Stifel Financial (SF) 8-K Results of Operations and Financial Condition

Exhibit 99.2

Second Quarter 2021 Earnings Results    

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

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

Consolidated Financial Highlights

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

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

GAAP Results of Operations (Unaudited)

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

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

Non-GAAP Results of Operations (Unaudited)

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

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

Consolidated Financial Summary

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

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

Consolidated Financial Information and Metrics

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

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

Regulatory Capital

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

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

Global Wealth Management - Summary Results of Operations

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

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

Global Wealth Management - Statistical Information

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

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

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

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

Stifel Bancorp - Financial Information and Credit Metrics

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

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

Loans and Lending Commitments - Allowance for Credit Losses

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

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

Consolidated Net Interest Income

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

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

Stifel Bancorp Net Interest Income

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

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

GAAP to Core Reconciliation

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

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

Footnotes

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

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

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

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

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

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

(7) Includes capital raising and advisory fee revenues.

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

(9) Includes Private Client Group and Trust Business

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

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

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

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

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

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

Disclaimer and Legal Notice

Forward-Looking Statements

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

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

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

Use of Non-GAAP Financial Measures

The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three and six months ended June 30, 2021. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company’s core operating results and business outlook. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company’s results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors’ overall understanding of the Company’s current financial performance. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of ongoing business.

A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these charges do, in fact, reflect the underlying financial results of the Company’s business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measures and the same respective non-GAAP measures of the Company’s financial performance should be considered together.

Legal Notice

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

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