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

Exhibit 99.2

Third 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 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

Consolidated Financial Highlights
	Three Months Ended												Nine Months Ended
(Unaudited, $ in 000s except per share information)	9/30/2021		9/30/2020		% Change			6/30/2021		% Change			9/30/2021		9/30/2020		% Change
Net revenues	$	1,144,938	$	883,300		29.6	%	$	1,153,136		(0.7	%)	$	3,432,863	$	2,692,151		27.5	%
Net income	$	192,376	$	120,527		59.6	%	$	198,077		(2.9	%)	$	563,468	$	315,003		78.9	%
Preferred dividends		9,689		9,897		(2.1	%)		8,289		16.9	%		26,267		19,584		34.1	%
Net income available to common shareholders	$	182,687	$	110,630		65.1	%	$	189,788		(3.7	%)	$	537,201	$	295,419		81.8	%
Earnings per diluted common share (1)	$	1.62	$	1.06		52.8	%	$	1.67		(3.0	%)	$	4.76	$	2.77		71.8	%
Earnings per diluted common share available to common shareholders (1)	$	1.54	$	0.97		58.8	%	$	1.60		(3.8	%)	$	4.54	$	2.60		74.6	%
Non-GAAP financial summary (2):
Net revenues	$	1,144,938	$	883,300		29.6	%	$	1,153,098		(0.7	%)	$	3,433,016	$	2,692,330		27.5	%
Net income	$	205,342	$	130,422		57.4	%	$	210,356		(2.4	%)	$	600,412	$	347,377		72.8	%
Preferred dividends		9,689		9,897		(2.1	%)		8,289		16.9	%		26,267		19,584		34.1	%
Net income available to common shareholders	$	195,653		120,525		62.3	%		202,067		(3.2	%)		574,145		327,793		75.2	%
Earnings per diluted common share (1)	$	1.73	$	1.15		50.4	%	$	1.77		(2.3	%)	$	5.07	$	3.06		65.7	%
Earnings per diluted common share available to common shareholders (1)	$	1.65	$	1.06		55.7	%	$	1.70		(2.9	%)	$	4.85	$	2.89		67.8	%
Weighted average number of common shares outstanding (1)
Basic		107,379		105,941		1.4	%		107,837		(0.4	%)		107,655		106,221		1.4	%
Diluted		118,475		113,775		4.1	%		118,602		(0.1	%)		118,355		113,568		4.2	%
Period end common shares outstanding (1)		104,263		102,916		1.3	%		104,865		(0.6	%)		104,263		102,916		1.3	%
Cash dividends declared per common share (1)	$	0.15	$	0.11		36.4	%	$	0.15		0.0	%	$	0.45	$	0.33		36.4	%

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GAAP Results of Operations (Unaudited)
	Three Months Ended															Nine Months Ended
($ in 000s except per share information)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change			9/30/2021			9/30/2020		% Change
Revenues:
Commissions	$	189,239		$	172,654			9.6	%	$	195,579			(3.2	%)	$	598,432		$	560,780		6.7	%
Principal transactions		118,977			140,883			(15.5	%)		152,597			(22.0	%)		436,580			445,566		(2.0	%)
Brokerage revenues		308,216			313,537			(1.7	%)		348,176			(11.5	%)		1,035,012			1,006,346		2.8	%
Capital raising		164,061			137,292			19.5	%		169,778			(3.4	%)		542,645			359,885		50.8	%
Advisory fees		208,218			80,842			157.6	%		206,665			0.8	%		545,365			254,752		114.1	%
Investment banking		372,279			218,134			70.7	%		376,443			(1.1	%)		1,088,010			614,637		77.0	%
Asset management and service fees		313,862			230,782			36.0	%		295,869			6.1	%		887,878			667,496		33.0	%
Other income		18,760			20,258			(7.4	%)		13,235			41.7	%		57,629			50,979		13.0	%
Operating revenues		1,013,117			782,711			29.4	%		1,033,723			(2.0	%)		3,068,529			2,339,458		31.2	%
Interest revenue		141,844			114,411			24.0	%		133,591			6.2	%		402,975			403,956		(0.2	%)
Total revenues		1,154,961			897,122			28.7	%		1,167,314			(1.1	%)		3,471,504			2,743,414		26.5	%
Interest expense		10,023			13,822			(27.5	%)		14,178			(29.3	%)		38,641			51,263		(24.6	%)
Net revenues		1,144,938			883,300			29.6	%		1,153,136			(0.7	%)		3,432,863			2,692,151		27.5	%
Non-interest expenses:
Compensation and benefits		672,385			533,638			26.0	%		692,054			(2.8	%)		2,062,353			1,657,991		24.4	%
Occupancy and equipment rental		72,160			68,598			5.2	%		70,971			1.7	%		215,163			200,935		7.1	%
Communication and office supplies		40,432			40,123			0.8	%		41,308			(2.1	%)		123,565			124,293		(0.6	%)
Commissions and floor brokerage		14,744			13,254			11.2	%		13,977			5.5	%		44,424			43,273		2.7	%
Provision for credit losses		(660	)		(1,353	)		(51.2	%)		(9,652	)		(93.2	%)		(15,564	)		33,925		(145.9	%)
Other operating expenses		89,375			70,647			26.5	%		80,453			11.1	%		254,503			215,275		18.2	%
Total non-interest expenses		888,436			724,907			22.6	%		889,111			(0.1	%)		2,684,444			2,275,692		18.0	%
Income before income taxes		256,502			158,393			61.9	%		264,025			(2.8	%)		748,419			416,459		79.7	%
Provision for income taxes		64,126			37,866			69.3	%		65,948			(2.8	%)		184,951			101,456		82.3	%
Net income		192,376			120,527			59.6	%		198,077			(2.9	%)		563,468			315,003		78.9	%
Preferred dividends		9,689			9,897			(2.1	%)		8,289			16.9	%		26,267			19,584		34.1	%
Net income available to common shareholders	$	182,687		$	110,630			65.1	%	$	189,788			(3.7	%)	$	537,201		$	295,419		81.8	%
Earnings per common share: (1)
Basic	$	1.70		$	1.04			63.5	%	$	1.76			(3.4	%)	$	4.99		$	2.78		79.5	%
Diluted	$	1.54		$	0.97			58.8	%	$	1.60			(3.8	%)	$	4.54		$	2.60		74.6	%
Weighted average number of common shares outstanding: (1)
Basic		107,379			105,941			1.4	%		107,837			(0.4	%)		107,655			106,221		1.4	%
Diluted		118,475			113,775			4.1	%		118,602			(0.1	%)		118,355			113,568		4.2	%

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Cash dividends declared per common share (1) $ 0.15 $ 0.11 36.4 % $ 0.15 0.0 % $ 0.45 $ 0.33 36.4 %

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Non-GAAP Results of Operations (Unaudited)
	Three Months Ended															Nine Months Ended
($ in 000s except per share information)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change			9/30/2021			9/30/2020		% Change
Revenues:
Commissions	$	189,239		$	172,654			9.6	%	$	195,579			(3.2	%)	$	598,432		$	560,780		6.7	%
Principal transactions		118,977			140,883			(15.5	%)		152,597			(22.0	%)		436,580			445,566		(2.0	%)
Brokerage revenues		308,216			313,537			(1.7	%)		348,176			(11.5	%)		1,035,012			1,006,346		2.8	%
Capital raising		164,061			137,292			19.5	%		169,778			(3.4	%)		542,645			359,885		50.8	%
Advisory fees		208,218			80,842			157.6	%		206,665			0.8	%		545,365			254,752		114.1	%
Investment banking		372,279			218,134			70.7	%		376,443			(1.1	%)		1,088,010			614,637		77.0	%
Asset management and service fees		313,862			230,782			36.0	%		295,869			6.1	%		887,878			667,496		33.0	%
Other income		18,760			20,258			(7.4	%)		13,197			42.2	%		57,657			51,158		12.7	%
Operating revenues		1,013,117			782,711			29.4	%		1,033,685			(2.0	%)		3,068,557			2,339,637		31.2	%
Interest revenue		141,844			114,411			24.0	%		133,591			6.2	%		402,975			403,956		(0.2	%)
Total revenues		1,154,961			897,122			28.7	%		1,167,276			(1.1	%)		3,471,532			2,743,593		26.5	%
Interest expense		10,023			13,822			(27.5	%)		14,178			(29.3	%)		38,516			51,263		(24.9	%)
Net revenues		1,144,938			883,300			29.6	%		1,153,098			(0.7	%)		3,433,016			2,692,330		27.5	%
Non-interest expenses:
Compensation and benefits		666,605			526,868			26.5	%		685,935			(2.8	%)		2,044,280			1,635,084		25.0	%
Occupancy and equipment rental		72,129			68,493			5.3	%		70,938			1.7	%		215,068			200,252		7.4	%
Communication and office supplies		40,432			40,017			1.0	%		41,232			(1.9	%)		123,489			123,790		(0.2	%)
Commissions and floor brokerage		14,744			13,254			11.2	%		13,977			5.5	%		44,424			43,273		2.7	%
Provision for credit losses		(660	)		(1,353	)		(51.2	%)		(9,652	)		(93.2	%)		(15,564	)		33,925		(145.9	%)
Other operating expenses		77,903			64,639			20.5	%		70,275			10.9	%		223,820			196,789		13.7	%
Total non-interest expenses		871,153			711,918			22.4	%		872,705			(0.2	%)		2,635,517			2,233,113		18.0	%
Income before income taxes		273,785			171,382			59.8	%		280,393			(2.4	%)		797,499			459,217		73.7	%
Provision for income taxes		68,443			40,960			67.1	%		70,037			(2.3	%)		197,087			111,840		76.2	%
Net income		205,342			130,422			57.4	%		210,356			(2.4	%)		600,412			347,377		72.8	%
Preferred dividends		9,689			9,897			(2.1	%)		8,289			16.9	%		26,267			19,584		34.1	%
Net income available to common shareholders	$	195,653		$	120,525			62.3	%	$	202,067			(3.2	%)	$	574,145		$	327,793		75.2	%
Earnings per common share: (1)
Basic	$	1.82		$	1.14			59.6	%	$	1.87			(2.7	%)	$	5.33		$	3.09		72.5	%
Diluted	$	1.65		$	1.06			55.7	%	$	1.70			(2.9	%)	$	4.85		$	2.89		67.8	%
Weighted average number of common shares outstanding: (1)
Basic		107,379			105,941			1.4	%		107,837			(0.4	%)		107,655			106,221		1.4	%

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Diluted		118,475		113,775	4.1	%		118,602	(0.1	%)		118,355		113,568	4.2	%
Cash dividends declared per common share (1)	$	0.15	$	0.11	36.4	%	$	0.15	0.0	%	$	0.45	$	0.33	36.4	%

Consolidated Financial Summary
	Three Months Ended															Nine Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change			9/30/2021			9/30/2020			% Change
Net revenues:
Global Wealth Management	$	655,533		$	526,836			24.4	%	$	637,567			2.8	%	$	1,924,595		$	1,615,574			19.1	%
Institutional Group		492,284			363,365			35.5	%		520,811			(5.5	%)		1,519,176			1,093,699			38.9	%
Other		(2,879	)		(6,901	)		(58.3	%)		(5,242	)		(45.1	%)		(10,908	)		(17,122	)		(36.3	%)
Total net revenues	$	1,144,938		$	883,300			29.6	%	$	1,153,136			(0.7	%)	$	3,432,863		$	2,692,151			27.5	%
Operating expenses:
Global Wealth Management	$	423,414		$	347,906			21.7	%	$	410,262			3.2	%	$	1,241,940		$	1,086,152			14.3	%
Institutional Group		367,192			286,524			28.2	%		379,317			(3.2	%)		1,135,402			892,069			27.3	%
Other		97,830			90,477			8.1	%		99,532			(1.7	%)		307,102			297,471			3.2	%
Total operating expenses	$	888,436		$	724,907			22.6	%	$	889,111			(0.1	%)	$	2,684,444		$	2,275,692			18.0	%
Operating contribution:
Global Wealth Management	$	232,119		$	178,930			29.7	%	$	227,305			2.1	%	$	682,655		$	529,422			28.9	%
Institutional Group		125,092			76,841			62.8	%		141,494			(11.6	%)		383,774			201,630			90.3	%
Other		(100,709	)		(97,378	)		3.4	%		(104,774	)		(3.9	%)		(318,010	)		(314,593	)		1.1	%
Income before income taxes	$	256,502		$	158,393			61.9	%	$	264,025			(2.8	%)	$	748,419		$	416,459			79.7	%
Financial ratios:
Compensation and benefits		58.7	%		60.4	%		(170	)		60.0	%		(130	)		60.1	%		61.6	%		(150	)
Non-compensation operating expenses		18.9	%		21.7	%		(280	)		17.1	%		180			18.1	%		22.9	%		(480	)
Income before income taxes		22.4	%		17.9	%		450			22.9	%		(50	)		21.8	%		15.5	%		630
Effective tax rate		25.0	%		23.9	%		110			25.0	%		-			24.7	%		24.4	%		30

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Consolidated Financial Information and Metrics
	Three Months Ended
(Unaudited, $ in 000s except percentages and per share data)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change
Financial Information:
Total assets	$	30,820,334		$	25,549,182			20.6	%	$	29,744,764			3.6	%
Total shareholders' equity	$	4,791,324		$	4,030,687			18.9	%	$	4,508,790			6.3	%
Total common equity	$	4,106,324		$	3,495,687			17.5	%	$	3,973,790			3.3	%
Less: Goodwill and intangible assets	$	(1,310,038	)	$	(1,327,470	)		(1.3	%)	$	(1,314,818	)		(0.4	%)
Less: DTL on goodwill and intangible assets	$	55,430		$	50,389			10.0	%	$	54,049			2.6	%
Tangible common equity	$	2,851,716		$	2,218,606			28.5	%	$	2,713,021			5.1	%
Preferred equity	$	685,000		$	535,000			28.0	%	$	535,000			28.0	%
Financial Metrics:
Book value per common share (1)(3)	$	39.38		$	33.97			15.9	%	$	37.89			3.9	%
Tangible book value per common share (1) (3)	$	27.35		$	21.56			26.9	%	$	25.87			5.7	%
Return on common equity (4)		17.9	%		12.8	%					19.4	%
Non-GAAP return on common equity (2)(4)		19.2	%		14.0	%					20.6	%
Return on tangible common equity (5)		25.9	%		20.4	%					28.6	%
Non-GAAP return on tangible common equity (2)(5)		27.7	%		22.2	%					30.5	%
Pre-tax margin on net revenues		22.4	%		17.9	%					22.9	%
Non-GAAP pre-tax margin on net revenues (2)		23.9	%		19.4	%					24.3	%
Effective tax rate		25.0	%		23.9	%					25.0	%
Non-GAAP effective tax rate (2)		25.0	%		23.9	%					25.0	%

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Regulatory Capital
	Three Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change
SF Regulatory Capital (6):
Common equity tier 1 capital	$	2,816,734		$	2,197,654			28.2	%	$	2,672,682			5.4	%
Tier 1 capital	$	3,501,734		$	2,732,654			28.1	%	$	3,207,682			9.2	%
Risk-weighted assets	$	16,993,177		$	14,226,930			19.4	%	$	16,952,415			0.2	%
Common equity tier 1 capital ratio		16.6	%		15.4	%					15.8	%
Tier 1 risk based capital ratio		20.6	%		19.2	%					18.9	%
Tier 1 leverage capital ratio		12.0	%		11.3	%					11.7	%
Stifel Bank & Trust Regulatory Capital (6):
Common equity tier 1 capital	$	1,145,805		$	1,034,480			10.8	%	$	1,069,763			7.1	%
Tier 1 capital	$	1,145,805		$	1,034,480			10.8	%	$	1,069,763			7.1	%
Risk-weighted assets	$	10,727,146		$	8,828,450			21.5	%	$	9,958,105			7.7	%
Common equity tier 1 capital ratio		10.7	%		11.7	%					10.7	%
Tier 1 risk based capital ratio		10.7	%		11.7	%					10.7	%
Tier 1 leverage capital ratio		7.0	%		7.2	%					7.0	%
Stifel Bank Regulatory Capital (6):
Common equity tier 1 capital	$	309,150		$	201,106			53.7	%	$	326,622			(5.3	%)
Tier 1 capital	$	309,150		$	201,106			53.7	%	$	326,622			(5.3	%)
Risk-weighted assets	$	1,480,711		$	1,117,013			32.6	%	$	1,593,962			(7.1	%)
Common equity tier 1 capital ratio		20.9	%		18.0	%					20.5	%
Tier 1 risk based capital ratio		20.9	%		18.0	%					20.5	%
Tier 1 leverage capital ratio		7.1	%		7.3	%					7.1	%
Stifel Net Capital:
Net capital	$	654,900		$	468,500			39.8	%	$	614,500			6.6	%
Excess net capital	$	628,600		$	443,700			41.7	%	$	584,000			7.6	%

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Global Wealth Management - Summary Results of Operations
	Three Months Ended															Nine Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change			9/30/2021			9/30/2020			% Change
Revenues:
Commissions	$	133,998		$	120,600			11.1	%	$	139,653			(4.0	%)	$	421,156		$	373,653			12.7	%
Principal transactions		50,074			42,027			19.1	%		55,209			(9.3	%)		158,882			127,976			24.1	%
Brokerage revenues		184,072			162,627			13.2	%		194,862			(5.5	%)		580,038			501,629			15.6	%
Asset management and service fees		313,838			230,765			36.0	%		295,847			6.1	%		887,794			667,446			33.0	%
Net interest		130,341			108,181			20.5	%		124,686			4.5	%		372,802			368,427			1.2	%
Investment banking (7)		11,580			8,113			42.7	%		11,898			(2.7	%)		37,027			26,462			39.9	%
Other income		15,702			17,150			(8.4	%)		10,274			52.8	%		46,934			51,610			(9.1	%)
Net revenues		655,533			526,836			24.4	%		637,567			2.8	%		1,924,595			1,615,574			19.1	%
Non-interest expenses:
Compensation and benefits		342,792			277,903			23.3	%		341,367			0.4	%		1,020,880			834,564			22.3	%
Non-compensation operating expenses		80,622			70,003			15.2	%		68,895			17.0	%		221,060			251,588			(12.1	%)
Total non-interest expenses		423,414			347,906			21.7	%		410,262			3.2	%		1,241,940			1,086,152			14.3	%
Income before income taxes	$	232,119		$	178,930			29.7	%	$	227,305			2.1	%	$	682,655		$	529,422			28.9	%
As a percentage of net revenues:
Compensation and benefits		52.3	%		52.7	%		(40	)		53.5	%		(120	)		53.0	%		51.7	%		130
Non-compensation operating expenses		12.3	%		13.3	%		(100	)		10.8	%		150			11.5	%		15.5	%		(400	)
Income before income taxes		35.4	%		34.0	%		140			35.7	%		(30	)		35.5	%		32.8	%		270

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Global Wealth Management - Statistical Information
	Three Months Ended
(Unaudited, $ in 000s except financial advisors and locations)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change
Financial advisors		2,212			2,177			1.6	%		2,190			1.0	%
Independent contractors		90			94			(4.3	%)		92			(2.2	%)
Total financial advisors		2,302			2,271			1.4	%		2,282			0.9	%
Locations		447			451			(0.9	%)		446			0.2	%
Total client assets	$	406,959,000		$	325,159,000			25.2	%	$	402,442,000			1.1	%
Fee-based client assets	$	150,472,000		$	115,162,000			30.7	%	$	148,838,000			1.1	%
Brokerage assets	$	256,487,000		$	209,997,000			22.1	%	$	253,604,000			1.1	%
Client money market and insured product	$	24,974,000		$	20,367,000			22.6	%	$	23,615,000			5.8	%
Secured client lending (8)	$	3,588,799		$	2,783,138			28.9	%	$	3,451,625			4.0	%
Asset Management and Service Fee Revenue ($ in 000s):
Private Client Group (9)	$	267,300		$	190,799			40.1	%	$	249,273			7.2	%
Asset Management		33,145			27,539			20.4	%		32,202			2.9	%
Third-party Bank Sweep Program		791			1,623			(51.3	%)		1,516			(47.8	%)
Other (10)		12,626			10,821			16.7	%		12,878			(2.0	%)
Total asset management and service fee revenues	$	313,862		$	230,782			36.0	%	$	295,869			6.1	%
Fee-based Assets ($ in millions):
Private Client Group (9)	$	130,931			99,374			31.8	%	$	129,565			1.1	%
Asset Management		33,655			27,196			23.7	%		33,289			1.1	%
Elimination (11)		(14,114	)		(11,408	)		23.7	%		(14,015	)		0.7	%
Total fee-based assets	$	150,472		$	115,162			30.7	%	$	148,839			1.1	%
Third-party Bank Sweep Program	$	6,051		$	4,691			29.0	%	$	5,795			4.4	%
ROA (bps) (12):
Private Client Group (9)		82.5			83.5						83.2
Asset Management		39.4			40.5						38.7
Third-party Bank Sweep Program		5.0			15.2						9.9

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Institutional Group - Summary Results of Operations
	Three Months Ended															Nine Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change			9/30/2021			9/30/2020			% Change
Revenues:
Commissions	$	55,241		$	52,054			6.1	%	$	55,926			(1.2	%)	$	177,276		$	187,127			(5.3	%)
Principal transactions		68,904			98,856			(30.3	%)		97,388			(29.2	%)		277,699			317,590			(12.6	%)
Brokerage revenues		124,145			150,910			(17.7	%)		153,314			(19.0	%)		454,975			504,717			(9.9	%)
Capital raising		152,481			129,179			18.0	%		157,880			(3.4	%)		505,618			333,442			51.6	%
Advisory fees		208,218			80,842			157.6	%		206,665			0.8	%		545,365			254,733			114.1	%
Investment banking		360,699			210,021			71.7	%		364,545			(1.1	%)		1,050,983			588,175			78.7	%
Other income (13)		7,440			2,434			205.7	%		2,952			152.0	%		13,218			807		nm
Net revenues		492,284			363,365			35.5	%		520,811			(5.5	%)		1,519,176			1,093,699			38.9	%
Non-interest expenses:
Compensation and benefits		283,063			210,754			34.3	%		299,469			(5.5	%)		884,156			658,162			34.3	%
Non-compensation operating expenses		84,129			75,770			11.0	%		79,848			5.4	%		251,246			233,907			7.4	%
Total non-interest expenses		367,192			286,524			28.2	%		379,317			(3.2	%)		1,135,402			892,069			27.3	%
Income before income taxes	$	125,092		$	76,841			62.8	%	$	141,494			(11.6	%)	$	383,774		$	201,630			90.3	%
As a percentage of net revenues:
Compensation and benefits		57.5	%		58.0	%		(50	)		57.5	%		-			58.2	%		60.2	%		(200	)
Non-compensation operating expenses		17.1	%		20.9	%		(380	)		15.3	%		180			16.5	%		21.4	%		(490	)
Income before income taxes		25.4	%		21.1	%		430			27.2	%		(180	)		25.3	%		18.4	%		690

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Stifel Bancorp - Financial Information and Credit Metrics
	Three Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			% Change			6/30/2021			% Change
Stifel Bancorp Financial Information:
Total assets	$	22,164,598		$	17,854,768			24.1	%	$	21,250,293			4.3	%
Total shareholder's equity	$	1,607,936		$	1,378,981			16.6	%	$	1,563,380			2.8	%
Total loans, net (includes loans held for sale)	$	13,658,697		$	10,932,235			24.9	%	$	13,164,958			3.8	%
Commercial and industrial		5,033,313			4,080,939			23.3	%		4,950,516			1.7	%
Residential real estate		4,952,372			3,804,836			30.2	%		4,567,467			8.4	%
Securities-based loans		2,581,705			1,841,516			40.2	%		2,331,737			10.7	%
Commercial real estate		369,502			386,957			(4.5	%)		370,517			(0.3	%)
Other		694,395			639,440			8.6	%		678,570			2.3	%
Loans held for sale		156,110			281,475			(44.5	%)		394,017			(60.4	%)
Investment securities	$	7,587,896		$	6,219,000			22.0	%	$	7,264,849			4.4	%
Available-for-sale securities, at fair value		2,242,465			2,823,885			(20.6	%)		2,279,678			(1.6	%)
Held-to-maturity securities, at amortized cost		5,345,431			3,395,115			57.4	%		4,985,171			7.2	%
Total deposits	$	20,398,874		$	16,400,001			24.4	%	$	19,608,800			4.0	%
Demand deposits (interest-bearing)		19,729,032			16,017,047			23.2	%		18,908,576			4.3	%
Demand deposits (non interest-bearing)		635,059			271,056			134.3	%		643,890			(1.4	%)
Certificates of deposit		34,783			111,898			(68.9	%)		56,334			(38.3	%)
Credit Metrics:
Allowance for credit losses	$	114,531		$	135,275			(15.3	%)	$	115,190			(0.6	%)
Allowance as a percentage of retained loans		0.84	%		1.26	%					0.90	%
Net charge-offs as a percentage of average loans		0.00	%		0.00	%					0.03	%
Total nonperforming assets	$	8,449		$	14,615			(42.2	%)	$	9,808			(13.9	%)
Nonperforming assets as a percentage of total assets		0.04	%		0.08	%					0.05	%

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Loans and Lending Commitments - Allowance for Credit Losses
	Loans and Lending
(Unaudited, $ in 000s except percentages)	Commitments		ACL		ACL %			Q3 Provision
Commercial and industrial	$	5,033,313	$	46,687		0.9	%	$	(256	)
Residential real estate		4,952,372		23,904		0.5	%		2,637
Securities-based loans		2,581,705		3,327		0.1	%		808
Commercial real estate		369,502		5,321		1.4	%		(6,582	)
Other		694,395		15,054		2.2	%		(1,510	)
Loans held for investment, gross		13,631,287		94,293		0.7	%		(4,903	)
Loans held for sale		156,110
Total loans, gross		13,787,397
Lending commitments		3,519,000		20,238		0.6	%		4,243
Loans and lending commitments	$	17,306,397	$	114,531				$	(660	)

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Consolidated Net Interest Income
	Three Months Ended
	September 30, 2021								September 30, 2020								June 30, 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	$	1,537.9	$	1.0			0.27	%	$	1,789.8	$	1.1			0.25	%	$	1,249.2	$	0.8		0.26	%
Financial instruments owned		1,001.2		3.6			1.43	%		801.3		2.9			1.46	%		979.7		2.5		1.04	%
Margin balances		1,081.0		6.6			2.45	%		872.5		5.8			2.66	%		1,059.3		6.3		2.37	%
Investments:
Asset-backed securities		5,393.1		25.2			1.87	%		4,838.7		25.3			2.09	%		5,132.9		22.8		1.77	%
Mortgage-backed securities		1,068.4		3.7			1.40	%		824.0		3.2			1.55	%		1,070.5		4.1		1.53	%
Corporate fixed income securities		775.7		5.3			2.72	%		551.8		3.5			2.50	%		709.7		4.6		2.61	%
Other		4.9		-			1.95	%		7.3		-			2.04	%		5.8		-		2.11	%
Total investments		7,242.1		34.2			1.89	%		6,221.8		32.0			2.06	%		6,918.9		31.5		1.82	%
Loans:
Commercial and industrial		4,915.9		40.9			3.33	%		4,036.3		30.1			2.98	%		5,055.4		43.3		3.43	%
Residential real estate		4,743.3		30.7			2.59	%		3,711.2		26.1			2.81	%		4,296.5		28.5		2.66	%
Securities-based loans		2,425.0		11.7			1.94	%		1,787.1		9.2			2.05	%		2,214.1		10.8		1.94	%
Commercial real estate		365.3		3.4			3.77	%		400.0		3.8			3.76	%		417.7		3.0		2.89	%
Loans held for sale		364.1		2.8			3.02	%		460.1		2.6			2.25	%		286.7		1.6		2.20	%
Other		677.4		5.6			3.30	%		602.9		4.5			3.02	%		688.6		5.2		3.03	%
Total loans		13,491.0		95.1			2.82	%		10,997.6		76.3			2.77	%		12,959.0		92.4		2.85	%
Other interest-bearing assets		702.5		1.3			0.74	%		547.7		(3.7	)		(2.69	%)		698.9		0.1		0.01	%
Total interest-bearing assets/ interest income		25,055.7		141.8			2.26	%		21,230.7		114.4			2.16	%		23,865.0		133.6		2.24	%
Interest-bearing liabilities:
Senior notes		1,113.0		11.9			4.26	%		1,411.8		15.4			4.37	%		1,112.7		12.0		4.30	%
Deposits		19,545.5		1.1			0.02	%		16,379.2		1.5			0.04	%		18,637.1		1.2		0.03	%
Federal Home Loan advances		5.7		-			0.28	%		157.1		0.5			1.31	%		60.3		-		0.27	%
Other interest-bearing liabilities		1,346.0		(3.0	)		(0.87	%)		1,071.6		(3.6	)		(1.34	%)		1,441.9		1.0		0.26	%
Total interest-bearing liabilities/ interest expense	$	22,010.2		10.0			0.18	%	$	19,019.7		13.8			0.29	%	$	21,252.0		14.2		0.27	%
Net interest income/margin			$	131.8			2.10	%			$	100.6			1.90	%			$	119.4		2.00	%

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

Stifel Bancorp Net Interest Income
	Three Months Ended
	September 30, 2021							September 30, 2020							June 30, 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	$	730.0	$	0.3		0.19	%	$	786.0	$	0.3		0.14	%	$	611.9	$	0.2		0.14	%
Investments		7,242.1		34.2		1.89	%		6,221.8		32.0		2.06	%		6,918.9		31.5		1.82	%
Loans		13,491.0		95.1		2.82	%		10,997.6		76.3		2.77	%		12,959.0		92.4		2.85	%
Other interest-bearing assets		43.5		0.4		3.10	%		42.9		0.2		2.86	%		44.5		0.4		3.21	%
Total interest-bearing assets/ interest income	$	21,506.6	$	130.0		2.42	%	$	18,048.3	$	108.8		2.41	%	$	20,534.3	$	124.5		2.42	%
Interest-bearing liabilities:
Deposits	$	19,545.5	$	1.1		0.02	%	$	16,379.2	$	1.5		0.04	%	$	18,637.1	$	1.2		0.03	%
Federal Home Loan advances		5.7		-		0.28	%		157.1		0.5		1.31	%		60.3		-		0.27	%
Other interest-bearing liabilities		1.3		-		6.87	%		1.5		-		6.08	%		1.3		0.1		7.44	%
Total interest-bearing liabilities/ interest expense	$	19,552.5		1.1		0.02	%	$	16,537.8		2.0		0.05	%	$	18,698.7		1.3		0.03	%
Net interest income/margin			$	128.9		2.40	%			$	106.8		2.37	%			$	123.2		2.40	%

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GAAP to Core Reconciliation
	Three Months Ended															Nine Months Ended
(Unaudited, $ in 000s except percentages)	9/30/2021			9/30/2020			Change			6/30/2021			Change			9/30/2021			9/30/2020			Change
GAAP net revenues	$	1,144,938		$	883,300					$	1,153,136					$	3,432,863		$	2,692,151
Non-GAAP adjustments		-			-						(38	)					153			179
Non-GAAP net revenues		1,144,938			883,300						1,153,098						3,433,016			2,692,330
GAAP compensation and benefits expense		672,385			533,638						692,054						2,062,353			1,657,991
Merger-related (14)		(5,780	)		(6,770	)					(6,119	)					(18,073	)		(22,907	)
Non-GAAP compensation and benefits expense		666,605			526,868						685,935						2,044,280			1,635,084
GAAP non-compensation operating expenses		216,051			191,269						197,057						622,091			617,701
Merger-related (14)		(11,503	)		(6,219	)					(10,287	)					(30,854	)		(19,672	)
Non-GAAP non-compensation operating expenses		204,548			185,050						186,770						591,237			598,029
GAAP provision for income taxes		64,126			37,866						65,948						184,951			101,456
Merger-related and other (14)		4,317			3,094						4,089						12,136			10,384
Non-GAAP provision for income taxes		68,443			40,960						70,037						197,087			111,840
Total merger-related adjustments		(17,283	)		(12,989	)					(16,368	)					(49,080	)		(42,758	)
Financial ratios:
Compensation and benefits		58.2	%		59.6	%		(140	)		59.5	%		(130	)		59.5	%		60.7	%		(120	)
Non-compensation operating expenses		17.9	%		21.0	%		(310	)		16.2	%		170			17.3	%		22.2	%		(490	)
Income before income taxes		23.9	%		19.4	%		450			24.3	%		(40	)		23.2	%		17.1	%		610
Effective tax rate		25.0	%		23.9	%		110			25.0	%		-			24.7	%		24.4	%		30

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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 $54.5 million, $49.6 million, and $53.1 million, as of September 30, 2021 and 2020, and June 30, 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 October 27, 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.

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Disclaimer and Legal Notice

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