you, ourselves highlights Thank on to you our to I our of company's you Jim sheet CFO, balance But improving before my taking had require events Zemlyak are review on. I minorities. co-presidents, as through see Jim in back from its results, the in at the thoughts. call a a the before listen These the then take Nesi; our shareholder turning must affecting our can associates and confront honest action do promoting principle. by I'm morning, recent we diversity as will take to as to all with take on can these locations company a financial our want come responsibility. must second expenses. the annual The through progress, will its and But to year's joined challenges by call time Marischen, quarter you quarter I'm and must do this all block to recognize annual over better. events, as forms comment informed to antecedents,, an will well better. thank our Stifel and us Americans who and report. look as and community and my I In concluding Joel. worthy the have accepting the and regard, diversity we make to Jim workforce, call Good Victor start to results. various which many running increase going this to written from too today priority diversity to We second words for head committed within that our and Marischen. historical commitment letter XXXX
several Act, Stifel our I've listening We hear steps Stifel prove at I improve am called have initiatives to diversity, to regularly Listen sessions, the committed I've Board and beneficial, associates. conducting to and population diverse on and to at will Stifel. the with to confident report these from initiatives. starting other been our these
So look a take our at results. now let's
activity levels of and First great quarter. and activity clients requirements has has increased industry. at the of a but our and Stifel the capital of operational bolstered from resulting amount significant challenges, COVID safety certainly presented all, volatility frankly, our Stifel across had
specifically reduced in were quarter asset the first loss impacted negatively increased last the by and business our with and sell-off. X income, general, rates analyst several quarter, reality, demonstrate resulting relatively from management model. wealth has market had while the Banking, This interest income of in loan and management in line fee net business been diversity interest Stifel's expectations. quarterly years, provisions, factors, These
we business consistently have been the analysts. underestimated However, built has by institutional
operating talked are challenges strategy, a a the our model, results business environments. COVID. quarter we execute generate past variety value I've of while navigating the no continue This in exception. of successfully is strong the In of as to lot quarter, about diversified business in we the second operating able our to
Our frankly, million, quarterly of were On months, value representing our Stifel over quite net third underscore XXXX, the from an past revenues. franchise. highest XX the up results XX% year, and the revenues of basis, the $XXX net the prior in adjusted quarter second or non-GAAP
later ending return will In loss share XXXX, equity, by Annualized an XX% the of earnings fact, after we reserve report I detail of accruals, for per comp common Stifel and presentation, again $XXX results After the even Reflecting the and these to up items, pleased period, in XX the common discuss June June accrual. both to revenue $X.XX, from economic earnings on billion, outlook, am XX, our XXXX. compensation available loss in credit tangible of elevated totaled months were credit $X.X both, considering which million. XX, of generated same uncertain ending greater reflecting aforementioned impacted XX%. the
the XX is In last addition, our In illustrated the by and $XX.XX. diversity investments of quarter expected the over the revenue, across made due value rate to was of first liquid our short, excellent balance and our strengthened book and lower driven quarter of in years. we platform that management highlighted already balance equity board, interest which the robust asset the we've sheet increased declines another institutional X The benefits this to the income, increases net end by revenue lower by record driven environment. the valuations at
net per revenue Slide earnings X. in in increase XX% and XX% share. increase a to recorded Turning Stifel a
I our revenue, year As institutional compared earlier, stated a growth when driven segment to by business in lines ago. all our essentially record double-digit posted
of we and an well a were cost conference the impacted again said, expense due and quarter, second year elevated the our ratio. quarter, the expenses loss in revenue credit acquisitions both, impact from elevated increased growth, by to to pandemic. from and That as compensation significantly due ago, they travel declined reflecting Although first lower provisions primarily discipline the as
Much CECL, the outlook. economic like was a as economic and taking by our potential driven last to into are current provision decline quarter, was and loan expense we mostly in loan loss remained future modest XXXX driven the outlook, all growth of loan required the by relatively estimate provision credit Our adoption solid. as projected losses, account was
be prudent in the the this what any manage changes accrue is of surrounding back would. we to substantial base did half us we very the In strong half to of compensation quarter, it strength this in level in in higher operating environment to in the year. the a than we million puts advantage the of accrue terms uncertainty additional given we we We of our total of in an the This conservative compensation resulted a important expense second Similar year. $XX the expense. half in and particularly first economy believe of expense, remains compensation how believe took at for million compensation typically first in a in in year. $X quarter the the through position the to revenue This
with experienced While after that in is in which do I approximately our is XX% additional compensation earnings these represented recording loss expenses, our noteworthy being and share. the $X.XX provision, especially industry, believe per the line what are even credit accrual, credit loss it increased share per
totaled these Excluding $XXX items, income two our million, up year-over-year. XX% pretax
absorbing accruals year with of for XXXX, these per months increased Again, these per first prior flat after $X.XX increases, and the essentially nearly million $XX accounted was or X earnings share the comparable of period. provision share. compensation items For
to billion, quarter, wealth our Revenues matches management. on $X.X but declined history. in to up the the X% is Moving our of results stretch $XXX with X-month nearly strongest year-to-date segment global and in million which our starting
would quarter, impacted well We asset sequentially during lower a addition, the ramped at the quarter our net quarter fee income. this COVID, to In in up income quarter, detail as restrictions and a activity as knowing nicely impact the lower the the to the after slow entered travel result of of negatively tough levels of slide. start greater on due on end discuss comparison, which which next recruiting a last be as rates both with our year-over-year the interest associated I'll client
However, our billion reached assets, note the which would in $XXX $XXX management expect to the sequential that increase XX, XXXX. billion. fee-based total XX% quarter totaled June we also revenue at assets client client third from benefit in asset I
Finally, about technology, capabilities. and Tracker invest applications. Wealth introduced quarter, in in mobile the especially our its we was formally and excited am continue to digital Stifel I
pleased home-office and quarter total trailing their visits, -- with management is to had recruiting as I million. enjoyed Turning our we very I of our metrics. focus Stifel. recruiting, have XX the the am want slide production cultural despite nature, the with recruiting around in of historic wealth advantage the I'm strong issues to that FAs terms recruited by of next XX-month Simply, surrounding adjusted pleased we centered a which, on environment. by the $XX We current highlight strength to COVID-XX.
became more XX. we would highlight since XXXX. adviser. at we And average changed is level levels In has quarter Of of added improved the highest activity the remotely. throughout first June, quarter May, I we Yet that. the added course, our advisers as added of production that we our pandemic these in April, recruiting X In X. also the adept
accretive meaningful adviser. platform, of our productivity advisers our did number only not are we they to add to So but also per
since from of of of been can you recruiting that $XXX trailing new XXX on the production see roughly As meaningful we the has left XXXX beginning million. advisers as the on chart brought have slide, our upper success XX-month the
have joined the organic XX% from remainder FAs through past Additionally, that years, coming with the over acquisitions. XX of the Stifel recruiting, come
about our good management drive and attractive a client destination wealth growth advisers, will growth. assets Stifel overall, very in and feel franchise, So very revenue continued for our I remains high-quality future
on our group. Moving institutional to
earlier, million, million. institutional the while of our was $XXX stated which up posted $XX million, XX%. $XXX quarter record reached performance XX%. up revenues fixed Advisory up I Noteworthy as were million, we revenue our quarterly in record XX%, As equity business, revenue generated our income $XXX had nearly businesses a segment of
was strength some While has a for record, time apparent our business now. the the been second institutional of quarter
I up we've months million in in X which which, would XX% period record year. the first the from a For same revenue, was XXXX, of is generated also XXXX, remind, $XXX
quarters, approximately we and the our net have well in Additionally, to is XX revenue business, last markets The we've a ago, continue $X.X us change gain equities us of and share. X, fixed substantial balanced at generate despite a consistent billion. built and that Slide On institutional our under decade, revenue businesses. years we over number past of institutional over $XXX just million. annualized the positions the relatively generated business X to income diversification point market look our to was enables
fixed this investment driven brokerage While by both municipals. raising revenue and income, address and increased XXX% for the a was record as depicts million, and on well the slide. mortgages brokerage on raising yield, banking year-on-year. capital activity focus income Fixed grade, high capital up in $XXX I'll was brokerage now at increase equities slide The business investment as
carried over these makes million lower inventories was as believe results illustrates made from of as business benefited we lows. in equity share acquisitions, the well as I rebounds revenue what income investments even in the risk results, year-on-year. from as as from market a GMP. S&P the impressive record The and from past back levels, of up few the combination record This our and years. the we've the primarily rebound these the talent sell-off the of solid MainFirst the our as believe generated bounced what we've March Both into contributions $XX markets Equity people the European in and that quarter well XX% of XXX roughly market at more them our fixed the business in improvement brokerage I the XX% While and is first our past. was are increased
XXXX. Looking to historically have market were those has volumes revenues and been quarter recorded into expect do third the to slowed, quarter above due not be expect seasonality. that quarter these the the of third continue to do forward, That we said, we as in lighter levels third brokerage
Capital firm-wide On capital income impressive fixed from million our improved investment the activity raising revenue. third business. raising level highest first from $XXX quarter of quarter was first displayed the than advisory the levels XX% up the more in following slide, again Revenue we banking and and look history especially levels. was and growth, in our -- at as year-on-year,
municipal Our rebounded strong of a from of the very negotiated public again a terms and finance XXX managed. nation issuance issues business quarter, as was slow number ranked had March. #X the in Stifel market managed issues lead in
debt generated from a Additionally, of issuance. look solid particularly number financial through quarter, raise the income during to we revenues fixed KBW, capital companies as nonpublic
the modest Moving revenue on up generated in quarter revenue business. managed and -- got growth to raising of to million quarter. offerings our the that first year, equity modest we from growth XXXA large Revenue fact flat year-on-year essentially was capital of X% this we quarter. with fees despite first the we $XX X Compared first the
meaningfully the markets. vertical first our financial was the more quarter compared down Additionally, from as debt access financials largest contribution the firms to
by in growth health driven as and As care. verticals such, our was increased levels such activity technology
business, revenue increased some of nearly year-on-year, from closing advisory the our transactions, of For million particularly from XX% KBW. as $XX large benefited we fee
In financials, our our terms performance was of of the European business business. by advisory verticals, and restructuring industrials, driven
While are our modestly up reengaging. they our see pipelines business the we advisory and where business starting market environment remains the for are quarter, from were challenging are pick to in first as clients down
Given announcement term to closing, remain deal subdued. for advisory time it takes near the from could the
to to strong. to our restructuring, be continue very new we and continue add assignments However, as pipeline such businesses,
And the as activity call over now conditions. So diversity our overall, investment that, Jim remain let levels the can Marischen. our of sustain through to CFO, us business overall business cautiously market optimistic I with our me challenging turn help for banking
