and the quarter. this net less in pleased than website. million a our or a deck of thank revenue year. EPS of decline we on management $XX XXXX history of with third and businesses. of equity This and to basis, equity to strength our roughly sequential of tangible quarter of nonrecurring listen million, pretax everyone quarter best release Jim. results. we non-GAAP results modest Thanks income increased from $X institutional $X.XX and time Good $X.XX. were issued our we quarter our We million, to diluted by I of you was After wealth posted $XX and at in $XXX global am quarter $XXX million income a for the XX%, and charges, on with slide taking afternoon related non-GAAP results second returns the on second the deal common record afternoon our net for third as press adjusting nearly generated Also EPS down common generated in revenue very our annualized GAAP offset respectfully. came in a XX% our million
and revenue to addition drive XX.X% for our the margins our XX.X%. a pretax ratio In XX.X% of non-GAAP non-comp quarter, respectfully sequentially our comp and to strength for comp ratio operating nearly non-GAAP seven-year the expenses, to of high helped and in operating declined
a transaction, we the relatively announced didn't structure giving return of On and to Wealth quarter, senior transaction our was acquisition and to This the another notes This morning, announced take during XX to price. paid advantage we capital so us the front, Ziegler our and capital purchase dividend yields small way Management. we capital issued attractive shareholders. disclose we round years out $XXX to regular of of quarterly million
is our important of us. for form way, an client of is this $X under this adds and assets However, another financial essentially billion platform. transaction approximately another Said just it nearly to XX as advisors management recruiting
segment detail signed results. the agreed pleased me that, our at morning, part of to to transaction speaking of Stifel through in let With the and more and on the that Stifel with I continuation agreements be who the XXX% this expect as to am In of advisors Ziegler, accretive. We go were business mildly have be lines have culture family. offered
specific Overall, I the our general our slides. revenue will the investment banking, in trends income. being offset management in total institutional during into net walk I we industry-wide. and global increased at quarter driven that from the later is more weakness group interest of the third wealth by the weaknesses increases next XX% I in Looking the in get XXXX net will quarter in by slide, and business note detail asset revenue experienced institutional through would increases institutional brokerage management experienced brokerage. These were and in
revenue and fee that revenues our advisory, private a result noted in our period past slide of and the and changed to continued grow past. and on market past volatility sheet revenue our has same during businesses sheet. only and six balance slide to moving greater year the of low quarter, the fee-based revenues balance from the composition the client how bank such results focus streams Our of years the nearly on in ago. direct of volumes for ability over revenue percentage accounted invest based total strategy recurring and are the accounts is in in indicate a this XX% up a streams than I the the we despite These our net in as market XX% to driven growth have
same case that in that revenues to generate our higher that the bank nearly margins. our these streams add of Additionally, The increased consistency revenue they XX% benefits timeframe. is these greater and results over to
Our XX%. year-to-date more revenues than $X.X totaled up billion,
to at asset banking Moving banking, management best investment closer look quarter the respect in We our recorded brokerage our a on take we and second history. slide. investment With revenue. next
from less quarter. XX% in the As and previous to down than investment posted banking compared the prior we increased X% the record quarter, was
into the and quarter. straight Our the fourth business second quarter for remains strong very healthy was advisory going
banking has note benefit year, on with of I in another be traction to closings. from FIG, I vertical, $XXX the areas that vertical number XX we outside Our continued we up in as is made had revenue advised KBW a recently. are both space. the growth well business. million FIG private far XX continues these any the we pleased as for and we of strong including broad-based Technology and first to the in on as results as we verticals, industrial from Revenue advisory a reflects strong XXXX for have did were investments so getting top energy the our very and year-over-year. nine impact placement of is which largest focused months the as is This XX% our number are that have results quarter fees deals of from and solid in be this would am us. the of technology this
primarily year underwriting equity increase from of was XX% strong quarter. The the prior result increased business raising capital Our revenues. the
business the but XXXX. in the record public second was Our finance strong, remains of down quarter from performance
more the year-over-year were as flat than market new of pools quarter Our continues equity relatively remained underwriting increased fee issue the to year-over-year. improve despite that the and revenue in XXX% tone industry-wide solid volume
sequentially the fee solid more declined in a London quarter. first healthcare to that activity quarter in levels. they contributed I business levels from the in gain pleased revenues our Our to technology also back significant revenues am but as to traction equity FIG were pulled quarter similar remains while as office continues second our
increase record year-over-year in have Looking an lower public debt levels X% from that refunding due at finance XXXX We the to market despite declined generated underwriting. fact primarily volumes activity.
ending share. nationally negotiated new ranked be the to quarter one senior number the managed in of issues XX.X% continue We with market number
lower sequentially debt brokerage X% business the passive industry-wide revenues to equity of lows in our in brokerage trends volumes, fee the to the our continue with our revenue. summer face shift volume In due Looking management institutional negatively lower levels This typically to mutual the would as and at revenues investing and as wealth summer brokerage, quarter volatility, relatively revenue. corporate by impacted declined seasonal overall sequential be historic revenues activity seasonally months. activity in brokerage by a market of the as Global and to continues depressed months. from headwinds we funds levels I also were declines continue that line toward in well declines. slowness to note advisory see
XX% as face in headwinds included XX% yield volatility. line and equity similar our a industry low sequential decline daily brokerage to in the low the is The industry-wide average the flattening volumes. nearly for decline that income curve fixed relatively rate, of interest business story continues Our with was
revenue in the sequential relatively with trades. on reported X% as declined volume daily X%, line which was average sequential Our decline in
that Lastly, fee-based we client our a revenue see banks. as to and accounts client extent at rate third-party our deposits our from management cash continue lesser benefits result asset in increase funds growth in fed a of the increase held to strong
to rate, increases increase investors in fee-based fee-based management as assets, our by average bank average to in noted, this toward the interest with interest our Along funds continued our revenues earning interest slowdown trend consolidated as assets at an our nearly growth As as our net increased sequentially, been mirrors in balance has well improvements increase We loan $XXX a yields $XX business $XX.X ongoing in net in our accounts. result fed The X% our grew has portfolio. this move XX% grow this the brokerage as activity bank as the in interest-earning as by firm-wide nearly in and our segment sheet billion. continue we focuses next nearly earning assets our in growth in assets slide on to improve billion. interest net which of which has interest increased margin improve Total increased million continued margin. to income, our year-over-year wealth
included yields slide to and a We liabilities. assets our table the on on have the illustrate
loans As will our growth drivers you and the year-over-year trend been believe could in commercial in growth significant security loans see, we the based yield asset and this and of continue. have sequential
XX side, quarter, doubled liability would that basis flat. be the Last to net interest margins the also the sequentially to cost deposits bank as you On increased they likely commented points. see we can
the as three as XXX am to to increased accretion interest CLO from June basis rate that our in points it However, points I the portfolio. increase please to refinancing well additional activity resulting due note basis
margin in As the margin of points. a our interest bank increased firm-wide was pickup rates, the net XXX margin basis and result of net interest
we for points. on next from In consolidated will to slides, fourth terms the five basis quarter, up the be I would our results quarterly expect primary and touch it the bank flat few segments. NIM two of in the to expectations In
management from quarter. as quarter wealth up from revenues to starting global am the prior net XX% were year another management. and results modestly increased So with the quarter's prior record wealth record pleased I for report
service the and as driven management by well record offset sequentially, growth The income. as said, net management growth activity in decline as as was record quarter interest than asset net to at Looking a income more asset fee-based accounts. due, shift I fees as sequential in well brokerage seasonal revenue interest slower net toward
fee-based to see which quarter to result As client up fee-based growth record total this ended asset asset management sequentially of revenue, continue assets the a up to X% $XXX were with We X% billion, assets $XX sequentially client third growth. outpace shift billion. record overall we versus asset of
basis cost XX%. As bank accounts points for base and quarter average bank significant fee-based fourth ratio a XXX trailing expense continued wealth comp asset our growth interest-earning revenue and priced be our declined The X% which fee-based of us assets basis net margin and nearly rose give interest ratios. levels, and of XXX quarter increased and the management's a solid global expense asset operating Net sequentially are and The assets year-over-year to the operating margin earnings on benefit interest pretax income levels declined to should continues revenues. from and asset continue resulted increase in growth. in in driver second another a quarter management X% ratio management points, off revenues as of and
with will to Bank a billion. from and increased & next The we as our million short assets lending. the closer would increased XX% loans growth was and quality, increased commercial sequentially quarter note duration $XX.XX X% $XXX mortgage to of Bank the bank securities in Total interest existing take average the that nearly at that adjusted I to sequentially. earning loan increased On Trust. approximately motor returns. majority of provide slide, Stifel long portfolio sequentially credit high was term assets clients. risk growth emphasizing was strategy Investment billion look our in commercial growth most assets the attractive $XX.X consistent of
a loan basis was $X for the the quarter yield As provision X.X portfolio's as expense The increased increased higher growth was approximately to average due and in to provision XXX loan points the years. duration loss sequential expense approximately in quarter. the million, such, was
credit in yields our deposits during the funds environment growth basis allowance spreads compression as due ratio remain to metrics and negative our in a Overall, nonperforming sequentially loan asset was percentage market a loans The deposit Our curve. betas raise for for C&I such We loans. as well pressure loss related of third XX yield as increased market on our to the is as did that strong we second points, and again XX end which as commented we to faces money pay points, quarter. headwinds earnings our credit client see The securities yield we raised our by further in tighter implication quality XX yield of assets basis current last not reinvest call average increased basis on of approximately during sequentially. an picked short the points June quarter. the on high duration, assets. commercial loan as I competitive bank flat at flatter was as the
on and in all lending XXX assets lending areas, compared yield approximately incremental has higher capacity However, in return we of our securities yields our expanded meaningful to in after-tax points to the resulting continue portfolio. basis generate key
slide. to increased it our Moving institutional the sequentially. from X% year next was the X% down In and business, prior
Our the sequentially. XX% straight quarter for was advisory revenue equities that benefited from up second strong business
current going of remains material and into half in that Overall, believe the that of end the where quarter. was at market, in it similar business healthy to year the any barring advisory is XXXX. the fourth quarter revenue to exceed half pipeline Our last the continue advisory will the second first of changes we our
pipeline feel heading quarter the going good equity fourth and For underwriting, XXXX. our into we about into
solid see particularly I That last following raising a from saw the year's election. said, remind fourth substantial financials capital to quarter, We in everyone in technology. interest and we November continue would pickup
the year. this in So be year-over-year comparison quarters prior than of difficult will more much
Our overall slowed in business fixed finance. strong a public following quarter income sequentially very second
see in changes in capital raising trends given The improvement sequentially, interest the expect was rates fourth for impact but could to remains this down would volumes levels to business. XXXX the debt business lag the outlook quarter and industry overall While in activity we seasonal good continue levels.
and will very both equities Our continue for that revenue by fixed institutional challenging. driven still conditions be brokerage income market are to
five average While is down its the so volatility remain steep few near the than year in weeks, the equity quarter and volumes are sequentially past curve far yield daily low year-over-year. fourth some in industry-wide and
challenging. improved have quarter-to-date, market fixed industry-wide While modestly conditions volumes income remain
business of fourth in business to look which improvement the pleased for the our our headwinds industry in changes continue market am this XXXX. diversified quarter, improvement business we in market some show institutional Although less for are with conditions, Overall, the I businesses. as the fact in certain for were despite strong the drivers primary continues the ideal conditions to model the revenues in business than
to only revenues despite strength XX conditions. business brokerage increased month market This the investment our of illustrates significant trailing in not our decline banking but ability Our institutional in revenue. various perform
on third sequentially. were quarter negative in the points at impact which at but segment XX%, basis quarter the in from second revenues modest institutional record a strongest ratio, our XX came up sequential a Our decline comp
quarter, the comp the up continued the nearly operating XX.X% basis to our sequentially. ratio resulted was ratio quarter XX%, This points XX of operating lowest our Although third reaching margins up institutional XXXX. level in expense is which decline of since in
prior the on billion up billion our balance finished on sheet, sheet. Bank. primarily to roughly $X quarter in Stifel due balance quarter from the Moving assets at We consolidated growth $XX.X to at our levels
capital. were the approximately said as continue opportunistically targeted Growth of we accelerated an Despite risk-adjusted third our the appropriate X for annual the grow growth September is first I expect securities. asset end were rate less were short the market XX.X% annual year billion, growth. capital As that $X our last our continuing believe was we focus be growth XX.X% of our future linear the think leverage Tier not rate quarter, X on loan sheet we growth XXXX, will duration best our while third necessarily in ratios half balance in to In growth although attractive. billion invest quarter, to $X risk-based returns thought generating of that and will about our Tier should to we At conditions tracking to the an as able portfolio way to below quarter, capital. continue slightly run run we in for with
up leverage second in earnings modestly loan the capital was to from ratio portfolio. ratio Our stronger due quarter declined retained our C&I risk-based due growth our to while strong
us sequential elevated this attractive in deploy This sheet, announced manage attractive increased at of round the to added our earlier, existing see dividend did funding likely mentioned increase way quarterly help gives growth, capital the to our felt The shares use shares us enhance our this $XXX than was be to funding the the the from equity. we quarter, over businesses. our have in tool of As our you At an of raised value balance short growth term most bank authorization. August. but returns rates seven $XX just in generating of growth million capital we quarter financing I result will a $XX.XX longer the currently the flexibility In term, existing and capital remains opportunistic not the as in sequential another repurchase on remaining structure. notes to out the we can $X.XX years and best We end in senior gives on an continue any to Book focus our as more on million quarter. a time basis. was long-term but given risk-adjusted it way its XX we of million regular lock
non-GAAP this and our expect non-GAAP review pretax merger-related we in incurred $XX represent quarter, million. impact we of or write-downs approximately for lease the compensation adjustments. charges, Barclays included charges results. and last reconciliation the minimal. quarter On of At cost, acquisition estimate move non-GAAP will Next the any charges $XX XXXX million legal related we our remaining expenses for severance. After related charges the to the additional we primarily barring we primarily GAAP In to XXXX charges, acquisition unexpected third our which Barclays, that be the slide our approximately these point and onto of that, in XX, will be
expectations. of our expense than they In were better consensus terms non-GAAP results,
excluding generate our guidance expenses, of just as $XXX XX.X%. Our year comp we decline in at million. line the ratio loss advisory consensus lower ratio were our million to time, of guidance At this insurance The bank. business estimates our XX.X% the in travel Operating $XXX our are to due XX.X% to to the maintaining $XXX under and to was sequential decrease continued growth was and continue loan in we with comp revenue of and legal, expense. provision, lower end million of full
to For seasonal that the quarter, that our note to would guidance for the of I operating quarterly of top million, fourth $XXX But end closer could maintaining put the million is of every there impact the quarter our year last range. excluding expenses the are we in $XXX provision operating loan expense losses. a
Lastly, grants. as the during impact in share of average terms of share shares quarter quarter any a unvested We share dilutive did repurchase increased XXX,XXX said, count, not, the during fully during higher nearly quarter. the by as I increased diluted the price
to million XX However, anticipate our our any share share repurchases count fluctuations we share to be or price, diluted shares. barring year-end approximately continue material in
rate and me update sensitivity. interest on our give regulatory let issues Now some a brief
MiFID. loss October no-action implementation new January highlighted backdrop by the published items. SEC two for XXXX the financial timely development On my view, for a is this and MiFID of occurs new In the provides market with This from inducements. X, and Europe concerning European framework II exemptive date Commission XX, First, simultaneously participants. Q&A
will to MiFID how to meeting that process fence SEC's of desire any in import the U.S. fact That regulation face. issue. the market. Therefore, could alter their the institutional on industry related clients how this simply with And this research to to exemptive First, our relief expenses. the discuss have changes ring actively to we the fine-tuning business our said, brokerage seems and this not two, to appears to been this strategies are handle applies
our regards flexibility out. DOL, We to how the continue we that this developments regardless and depth believe to of With and to in has Washington. turns monitor franchise breadth, continue succeed to adapt
recommended more day, any We anticipate department's will better XX craft with expect a SEC official protects would proposal made month the working believe. week seeing that DOL investor We the frankly, delay be this choice. closely to the I
comments Just involvement last a and week, of SEC's rule. while also the similar Treasury the delay encouraging this made Department endorsed
industry best choice. working interest DOL an a on the forward and participant, the standard As with we to look that SEC preserves
to rate sweep asset of additional of terms line saw mentioned a prior management on rate the that that but to beta competition greater to an deposits sensitivity, rates pretax was earned regards million, deposit in In hikes in I holders. will bank believe $X equated third-party passed that In with which rate we along previously in our we that our driven hikes, future guidance. revenues, benefit be be future deposit by $X will percentage of million
would Excluding we a from impact what experienced third to impact of rate we increased similar the in competition, the quarter. increases expect
it talk quarters. On seven to slide, I in a before the want I about the have to we what bit next little questions, last accomplished open
emphasize would improvement in higher and reduction on of optimization this that our would XXXX, returns businesses the the non-GAAP to that we differential generate margins, would indicated EPS our and existing of to During GAAP an a we lead equity.
what said we table in As this slide, see time. relatively on period the accomplished short we you a can of have we would from
quarter Our from annualized be or XX% would fall million results. $XXX XXXX revenue third up
margins as increased trading. have our XX% market not our and a pretax improved discipline XX% margins institutional strategy have margins improved bank $XX.X of while revenues as significantly just result operating nearly have despite we our in by our challenging expense conditions billion. maintained points growth income balance our excess and that in by fixed XXX growing asset capital are XX% equity to revenue to improved from growing We sheet have as and leverage The our increase appropriately leveraged basis
expense non-GAAP reducing management annualized our and on and resulted higher growth XXX% up and strategies and have EPS. has between through in revenue we EPS, difference GAAP GAAP and XX%, the non-GAAP significantly respectfully followed Our commitment to
As in further XXXX. of past, expect we the to have by we this forecast the close end
improved improved common equity. significantly tangible on results our our return bottomline has Lastly, equity on common our and return
pleased the with hard means results I that these to and colleagues no am work my we by achieve in While finished. them, put are
performance, company improved a a stronger we is our were ago. a few Given Stifel in years much as just position than
manage to to focus our continue the cost will with maintain businesses. on capital a We best discipline risk-adjusted continue returns and our managing in
to of we going forward, through in acquisitions. terms business In talented either will private both leverage and opportunities our growing organically our institutional or recruit professionals client businesses,
our to continue grow use will and bank, shares further capital fund our we our repurchase dividend. Additionally, to
As especially in forward business tax federal quarter, the that into The confidence at numbers, stock record results increased market environment upbeat environment the I improving. about GDP feel high of operating budget and reform, good in ended the feel earnings U.S. Congress, look last definitely the followed our the by week after is strong and fourth I general. third-quarter passing and I
growth say is further to also GDP for higher. it a indicator could would economic key However, reform while and markets country the help tax drive I outlook moving as that the job
changes, beneficiary if and will rates, I a high business be fact these corporate Stifel And our operator, with Given our model questions. that of primary in open enacted. line the would for tax
