18.6%)

Diluted

$ 1.45

$ 0.33

339.4%

$ 1.75

(17.1%)

Weighted average number of common shares outstanding:

Basic

155,508

157,146

(1.0%)

154,181

0.9%

Diluted

163,444

165,953

(1.5%)

165,516

(1.3%)

Cash dividends declared per common share

$ 0.34

$ 0.31

9.7%

$ 0.31

9.7%

Consolidated Financial Summary

(Unaudited, 000s)

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

Net revenues:

Global Wealth Management

932,123

850,559

9.6 %

933,150

(0.1%)

Institutional Group

495,258

384,929

28.7 %

609,703

(18.8%)

Other

50,780

19,981

154.1%

17,726

186.5%

Total net revenues

1,478,161

1,255,469

17.7 %

1,560,579

(5.3%)

Operating expenses:

Global Wealth Management

601,408

724,154

(17.0 %)

603,077

(0.3%)

Institutional Group

397,348

357,498

11.1 %

458,026

(13.2%)

Other

153,333

110,453

38.8 %

191,567

(20.0%)

Total operating expenses

1,152,089

1,192,105

(3.4 %)

1,252,670

(8.0%)

Operating contribution:

Global Wealth Management

330,715

126,405

161.6%

330,073

0.2%

Institutional Group

97,910

27,431

256.9%

151,677

(35.4%)

Other

(102,553)

(90,472)

13.4 %

(173,841)

(41.0%)

Income before income taxes

326,072

63,364

414.6%

307,909

5.9%

Financial ratios (change in bps):

Compensation and benefits

57.4%

58.3%

(90 )

59.3%

(190)

Non-compensation operating expenses

20.5%

36.7%

(1,620)

21.0%

(50)

Income before income taxes

22.1%

5.0%

1,710

19.7%

240

Effective tax rate

22.9%

16.4%

650

14.1%

880

Consolidated Financial Information and Metrics

(Unaudited, 000s, except per share data)

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

Financial Information:

Total assets

$ 42,893,152

$ 40,383,727

6.2%

$ 41,270,782

3.9%

Total Stifel Financial Corp. shareholders' equity

$ 5,981,482

$ 5,538,186

8.0%

$ 5,977,317

0.1%

Total common equity

$ 5,296,482

$ 4,853,186

9.1%

$ 5,292,317

0.1%

Goodwill and intangible assets

$ (1,561,298)

$ (1,503,358)

3.9%

$ (1,571,903)

(0.7%)

DTL on goodwill and intangible assets

$ 92,780

$ 83,367

11.3%

$ 92,224

0.6%

Tangible common equity

$ 3,827,964

$ 3,433,195

11.5%

$ 3,812,638

0.4%

Preferred equity

$ 685,000

0.0%

$ 685,000

0.0%

Financial Metrics:

Book value per common share (1)(3)

$ 34.43

$ 31.39

9.7%

$ 34.71

(0.8%)

Tangible book value per common share (1)(3)

$ 24.89

$ 22.21

12.1%

$ 25.00

(0.4%)

Return on common equity (4)

18.3%

3.5%

19.5%

Non-GAAP return on common equity (2)(4)

17.9%

4.4%

22.2%

Return on tangible common equity (5)

25.3%

5.0%

27.3%

Non-GAAP return on tangible common equity (2)(5)

24.8%

6.2%

31.1%

Pre-tax margin on net revenues

22.1%

5.0%

19.7%

Non-GAAP pre-tax margin on net revenues (2)

22.2%

6.1%

22.3%

Effective tax rate

22.9%

16.4%

14.1%

Non-GAAP effective tax rate (2)

22.9%

16.4%

14.1%

Regulatory Capital (6)

(Unaudited, 000s)

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

SF Regulatory Capital:

Common equity tier 1 capital

$ 3,845,174

$ 3,478,476

10.5%

$ 3,818,450

0.7%

Tier 1 capital

$ 4,530,429

$ 4,163,476

8.8%

$ 4,503,450

0.6%

Risk-weighted assets

$ 24,288,031

$ 23,661,099

2.6%

$ 24,602,985

(1.3%)

Common equity tier 1 capital ratio

15.8%

14.7%

15.5 %

Tier 1 risk based capital ratio

18.7%

17.6%

18.3 %

Tier 1 leverage capital ratio

11.4%

10.8%

11.4 %

Stifel Bank & Trust Regulatory Capital:

Common equity tier 1 capital

$ 1,350,799

$ 1,373,088

(1.6%)

$ 1,328,266

1.7%

Tier 1 capital

$ 1,351,054

$ 1,373,088

(1.6%)

$ 1,328,266

1.7%

Risk-weighted assets

$ 11,819,433

$ 12,374,082

(4.5%)

$ 11,876,471

(0.5%)

Common equity tier 1 capital ratio

11.4%

11.1%

11.2 %

Tier 1 risk based capital ratio

11.4%

11.1%

11.2 %

Tier 1 leverage capital ratio

7.0%

7.1%

7.0 %

Stifel Bank Regulatory Capital:

Common equity tier 1 capital

$ 839,275

$ 780,209

7.6%

$ 854,826

(1.8%)

Tier 1 capital

$ 839,275

$ 780,209

7.6%

$ 854,826

(1.8%)

Risk-weighted assets

$ 7,178,238

$ 5,963,456

20.4%

$ 7,221,333

(0.6%)

Common equity tier 1 capital ratio

11.7%

13.1%

11.8 %

Tier 1 risk based capital ratio

11.7%

13.1%

11.8 %

Tier 1 leverage capital ratio

7.0%

7.1%

7.1 %

Stifel Net Capital:

Net capital

$ 643,200

$ 294,100

118.7%

$ 559,500

15.0%

Excess net capital

$ 609,600

$ 271,200

124.8%

$ 529,800

15.1%

Global Wealth Management - Summary Results of Operations

(Unaudited, 000s)

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

Revenues:

Commissions

$ 140,064

$ 125,826

11.3%

$ 142,757

(1.9 %)

Principal transactions

62,594

60,569

3.3%

63,897

(2.0 %)

Transactional revenues

202,658

186,395

8.7%

206,654

(1.9 %)

Asset management

459,426

409,506

12.2%

455,766

0.8 %

Net interest

264,368

245,534

7.7%

261,624

1.0 %

Investment banking (7)

6,072

5,908

2.8%

8,334

(27.1 %)

Other income

(401)

3,216

(112.5%)

772

(151.9 %)

Net revenues

932,123

850,559

9.6%

933,150

(0.1 %)

Non-interest expenses:

Compensation and benefits

472,460

422,293

11.9%

468,040

0.9 %

Non-compensation operating expenses

128,948

301,861

(57.3%)

135,037

(4.5 %)

Total non-interest expenses

601,408

724,154

(17.0%)

603,077

(0.3 %)

Income before income taxes

$ 330,715

$ 126,405

161.6%

$ 330,073

0.2 %

As a percentage of net revenues (change in bps):

Compensation and benefits

50.7%

49.6%

110

50.2 %

Non-compensation operating expenses

13.8%

35.5%

(2,170)

14.4 %

(60 )

Income before income taxes

35.5%

14.9%

2,060

35.4 %

Global Wealth Management - Statistical Information

(Unaudited, 000s)

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

Total client assets (8)

$ 538,717,000

$ 485,860,000

10.9%

$ 551,863,000

(2.4%)

Fee-based client assets (8)

$ 219,863,000

$ 189,693,000

15.9%

$ 224,488,000

(2.1%)

Transactional assets

$ 318,854,000

$ 296,167,000

7.7%

$ 327,375,000

(2.6%)

Secured client lending (9)

$ 3,841,000

$ 3,239,000

18.6%

$ 3,702,000

3.8%

Asset Management Revenue (000s):

Private Client Group (10)

$ 394,695

$ 345,357

14.3%

$ 394,031

0.2%

Asset Management

41,811

38,520

8.5%

41,415

1.0%

Third-party Bank Sweep Program

3,780

11,783

(67.9%)

4,278

(11.6%)

Other (11)

19,171

13,881

38.1%

16,073

19.3%

Total asset management revenues

$ 459,457

$ 409,541

12.2%

$ 455,797

0.8%

Fee-based Assets (millions):

Private Client Group (10)

$ 191,708

$ 166,035

15.5%

$ 196,718

(2.5%)

Asset Management

46,981

41,136

14.2%

46,708

0.6%

Elimination (12)

(18,826)

(17,478)

7.7%

(18,938 )

(0.6%)

Total fee-based assets

$ 219,863

$ 189,693

15.9%

$ 224,488

(2.1%)

Third-party Bank Sweep Program

$ 475

$ 828

(42.6%)

$ 524

(9.4%)

ROA (bps) (13):

Private Client Group (10)

80.3

82.1

82.2

Asset Management

35.6

37.4

35.5

Third-party Bank Sweep Program

358.9

400.0

383.7

Global Wealth Management - Statistical Information (Cont.)

(Unaudited, millions)

Stifel Bancorp Deposits:

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

Smart Rate Deposits

$ 14,288

$ 16,424

(13.0%)

$ 14,654

(2.5%)

Sweep Deposits

11,529

10,043

14.8%

10,969

5.1%

Direct Wealth Management Deposits at Stifel Bancorp

227

387

(41.3%)

243.9%

Total Stifel Bancorp Wealth Management Deposits

26,044

26,854

(3.0%)

25,689

1.4%

Other Bank Deposits

4,753

2,785

70.7%

4,063

17.0%

Total Stifel Bancorp Deposits

$ 30,797

$ 29,639

3.9%

$ 29,752

3.5%

Short-term Treasuries (14)

$ 6,330

$ 7,218

(12.3%)

$ 6,741

(6.1%)

Third-party Commercial Treasury Deposits (15)

$ 5,675

$ 2,900

95.7%

$ 5,199

9.2%

Wealth Management Cash:

Stifel Bancorp Wealth Management Deposits

$ 26,044

$ 26,854

(3.0%)

$ 25,689

1.4%

Third-party Bank Sweep Program (15)

475

828

(42.6%)

524

(9.4%)

Third-party Treasury (15)

0.0%

199

Other Sweep Cash

648

149

334.9%

486

33.3%

Money Market Mutual Funds

17,173

13,698

25.4%

16,984

1.1%

Total Wealth Management Cash

$ 44,340

$ 41,529

6.8%

$ 43,882

1.0%

Client money market and insured product (16)

$ 26,940

$ 27,444

(1.8%)

$ 26,633

1.2%

Third-party Deposits Available to Stifel Bancorp (15)

$ 6,150

$ 3,728

65.0%

$ 5,922

3.9%

Institutional Group - Summary Results of Operations

(Unaudited, 000s)

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

Revenues:

Commissions

$ 67,770

$ 67,844

(0.1%)

$ 70,447

(3.8%)

Principal transactions

87,627

81,091

8.1%

89,301

(1.9%)

Transactional revenues

155,397

148,935

4.3%

159,748

(2.7%)

Capital raising

116,902

94,564

23.6%

170,915

(31.6%)

Advisory

218,438

137,470

58.9%

276,607

(21.0%)

Investment banking

335,340

232,034

44.5%

447,522

(25.1%)

Other income (17)

4,521

3,960

(14.2%)

2,433

85.8%

Net revenues

495,258

384,929

28.7%

609,703

(18.8%)

Non-interest expenses:

Compensation and benefits

295,870

252,585

17.1%

346,507

(14.6%)

Non-compensation operating expenses

101,478

104,913

(3.3%)

111,519

(9.0%)

Total non-interest expenses

397,348

357,498

11.1%

458,026

(13.2%)

Income before income taxes

$ 97,910

$ 27,431

256.9%

$ 151,677

(35.4%)

As a percentage of net revenues (change in bps):

Compensation and benefits

59.7 %

65.6 %

(590)

56.8 %

290

Non-compensation operating expenses

20.5 %

27.3 %

(680)

18.3 %

220

Income before income taxes

19.8 %

7.1 %

1,270

24.9 %

(510)

Stifel Bancorp - Financial Information and Credit Metrics

(Unaudited, 000s)

3/31/2026

3/31/2025

% Change

12/31/2025

% Change

Stifel Bancorp Financial Information:

Total assets

$ 33,303,655

$ 32,100,614

3.7%

$ 32,253,991

3.3%

Total shareholder's equity

$ 2,248,327

$ 2,183,596

3.0%

$ 2,244,781

0.2%

Total loans, net (includes loans held for sale)

$ 22,185,318

$ 21,241,400

4.4%

$ 22,427,456

(1.1%)

Residential real estate

9,363,547

8,699,229

7.6%

9,254,939

1.2%

Commercial and industrial

4,170,090

3,678,411

13.4%

4,135,091

0.8%

Fund banking

3,737,366

3,659,294

2.1%

4,096,649

(8.8%)

Securities-based loans

2,749,987

2,404,960

14.3%

2,672,431

2.9%

Construction and land

1,229,903

1,206,876

1.9%

1,214,450

1.3%

Commercial real estate

440,993

472,550

(6.7%)

423,474

4.1%

Other

271,574

250,948

8.2%

269,729

0.7%

Loans held for sale

348,331

1,016,127

(65.7%)

502,199

(30.6%)

Investment securities

$ 8,449,776

$ 8,329,552

1.4%

$ 8,142,395

3.8%

Available-for-sale securities, at fair value

1,588,549

1,613,304

(1.5%)

1,593,390

(0.3%)

Held-to-maturity securities, at amortized cost

6,861,227

6,716,248

2.2%

6,549,005

4.8%

Unrealized losses on available-for-sale securities

(113,790)

(141,910 )

(19.8%)

(105,199)

8.2%

Total deposits

$ 30,797,336

$ 29,639,272

3.9%

$ 29,752,063

3.5%

Demand deposits (interest-bearing)

30,350,046

29,180,478

4.0%

28,931,314

4.9%

Demand deposits (non-interest-bearing)

47,418

432,368

(89.0%)

339,494

(86.0%)

Certificates of deposit

399,872

26,426

481,255

(16.9%)

Credit Metrics:

Allowance for credit losses

$ 142,692

$ 170,266

(16.2%)

$ 160,911

(11.3%)

Allowance as a percentage of retained loans

0.65%

0.83 %

0.73%

Net charge-offs as a percentage of average loans

0.11%

0.05 %

0.06%

Total nonperforming assets

$ 105,993

$ 160,891

(34.1%)

$ 125,159

(15.3%)

Nonperforming assets as a percentage of total assets

0.32%

0.50 %

0.39%

Stifel Bancorp - Loan and Investment Portfolio

(Unaudited, millions)

3/31/2026

% of Total

Portfolio

Loan Portfolio

Commercial Portfolio by Major Sector

Residential real estate

$ 9,364

34 %

Financials

$ 1,034

25%

Securities-based loans

2,750

10 %

Industrials

876

21%

Home equity lines of credit and other

272

1 %

Information technology

600

14%

Total consumer

12,386

45 %

Consumer discretionary

314

Commercial and industrial

4,170

15 %

Materials

265

Fund banking

3,737

13 %

REITs

254

Construction and land

1,230

4 %

Hotel, leisure, restaurants

251

Commercial real estate

441

2 %

Healthcare

245

Total commercial

9,578

34 %

Communication services

222

Total loan portfolio

21,964

79 %

Consumer staples

108

Unfunded commitments

5,850

21 %

Total

$ 27,814

100%

CLO by Major Sector

High tech industries

$ 716

11%

Investment Portfolio

Banking, finance, insurance, & real estate

703

10%

CLO

$ 6,819

80 %

Services: business

676

10%

Agency MBS

1,241

14 %

Healthcare & pharmaceuticals

649

10%

Corporate bonds

361

4 %

Hotel, gaming, & leisure

346

SBA

1 %

Construction & building

282

Student loan ARS

1 %

Beverage, food, & tobacco

255

CMBS

0 %

Capital equipment

245

Other

0 %

Services: consumer

231

Total Portfolio

$ 8,564

100%

Chemicals, plastics, & rubber

226

Loans and Lending Commitments - Allowance for Credit Losses

March 31, 2026 Loans and Lending

(Unaudited, 000s)

Commitments

ACL

ACL %

Q1 Provision

Residential real estate

$ 9,363,547

$ 10,988

0.12%

$ (276 )

Commercial and industrial

4,170,090

76,781

1.84%

8,924

Fund banking

3,737,366

7,475

0.20%

(718 )

Securities-based loans

2,749,987

3,300

0.12%

Construction and land

1,229,903

10,295

0.84%

(272 )

Commercial real estate

440,993

5,651

1.28%

Other

271,574

688

0.25%

(18 )

Loans held for investment, gross

21,963,460

115,178

0.52%

7,687

Loans held for sale

348,331

Total loans, gross

22,311,791

Lending-related commitments (unfunded)

5,849,911

27,514

0.47%

(1,152)

Loans and lending-related commitments

$ 28,161,702

$ 142,692

$ 6,535

Consolidated Non-GAAP Net Interest Income (2)

Three Months Ended

March 31, 2026

March 31, 2025

December 31, 2025

Average

Interest

Average

interest

Average

Interest

Average

interest

Average

Interest

Average

interest

(Unaudited, millions)

balance

income/expense

rate

balance

income/expense

rate

balance

income/expense

rate

Interest-earning assets:

Cash and federal funds sold

2,310.3

20.3

3.52 %

2,467.1

26.3

4.27 %

2,341.6

23.0

3.92%

Financial instruments owned

1,516.9

8.4

2.21 %

1,242.5

6.5

2.11 %

1,435.4

8.8

2.46%

Margin balances

1,022.9

15.4

6.02 %

835.8

13.9

6.64 %

943.1

15.6

6.61%

Investments:

Asset-backed securities

6,556.6

87.5

5.33 %

6,617.4

101.4

6.13 %

6,580.0

95.3

5.79%

Mortgage-backed securities

1,182.8

10.3

3.48 %

1,117.2

8.7

3.09 %

1,223.5

10.6

3.47%

Corporate fixed income securities

373.5

2.4

2.57 %

496.3

3.4

2.75 %

406.7

2.8

2.76%

Other

4.8

2.55 %

4.8

2.62 %

4.8

2.55%

Total investments

8,117.7

100.2

4.94 %

8,235.7

113.5

5.51 %

8,215.0

108.7

5.29%

Loans:

Residential real estate

9,299.5

95.4

4.10 %

8,633.5

81.0

3.75 %

9,158.9

92.8

4.05%

Commercial and industrial

4,171.8

62.7

6.02 %

4,113.5

75.5

7.34 %

4,005.6

66.2

6.62%

Fund banking

3,862.0

59.4

6.15 %

3,798.2

66.4

7.00 %

3,899.8

64.4

6.60%

Securities-based loans

2,676.7

36.6

5.46 %

2,387.8

36.5

6.12 %

2,620.4

38.4

5.86%

Commercial real estate

437.1

7.4

6.76 %

498.4

8.2

6.54 %

423.5

8.3

7.88%

Construction and land

1,251.4

20.4

6.54 %

1,216.6

21.8

7.16 %

1,209.0

21.7

7.17%

Loans held for sale

472.8

10.3

8.69 %

589.0

11.2

7.62 %

416.4

7.4

7.12%

Other

271.3

4.1

6.09 %

248.8

4.4

6.97 %

261.0

4.4

6.77%

Total loans

22,442.6

296.3

5.28 %

21,485.8

305.0

5.68 %

21,994.6

303.6

5.52%

Other interest-bearing assets

1,071.3

10.4

3.88 %

996.8

10.4

4.17 %

1,154.3

9.7

3.35%

Total interest-bearing assets/ interest income

36,481.7

451.0

4.95 %

35,263.7

475.6

5.40 %

36,084.0

469.4

5.20%

Interest-bearing liabilities:

Senior notes

617.5

7.1

4.62 %

616.7

7.1

4.63 %

617.3

7.1

4.62%

Deposits

29,154.1

150.9

2.07 %

28,622.8

193.1

2.70 %

29,007.5

169.7

2.34%

Other interest-bearing liabilities (19)

1,726.9

16.3

3.78 %

1,453.6

13.4

3.66 %

1,702.4

15.5

3.64%

Total interest-bearing liabilities/ interest expense

$ 31,498.5

174.3

2.21 %

$ 30,693.1

213.6

2.78 %

$ 31,327.2

192.3

2.46%

Net interest income/margin

$ 276.7

3.03 %

$ 262.0

2.97 %

$ 277.1

3.07%

Stifel Bancorp Net Interest Income

March 31, 2026 March 31, 2025 December 31, 2025

(Unaudited, millions)

Average

Interest income/expense

Average interest

Average

balance

Interest income/expense

Average interest

rate

Average

balance

Interest income/expense

Average interest

rate

Interest-earning assets:

Cash and federal funds sold

$ 1,176.9

$ 11.5

3.92%

$ 1,512.8

$ 17.4

4.60%

$ 1,293.5

$ 13.7

4.22%

Investments

8,117.7

100.2

4.94%

8,235.7

113.5

5.51%

8,215.0

108.7

5.29%

Loans

22,442.6

296.3

5.28%

21,485.8

305.0

5.68%

21,994.6

303.6

5.52%

Other interest-bearing assets

66.4

0.9

5.14%

66.7

0.8

5.15%

66.4

0.8

4.99%

Total interest-bearing assets/ interest income

$ 31,803.6

$ 408.9

5.14%

$ 31,301.0

$ 436.7

5.58%

$ 31,569.5

$ 426.8

5.41%

Interest-bearing liabilities:

Deposits

$ 29,154.1

$ 150.9

2.07%

$ 28,622.8

$ 193.1

2.70%

$ 29,007.5

$ 169.7

2.34%

Other interest-bearing liabilities

144.9

1.8

5.09%

92.6

1.4

5.83%

139.9

1.9

5.67%

Total interest-bearing liabilities/ interest expense

$ 29,299.0

152.7

2.09%

$ 28,715.4

194.5

2.71%

$ 29,147.4

171.6

2.36%

Net interest income/margin

$ 256.2

3.22%

$ 242.2

3.10%

$ 255.2

3.23%

GAAP to Core Reconciliation

(Unaudited, 000s)

3/31/2026

3/31/2025

Change

12/31/2025

Change

GAAP net revenues

$ 1,478,161

$ 1,255,469

$ 1,560,579

Gain on sale of business (18)

(49,784)

Litigation-related and other (19)

13,145

(14)

Total non-GAAP adjustments

(36,639)

(14)

Non-GAAP net revenues

1,441,522

1,255,455

1,560,593

GAAP compensation and benefits expense

848,334

732,220

925,154

Merger-related and other (20)

(17,628)

(4,056)

(3,485)

Restructuring and severance (21)

(1,831)

(16,525)

Total non-GAAP adjustments

(19,459)

(4,056)

(20,010)

Non-GAAP compensation and benefits expense

828,875

728,164

905,144

GAAP non-compensation operating expenses

303,755

459,885

327,516

Merger-related (20)

(11,187)

(8,619)

(20,708)

Non-GAAP non-compensation operating expenses

292,568

451,266

306,808

Total adjustments

5,993

(12,661)

(40,732)

GAAP provision for income taxes

74,653

10,372

43,548

Merger-related and other (22)

(1,371)

2,097

5,761

Non-GAAP provision for income taxes

73,282

12,469

49,309

Financial ratios (change in bps):

Compensation and benefits

57.5 %

58.0%

(50 )

58.0%

(50)

Non-compensation operating expenses

20.3 %

35.9%

(1,560)

19.7%

Income before income taxes

22.2 %

6.1%

1,610

22.3%

(10)

Effective tax rate

22.9 %

16.4%

650

14.1%

880

Footnotes

(1) All share and per share information has been retroactively adjusted to reflect the February 2026 three-for-two stock split.

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

(3)

Book value per common share represents shareholders' equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per

common share, a non-GAAP financial measure, represents tangible common shareholders' equity (defined below) divided by period end common shares outstanding.

(5)

Return on average tangible common equity ("ROTCE"), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common

shareholders by average tangible common equity or, in the case of adjusted ROTCE, calculated by dividing full year or annualized 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 $92.5 million, $82.5 million, and $90.7 million, as of March 31, 2026 and 2025, and December 31, 2025, respectively.

(4) Return on average common equity ("ROCE"), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average common shareholders' equity or, in the case of adjusted ROCE, calculated by dividing full year or annualized non-GAAP net income applicable to commons shareholders by average common shareholders' equity.

(6) Regulatory capital amounts and ratios are estimates as of the date of the Company's earnings release, April 22, 2026.

(7) Includes capital raising and advisory revenues.

(8) Total client assets as of March 31, 2025 and December 31, 2025, include $9.0 billion and $10.5 billion, respectively, and fee-based client assets include $4.2 billion and

$4.9 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.

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

(10) Includes Private Client Group and Trust Business.

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

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

(13)

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.

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

(15) The Company sweeps certain commercial treasury deposits to third-party banks, which can be brought back on balance sheet to support liquidity needs.

(16) Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.

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

(18) Gain recognized on the sale of Stifel Independent Advisors during the first quarter of 2026.

(19) Primarily related to prejudgment interest recognized on legal matters.

(20) 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.

(21) The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

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

Disclaimer and Legal Notice

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, 2025. 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.

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.

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 22, 2026.

Disclaimer

Stifel Financial Corporation published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 15:03 UTC.