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

Exhibit 99.2

Fourth Quarter and Full Year 2024 Earnings Results

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		11
Stifel Bancorp - Financial Information and Credit Metrics		12
Stifel Bancorp - Loan and Investment Portfolio		13
Loans and Lending Commitments - Allowance for Credit Losses		14
Consolidated Net Interest Income		15
Stifel Bancorp Net Interest Income		16
GAAP to Core Reconciliation		17
Footnotes		18
Disclaimer and Legal Notice		19

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Consolidated Financial Highlights

	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2024		12/31/2023		% Change			9/30/2024		% Change			12/31/2024		12/31/2023		% Change
Net revenues	$	1,364,682	$	1,146,379		19.0	%	$	1,224,668		11.4	%	$	4,970,320	$	4,348,944		14.3	%
Net income	$	244,005	$	162,484		50.2	%	$	158,505		53.9	%	$	731,379	$	522,536		40.0	%
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		37,281		0.0	%
Net income available to common shareholders	$	234,685	$	153,164		53.2	%	$	149,185		57.3	%	$	694,098	$	485,255		43.0	%
Earnings per diluted common share	$	2.18	$	1.46		49.3	%	$	1.42		53.5	%	$	6.59	$	4.61		43.0	%
Earnings per diluted common share available to common shareholders	$	2.09	$	1.38		51.4	%	$	1.34		56.0	%	$	6.25	$	4.28		46.0	%
Non-GAAP financial summary (1):
Net revenues	$	1,364,721	$	1,146,419		19.0	%	$	1,225,351		11.4	%	$	4,971,051	$	4,348,958		14.3	%
Net income	$	259,030	$	175,907		47.3	%	$	175,590		47.5	%	$	793,177	$	568,805		39.4	%
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		37,281		0.0	%
Net income available to common shareholders	$	249,710		166,587		49.9	%		166,270		50.2	%		755,896		531,524		42.2	%
Earnings per diluted common share	$	2.32	$	1.58		46.8	%	$	1.58		46.8	%	$	7.15	$	5.01		42.7	%
Earnings per diluted common share available to common shareholders	$	2.23	$	1.50		48.7	%	$	1.50		48.7	%	$	6.81	$	4.68		45.5	%
Weighted average number of common shares outstanding:
Basic		103,856		103,934		(0.1	%)		103,966		(0.1	%)		104,066		106,661		(2.4	%)
Diluted		112,089		111,330		0.7	%		110,994		1.0	%		110,975		113,453		(2.2	%)
Period end common shares outstanding		102,171		101,062		1.1	%		102,313		(0.1	%)		102,171		101,062		1.1	%
Cash dividends declared per common share	$	0.42	$	0.36		16.7	%	$	0.42		0.0	%	$	1.68	$	1.44		16.7	%

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GAAP Consolidated Results of Operations

	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2024		12/31/2023		% Change			9/30/2024		% Change			12/31/2024		12/31/2023		% Change
Revenues:
Commissions	$	203,786	$	173,614		17.4	%	$	183,445		11.1	%	$	756,024	$	673,597		12.2	%
Principal transactions		174,887		154,377		13.3	%		137,089		27.6	%		604,564		490,440		23.3	%
Transactional revenues		378,673		327,991		15.5	%		320,534		18.1	%		1,360,588		1,164,037		16.9	%
Capital raising		114,507		76,286		50.1	%		106,325		7.7	%		417,399		265,667		57.1	%
Advisory		189,912		129,378		46.8	%		136,857		38.8	%		577,432		465,588		24.0	%
Investment banking		304,419		205,664		48.0	%		243,182		25.2	%		994,831		731,255		36.0	%
Asset management		405,825		330,536		22.8	%		382,616		6.1	%		1,536,674		1,299,496		18.3	%
Other income		3,294		9,687		(66.0	%)		18,705		(82.4	%)		43,129		8,747		393.1	%
Operating revenues		1,092,211		873,878		25.0	%		965,037		13.2	%		3,935,222		3,203,535		22.8	%
Interest revenue		500,661		516,213		(3.0	%)		510,823		(2.0	%)		2,016,464		1,955,745		3.1	%
Total revenues		1,592,872		1,390,091		14.6	%		1,475,860		7.9	%		5,951,686		5,159,280		15.4	%
Interest expense		228,190		243,712		(6.4	%)		251,192		(9.2	%)		981,366		810,336		21.1	%
Net revenues		1,364,682		1,146,379		19.0	%		1,224,668		11.4	%		4,970,320		4,348,944		14.3	%
Non-interest expenses:
Compensation and benefits		795,750		674,437		18.0	%		718,065		10.8	%		2,916,229		2,554,581		14.2	%
Occupancy and equipment rental		94,213		88,182		6.8	%		89,625		5.1	%		362,402		339,322		6.8	%
Communication and office supplies		49,965		47,332		5.6	%		48,869		2.2	%		194,382		184,652		5.3	%
Commissions and floor brokerage		16,434		15,379		6.9	%		16,239		1.2	%		62,823		58,344		7.7	%
Provision for credit losses		11,893		2,263		425.5	%		5,287		124.9	%		25,402		24,999		1.6	%
Investment banking expenses		8,822		6,601		33.6	%		12,997		(32.1	%)		38,801		23,430		65.6	%
Other operating expenses		121,404		106,190		14.3	%		116,928		3.8	%		441,837		456,924		(3.3	%)
Total non-interest expenses		1,098,481		940,384		16.8	%		1,008,010		9.0	%		4,041,876		3,642,252		11.0	%
Income before income taxes		266,201		205,995		29.2	%		216,658		22.9	%		928,444		706,692		31.4	%
Provision for income taxes		22,196		43,511		(49.0	%)		58,153		(61.8	%)		197,065		184,156		7.0	%
Net income		244,005		162,484		50.2	%		158,505		53.9	%		731,379		522,536		40.0	%
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		37,281		0.0	%
Net income available to common shareholders	$	234,685	$	153,164		53.2	%	$	149,185		57.3	%	$	694,098	$	485,255		43.0	%
Earnings per common share:
Basic	$	2.26	$	1.47		53.7	%	$	1.43		58.0	%	$	6.67	$	4.55		46.6	%
Diluted	$	2.09	$	1.38		51.4	%	$	1.34		56.0	%	$	6.25	$	4.28		46.0	%
Weighted average number of common shares outstanding:
Basic		103,856		103,934		(0.1	%)		103,966		(0.1	%)		104,066		106,661		(2.4	%)
Diluted		112,089		111,330		0.7	%		110,994		1.0	%		110,975		113,453		(2.2	%)
Cash dividends declared per common share	$	0.42	$	0.36		16.7	%	$	0.42		0.0	%	$	1.68	$	1.44		16.7	%

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Non-GAAP Consolidated Results of Operations ⁽¹⁾

	Three Months Ended												Year Ended
(Unaudited, 000s, except per share information)	12/31/2024		12/31/2023		% Change			9/30/2024		% Change			12/31/2024		12/31/2023		% Change
Revenues:
Commissions	$	203,786	$	173,614		17.4	%	$	183,445		11.1	%	$	756,024	$	673,597		12.2	%
Principal transactions		174,887		154,377		13.3	%		137,080		27.6	%		604,564		490,440		23.3	%
Transactional revenues		378,673		327,991		15.5	%		320,525		18.1	%		1,360,588		1,164,037		16.9	%
Capital raising		114,507		76,286		50.1	%		106,325		7.7	%		417,399		265,667		57.1	%
Advisory		189,912		129,378		46.8	%		136,857		38.8	%		577,432		465,588		24.0	%
Investment banking		304,419		205,664		48.0	%		243,182		25.2	%		994,831		731,255		36.0	%
Asset management		405,825		330,536		22.8	%		382,616		6.1	%		1,536,674		1,299,496		18.3	%
Other income		3,333		9,726		(65.7	%)		19,399		(82.8	%)		43,862		8,763		400.5	%
Operating revenues		1,092,250		873,917		25.0	%		965,722		13.1	%		3,935,955		3,203,551		22.9	%
Interest revenue		500,661		516,213		(3.0	%)		510,821		(2.0	%)		2,016,462		1,955,745		3.1	%
Total revenues		1,592,911		1,390,130		14.6	%		1,476,543		7.9	%		5,952,417		5,159,296		15.4	%
Interest expense		228,190		243,711		(6.4	%)		251,192		(9.2	%)		981,366		810,338		21.1	%
Net revenues		1,364,721		1,146,419		19.0	%		1,225,351		11.4	%		4,971,051		4,348,958		14.3	%
Non-interest expenses:
Compensation and benefits		791,539		665,234		19.0	%		710,703		11.4	%		2,883,398		2,522,431		14.3	%
Occupancy and equipment rental		94,168		88,127		6.9	%		89,469		5.3	%		362,029		339,087		6.8	%
Communication and office supplies		49,880		47,328		5.4	%		48,715		2.4	%		194,107		184,642		5.1	%
Commissions and floor brokerage		16,434		15,379		6.9	%		16,239		1.2	%		62,823		58,344		7.7	%
Provision for credit losses		11,893		2,263		425.5	%		5,287		124.9	%		25,402		24,999		1.6	%
Investment banking expenses		8,822		6,601		33.6	%		12,997		(32.1	%)		38,801		23,430		65.6	%
Other operating expenses		109,394		98,571		11.0	%		106,072		3.1	%		404,510		426,111		(5.1	%)
Total non-interest expenses		1,082,130		923,503		17.2	%		989,482		9.4	%		3,971,070		3,579,044		11.0	%
Income before income taxes		282,591		222,916		26.8	%		235,869		19.8	%		999,981		769,914		29.9	%
Provision for income taxes		23,561		47,009		(49.9	%)		60,279		(60.9	%)		206,804		201,109		2.8	%
Net income		259,030		175,907		47.3	%		175,590		47.5	%		793,177		568,805		39.4	%
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%		37,281		37,281		0.0	%
Net income available to common shareholders	$	249,710	$	166,587		49.9	%	$	166,270		50.2	%	$	755,896	$	531,524		42.2	%
Earnings per common share:
Basic	$	2.40	$	1.60		50.0	%	$	1.60		50.0	%	$	7.26	$	4.98		45.8	%
Diluted	$	2.23	$	1.50		48.7	%	$	1.50		48.7	%	$	6.81	$	4.68		45.5	%
Weighted average number of common shares outstanding:
Basic		103,856		103,934		(0.1	%)		103,966		(0.1	%)		104,066		106,661		(2.4	%)
Diluted		112,089		111,330		0.7	%		110,994		1.0	%		110,975		113,453		(2.2	%)
Cash dividends declared per common share	$	0.42	$	0.36		16.7	%	$	0.42		0.0	%	$	1.68	$	1.44		16.7	%

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Consolidated Financial Summary

	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change			12/31/2024			12/31/2023			% Change
Net revenues:
Global Wealth Management	$	865,209		$	766,028			12.9	%	$	827,116			4.6	%	$	3,283,960		$	3,049,962			7.7	%
Institutional Group		478,335			359,292			33.1	%		372,401			28.4	%		1,592,833			1,226,317			29.9	%
Other		21,138			21,059			0.4	%		25,151			(16.0	%)		93,527			72,665			28.7	%
Total net revenues	$	1,364,682		$	1,146,379			19.0	%	$	1,224,668			11.4	%	$	4,970,320		$	4,348,944			14.3	%
Operating expenses:
Global Wealth Management	$	548,891		$	464,668			18.1	%	$	525,413			4.5	%	$	2,076,018		$	1,834,140			13.2	%
Institutional Group		382,654			351,521			8.9	%		330,604			15.7	%		1,369,433			1,224,217			11.9	%
Other		166,936			124,195			34.4	%		151,993			9.8	%		596,425			583,895			2.1	%
Total operating expenses	$	1,098,481		$	940,384			16.8	%	$	1,008,010			9.0	%	$	4,041,876		$	3,642,252			11.0	%
Operating contribution:
Global Wealth Management	$	316,318		$	301,360			5.0	%	$	301,703			4.8	%	$	1,207,942		$	1,215,822			(0.6	%)
Institutional Group		95,681			7,771			nm			41,797			128.9	%		223,400			2,100			nm
Other		(145,798	)		(103,136	)		41.4	%		(126,842	)		14.9	%		(502,898	)		(511,230	)		(1.6	%)
Income before income taxes	$	266,201		$	205,995			29.2	%	$	216,658			22.9	%	$	928,444		$	706,692			31.4	%
Financial ratios:
Compensation and benefits		58.3	%		58.8	%		(50	)		58.6	%		(30	)		58.7	%		58.7	%		—
Non-compensation operating expenses		22.2	%		23.2	%		(100	)		23.7	%		(150	)		22.6	%		25.1	%		(250	)
Income before income taxes		19.5	%		18.0	%		150			17.7	%		180			18.7	%		16.2	%		250
Effective tax rate		8.3	%		21.1	%		(1,280	)		26.8	%		(1,850	)		21.2	%		26.1	%		(490	)

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Consolidated Financial Information and Metrics

	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change
Financial Information:
Total assets	$	39,895,540		$	37,727,460			5.7	%	$	38,934,504			2.5	%
Total shareholders’ equity	$	5,686,770		$	5,294,431			7.4	%	$	5,557,080			2.3	%
Total common equity	$	5,001,770		$	4,609,431			8.5	%	$	4,872,080			2.7	%
Goodwill and intangible assets	$	(1,508,792	)	$	(1,521,522	)		(0.8	%)	$	(1,511,258	)		(0.2	%)
DTL on goodwill and intangible assets	$	81,569		$	72,927			11.9	%	$	79,071			3.2	%
Tangible common equity	$	3,574,547		$	3,160,836			13.1	%	$	3,439,893			3.9	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	48.95		$	45.61			7.3	%	$	47.62			2.8	%
Tangible book value per common share (2)	$	34.99		$	31.28			11.9	%	$	33.62			4.1	%
Return on common equity (3)		18.9	%		13.4	%					12.3	%
Non-GAAP return on common equity (1)(3)		20.1	%		14.6	%					13.7	%
Return on tangible common equity (4)		26.6	%		19.6	%					17.5	%
Non-GAAP return on tangible common equity (1)(4)		28.3	%		21.3	%					19.5	%
Pre-tax margin on net revenues		19.5	%		18.0	%					17.7	%
Non-GAAP pre-tax margin on net revenues (1)		20.7	%		19.4	%					19.2	%
Effective tax rate		8.3	%		21.1	%					26.8	%
Non-GAAP effective tax rate (1)		8.3	%		21.1	%					25.6	%

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Regulatory Capital ⁽⁵⁾

(Unaudited, 000s)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,645,786		$	3,230,965			12.8	%	$	3,474,276			4.9	%
Tier 1 capital	$	4,330,786		$	3,915,965			10.6	%	$	4,159,276			4.1	%
Risk-weighted assets	$	23,741,574		$	22,748,215			4.4	%	$	23,183,240			2.4	%
Common equity tier 1 capital ratio		15.4	%		14.2	%					15.0	%
Tier 1 risk based capital ratio		18.2	%		17.2	%					17.9	%
Tier 1 leverage capital ratio		11.4	%		10.5	%					11.3	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,366,711		$	1,344,589			1.6	%	$	1,306,476			4.6	%
Tier 1 capital	$	1,366,711		$	1,344,589			1.6	%	$	1,306,476			4.6	%
Risk-weighted assets	$	12,334,731		$	11,365,270			8.5	%	$	12,213,330			1.0	%
Common equity tier 1 capital ratio		11.1	%		11.8	%					10.7	%
Tier 1 risk based capital ratio		11.1	%		11.8	%					10.7	%
Tier 1 leverage capital ratio		7.1	%		7.3	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	768,652		$	788,811			(2.6	%)	$	758,397			1.4	%
Tier 1 capital	$	768,652		$	788,811			(2.6	%)	$	758,397			1.4	%
Risk-weighted assets	$	5,920,599		$	6,622,892			(10.6	%)	$	5,591,442			5.9	%
Common equity tier 1 capital ratio		13.0	%		11.9	%					13.6	%
Tier 1 risk based capital ratio		13.0	%		11.9	%					13.6	%
Tier 1 leverage capital ratio		7.1	%		7.2	%					7.1	%
Stifel Net Capital:
Net capital	$	449,500		$	457,900			(1.8	%)	$	486,200			(7.5	%)
Excess net capital	$	425,500		$	435,900			(2.4	%)	$	462,500			(8.0	%)

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Global Wealth Management - Summary Results of Operations

	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change			12/31/2024			12/31/2023			% Change
Revenues:
Commissions	$	136,805		$	112,622			21.5	%	$	129,230			5.9	%	$	508,717		$	444,949			14.3	%
Principal transactions		63,759			56,849			12.2	%		63,497			0.4	%		243,635			209,282			16.4	%
Transactional revenues		200,564			169,471			18.3	%		192,727			4.1	%		752,352			654,231			15.0	%
Asset management		405,800			330,498			22.8	%		382,309			6.1	%		1,536,296			1,299,361			18.2	%
Net interest		254,337			257,920			(1.4	%)		240,825			5.6	%		967,712			1,086,628			(10.9	%)
Investment banking (6)		5,198			4,562			13.9	%		6,217			(16.4	%)		21,475			16,680			28.7	%
Other income		(690	)		3,577			(119.3	%)		5,038			(113.7	%)		6,125			(6,938	)		188.3	%
Net revenues		865,209			766,028			12.9	%		827,116			4.6	%		3,283,960			3,049,962			7.7	%
Non-interest expenses:
Compensation and benefits		419,466			359,376			16.7	%		403,205			4.0	%		1,605,148			1,415,210			13.4	%
Non-compensation operating expenses		129,425			105,292			22.9	%		122,208			5.9	%		470,870			418,930			12.4	%
Total non-interest expenses		548,891			464,668			18.1	%		525,413			4.5	%		2,076,018			1,834,140			13.2	%
Income before income taxes	$	316,318		$	301,360			5.0	%	$	301,703			4.8	%	$	1,207,942		$	1,215,822			(0.6	%)
As a percentage of net revenues:
Compensation and benefits		48.5	%		46.9	%		160			48.7	%		(20	)		48.9	%		46.4	%		250
Non-compensation operating expenses		14.9	%		13.8	%		110			14.8	%		10			14.3	%		13.7	%		60
Income before income taxes		36.6	%		39.3	%		(270	)		36.5	%		10			36.8	%		39.9	%		(310	)

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release Page 8 of 19

Global Wealth Management - Statistical Information

	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change
Financial advisors (including independent contractors) (7)		2,342			2,386			(1.8	%)		2,357			(0.6	%)
Total client assets	$	501,402,000		$	444,318,000			12.8	%	$	496,298,000			1.0	%
Fee-based client assets	$	192,705,000		$	165,301,000			16.6	%	$	190,771,000			1.0	%
Transactional assets	$	308,697,000		$	279,017,000			10.6	%	$	305,527,000			1.0	%
Secured client lending (8)	$	3,214,000		$	3,064,000			4.9	%	$	2,934,000			9.5	%
Asset Management Revenue:
Private Client Group (9)	$	343,154		$	275,405			24.6	%	$	322,758			6.3	%
Asset Management		39,281			33,938			15.7	%		38,314			2.5	%
Third-party Bank Sweep Program		8,706			8,821			(1.3	%)		8,417			3.4	%
Other (10)		14,684			12,372			18.7	%		13,127			11.9	%
Total asset management revenues	$	405,825		$	330,536			22.8	%	$	382,616			6.1	%
Fee-based Assets (millions):
Private Client Group (9)	$	168,206		$	145,513			15.6	%	$	166,768			0.9	%
Asset Management		42,110			36,085			16.7	%		42,049			0.1	%
Elimination (11)		(17,611	)		(16,297	)		8.1	%		(18,046	)		(2.4	%)
Total fee-based assets	$	192,705		$	165,301			16.6	%	$	190,771			1.0	%
Third-party Bank Sweep Program	$	1,609		$	2,044			(21.3	%)	$	698			130.5	%
ROA (bps) (12):
Private Client Group (9)		82.3			83.0						82.2
Asset Management		37.3			37.6						36.4
Third-party Bank Sweep Program		398.4			451.2						450.1

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release Page 9 of 19

Global Wealth Management - Statistical Information (Cont.)

	As of and for the Three Months Ended
(Unaudited, millions)	12/31/2024		12/31/2023		% Change			9/30/2024		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	17,115	$	14,465		18.3	%	$	16,315		4.9	%
Sweep Deposits		9,950		9,642		3.2	%		9,637		3.2	%
Direct Wealth Management Deposits at Stifel Bancorp		328		402		(18.4	%)		369		(11.1	%)
Total Stifel Bancorp Wealth Management Deposits		27,393		24,509		11.8	%		26,321		4.1	%
Other Bank Deposits		1,709		2,826		(39.5	%)		1,800		(5.1	%)
Total Stifel Bancorp Deposits	$	29,102	$	27,335		6.5	%	$	28,121		3.5	%
Short-term Treasuries (13)	$	7,753	$	7,855		(1.3	%)	$	7,321		5.9	%
Third-party Commercial Treasury Deposits (14)	$	3,199	$	—		nm		$	2,215		44.4	%
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	27,393	$	24,509		11.8	%	$	26,321		4.1	%
Third-party Bank Sweep Program (14)		1,609		2,044		(21.3	%)		698		130.5	%
Third-party Treasury (14)		198		—		nm			149		32.9	%
Other Sweep Cash		355		324		9.6	%		320		10.9	%
Money Market Mutual Funds		12,606		9,374		34.5	%		11,301		11.5	%
Total Wealth Management Cash	$	42,161	$	36,251		16.3	%	$	38,789		8.7	%
Client money market and insured product (15)	$	29,029	$	26,475		9.6	%	$	26,970		7.6	%
Third-party Deposits Available to Stifel Bancorp (14)	$	5,006	$	—		nm		$	3,062		63.5	%

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release Page 10 of 19

Institutional Group - Summary Results of Operations

	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change			12/31/2024			12/31/2023			% Change
Revenues:
Commissions	$	66,981		$	60,992			9.8	%	$	54,215			23.5	%	$	247,307		$	228,648			8.2	%
Principal transactions		111,128			97,528			13.9	%		73,583			51.0	%		360,929			281,158			28.4	%
Transactional revenues		178,109			158,520			12.4	%		127,798			39.4	%		608,236			509,806			19.3	%
Capital raising		109,309			71,724			52.4	%		100,108			9.2	%		395,924			248,987			59.0	%
Advisory		189,912			129,378			46.8	%		136,857			38.8	%		577,432			465,588			24.0	%
Investment banking		299,221			201,102			48.8	%		236,965			26.3	%		973,356			714,575			36.2	%
Other income (16)		1,005			(330	)		404.5	%		7,638			(86.8	%)		11,241			1,936			480.6	%
Net revenues		478,335			359,292			33.1	%		372,401			28.4	%		1,592,833			1,226,317			29.9	%
Non-interest expenses:
Compensation and benefits		280,261			248,970			12.6	%		224,556			24.8	%		959,602			841,671			14.0	%
Non-compensation operating expenses		102,393			102,551			(0,2	%)		106,048			(3.4	%)		409,831			382,546			7.1	%
Total non-interest expenses		382,654			351,521			8.9	%		330,604			15.7	%		1,369,433			1,224,217			11.9	%
Income before income taxes	$	95,681		$	7,771			nm		$	41,797			128.9	%	$	223,400		$	2,100			nm
As a percentage of net revenues:
Compensation and benefits		58.6	%		69.3	%		(1,070	)		60.3	%		(170	)		60.2	%		68.6	%		(840	)
Non-compensation operating expenses		21.4	%		28.5	%		(710	)		28.5	%		(710	)		25.8	%		31.2	%		(540	)
Income before income taxes		20.0	%		2.2	%		1,780			11.2	%		880			14.0	%		0.2	%		1,380

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release Page 11 of 19

Stifel Bancorp - Financial Information and Credit Metrics

(Unaudited, 000s)	12/31/2024			12/31/2023			% Change			9/30/2024			% Change
Stifel Bancorp Financial Information:
Total assets	$	31,378,704		$	29,722,320			5.6	%	$	30,416,173			3.2	%
Total shareholder’s equity	$	2,134,900		$	2,154,839			(0.9	%)	$	2,091,052			2.1	%
Total loans, net (includes loans held for sale)	$	21,310,776		$	19,729,804			8.0	%	$	20,633,425			3.3	%
Residential real estate		8,565,193			8,047,647			6.4	%		8,406,932			1.9	%
Commercial and industrial		4,062,029			3,566,987			13.9	%		3,896,824			4.2	%
Fund banking		3,854,222			3,633,126			6.1	%		3,762,960			2.4	%
Securities-based loans		2,389,593			2,306,455			3.6	%		2,273,246			5.1	%
Construction and land		1,242,002			1,034,370			20.1	%		1,219,787			1.8	%
Commercial real estate		518,923			660,631			(21.5	%)		565,686			(8.3	%)
Other		247,783			192,251			28.9	%		224,146			10.5	%
Loans held for sale		578,980			423,999			36.6	%		465,739			24.3	%
Investment securities	$	8,108,877		$	7,439,109			9.0	%	$	8,231,240			(1.5	%)
Available-for-sale securities, at fair value		1,584,598			1,551,686			2.1	%		1,618,289			(2.1	%)
Held-to-maturity securities, at amortized cost		6,524,279			5,887,423			10.8	%		6,612,951			(1.3	%)
Unrealized losses on available-for-sale securities		(170,111	)		(175,943	)		(3.3	%)		(134,116	)		26.8	%
Total deposits	$	29,102,227		$	27,334,579			6.5	%	$	28,120,518			3.5	%
Demand deposits (interest-bearing)		28,580,415			27,111,072			5.4	%		27,539,904			3.8	%
Demand deposits (non-interest-bearing)		318,229			223,505			42.4	%		309,982			2.7	%
Certificates of deposit		203,583			2			nm			270,632			(24.8	%)
Credit Metrics:
Allowance for credit losses	$	170,044		$	161,605			5.2	%	$	163,274			4.1	%
Allowance as a percentage of retained loans		0.81	%		0.83	%					0.80	%
Net charge-offs as a percentage of average loans		0.02	%		0.04	%					0.03	%
Total nonperforming assets	$	160,901		$	45,456			254.0	%	$	144,122			11.6	%
Nonperforming assets as a percentage of total assets		0.51	%		0.15	%					0.47	%

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release Page 12 of 19

Stifel Bancorp - Loan and Investment Portfolio

(Unaudited, millions)	12/31/2024		% of Total Portfolio
Loan Portfolio
Residential real estate	$	8,565		33	%
Securities-based loans		2,390		9	%
Home equity lines of credit and other		248		1	%
Total consumer		11,203		43	%
Commercial and industrial		4,062		15	%
Fund banking		3,854		15	%
Construction and land		1,242		5	%
Commercial real estate		519		2	%
Total commercial		9,677		37	%
Total loan portfolio		20,880		80	%
Unfunded commitments		5,367		20	%
Total	$	26,247		100	%
Investment Portfolio
CLO	$	6,485		78	%
Agency MBS		1,048		13	%
Corporate bonds		508		6	%
SBA		95		1	%
Student loan ARS		71		1	%
CMBS		69		1	%
Other		3		0	%
Total Portfolio	$	8,279		100	%

Commercial Portfolio by Major Sector
Industrials	$	1,002	25	%
Financials		943	23	%
Information technology		653	16	%
Consumer discretionary		406	10	%
Materials		258	6	%
REITs		231	6	%
Healthcare		186	5	%
Communication services		148	4	%
Hotel, leisure, restaurants		127	3	%
Consumer staples		74	2	%
Other		34	1	%
	$	4,062
CLO by Major Sector
High tech industries	$	636	10	%
Banking, finance, insurance, & real estate		635	10	%
Services: business		613	9	%
Healthcare & pharmaceuticals		602	9	%
Hotel, gaming, & leisure		300	5	%
Construction & building		297	5	%
Chemicals, plastics, & rubber		274	4	%
Services: consumer		235	4	%
Capital equipment		235	4	%
Telecommunications		232	4	%

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release Page 13 of 19

Loans and Lending Commitments - Allowance for Credit Losses

	December 31, 2024
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %			Q4 Provision
Residential real estate	$	8,565,193	$	11,061		0.13	%	$	(209	)
Commercial and industrial		4,062,029		92,696		2.28	%		12,892
Fund banking		3,854,222		10,792		0.28	%		255
Securities-based loans		2,389,593		2,918		0.12	%		64
Construction and land		1,242,002		12,866		1.04	%		(149	)
Commercial real estate		518,923		8,057		1.55	%		(5,948	)
Other		247,783		918		0.37	%		176
Loans held for investment, gross		20,879,745		139,308		0.67	%		7,081
Loans held for sale		578,980
Total loans, gross		21,458,725
Lending commitments		5,367,039		30,736		0.57	%		4,812
Loans and lending commitments	$	26,825,764	$	170,044				$	11,893

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release Page 14 of 19

Consolidated Net Interest Income

								Three Months Ended
	December 31, 2024							December 31, 2023							September 30, 2024
(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	$	2,892.8	$	35.3		4.88	%	$	2,956.9	$	40.1		5.42	%	$	2,733.0	$	36.7		5.37	%
Financial instruments owned		1,238.5		6.8		2.19	%		962.2		4.0		1.65	%		1,191.9		7.0		2.36	%
Margin balances		724.1		13.3		7.34	%		750.0		15.3		8.14	%		675.7		13.7		8.12	%
Investments:
Asset-backed securities		6,620.1		111.7		6.75	%		6,079.2		112.4		7.39	%		6,223.6		113.3		7.28	%
Mortgage-backed securities		1,079.7		7.9		2.94	%		935.5		5.3		2.27	%		1,047.0		7.6		2.89	%
Corporate fixed income securities		517.9		3.6		2.70	%		617.1		4.3		2.78	%		543.0		3.7		2.72	%
Other		4.7		—		2.55	%		4.7		—		2.55	%		4.7		—		2.55	%
Total investments		8,222.4		123.2		5.99	%		7,636.5		122.0		6.39	%		7,818.3		124.6		6.37	%
Loans:
Residential real estate		8,483.8		77.7		3.67	%		8,027.0		69.4		3.46	%		8,342.3		74.8		3.59	%
Commercial and industrial		3,977.0		80.4		8.09	%		4,073.9		90.5		8.89	%		3,785.0		81.9		8.65	%
Fund banking		3,606.1		67.9		7.53	%		4,076.5		80.9		7.94	%		3,506.1		71.2		8.12	%
Securities-based loans		2,320.4		38.1		6.57	%		2,318.7		42.5		7.33	%		2,258.9		40.8		7.23	%
Commercial real estate		551.1		10.1		7.30	%		659.3		12.3		7.49	%		603.4		11.3		7.48	%
Construction and land		1,260.1		24.3		7.73	%		942.8		20.2		8.57	%		1,164.4		24.8		8.51	%
Loans held for sale		499.4		10.4		8.30	%		254.0		4.7		7.40	%		493.4		10.5		8.51	%
Other		237.6		4.4		7.33	%		186.9		3.7		7.90	%		211.1		4.2		8.07	%
Total loans		20,935.5		313.3		5.99	%		20,539.1		324.2		6.31	%		20,364.6		319.5		6.28	%
Other interest-bearing assets		909.7		8.8		3.89	%		812.3		10.6		5.26	%		830.3		9.3		4.49	%
Total interest-bearing assets/ interest income		34,923.0		500.7		5.73	%		33,657.0		516.2		6.13	%		33,613.8		510.8		6.08	%
Interest-bearing liabilities:
Senior notes		616.5		7.1		4.64	%		1,115.5		12.5		4.48	%		779.3		8.2		4.20	%
Deposits		28,535.1		208.4		2.92	%		27,457.7		218.0		3.18	%		27,535.9		229.7		3.34	%
Other interest-bearing liabilities		1,328.9		12.7		3.81	%		1,384.6		13.2		3.81	%		1,340.6		13.3		3.96	%
Total interest-bearing liabilities/ interest expense	$	30,480.5		228.2		2.99	%	$	29,957.8		243.7		3.25	%	$	29,655.8		251.2		3.39	%
Net interest income/margin			$	272.5		3.12	%			$	272.5		3.24	%			$	259.6		3.09	%

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release Page 15 of 19

Stifel Bancorp Net Interest Income

	Three Months Ended
	December 31, 2024							December 31, 2023							September 30, 2024
(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	$	1,870.0	$	24.1		5.16	%	$	1,841.8	$	26.4		5.73	%	$	1,705.6	$	24.1		5.66	%
Investments		8,222.4		123.2		5.99	%		7,636.5		122.0		6.39	%		7,818.3		124.6		6.37	%
Loans		20,935.5		313.3		5.99	%		20,539.1		324.2		6.31	%		20,364.6		319.5		6.28	%
Other interest-bearing assets		66.5		0.9		5.11	%		64.7		0.7		4.55	%		66.3		0.9		5.51	%
Total interest-bearing assets/interest income	$	31,094.4	$	461.5		5.94	%	$	30,082.1	$	473.3		6.29	%	$	29,954.8	$	469.1		6.26	%
Interest-bearing liabilities:
Deposits	$	28,535.1		208.4		2.92	%	$	27,457.7	$	218.0		3.18	%	$	27,535.9	$	229.7		3.34	%
Other interest-bearing liabilities		92.3		1.5		6.67	%		73.2		1.4		7.70	%		91.6		1.6		7.11	%
Total interest-bearing liabilities/interest expense	$	28,627.4		209.9		2.93	%	$	27,530.9		219.4		3.19	%	$	27,627.5		231.3		3.35	%
Net interest income/margin			$	251.6		3.24	%			$	253.9		3.38	%			$	237.8		3.17	%

Stifel Financial Corp. Financial Supplement | Fourth Quarter and Full Year 2024 Earnings Release Page 16 of 19

GAAP to Core Reconciliation

	Three Months Ended															Year Ended
(Unaudited, 000s)	12/31/2024			12/31/2023			Change			9/30/2024			Change			12/31/2024			12/31/2023			Change
GAAP net revenues	$	1,364,682		$	1,146,379					$	1,224,668					$	4,970,320		$	4,348,944
Non-GAAP adjustments		39			40						683						731			14
Non-GAAP net revenues		1,364,721			1,146,419						1,225,351						4,971,051			4,348,958
GAAP compensation and benefits expense		795,750			674,437						718,065						2,916,229			2,554,581
Merger-related (17)		(4,641	)		(9,203	)					(6,101	)					(22,039	)		(32,150	)
Restructuring and severance (18)		430			—						(1,261	)					(10,792	)		—
Total non-GAAP adjustments		(4,211	)		(9,203	)					(7,362	)					(32,831	)		(32,150	)
Non-GAAP compensation and benefits expense		791,539			665,234						710,703						2,883,398			2,522,431
GAAP non-compensation operating expenses		302,731			265,947						289,945						1,125,647			1,087,671
Merger-related (17)		(12,140	)		(7,678	)					(11,166	)					(37,975	)		(31,058	)
Non-GAAP non-compensation operating expenses		290,591			258,269						278,779						1,087,672			1,056,613
Total adjustments		(16,390	)		(16,921	)					(19,211	)					(71,537	)		(63,222	)
GAAP provision for income taxes		22,196			43,511						58,153						197,065			184,156
Merger-related and other (19)		1,365			3,498						2,126						9,739			16,953
Non-GAAP provision for income taxes		23,561			47,009						60,279						206,804			201,109
Financial ratios:
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—			58.0	%		58.0	%		—
Non-compensation operating expenses		21.3	%		22.6	%		(130	)		22.8	%		(150	)		21.9	%		24.3	%		(240	)
Income before income taxes		20.7	%		19.4	%		130			19.2	%		150			20.1	%		17.7	%		240
Effective tax rate		8.3	%		21.1	%		(1,280	)		25.6	%		(1,730	)		20.7	%		26.1	%		(540	)

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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 $80.3 million, $71.1 million, and $77.9 million, as of December 31, 2024 and 2023, and September 30, 2024, respectively.

(5) Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, January 29, 2025.

(6) Includes capital raising and advisory revenues.

(7) Includes independent contractors of 113, 108, and 114 as of December 31, 2024 and 2023, and September 30, 2024, respectively.

(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 daily balances for Individual Program Banks.

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

(14) During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks. The balances at third-party banks can be brought back on balance sheet to support liquidity needs.

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

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

(17) 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.

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

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

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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, 2023. 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 29, 2025.

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