FOR IMMEDIATE RELEASE
STIFEL FINANCIAL CORP. REPORTS THIRD QUARTER 2011 FINANCIAL RESULTS
- Net revenues of $334.2 million.
- Net income of $22.3 million, or $0.35 per diluted share.
- Stockholders’ equity was $1.3 billion and book value per share was $24.48 as of September 30, 2011.
- Net revenues of $1.1 billion increased 8% from the comparable period in 2010.
- Net income of $57.1 million, or $1.09 per diluted share.
- Non-GAAP net income of $86.5 million1, or $1.37 per diluted share, increased 12% from the comparable period in 2010.
Summary Results of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
(in 000s) | 9/30/11 | 9/30/10 | % Change | 6/30/11 | % Change | 9/30/11 | 9/30/10 | % Change | ||||||||||||||||||||||||
Net revenues | $ | 334,214 | $ | 340,388 | (1.8 | ) | $ | 358,857 | (6.9 | ) | $ | 1,059,684 | $ | 980,427 | 8.1 | |||||||||||||||||
Net income/(loss) | $ | 22,304 | $ | (84,336 | ) | * | $ | 3,416 | * | $ | 57,118 | $ | (39,487 | ) | * | |||||||||||||||||
Non-GAAP net income 1 | $ | 22,304 | $ | 29,639 | (24.7 | ) | $ | 31,316 | (28.8 | ) | $ | 86,546 | $ | 77,442 | 11.8 | |||||||||||||||||
Earnings per share: 2 | ||||||||||||||||||||||||||||||||
Basic | $ | 0.43 | $ | (1.65 | ) | * | $ | 0.06 | * | $ | 1.09 | $ | (0.82 | ) | * | |||||||||||||||||
Diluted 3 | $ | 0.35 | $ | (1.65 | ) | * | $ | 0.05 | * | $ | 0.90 | $ | (0.82 | ) | * | |||||||||||||||||
Non-GAAP diluted 1 | $ | 0.35 | $ | 0.48 | (27.1 | ) | $ | 0.50 | (30.0 | ) | $ | 1.37 | $ | 1.39 | (1.4 | ) | ||||||||||||||||
* Not meaningful. |
Summary Segment Results (Unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
(in 000s) | 9/30/11 | 9/30/10 | % Change | 6/30/11 | % Change | 9/30/11 | 9/30/10 | % Change | ||||||||||||||||||||||||
Net revenues: 4 | ||||||||||||||||||||||||||||||||
Global Wealth Management | $ | 219,498 | $ | 207,484 | 5.8 | $ | 225,645 | (2.7 | ) | $ | 683,589 | $ | 606,845 | 12.6 | ||||||||||||||||||
Institutional Group | 113,259 | 138,043 | (18.0 | ) | 132,915 | (14.8 | ) | 373,168 | 375,937 | (0.7 | ) | |||||||||||||||||||||
Other | 1,457 | (4,200 | ) | * | 403 | 261.5 | 3,039 | (1,416 | ) | * | ||||||||||||||||||||||
$ | 334,214 | $ | 341,327 | (2.1 | ) | $ | 358,963 | (6.9 | ) | $ | 1,059,796 | $ | 981,366 | 8.0 | ||||||||||||||||||
Operating contribution: 4 | ||||||||||||||||||||||||||||||||
Global Wealth Management | $ | 55,612 | $ | 51,707 | 7.6 | $ | 55,426 | 0.3 | $ | 172,510 | $ | 131,306 | 31.4 | |||||||||||||||||||
Institutional Group | 9,152 | 27,654 | (66.9 | ) | 21,951 | (58.3 | ) | 52,496 | 85,879 | (38.9 | ) | |||||||||||||||||||||
Other | (25,741 | ) | (29,307 | ) | (12.2 | ) | (28,321 | ) | (9.1 | ) | (83,776 | ) | (86,593 | ) | (3.3 | ) | ||||||||||||||||
$ | 39,023 | $ | 50,054 | (22.0 | ) | $ | 49,056 | (20.5 | ) | $ | 141,230 | $ | 130,592 | 8.1 | ||||||||||||||||||
* Not meaningful. |
The Private Client Group reported net revenues of $201.9 million, a 2% increase compared with the third quarter of 2010 and a 5% decrease compared with the second quarter of 2011.
Stifel Bank reported net revenues of $17.6 million, a 73% increase compared with the third quarter of 2010 and a 45% increase compared with the second quarter of 2011.
2
Equity brokerage revenues were $47.2 million, an 8% increase compared with the third quarter of 2010 and a 13% increase compared with the second quarter of 2011.
Fixed income brokerage revenues were $31.8 million, a 27% decrease compared with the third quarter of 2010 and a 1% increase compared with the second quarter of 2011.
Equity capital raising revenues were $16.4 million, a 9% decrease compared with the third quarter of 2010 and a 42% decrease compared with the second quarter of 2011.
Fixed income capital raising revenues were $5.0 million, a 12% increase compared with the third quarter of 2010 and a 2% decrease compared with the second quarter of 2011.
Equity advisory fee revenues were $10.9 million, a 46% decrease compared with the third quarter of 2010, and a 52% decrease compared with the second quarter of 2011.
Fixed income advisory fee revenues were $1.6 million, a 44% decrease compared with the third quarter of 2010 and an 18% decrease compared with the second quarter of 2011.
4
Reconciliation of GAAP to Non-GAAP Earnings (Unaudited) | ||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||
Three Months Ended September 30, 2011 | Nine Months Ended September 30, 2011 | |||||||||||||||||||||||
GAAP | Non-core | Non-GAAP | GAAP | Non-core 7 | Non-GAAP | |||||||||||||||||||
Net revenues | $ | 334,214 | $ | — | $ | 334,214 | $ | 1,059,684 | $ | 112 | $ | 1,059,796 | ||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||
Compensation and benefits | 210,573 | — | 210,573 | 671,678 | (1,722 | ) | 669,956 | |||||||||||||||||
Non-compensation operating expenses | 84,618 | — | 84,618 | 294,424 | (45,814 | ) | 248,610 | |||||||||||||||||
Total non-interest expenses | 295,191 | — | 295,191 | 966,102 | (47,536 | ) | 918,566 | |||||||||||||||||
Income before income taxes | 39,023 | — | 39,023 | 93,582 | 47,648 | 141,230 | ||||||||||||||||||
Provision for income taxes | 16,719 | — | 16,719 | 36,464 | 18,220 | 54,684 | ||||||||||||||||||
Net income | $ | 22,304 | $ | — | $ | 22,304 | $ | 57,118 | $ | 29,428 | $ | 86,546 | ||||||||||||
Earnings per share: | ||||||||||||||||||||||||
Diluted | $ | 0.35 | $ | 0.35 | $ | 0.90 | $ | 1.37 | ||||||||||||||||
As a percentage of net revenues: | ||||||||||||||||||||||||
Compensation and benefits | 63.0 | % | 63.0 | % | 63.4 | % | 63.2 | % | ||||||||||||||||
Non-compensation operating expenses | 25.3 | % | 25.3 | % | 27.8 | % | 23.5 | % | ||||||||||||||||
Income before income taxes | 11.7 | % | 11.7 | % | 8.8 | % | 13.3 | % |
Reconciliation of GAAP to Non-GAAP Earnings (Unaudited) | ||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||
Three Months Ended September 30, 2010 | Nine Months Ended September 30, 2010 | |||||||||||||||||||||||
GAAP | Non-core 7 | Non-GAAP | GAAP | Non-core 7 | Non-GAAP | |||||||||||||||||||
Net revenues | $ | 340,388 | $ | 939 | $ | 341,327 | $ | 980,427 | $ | 939 | $ | 981,366 | ||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||
Compensation and benefits | 395,936 | (183,176 | ) | 212,760 | 819,085 | (186,295 | ) | 632,790 | ||||||||||||||||
Non-compensation operating expenses | 87,008 | (8,495 | ) | 78,513 | 228,388 | (10,404 | ) | 217,984 | ||||||||||||||||
Total non-interest expenses | 482,944 | (191,671 | ) | 291,273 | 1,047,473 | (196,699 | ) | 850,774 | ||||||||||||||||
Income/(loss) before income taxes | (142,556 | ) | 192,610 | 50,054 | (67,046 | ) | 197,638 | 130,592 | ||||||||||||||||
Provision for income taxes/(benefit) | (58,220 | ) | 78,635 | 20,415 | (27,559 | ) | 80,709 | 53,150 | ||||||||||||||||
Net income/(loss) | $ | (84,336 | ) | $ | 113,975 | $ | 29,639 | $ | (39,487 | ) | $ | 116,929 | $ | 77,442 | ||||||||||
Earnings per share: 8 | ||||||||||||||||||||||||
Diluted | $ | (1.65 | ) | $ | 0.48 | $ | (0.82 | ) | $ | 1.39 | ||||||||||||||
As a percentage of net revenues: | ||||||||||||||||||||||||
Compensation and benefits | 116.3 | % | 62.3 | % | 83.5 | % | 64.5 | % | ||||||||||||||||
Non-compensation operating expenses | 25.6 | % | 23.0 | % | 23.3 | % | 22.2 | % | ||||||||||||||||
Income/(loss) before income taxes | (41.9 | )% | 14.7 | % | (6.8 | )% | 13.3 | % |
5
Reconciliation of GAAP to Non-GAAP Earnings (Unaudited) | ||||||||||||
(in thousands, except per share amounts) | ||||||||||||
Three Months Ended June 30, 2011 | ||||||||||||
GAAP | Non-core 9 | Non-GAAP | ||||||||||
Net revenues | $ | 358,857 | $ | 106 | $ | 358,963 | ||||||
Non-interest expenses: | ||||||||||||
Compensation and benefits | 229,939 | (1,966 | ) | 227,973 | ||||||||
Non-compensation operating expenses | 125,043 | (43,109 | ) | 81,934 | ||||||||
Total non-interest expenses | 354,982 | (45,075 | ) | 309,907 | ||||||||
Income before income taxes | 3,875 | 45,181 | 49,056 | |||||||||
Provision for income taxes | 459 | 17,281 | 17,740 | |||||||||
Net income | $ | 3,416 | $ | 27,900 | $ | 31,316 | ||||||
Earnings per share: | ||||||||||||
Diluted | $ | 0.05 | $ | 0.50 | ||||||||
As a percentage of net revenues: | ||||||||||||
Compensation and benefits | 64.1 | % | 63.5 | % | ||||||||
Non-compensation operating expenses | 34.8 | % | 22.8 | % | ||||||||
Income before income taxes | 1.1 | % | 13.7 | % |
Summary Results of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | 9/30/11 | 9/30/10 | % Change | 6/30/11 | % Change | 9/30/11 | 9/30/10 | % Change | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Commissions | $ | 143,243 | $ | 96,986 | 47.7 | $ | 138,315 | 3.6 | $ | 437,344 | $ | 305,655 | 43.1 | |||||||||||||||||||
Principal transactions | 76,650 | 123,194 | (37.8 | ) | 79,741 | (3.9 | ) | 249,250 | 363,537 | (31.4 | ) | |||||||||||||||||||||
Asset management | 58,253 | 50,876 | 14.5 | 56,981 | 2.2 | 172,914 | 136,117 | 27.0 | ||||||||||||||||||||||||
Investment banking | 37,673 | 51,656 | (27.1 | ) | 64,418 | (41.5 | ) | 143,509 | 127,129 | 12.9 | ||||||||||||||||||||||
Other income | 540 | 3,656 | (85.2 | ) | 4,556 | (88.1 | ) | 11,352 | 9,358 | 21.3 | ||||||||||||||||||||||
Operating revenues | 316,359 | 326,368 | (3.1 | ) | 344,011 | (8.1 | ) | 1,014,369 | 941,796 | 7.7 | ||||||||||||||||||||||
Interest revenue | 24,161 | 17,718 | 36.4 | 21,229 | 13.8 | 64,246 | 47,019 | 36.6 | ||||||||||||||||||||||||
Total revenues | 340,520 | 344,086 | (1.0 | ) | 365,240 | (6.8 | ) | 1,078,615 | 988,815 | 9.1 | ||||||||||||||||||||||
Interest expense | 6,306 | 3,698 | 70.5 | 6,383 | (1.2 | ) | 18,931 | 8,388 | 125.7 | |||||||||||||||||||||||
Net revenues | 334,214 | 340,388 | (1.8 | ) | 358,857 | (6.9 | ) | 1,059,684 | 980,427 | 8.1 | ||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||
Compensation and benefits | 210,573 | 395,936 | (46.8 | ) | 229,939 | (8.4 | ) | 671,678 | 819,085 | (18.0 | ) | |||||||||||||||||||||
Occupancy and equipment rental | 30,914 | 29,559 | 4.6 | 29,723 | 4.0 | 89,962 | 81,012 | 11.0 | ||||||||||||||||||||||||
Communications and office supplies | 18,838 | 19,877 | (5.2 | ) | 18,515 | 1.7 | 56,198 | 50,220 | 11.9 | |||||||||||||||||||||||
Commission and floor brokerage | 7,400 | 7,972 | (7.2 | ) | 6,894 | 7.3 | 20,943 | 18,988 | 10.3 | |||||||||||||||||||||||
Other operating expenses | 27,466 | 29,600 | (7.2 | ) | 69,911 | (60.7 | ) | 127,321 | 78,168 | 62.9 | ||||||||||||||||||||||
Total non-interest expenses | 295,191 | 482,944 | (38.9 | ) | 354,982 | (16.8 | ) | 966,102 | 1,047,473 | (7.8 | ) | |||||||||||||||||||||
Income/(loss) before income taxes | 39,023 | (142,556 | ) | * | 3,875 | * | 93,582 | (67,046 | ) | * | ||||||||||||||||||||||
Provision for income taxes/(benefit) | 16,719 | (58,220 | ) | * | 459 | * | 36,464 | (27,559 | ) | * | ||||||||||||||||||||||
Net income/(loss) | $ | 22,304 | $ | (84,336 | ) | * | $ | 3,416 | * | $ | 57,118 | $ | (39,487 | ) | * | |||||||||||||||||
Earnings per share: 10 | ||||||||||||||||||||||||||||||||
Basic | $ | 0.43 | $ | (1.65 | ) | * | $ | 0.06 | * | $ | 1.09 | $ | (0.82 | ) | * | |||||||||||||||||
Diluted 11 | $ | 0.35 | $ | (1.65 | ) | * | $ | 0.05 | * | $ | 0.90 | $ | (0.82 | ) | * | |||||||||||||||||
Weighted average number of common shares outstanding: 10 | ||||||||||||||||||||||||||||||||
Basic | 52,367 | 51,201 | 2.3 | 52,932 | (1.1 | ) | 52,610 | 47,865 | 9.9 | |||||||||||||||||||||||
Diluted | 63,152 | 61,834 | 2.1 | 63,245 | (0.1 | ) | 63,174 | 55,593 | 13.6 | |||||||||||||||||||||||
* Not meaningful. |
(in thousands, except per share, employee and location amounts) | ||||||||||||||||||||
9/30/11 | 9/30/10 | % Change | 6/30/11 | % Change | ||||||||||||||||
Statistical Information: | ||||||||||||||||||||
Book value per share 10 | $ | 24.48 | $ | 22.65 | 8.1 | $ | 24.50 | (0.1 | ) | |||||||||||
Financial advisors 12 | 1,961 | 1,920 | 2.1 | 1,958 | 0.2 | |||||||||||||||
Full-time associates | 4,942 | 4,868 | 1.5 | 4,938 | 0.1 | |||||||||||||||
Locations | 313 | 311 | 0.6 | 314 | (0.3 | ) | ||||||||||||||
Total client assets | $ | 107,693,000 | $ | 100,289,000 | 7.4 | $ | 116,174,000 | (7.3 | ) |
Global Wealth Management Summary Results of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
(in 000s) | 9/30/11 | 9/30/10 | % Change | 6/30/11 | % Change | 9/30/11 | 9/30/10 | % Change | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Commissions | $ | 92,029 | $ | 69,875 | 31.7 | $ | 93,593 | (1.7 | ) | $ | 287,384 | $ | 228,983 | 25.5 | ||||||||||||||||||
Principal transactions | 48,836 | 62,785 | (22.2 | ) | 51,263 | (4.7 | ) | 156,262 | 181,331 | (13.8 | ) | |||||||||||||||||||||
Asset management and service fees | 58,007 | 50,449 | 15.0 | 56,817 | 2.1 | 172,354 | 135,120 | 27.6 | ||||||||||||||||||||||||
Net interest | 15,016 | 12,017 | 25.0 | 13,401 | 12.1 | 39,586 | 34,557 | 14.6 | ||||||||||||||||||||||||
Investment banking | 3,737 | 6,957 | (46.3 | ) | 6,411 | (41.7 | ) | 16,460 | 17,753 | (7.3 | ) | |||||||||||||||||||||
Other income | 1,873 | 5,401 | (65.3 | ) | 4,160 | (55.0 | ) | 11,543 | 9,101 | 26..8 | ||||||||||||||||||||||
Net revenues | 219,498 | 207,484 | 5.8 | 225,645 | (2.7 | ) | 683,589 | 606,845 | 12.6 | |||||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||
Compensation and benefits | 128,244 | 119,100 | 7.7 | 132,952 | (3.5 | ) | 403,782 | 367,447 | 9.9 | |||||||||||||||||||||||
Non-compensation operating expenses | 35,642 | 36,677 | (2.8 | ) | 37,267 | (4.4 | ) | 107,297 | 108,092 | (0.7 | ) | |||||||||||||||||||||
Total non-interest expenses | 163,886 | 155,777 | 5.2 | 170,219 | (3.7 | ) | 511,079 | 475,539 | 7.5 | |||||||||||||||||||||||
Income before income taxes | $ | 55,612 | $ | 51,707 | 7.6 | $ | 55,426 | 0.3 | $ | 172,510 | $ | 131,306 | 31.4 | |||||||||||||||||||
As a percentage of net revenues: | ||||||||||||||||||||||||||||||||
Compensation and benefits | 58.4 | 57.4 | 58.9 | 59.1 | 60.6 | |||||||||||||||||||||||||||
Non-compensation operating expenses | 16.3 | 17.7 | 16.5 | 15.7 | 17.8 | |||||||||||||||||||||||||||
Income before income taxes | 25.3 | 24.9 | 24.6 | 25.2 | 21.6 |
Stifel Bank & Trust (Unaudited) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
9/30/11 | 9/30/10 | % Change | 6/30/11 | % Change | |||||||||||||||||
Other information: | |||||||||||||||||||||
Assets | $ | 2,311,371 | $ | 1,516,484 | 52.4 | $ | 1,807,859 | 27.9 | |||||||||||||
Investment securities | 1,311,680 | 830,127 | 58.0 | 1,074,114 | 22.1 | ||||||||||||||||
Retained loans, net | 567,341 | 364,732 | 55.6 | 476,764 | 19.0 | ||||||||||||||||
Loans held for sale, net | 114,452 | 106,788 | 7.2 | 55,110 | 107.7 | ||||||||||||||||
Deposits | 2,120,763 | 1,375,984 | 54.1 | 1,641,079 | 29.2 | ||||||||||||||||
Allowance as a percentage of loans 13 | 0.67 | % | 0.50 | % | 0.68 | % | |||||||||||||||
Non-performing assets as a percentage of total assets | 0.08 | % | 0.16 | % | 0.10 | % |
9
Institutional Group Summary Results of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
(in 000s) | 9/30/11 | 9/30/10 | % Change | 6/30/11 | % Change | 9/30/11 | 9/30/10 | % Change | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Commissions | $ | 51,214 | $ | 27,111 | 88.9 | $ | 44,721 | 14.5 | $ | 149,960 | $ | 76,672 | 95.6 | |||||||||||||||||||
Principal transactions | 27,815 | 60,408 | (54.0 | ) | 28,477 | (2.3 | ) | 92,988 | 182,206 | (49.0 | ) | |||||||||||||||||||||
Capital raising | 21,436 | 22,575 | (5.0 | ) | 33,172 | (35.4 | ) | 80,654 | 67,799 | 19.0 | ||||||||||||||||||||||
Advisory fees | 12,500 | 23,063 | (45.8 | ) | 24,835 | (49.7 | ) | 46,395 | 42,516 | 9.1 | ||||||||||||||||||||||
Investment banking | 33,936 | 45,638 | (25.6 | ) | 58,007 | (41.5 | ) | 127,049 | 110,315 | 15.2 | ||||||||||||||||||||||
Other income 14 | 294 | 4,886 | (94.0 | ) | 1,710 | (82.8 | ) | 3,171 | 6,744 | (53.0 | ) | |||||||||||||||||||||
Net revenues | 113,259 | 138,043 | (18.0 | ) | 132,915 | (14.8 | ) | 373,168 | 375,937 | (0.7 | ) | |||||||||||||||||||||
Non-interest expenses: | ||||||||||||||||||||||||||||||||
Compensation and benefits | 74,813 | 82,147 | (8.9 | ) | 82,006 | (8.8 | ) | 234,006 | 221,029 | 5.9 | ||||||||||||||||||||||
Non-compensation operating expenses | 29,294 | 28,242 | 3.7 | 28,958 | 1.2 | 86,666 | 69,029 | 25.6 | ||||||||||||||||||||||||
Total non-interest expenses | 104,107 | 110,389 | (5.7 | ) | 110,964 | (6.2 | ) | 320,672 | 290,058 | 10.6 | ||||||||||||||||||||||
Income before income taxes | $ | 9,152 | $ | 27,654 | (66.9 | ) | $ | 21,951 | (58.3 | ) | $ | 52,496 | $ | 85,879 | (38.9 | ) | ||||||||||||||||
As a percentage of net revenues: | ||||||||||||||||||||||||||||||||
Compensation and benefits | 66.0 | 59.5 | 61.7 | 62.7 | 58.8 | |||||||||||||||||||||||||||
Non-compensation operating expenses | 25.9 | 20.5 | 21.8 | 23.2 | 18.4 | |||||||||||||||||||||||||||
Income before income taxes | 8.1 | 20.0 | 16.5 | 14.1 | 22.8 |
Institutional Group Brokerage & Investment Banking Revenues (Unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
(in 000s) | 9/30/11 | 9/30/10 | % Change | 6/30/11 | % Change | 9/30/11 | 9/30/10 | % Change | ||||||||||||||||||||||||
Institutional brokerage: | ||||||||||||||||||||||||||||||||
Equity | $ | 47,185 | $ | 43,711 | 7.9 | $ | 41,695 | 13.2 | $ | 141,278 | $ | 126,462 | 11.7 | |||||||||||||||||||
Fixed income | 31,844 | 43,808 | (27.3 | ) | 31,503 | 1.1 | 101,670 | 132,416 | (23.2 | ) | ||||||||||||||||||||||
Institutional brokerage | 79,029 | 87,519 | (9.7 | ) | 73,198 | 8.0 | 242,948 | 258,878 | (6.2 | ) | ||||||||||||||||||||||
Investment banking: | ||||||||||||||||||||||||||||||||
Capital raising: | ||||||||||||||||||||||||||||||||
Equity | 16,382 | 18,060 | (9.3 | ) | 27,999 | (41.5 | ) | 67,386 | 52,957 | 27.2 | ||||||||||||||||||||||
Fixed income | 5,054 | 4,515 | 11.9 | 5,173 | (2.3 | ) | 13,268 | 14,842 | (10.6 | ) | ||||||||||||||||||||||
Capital raising | 21,436 | 22,575 | (5.0 | ) | 33,172 | (35.4 | ) | 80,654 | 67,799 | 19.0 | ||||||||||||||||||||||
Advisory fees: | ||||||||||||||||||||||||||||||||
Equity | 10,930 | 20,281 | (46.1 | ) | 22,924 | (52.3 | ) | 42,241 | 37,981 | 11.2 | ||||||||||||||||||||||
Fixed income | 1,570 | 2,782 | (43.6 | ) | 1,911 | (17.8 | ) | 4,154 | 4,535 | (8.4 | ) | |||||||||||||||||||||
Advisory fees | 12,500 | 23,063 | (45.8 | ) | 24,835 | (49.7 | ) | 46,395 | 42,516 | 9.1 | ||||||||||||||||||||||
Investment banking | $ | 33,936 | $ | 45,638 | (25.6 | ) | $ | 58,007 | (41.5 | ) | $ | 127,049 | $ | 110,315 | 15.2 |
10