Stifel Financial (SF) 8-K Stifel Reports Fourth Quarter and Full Year Results

Exhibit 99.2

Fourth Quarter and Full Year 2022 Earnings Results

Quarterly Financial Supplement	Page
Consolidated Financial Highlights		2
GAAP Consolidated Results of Operations		3
Non-GAAP Consolidated Results of Operations		4
Consolidated Financial Summary		5
Consolidated Financial Information and Metrics		6
Regulatory Capital		7
Global Wealth Management - Summary Results of Operations		8
Global Wealth Management - Statistical Information		9
Institutional Group - Summary Results of Operations		10
Stifel Bancorp - Financial Information and Credit Metrics		11
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 | Fourth Quarter and Full Year 2022 Earnings Release Page 1 of 17

Consolidated Financial Highlights

	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2022		12/31/2021		% Change			9/30/2022		% Change			12/31/2022		12/31/2021		% Change
Net revenues	$	1,121,647	$	1,304,225		(14.0	%)	$	1,045,139		7.3	%	$	4,391,439	$	4,737,088		(7.3	%)
Net income	$	176,621	$	261,390		(32.4	%)	$	151,169		16.8	%	$	662,155	$	824,858		(19.7	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		35,587		4.8	%
Net income available to common shareholders	$	167,301	$	252,070		(33.6	%)	$	141,849		17.9	%	$	624,874	$	789,271		(20.8	%)
Earnings per diluted common share	$	1.51	$	2.20		(31.4	%)	$	1.29		17.1	%	$	5.63	$	6.96		(19.1	%)
Earnings per diluted common share available to common shareholders	$	1.43	$	2.12		(32.5	%)	$	1.21		18.2	%	$	5.32	$	6.66		(20.1	%)
Non-GAAP financial summary (1):
Net revenues	$	1,121,643	$	1,304,225		(14.0	%)	$	1,045,133		7.3	%	$	4,391,490	$	4,737,241		(7.3	%)
Net income	$	194,195	$	274,708		(29.3	%)	$	160,076		21.3	%	$	712,352	$	875,120		(18.6	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		35,587		4.8	%
Net income available to common shareholders	$	184,875		265,388		(30.3	%)		150,756		22.6	%		675,071		839,533		(19.6	%)
Earnings per diluted common share	$	1.66	$	2.31		(28.1	%)	$	1.37		21.2	%	$	6.06	$	7.38		(17.9	%)
Earnings per diluted common share available to common shareholders	$	1.58	$	2.23		(29.1	%)	$	1.29		22.5	%	$	5.74	$	7.08		(18.9	%)
Weighted average number of common shares outstanding:
Basic		108,344		107,185		1.1	%		108,767		(0.4	%)		108,848		107,536		1.2	%
Diluted		117,223		118,959		(1.5	%)		117,218		0.0	%		117,540		118,530		(0.8	%)
Period end common shares outstanding		105,348		104,499		0.8	%		106,225		(0.8	%)		105,348		104,499		0.8	%
Cash dividends declared per common share	$	0.30	$	0.15		100.0	%	$	0.30		0.0	%	$	1.20	$	0.60		100.0	%

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GAAP Consolidated Results of Operations

	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2022		12/31/2021		% Change			9/30/2022		% Change			12/31/2022		12/31/2021			% Change
Revenues:
Commissions	$	168,945	$	211,068		(20.0	%)	$	159,054		6.2	%	$	710,589	$	809,500			(12.2	%)
Principal transactions		125,781		144,584		(13.0	%)		118,379		6.3	%		529,033		581,164			(9.0	%)
Transactional revenues		294,726		355,652		(17.1	%)		277,433		6.2	%		1,239,622		1,390,664			(10.9	%)
Capital raising		56,771		166,591		(65.9	%)		55,122		3.0	%		256,862		709,236			(63.8	%)
Advisory		166,935		310,780		(46.3	%)		166,736		0.1	%		714,623		856,145			(16.5	%)
Investment banking		223,706		477,371		(53.1	%)		221,858		0.8	%		971,485		1,565,381			(37.9	%)
Asset management		289,462		318,638		(9.2	%)		300,557		(3.7	%)		1,262,919		1,206,516			4.7	%
Other income		11,862		14,496		(18.2	%)		852		nm			19,685		72,125			(72.7	%)
Operating revenues		819,756		1,166,157		(29.7	%)		800,700		2.4	%		3,493,711		4,234,686			(17.5	%)
Interest revenue		416,731		145,425		186.6	%		304,195		37.0	%		1,099,115		548,400			100.4	%
Total revenues		1,236,487		1,311,582		(5.7	%)		1,104,895		11.9	%		4,592,826		4,783,086			(4.0	%)
Interest expense		114,840		7,357		nm			59,756		92.2	%		201,387		45,998			337.8	%
Net revenues		1,121,647		1,304,225		(14.0	%)		1,045,139		7.3	%		4,391,439		4,737,088			(7.3	%)
Non-interest expenses:
Compensation and benefits		647,962		757,948		(14.5	%)		611,870		5.9	%		2,586,232		2,820,301			(8.3	%)
Occupancy and equipment rental		80,740		75,080		7.5	%		77,230		4.5	%		313,247		290,243			7.9	%
Communication and office supplies		45,209		41,925		7.8	%		43,825		3.2	%		175,135		165,490			5.8	%
Commissions and floor brokerage		13,183		15,257		(13.6	%)		13,576		(2.9	%)		57,752		59,681			(3.2	%)
Provision for credit losses		6,028		4,062		48.4	%		6,453		(6.6	%)		33,506		(11,502	)		391.3	%
Other operating expenses		94,828		91,291		3.9	%		86,416		9.7	%		340,451		345,794			(1.5	%)
Total non-interest expenses		887,950		985,563		(9.9	%)		839,370		5.8	%		3,506,323		3,670,007			(4.5	%)
Income before income taxes		233,697		318,662		(26.7	%)		205,769		13.6	%		885,116		1,067,081			(17.1	%)
Provision for income taxes		57,076		57,272		(0.3	%)		54,600		4.5	%		222,961		242,223			(8.0	%)
Net income		176,621		261,390		(32.4	%)		151,169		16.8	%		662,155		824,858			(19.7	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		35,587			4.8	%
Net income available to common shareholders	$	167,301	$	252,070		(33.6	%)	$	141,849		17.9	%	$	624,874	$	789,271			(20.8	%)
Earnings per common share:
Basic	$	1.54	$	2.35		(34.5	%)	$	1.30		18.5	%	$	5.74	$	7.34			(21.8	%)
Diluted	$	1.43	$	2.12		(32.5	%)	$	1.21		18.2	%	$	5.32	$	6.66			(20.1	%)
Weighted average number of common shares outstanding:
Basic		108,344		107,185		1.1	%		108,767		(0.4	%)		108,848		107,536			1.2	%
Diluted		117,223		118,959		(1.5	%)		117,218		0.0	%		117,540		118,530			(0.8	%)
Cash dividends declared per common share	$	0.30	$	0.15		100.0	%	$	0.30		0.0	%	$	1.20	$	0.60			100.0	%

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Non-GAAP Consolidated Results of Operations ⁽¹⁾

	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2022		12/31/2021		% Change			9/30/2022		% Change			12/31/2022		12/31/2021			% Change
Revenues:
Commissions	$	168,945	$	211,068		(20.0	%)	$	159,054		6.2	%	$	710,589	$	809,500			(12.2	%)
Principal transactions		125,781		144,584		(13.0	%)		118,379		6.3	%		529,033		581,164			(9.0	%)
Transactional revenues		294,726		355,652		(17.1	%)		277,433		6.2	%		1,239,622		1,390,664			(10.9	%)
Capital raising		56,771		166,591		(65.9	%)		55,122		3.0	%		256,862		709,236			(63.8	%)
Advisory		166,935		310,780		(46.3	%)		166,736		0.1	%		714,623		856,145			(16.5	%)
Investment banking		223,706		477,371		(53.1	%)		221,858		0.8	%		971,485		1,565,381			(37.9	%)
Asset management		289,462		318,638		(9.2	%)		300,557		(3.7	%)		1,262,919		1,206,516			4.7	%
Other income		11,857		14,496		(18.2	%)		852		nm			19,680		72,153			(72.7	%)
Operating revenues		819,751		1,166,157		(29.7	%)		800,700		2.4	%		3,493,706		4,234,714			(17.5	%)
Interest revenue		416,731		145,425		186.6	%		304,195		37.0	%		1,099,115		548,400			100.4	%
Total revenues		1,236,482		1,311,582		(5.7	%)		1,104,895		11.9	%		4,592,821		4,783,114			(4.0	%)
Interest expense		114,839		7,357		nm			59,762		92.2	%		201,331		45,873			338.9	%
Net revenues		1,121,643		1,304,225		(14.0	%)		1,045,133		7.3	%		4,391,490		4,737,241			(7.3	%)
Non-interest expenses:
Compensation and benefits		633,392		749,929		(15.5	%)		605,811		4.6	%		2,547,118		2,794,209			(8.8	%)
Occupancy and equipment rental		80,555		75,062		7.3	%		77,142		4.4	%		312,590		290,130			7.7	%
Communication and office supplies		45,203		41,925		7.8	%		43,794		3.2	%		175,066		165,414			5.8	%
Commissions and floor brokerage		13,183		15,257		(13.6	%)		13,576		(2.9	%)		57,752		59,681			(3.2	%)
Provision for credit losses		6,028		4,062		48.4	%		6,453		(6.6	%)		33,506		(11,502	)		391.3	%
Other operating expenses		86,088		83,094		3.6	%		80,630		6.8	%		313,243		306,914			2.1	%
Total non-interest expenses		864,449		969,329		(10.8	%)		827,406		4.5	%		3,439,275		3,604,846			(4.6	%)
Income before income taxes		257,194		334,896		(23.2	%)		217,727		18.1	%		952,215		1,132,395			(15.9	%)
Provision for income taxes		62,999		60,188		4.7	%		57,651		9.3	%		239,863		257,275			(6.8	%)
Net income		194,195		274,708		(29.3	%)		160,076		21.3	%		712,352		875,120			(18.6	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		35,587			4.8	%
Net income available to common shareholders	$	184,875	$	265,388		(30.3	%)	$	150,756		22.6	%	$	675,071	$	839,533			(19.6	%)
Earnings per common share:
Basic	$	1.71	$	2.48		(31.0	%)	$	1.39		23.0	%	$	6.20	$	7.81			(20.6	%)
Diluted	$	1.58	$	2.23		(29.1	%)	$	1.29		22.5	%	$	5.74	$	7.08			(18.9	%)
Weighted average number of common shares outstanding:
Basic		108,344		107,185		1.1	%		108,767		(0.4	%)		108,848		107,536			1.2	%
Diluted		117,223		118,959		(1.5	%)		117,218		0.0	%		117,540		118,530			(0.8	%)
Cash dividends declared per common share	$	0.30	$	0.15		100.0	%	$	0.30		0.0	%	$	1.20	$	0.60			100.0	%

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Consolidated Financial Summary

	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change			12/31/2022			12/31/2021			% Change
Net revenues:
Global Wealth Management	$	744,341		$	674,242			10.4	%	$	701,820			6.1	%	$	2,825,866		$	2,598,837			8.7	%
Institutional Group		353,882			633,263			(44.1	%)		339,408			4.3	%		1,536,017			2,152,439			(28.6	%)
Other		23,424			(3,280	)		814.1	%		3,911			498.9	%		29,556			(14,188	)		308.3	%
Total net revenues	$	1,121,647		$	1,304,225			(14.0	%)	$	1,045,139			7.3	%	$	4,391,439		$	4,737,088			(7.3	%)
Operating expenses:
Global Wealth Management	$	427,270		$	441,944			(3.3	%)	$	421,885			1.3	%	$	1,758,295		$	1,683,884			4.4	%
Institutional Group		309,370			458,100			(32.5	%)		299,408			3.3	%		1,281,885			1,593,502			(19.6	%)
Other		151,310			85,519			76.9	%		118,077			28.1	%		466,143			392,621			18.7	%
Total operating expenses	$	887,950		$	985,563			(9.9	%)	$	839,370			5.8	%	$	3,506,323		$	3,670,007			(4.5	%)
Operating contribution:
Global Wealth Management	$	317,071		$	232,298			36.5	%	$	279,935			13.3	%	$	1,067,571		$	914,953			16.7	%
Institutional Group		44,512			175,163			(74.6	%)		40,000			11.3	%		254,132			558,937			(54.5	%)
Other		(127,886	)		(88,799	)		44.0	%		(114,166	)		12.0	%		(436,587	)		(406,809	)		7.3	%
Income before income taxes	$	233,697		$	318,662			(26.7	%)	$	205,769			13.6	%	$	885,116		$	1,067,081			(17.1	%)
Financial ratios:
Compensation and benefits		57.8	%		58.1	%		(30	)		58.5	%		(70	)		58.9	%		59.5	%		(60	)
Non-compensation operating expenses		21.4	%		17.5	%		390			21.8	%		(40	)		20.9	%		18.0	%		290
Income before income taxes		20.8	%		24.4	%		(360	)		19.7	%		110			20.2	%		22.5	%		(230	)
Effective tax rate		24.4	%		18.0	%		640			26.5	%		(210	)		25.2	%		22.7	%		250

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Consolidated Financial Information and Metrics

	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change
Financial Information:
Total assets	$	37,196,124		$	34,049,715			9.2	%	$	37,612,063			(1.1	%)
Total shareholders’ equity	$	5,328,471		$	5,034,959			5.8	%	$	5,227,350			1.9	%
Total common equity	$	4,643,471		$	4,349,959			6.7	%	$	4,542,350			2.2	%
Goodwill and intangible assets	$	(1,457,137	)	$	(1,455,049	)		0.1	%	$	(1,454,532	)		0.2	%
DTL on goodwill and intangible assets	$	61,225		$	58,126			5.3	%	$	60,034			2.0	%
Tangible common equity	$	3,247,559		$	2,953,036			10.0	%	$	3,147,852			3.2	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	44.08		$	41.63			5.9	%	$	42.76			3.1	%
Tangible book value per common share (2)	$	30.83		$	28.26			9.1	%	$	29.63			4.0	%
Return on common equity (3)		14.5	%		23.7	%					12.5	%
Non-GAAP return on common equity (1)(3)		16.0	%		25.0	%					13.3	%
Return on tangible common equity (4)		20.7	%		34.7	%					18.0	%
Non-GAAP return on tangible common equity (1)(4)		22.9	%		36.6	%					19.2	%
Pre-tax margin on net revenues		20.8	%		24.4	%					19.7	%
Non-GAAP pre-tax margin on net revenues (1)		22.9	%		25.7	%					20.8	%
Effective tax rate		24.4	%		18.0	%					26.5	%
Non-GAAP effective tax rate (1)		24.5	%		18.0	%					26.5	%

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter and Full Year 2022 Earnings Release Page 6 of 17

Regulatory Capital

	As of and for the Three Months Ended
(Unaudited, 000s)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change
SF Regulatory Capital (5):
Common equity tier 1 capital	$	3,363,137		$	2,938,954			14.4	%	$	3,279,013			2.6	%
Tier 1 capital	$	4,048,137		$	3,623,954			11.7	%	$	3,964,013			2.1	%
Risk-weighted assets	$	23,026,999		$	19,366,319			18.9	%	$	23,300,119			(1.2	%)
Common equity tier 1 capital ratio		14.6	%		15.2	%					14.1	%
Tier 1 risk based capital ratio		17.6	%		18.7	%					17.0	%
Tier 1 leverage capital ratio		11.1	%		11.7	%					11.1	%
Stifel Bank & Trust Regulatory Capital (5):
Common equity tier 1 capital	$	1,620,995		$	1,274,994			27.1	%	$	1,655,760			(2.1	%)
Tier 1 capital	$	1,620,995		$	1,274,994			27.1	%	$	1,655,760			(2.1	%)
Risk-weighted assets	$	14,681,096		$	12,001,325			22.3	%	$	15,406,324			(4.7	%)
Common equity tier 1 capital ratio		11.0	%		10.6	%					10.8	%
Tier 1 risk based capital ratio		11.0	%		10.6	%					10.8	%
Tier 1 leverage capital ratio		7.2	%		7.1	%					7.3	%
Stifel Bank Regulatory Capital (5):
Common equity tier 1 capital	$	468,437		$	302,231			55.0	%	$	377,572			24.1	%
Tier 1 capital	$	468,437		$	302,231			55.0	%	$	377,572			24.1	%
Risk-weighted assets	$	4,229,316		$	2,197,216			92.5	%	$	3,591,228			17.8	%
Common equity tier 1 capital ratio		11.1	%		13.8	%					10.5	%
Tier 1 risk based capital ratio		11.1	%		13.8	%					10.5	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.3	%
Stifel Net Capital (5):
Net capital	$	537,100		$	614,200			(12.6	%)	$	642,700			(16.4	%)
Excess net capital	$	514,700		$	584,800			(12.0	%)	$	614,300			(16.2	%)

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Global Wealth Management - Summary Results of Operations

	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change			12/31/2022			12/31/2021			% Change
Revenues:
Commissions	$	112,644		$	146,335			(23.0	%)	$	108,214			4.1	%	$	473,638		$	567,491			(16.5	%)
Principal transactions		52,913			48,592			8.9	%		48,351			9.4	%		195,274			207,474			(5.9	%)
Transactional revenues		165,557			194,927			(15.1	%)		156,565			5.7	%		668,912			774,965			(13.7	%)
Asset management		289,445			318,612			(9.2	%)		300,540			(3.7	%)		1,262,841			1,206,406			4.7	%
Net interest		284,998			138,891			105.2	%		242,194			17.7	%		879,780			511,693			71.9	%
Investment banking (6)		4,814			11,183			(57.0	%)		4,498			7.0	%		19,515			48,210			(59.5	%)
Other income		(473	)		10,629			(104.5	%)		(1,977	)		76.1	%		(5,182	)		57,563			(109.0	%)
Net revenues		744,341			674,242			10.4	%		701,820			6.1	%		2,825,866			2,598,837			8.7	%
Non-interest expenses:
Compensation and benefits		328,099			349,428			(6.1	%)		326,116			0.6	%		1,368,576			1,370,308			(0.1	%)
Non-compensation operating expenses		99,171			92,516			7.2	%		95,769			3.6	%		389,719			313,576			24.3	%
Total non-interest expenses		427,270			441,944			(3.3	%)		421,885			1.3	%		1,758,295			1,683,884			4.4	%
Income before income taxes	$	317,071		$	232,298			36.5	%	$	279,935			13.3	%	$	1,067,571		$	914,953			16.7	%
As a percentage of net revenues:
Compensation and benefits		44.1	%		51.8	%		(770	)		46.5	%		(240	)		48.4	%		52.7	%		(430	)
Non-compensation operating expenses		13.3	%		13.7	%		(40	)		13.6	%		(30	)		13.8	%		12.1	%		170
Income before income taxes		42.6	%		34.5	%		810			39.9	%		270			37.8	%		35.2	%		260

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter and Full Year 2022 Earnings Release Page 8 of 17

Global Wealth Management - Statistical Information

	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors and locations)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change
Financial advisors		2,242			2,227			0.7	%		2,235			0.3	%
Independent contractors		102			91			12.1	%		102			0.0	%
Total financial advisors		2,344			2,318			1.1	%		2,337			0.3	%
Locations		398			396			0.5	%		398			0.0	%
Total client assets	$	389,818,000		$	435,978,000			(10.6	%)	$	364,824,000			6.9	%
Fee-based client assets	$	144,952,000		$	162,428,000			(10.8	%)	$	135,521,000			7.0	%
Transactional assets	$	244,866,000		$	273,550,000			(10.5	%)	$	229,303,000			6.8	%
Client money market and insured product (7)	$	27,509,000		$	28,267,000			(2.7	%)	$	26,082,000			5.5	%
Secured client lending (8)	$	3,576,415		$	3,892,609			(8.1	%)	$	3,841,430			(6.9	%)
Asset Management Revenue (000s):
Private Client Group (9)	$	240,446		$	270,685			(11.2	%)	$	252,487			(4.8	%)
Asset Management		30,690			34,179			(10.2	%)		30,648			0.1	%
Third-party Bank Sweep Program		5,522			862			540.6	%		3,851			43.4	%
Other (10)		12,804			12,912			(0.8	%)		13,571			(5.7	%)
Total asset management revenues	$	289,462		$	318,638			(9.2	%)	$	300,557			(3.7	%)
Fee-based Assets (millions):
Private Client Group (9)	$	126,043			141,456			(10.9	%)	$	118,850			6.1	%
Asset Management		32,233			36,299			(11.2	%)		30,095			7.1	%
Elimination (11)		(13,324	)		(15,327	)		(13.1	%)		(13,424	)		(0.7	%)
Total fee-based assets	$	144,952		$	162,428			(10.8	%)	$	135,521			7.0	%
Third-party Bank Sweep Program	$	1,984		$	6,253			(68.3	%)	$	1,114			78.1	%
ROA (bps) (12):
Private Client Group (9)		80.9			82.7						81.6
Asset Management		38.1			37.7						40.7
Third-party Bank Sweep Program		137.2			5.5						104.3

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter and Full Year 2022 Earnings Release Page 9 of 17

Institutional Group - Summary Results of Operations

	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change			12/31/2022			12/31/2021			% Change
Revenues:
Commissions	$	56,301		$	64,733			(13.0	%)	$	50,840			10.7	%	$	236,951		$	242,009			(2.1	%)
Principal transactions		72,869			95,990			(24.1	%)		70,027			4.1	%		333,759			373,689			(10.7	%)
Transactional revenues		129,170			160,723			(19.6	%)		120,867			6.9	%		570,710			615,698			(7.3	%)
Capital raising		51,956			155,470			(66.6	%)		50,625			2.6	%		237,347			661,088			(64.1	%)
Advisory		166,935			310,718			(46.3	%)		166,736			0.1	%		714,623			856,083			(16.5	%)
Investment banking		218,891			466,188			(53.0	%)		217,361			0.7	%		951,970			1,517,171			(37.3	%)
Other income (13)		5,821			6,352			(8.4	%)		1,180			393.3	%		13,337			19,570			(31.8	%)
Net revenues		353,882			633,263			(44.1	%)		339,408			4.3	%		1,536,017			2,152,439			(28.6	%)
Non-interest expenses:
Compensation and benefits		220,730			367,439			(39.9	%)		211,818			4.2	%		929,606			1,251,595			(25.7	%)
Non-compensation operating expenses		88,640			90,661			(2.2	%)		87,590			1.2	%		352,279			341,907			3.0	%
Total non-interest expenses		309,370			458,100			(32.5	%)		299,408			3.3	%		1,281,885			1,593,502			(19.6	%)
Income before income taxes	$	44,512		$	175,163			(74.6	%)	$	40,000			11.3	%	$	254,132		$	558,937			(54.5	%)
As a percentage of net revenues:
Compensation and benefits		62.4	%		58.0	%		440			62.4	%		0			60.5	%		58.1	%		240
Non-compensation operating expenses		25.0	%		14.3	%		1,070			25.8	%		(80	)		23.0	%		15.9	%		710
Income before income taxes		12.6	%		27.7	%		(1,510	)		11.8	%		80			16.5	%		26.0	%		(950	)

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Stifel Bancorp - Financial Information and Credit Metrics

(Unaudited, 000s)	12/31/2022			12/31/2021			% Change			9/30/2022			% Change
Stifel Bancorp Financial Information:
Total assets	$	29,318,421		$	25,073,605			16.9	%	$	29,307,718			0.0	%
Total shareholder’s equity	$	2,071,882		$	1,720,746			20.4	%	$	1,995,933			3.8	%
Total loans, net (includes loans held for sale)	$	20,622,004		$	16,835,562			22.5	%	$	20,910,895			(1.4	%)
Residential real estate		7,371,671			5,482,026			34.5	%		7,048,762			4.6	%
Commercial and industrial		4,897,176			4,208,950			16.4	%		5,040,682			(2.8	%)
Fund banking		4,182,641			3,136,803			33.3	%		4,353,875			(3.9	%)
Securities-based loans		2,724,551			2,880,158			(5.4	%)		2,785,679			(2.2	%)
Commercial real estate		675,599			409,847			64.8	%		872,010			(22.5	%)
Construction and land		593,191			511,084			16.1	%		564,581			5.1	%
Other		157,729			114,619			37.6	%		153,661			2.6	%
Loans held for sale		156,912			207,715			(24.5	%)		234,927			(33.2	%)
Investment securities	$	7,624,448		$	7,460,111			2.2	%	$	7,650,130			(0.3	%)
Available-for-sale securities, at fair value		1,636,041			2,113,893			(22.6	%)		1,660,847			(1.5	%)
Held-to-maturity securities, at amortized cost		5,988,407			5,346,218			12.0	%		5,989,283			(0.0	%)
Unrealized gains/(losses) on available-for-sale securities		(227,178	)		9,380			nm			(247,188	)		(8.1	%)
Total deposits	$	27,117,111		$	23,280,348			16.5	%	$	27,190,619			(0.3	%)
Demand deposits (interest-bearing)		26,805,073			22,626,560			18.5	%		26,783,010			0.1	%
Demand deposits (non-interest-bearing)		305,138			626,633			(51.3	%)		397,573			(23.2	%)
Certificates of deposit		6,900			27,155			(74.6	%)		10,036			(31.2	%)
Credit Metrics:
Allowance for credit losses	$	147,853		$	118,562			24.7	%	$	141,998			4.1	%
Allowance as a percentage of retained loans		0.72	%		0.71	%					0.68	%
Net charge-offs as a percentage of average loans		0.00	%		0.00	%					0.02	%
Total nonperforming assets	$	10,374		$	17,470			(40.6	%)	$	11,291			(8.1	%)
Nonperforming assets as a percentage of total assets		0.04	%		0.07	%					0.04	%

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter and Full Year 2022 Earnings Release Page 11 of 17

Loans and Lending Commitments - Allowance for Credit Losses

	December 31, 2022
	Loans and Lending
(Unaudited, 000s)	Commitments		ACL		ACL %			Q4 Provision
Residential real estate	$	7,371,671	$	20,441		0.28	%	$	2,976
Commercial and industrial		4,897,176		54,143		1.11	%		2,241
Fund banking		4,182,641		11,711		0.28	%		(460	)
Securities-based loans		2,724,551		3,157		0.12	%		(160	)
Commercial real estate		675,599		12,897		1.91	%		934
Construction and land		593,191		8,568		1.44	%		1,038
Other		157,729		736		0.47	%		233
Loans held for investment, gross		20,602,558		111,653		0.54	%		6,802
Loans held for sale		156,912
Total loans, gross		20,759,470
Lending-related commitments (unfunded)		6,146,000		36,200		0.59	%		(774	)
Loans and lending-related commitments	$	26,905,470	$	147,853				$	6,028

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter and Full Year 2022 Earnings Release Page 12 of 17

Consolidated Net Interest Income

	Three Months Ended
	December 31, 2022							December 31, 2021								September 30, 2022
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense			Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,641.8	$	18.3		4.45	%	$	1,616.7	$	1.1			0.26	%	$	1,302.9	$	7.7		2.38	%
Financial instruments owned		906.2		7.5		3.31	%		1,160.1		6.0			2.08	%		982.7		3.6		1.45	%
Margin balances		985.2		15.6		6.33	%		1,072.2		6.8			2.53	%		1,062.3		12.5		4.71	%
Investments:
Asset-backed securities		6,216.5		86.1		5.54	%		5,583.7		24.1			1.73	%		6,178.0		61.0		3.95	%
Mortgage-backed securities		1,003.6		5.4		2.15	%		1,062.4		4.2			1.59	%		1,032.7		5.3		2.08	%
Corporate fixed income securities		646.4		4.5		2.79	%		794.7		5.8			2.90	%		722.7		5.1		2.81	%
Other		4.5		—		2.18	%		4.3		—			2.09	%		4.6		—		1.77	%
Total investments		7,871.0		96.0		4.88	%		7,445.1		34.1			1.83	%		7,938.0		71.4		3.60	%
Loans:
Residential real estate		7,240.6		55.7		3.08	%		5,180.9		32.9			2.54	%		6,824.3		44.8		2.63	%
Commercial and industrial		4,997.7		84.4		6.75	%		3,941.2		34.3			3.48	%		4,947.8		65.2		5.27	%
Fund banking		4,348.7		65.3		6.01	%		1,861.2		13.5			2.91	%		4,090.2		47.6		4.66	%
Securities-based loans		2,735.5		40.0		5.85	%		2,763.9		13.2			1.91	%		2,901.9		31.7		4.36	%
Commercial real estate		805.3		12.5		6.22	%		372.4		2.6			2.83	%		733.4		8.6		4.68	%
Construction and land		583.7		9.9		6.77	%		572.6		4.6			3.19	%		493.3		6.4		5.21	%
Loans held for sale		168.0		2.1		5.09	%		219.5		1.4			2.64	%		231.2		2.1		3.57	%
Other		147.6		2.3		6.46	%		119.5		0.9			2.64	%		154.0		2.0		5.06	%
Total loans		21,027.1		272.2		5.18	%		15,031.2		103.4			2.75	%		20,376.1		208.4		4.09	%
Other interest-bearing assets		770.6		7.1		3.69	%		748.8		(6.0	)		(3.18	%)		889.5		0.6		0.27	%
Total interest-bearing assets/interest income		33,201.9		416.7		5.02	%		27,074.1		145.4			2.15	%		32,551.5		304.2		3.74	%
Interest-bearing liabilities:
Senior notes		1,114.4		10.5		3.77	%		1,113.3		11.6			4.16	%		1,114.1		11.2		4.03	%
Deposits		27,267.0		98.7		1.45	%		21,056.3		0.9			0.02	%		25,998.2		43.4		0.67	%
Federal Home Loan advances		—		—		0.00	%		137.3		0.1			0.31	%		542.2		3.3		2.41	%
Other interest-bearing liabilities		1,303.0		5.6		1.72	%		1,454.9		(5.2	)		(1.44	%)		1,416.4		1.9		0.54	%
Total interest-bearing liabilities/interest expense	$	29,684.4		114.8		1.55	%	$	23,761.8		7.4			0.12	%	$	29,070.9		59.8		0.82	%
Net interest income/margin			$	301.9		3.64	%			$	138.0			2.04	%			$	244.4		3.00	%

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Stifel Bancorp Net Interest Income

	Three Months Ended
	December 31, 2022							December 31, 2021							September 30, 2022
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	889.4	$	9.4		4.24	%	$	717.9	$	0.3		0.17	%	$	520.5	$	3.2		2.45	%
Investments		7,871.0		96.0		4.88	%		7,445.1		34.1		1.83	%		7,938.0		71.4		3.60	%
Loans		21,027.1		272.2		5.18	%		15,031.2		103.4		2.75	%		20,376.1		208.4		4.09	%
Other interest-bearing assets		55.1		0.7		4.56	%		51.5		0.4		3.07	%		75.8		0.8		4.37	%
Total interest-bearing assets/interest income	$	29,842.6	$	378.3		5.07	%	$	23,245.7	$	138.2		2.38	%	$	28,910.4	$	283.8		3.93	%
Interest-bearing liabilities:
Deposits	$	27,267.0	$	98.7		1.45	%	$	21,056.3	$	0.9		0.02	%	$	25,998.2	$	43.4		0.67	%
Federal Home Loan advances		—		—		0.00	%		137.3		0.1		0.31	%		542.2		3.3		2.41	%
Other interest-bearing liabilities		0.9		0.1		15.64	%		1.0		—		16.71	%		1.0		—		14.26	%
Total interest-bearing liabilities/interest expense	$	27,267.9		98.8		1.45	%	$	21,194.6		1.0		0.02	%	$	26,541.4		46.7		0.70	%
Net interest income/margin			$	279.5		3.75	%			$	137.2		2.36	%			$	237.1		3.28	%

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GAAP to Core Reconciliation

	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2022			12/31/2021			Change			9/30/2022			Change			12/31/2022			12/31/2021			Change
GAAP net revenues	$	1,121,647		$	1,304,225					$	1,045,139					$	4,391,439		$	4,737,088
Non-GAAP adjustments		(4	)		—						(6	)					51			153
Non-GAAP net revenues		1,121,643			1,304,225						1,045,133						4,391,490			4,737,241
GAAP compensation and benefits expense		647,962			757,948						611,870						2,586,232			2,820,301
Merger-related (14)		(14,570	)		(8,019	)					(6,059	)					(39,114	)		(26,092	)
Non-GAAP compensation and benefits expense		633,392			749,929						605,811						2,547,118			2,794,209
GAAP non-compensation operating expenses		239,988			227,615						227,500						920,091			849,706
Merger-related (14)		(8,931	)		(8,215	)					(5,905	)					(27,934	)		(39,069	)
Non-GAAP non-compensation operating expenses		231,057			219,400						221,595						892,157			810,637
Total merger-related adjustments		(23,497	)		(16,234	)					(11,958	)					(67,099	)		(65,314	)
GAAP provision for income taxes		57,076			57,272						54,600						222,961			242,223
Merger-related and other (14)		5,923			2,916						3,051						16,902			15,052
Non-GAAP provision for income taxes		62,999			60,188						57,651						239,863			257,275
Financial ratios:
Compensation and benefits		56.5	%		57.5	%		(100	)		58.0	%		(150	)		58.0	%		59.0	%		(100	)
Non-compensation operating expenses		20.6	%		16.8	%		380			21.2	%		(60	)		20.3	%		17.1	%		320
Income before income taxes		22.9	%		25.7	%		(280	)		20.8	%		210			21.7	%		23.9	%		(220	)
Effective tax rate		24.5	%		18.0	%		650			26.5	%		(200	)		25.2	%		22.7	%		250

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Footnotes

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

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

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

(4) Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible common equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $60.4 million, $56.3 million, and $59.2 million, as of December 31, 2022 and 2021, and September 30, 2022, respectively.

(5) Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, January 25, 2023.

(6) Includes capital raising and advisory revenues.

(7) Includes Stifel Smart Rate Program balances. Historical periods have been restated to conform to the current presentation.

(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 other income.

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

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter and Full Year 2022 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, 2021. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

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

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s fourth quarter earnings release issued January 25, 2023.

Stifel Financial Corp. Quarterly Financial Supplement | Fourth Quarter and Full Year 2022 Earnings Release Page 17 of 17