SF - Earnings call 2 2022 | Stifel Financial Corp.

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Operator

Good day, and thank you for standing by, and welcome to the Stifel Second Quarter 2022 Earnings Conference Call. Please be advised that today's call is being recorded. [Operator Instructions] I'd now like to turn the call over to Mr. Joel Jeffrey, Head of Investor Relations. Please go ahead, sir.

Joel Jeffrey

operator. you, Thank welcome Results to Stifel Second Financial's I'd Call. everyone Financial Conference Quarter like to I'm call and on Kruszewski; our joined the Jim our CEO, Chairman CFO, Co-Presidents, Ron and Victor Nesi Marischen. Jim and today Zemylak; by our

and and press release Relations we release. I audio and slide copyrighted I page material slide to website. refer at earnings our presentation our supplement found may be note posted would turn Which for a www.stifel.com. Earlier will this I of without and can CEO, information an duplicated, on Stifel cast and on earnings Stifel reproduced I Ron morning, to we our Chairman is be now issued statements to that measures. This to of deck financial refer state consent our the a release, numbers on would Investor not our non-GAAP reconciliation financial the non-GAAP presented and basis, remind our our also non-GAAP of or Kruszewski. some the supplement to Financial that rebroadcast to as Financial. would in presentation the over you throughout call GAAP forward-looking are of disclosed listeners and Corp.

Ronald J. Kruszewski

for To second good and Joel. taking to morning, Thanks, listen the quarter thank guests, to you time our our results.

saying headwind. Let first half quarter significant market light by second me results start in and our the were good, of particularly

X% Index the XX, least. down XXX declined Bond a yield known, and more year-end XXXX, reported the better spared Bloomberg double X.XX%. S&P financial conditions to June in approximately The XX-year the widely The little yield U.S. say than been its As half Bonds of was have worst XXXX had XX%. at XX.X%. since first Aggregate as challenging

[ X.XX highs. widened inflation also from from of since [ ] ] Economic widening have XX [ to the measures year spreads X.XX hit beginning high ] and XX-year with X.XX. of of investment-grade spread yield credit the While significantly

recession of the malaise increasing Russian-Ukraine lockdowns, economic much the China conflict, all In while contributed driving an risk addition, lower. sentiment to

Remember, the markets in at XX inflation, for address hawkish. the of the of of pricing become Reserve to X point beginning conditions. XX markets very all actions point economic of pricing rate basis the the To XX hikes. Clearly, will equivalent basis XX the increases the Federal Federal year, Reserve Today, to XXXX. are the continue has tighten were

volatility forward, and more I increased expect uncertainty. Going

will accordingly. business our We manage

second this recorded Against backdrop, second quarter first EPS highest we of year. half revenue the for net our and the both and

and the more Our second-quarter a second decline X% decline billion, at Earnings share $X.XX. X% per totaled revenue quarter from little of a a in XXXX. than $X.X came

environment with line So pre-provision return generated tangible we pretax while the million, pretax income the XX%, $XXX XX%. of equity common margins and which market of on first over nevertheless was quarter was difficult, a in

is occasions, As have Stifel stated I balance numerous services financial a diversified company businesses. with on across

closely to note this Offsetting both $XXX revenue the indicating of our of facilitation in increasing was conditions. building that decrease our and nearly million. franchise, revenue. difficult demonstrated in prior and the bridge second illustrate, resiliency have in the the I base X revenue benefits The of year's we this from To franchises. would client relevance revenues the increased reflective to $XX million our our and NII, more quarter the client Slide a market the depicting and quarter decline provides clients investments made tied

is other recorded our million gains, Of trading in headwind valuations. and noting $XX in million while transactional a warrant is $XX million is decline One revenue. revenue another in investments worth $XX this, reflected

million declined underwriting nearly addition, In industry volumes market muted remain as given $XXX volatility. ongoing the

Stifel. most, More Wealth volatility and and stress difficult during the Increasing when in advice matter us execution client clients outlast activities, Institutional. engagement confidence we Management far are current in another our and and are markets. good to turning will times skills way, our Said especially pleased have more, with both of clients

results. quarter that year. good The from business yield model down would I the from our note first and the of our diversity X% was pretax balance prior and earnings essentially preprovision unchanged income

Net from last the the difference due in loan to share XX% prior due and loss preprovision release. loan a million between both reserve growth per year. earnings declined the $XX in income increase is pretax decline And to X% and provision year's

from was Additionally, to rate XX.X% the there increase XX%. effective tax an in

advisers. $XXX at financial segments. higher by addition Looking and XX% balance the Management growth the in well productive driven million. These Wealth were record increased to as of results sheet interest Global revenue a our as rates

As slide, the reached interest XX% as of you net benefit we increased income from contribution. in quarter the margins on from to the can lower the right chart see our pretax continued

Asset the Management year. from XX% was up last revenue

assets, slide, As next the earlier, declined ] On XXX in offset our million. assets portfolio. strong growth I as the further mentioned in the loan activity, our recruiting quarter S&P second equities The the $XXX the markets we inflows [ client XX%. increased fee-based falling client strong with at billion quarter $XXX total asset highlight decline and ended

of strategy, million. and technology. as These joined $XX and new experienced and we as industry-leading yet of fair trailing firmer their because Stifel the XX advisers our excellent brought advisers, growth who quarter foundation production our compensation advisers choosing choice, adviser-friendly XX-month the products, simple long-term expansive XX added culture plan For us including

the Our we quarter. are encouraged recruiting the gaining during that net traction and X independent strong, advisers by pipeline we in channel remains added are the

for revenue half the first recurring year. than was more the Our of XX%

asset interest grow. recurring from of we expect income slower as percentage the activity, and Although it transaction over elevated to benefited from continue remain contributions to levels management revenue net historical

up $X.X sequentially. our during X% by quarter, grew portfolio loan the billion we Lastly,

up on year-to-date. $XX.X XX Total firm-wide $X.X assets billion June billion, were

balance of franchise Institutional from prior our declined $XXX difficult the exceptionally illustrates the of Revenues million year. revenue markets. against strong an

advisory the business and We year our quarter. from from XX% down revenue, slightly performed only And generate client continued solid to up first last facilitation well.

the in by warrant negatively valuations $XX gains, and I reduction transactional impacted million mentioned, segment. changes revenue our a trading in As previously institutional within was totaling

from when revenue transactional trading and client our $XXX for results to and I both business valuation both equities up discuss periods, million, X%. totaled about I flow this fixed the income. will refer Excluding further

believe We've our the our history. consistently are conditions Finally, continued on in growth institutional we And Despite a products, by all we has heavily albeit headwinds, still be operating to built positioned equities. for in capacity that clients. market track and to growth in revenue some Institutional to the especially business, a this to and segment market on continues business weighed the highest are as cyclicality. diversified capital we recovers. activity, with raising market second well generate enhance been environment adding relevance

revenue we business revenue for the income first and through equities of of of Institutional the and at in fixed income. the you look million lens our posted quarter Fixed $XXX know, the As generated year. half net record

Our business XX%, primarily over was due XX%. decline of equities to down industry-wide an capital raising

business the trading a reduction by mentioned, as I discuss, and transactional quarter-over-quarter marks its exclude of I as and view in marks will somewhat overall is do comparison trading skewed As gains. I unusual and impact, warrant our warrant the trend.

equity essentially Therefore, transactional totaled from prior the year. unchanged client adjusted $XX million, revenue

of in equity were algo investments in businesses. fruits essentially the comparable is are revenue. our lack international equity by transaction on trading, these but and factor our our underwriting a from trading seeing offset Also, weakness electronic We

attributable of transactional fixed been some that I Sparks, addition which, a engage the which client quarter, of $XX income and to commodities primary note during of currency our trading, totaled Stifel would income of has XX%. the was not million, was bracket results believe, fixed firms. Adjusted integration. successful primarily a revenue Vining increase in up the does bold This we driver

On we business. look Slide X, investment at banking our

$XXX revenue decline Simply, strategic was of was totaled $XXX delay prior-year fees activity. million, advisory in posted heightened led quarter. we or million For Nearly the slightly actions down million, capital clients raising this quarter, strong a down $XXX of issue which from new volatility to all and as XX%.

as continued The technology health diversity of from gaming. contributions financials, strong and care, our we generated advisory business

Additionally, we fund in production Miller Buckfire Partners placements. solid and are restructuring in seeing Eaton from

raising last XX% was underwriting, from half period XX% year first of same the terms the business the In equity of capital year. and declined down for our

the we calculation, constellation our share. have small Stifel by made, While frankly market gained reflecting a investments

As volatility. X stabilize which when markets half normal I much look way, market first are our are capital we quickly activity, generate of capabilities our conditions. reduced another happens than results valuations positioned what closer to forward, said for underwriting return the Look, in equity with well usually will

high fixed-income last impacted investment revenue, of underwriting banking. also Fixed We year. leveraged business finance. generally in and posted through Markets loans from this grade $XX million of XX% issuance, income decline taxable at of the lens unique look a

issue or with our finance, declined Starting year-to-date deal half declined negotiated public industry XX%. revenue while municipal new first XX%, volume

Stifel public finance revenue quarter, increased the XX% For sequentially.

Widening an to our sharp market of share, number first slowdown, impacted last the in which half industry spreads taxable a rates the saw quarter increased business decline XX.X% industry-leading in transactions, am I Given we of and calculated credit XX.X% the with of year. second a issuance our XX% in XXXX. the negotiated as on from pleased rise

will our said, engagement strong. remain on market and That to be our be Overall, Conversion revenue corporate this dialogue largely pipelines of and backlog investment confidence. dependent banking continue conditions solid. client to

to with Jim And Marischen. the our call me CFO, over turn let that,

James Marischen

assets, points X% portfolio increase morning, of million continued growth up loan we was holdings. to driven increase good point to sequentially by interest our our securities and and as basis Thanks, came our midpoint XX% The I'll basis XX addressing a Ron, NIM in at guidance. everyone. $XXX in by interest-earning NII the income. bank our start XXX and to and was a grow our net

point anticipate these the the of occur and bulk rate we Given the second in XX the third in NII basis timing of upside the XX hikes quarter, to to the increases quarter. from

$XXX project the bank $XXX the of touch XXX million overall our to a in basis points. I'll net end interest my in million comments. updated to quarter at full-year a guidance XXX range As such, third of on of and income NIM we

total from $X.X loan investment Moving quickly the approximately which I'll review with was the net quarter. of ended loans portfolios. prior next slide. on We to up quarter the billion, billion bank's and $XX.X the

increased particular industrial in million by $XXX portfolio with commercial banking strength and Our fund sectors.

while mortgage by relatively million $XXX our portfolio flat. side, consumer the On loan increased was securities-based our portfolio

to driven investments $XXX investment in million was by portfolio. increase million sequentially. by Moving This the CLOs. $XXX Total a increased

at loss growth to loan Turning million the metrics. total basis $XX credit due points. totaled to credit provision and remained The to loans ratio XX allowance

total of points, percentage Our a strength were nonperforming credit continued assets as metrics. XX our indicating in assets basis

and to Moving on capital liquidity.

and modest decreases and ratios were remained strong risk-based The ratios of growth. loan leverage result respectively. capital the our at Our capital XX% in XX.X%,

repurchased XX.X we authorization. repurchase second million and would the shares value note shares, also I X%, our share we increased respectively. quarter, During $XX book tangible book our have per on and value and of by remaining million X%

base funding from see have our we lower chart in through can a cycles. slide, the you multiple long the As the of history of left growing

available Our funding than and by and utilized bank. the have continued billion more funding past capabilities X.X years, for substantial in we $XX has increased to our

was utilized $XX cash the Our decline the total that I declined in than similar trends. and overall of of seasonal seasonal was and payments $X.X balances The approximately to with deposit levels funding cash consistent and billion to driven would billion. more quarter by yield-seeking available billion client first historical by note totaled the quarter. deployment during $XX and nature was tax sweep

Further, see hold fund Wealth billion strength market currently $X.X and an Management in adviser continued we our balances. in to clients money recruiting, additional

deposits. is the end, capabilities $XXX now grown smart rate We million $X.X deposit have billion our an to bank. our through program, build at deposit we in quarter which also Since additional continued

On the next we expenses. go slide, through

accrue Our comp-to-revenue conservatively Despite from ratio, in contribution early the ratio the our down as was year. comp increased we comparable our in basis benefiting periods meaningful to we're compensation points NII mix. both the XXX to decrease revenue from expenses continued XX.X%, of

loss full-year totaled our expenses, was a excluding XX.X% of lower provision guidance, due expenses This related our banking the institutional million operating investment expenses business combined net and to to primarily Noncompensation development, approximately $XXX pickup credit in revenue. and represented with transactions to tied above revenues.

tax benefits which of at and and a The our lack subs. driven effective any end the XX%, came in during the foreign guidance from the quarter was high quarter is during operating contribution discrete the of rate tax by

assumption diluted expect XXX.X third fully million average share our any came fully stock diluted a be Absent guidance our to additional price, in share and assuming declines for repurchase in our stable Finally, we share and shares. count due quarter share count below the repurchases price to our activity.

forward turn an to guidance. to I back presentation Ron, I wanted on the our provide Before update

is as We well those are it's to impact our expectations beginning assumptions headwinds XXXX of the from modest variance to investment our business our in reduction for a lowering that the market that pullback our our XXXX's net the banking the expected revenue continued Institutional the as to markets. or X% above had equates expectations of is business. guidance, a a primarily see revenue. we Bearing At XXXX. below on in in weaker-than-expected results in result year, range The our our updated in to having initial easy record equity

levels, in underwriting essentially Our activity. advisory the we've the record in begun results but capital pipelines a were see was to at raising advisory market closed. Despite strong half, slowdown first already

we In terms of relatively flat. anticipated transactional to revenue, it be

we the trading pronounced. year However, transactional less of far our commission transactional said, trading our to X% expect marks the in so was as has on revenue be impact and business this lower the due to activity back our to improve revenue been and on books. impact capital market book primarily down markets we year, of That the half resilient, expect

of Recall management a that single magnitude the our high anticipated up sell-off the with in being year-end. has for market S&P market revenue. also first the impacted The mid-to we correction digits quarter XXX asset at forecast

With expectations for down management the far lowered. also our year, XX% revenue asset this S&P have been so

which inflation impact pace benefit the is increased interest short-term rates. Reserve at has of raised economy Federal on the One the from the

for For in on Fed X.X%. and funds based rate. X.XX% to -- to year-end range million our faster-than-expected XXX full basis of of million rate the project we to year, assumes increase rate increases guidance the Fed are points raising would the interest additional net target income $XXX Reserve Federal by increases This $XXX funds

guidance, annual point on based I an to and this would of forecast XXXX balance with growing $X.X approximately NII our sheet the our midpoint rate we out exit would run of billion.

deposit related mix sorting and often the cash assumptions NII how would that reiterate into to incorporated will I We A in impacts revenue those from come to it get to asset are of we of above. questions XX%. and all ratio, XX% at contribution noted number quarterly full expect forecast. a a betas, our comp year which higher impact continue our forecast positive NII have on to and

we So the one to XXXX be now still history. strongest years forecasted, in than while see initially on of our lower is track revenue

to call over Ron. I'll And the that, with turn back

Ronald J. Kruszewski

resulted market predict. to Thanks, such, in and and revenue in Jim. start half In short, diversity remain are the first EPS opportunistic. second volatile the highest business will our strong of history. cautious net the another our as and our we Look, conditions year as to both difficult are And

a assuming the in we As the case of to growth base first to current half provide more our first that will similar an compared meaningful anticipate second revenues interest offset we impact for the could the substantial in the That year, X the are an operating increase market the as businesses. income said, environment net months to in have cyclical our as a half.

reinvest we periods dislocation future growth growth. to our in And Overall, will levels market our as as Stifel robust. done for positioned is well use continued throughout we history, for our of remain have capital business

for that capabilities organization partners like downturns continued into market efforts all Stifel I'd to to that our in growth. at their generate the world-class has said, weather franchise building With my thank and

open With that, operator, the line questions. for please

Operator

[Operator Instructions] first of from come Ryan And will the JMP with Devin question our line Securities.

Devin Ryan

Great.

just the question the of back the First year. on for half outlook

your can But banking, think of So uncertainty, I the year? of backlog when to terms expectations, the like like lot we relative about of about, there's what you I backlog. in think, just us help starting investment looks completion a today think guess, just in

deals of other lower flavor then are any you processes, the breaking time about a expectations but Or firms break, other close, the therefore, guys not of deals around of of of more seeing lot I deals so lot and puts about a lot from mean back kind we're because in And takes are yet. a taking for elongation to that? year. the side of banking just on some investment half and the hearing

Ronald J. Kruszewski

loan today. engaging we're markets. merger market execute the We're right? seeing in transactions, especially it's comments, It's to would to is due the pause, market. capital definitely elongation we're advice the the volatility difficult raising especially side And The on a I a is all leveraged difficult clients. market very echo a in talking, what finance that capital to with

And pick case, assuming, we for base the year, I it say, to the relates bankers as a not does to when can that the of be were point like just the I that of it fast. it change fast, half Devin, change, changes. that have to a going as to changes know, second I'm instances that, where markets to can because you point ready, do number

thinking we're of we thinking to similar just no markets where it capital half that terms in had what first basically revenue. be we're equity about, the But will

So But are get where delayed. this the it. that's market engaged how done. we're and thinking will a clients is deals just They're being about will,

Devin Ryan

Appreciate Yes. we're conservatism, that that. not Yes, just a But I was hit on get I the you that. baked to guys outlook. think trying into sense of

for Then follow-up a Jim. just

income You net on details of and expectations kind gave lot the of interest exit a on rate the year.

that's just also in would history Can sorting. from you of help with us you expect here. additional much helpful. then So touched terms all cash cash on what sorting like more suggest you maybe and how And

helpful. any kind your into the of customer what's expectations So in can baked of us detail cash year you give terms exiting would other be

Ronald J. Kruszewski

cash important June, effective funds to curve and exact and [indiscernible] the because of the I'm significant what from jump And and in yield very curve the and what I'll I inverts. forwarding to little on is today, rates. increase the In the -- is it course, yield where forget a me Fed X-year Let then, happened was a going steep in Devin, became I let X-year Jim to think get that then it's bit. there an to point, this speak time,

and I X-year are a environment, what a in so rates big market cash difference the a it's expect. Cash-yielding treasury. deposit would -- And deposits and the there's between products sweep money laddering

what is is especially in an -- seeing business to adviser-led would so that we're expect, that. And what we

Now happen today to is going going of environment, And away basis lead environment points that that September. it's steepness will go is steepness flatten will XX happen to will more what's in core happen conducive to that to and quick. that is yield that a deposits. going Today, to pretty in for XX

going steepness a I the on So been effectively the Fed lost been what's and X-year. to funds little is think that's bit effective from

James Marischen

dynamic, Obviously, there's of couple seasonal some payments. And that to always rate of maybe things. on related a tax top outflows

competitors I of and think the term a think the deposits, as type we continue during and one think growth things to and you've recruiting, our number And that chart driven going heard discuss adviser financial by of quarter. to strong. we put remains on similar long long-term just in trends is be sit I which here that's

able I capturing be we'll and the key term for of of compete I'll to the the our Ron with also kind that program more keeping think that rate And billion us banking. again, combat we're area yield-seeking things highlight say rate, our talked about. fund of smart $X-plus in of that some where think some balance funds. kind sheet. of that to going And And to capabilities against a going we're is I and in money the that deposit on to near smart then, growing back cash venture we're

Operator

with line come from of Steven Research. the Wolfe Your will Chubak next question

Steven Chubak

-- XXXX. topics the is to to Jim, want that garner curve the momentum one pretty believe the exit support funds cuts increased contemplating So unpack the XXX hear questions for certainly That's I something some the you does of the wanted of around to to year you're Fed to unpack NII actually rate is guidance. started helpful certainly at around attention. reflecting the million I XXX is in But I noted just bank. strong

reverses you some some rate taking historically. protect I do products, MBS to in if because fixed have CLO maybe just to of had wanted of add for duration greater just to a lot the which sensitivity, appetite actions course to adding whether the you're understand Fed tend margins lieu you've short-end any

James Marischen

we did all mortgage of adjustable sense, product, add makes rate over about. the I mortgage million That talking what you're quarter. $XXX highlight No. would during that that's

had Fed at. talking can XXXX. And obviously, conversations see, so future we've the looking fund We what about are environment for

talking terms environment thing dynamic The think we're point probably are about the where quarter. of goes today, at point, I sorting about where at I say And NIM cash be XXX yields the seeing to you're third looking able an in if away. point the Ron at would cuts, about sufficient rate you that talked think in a starting we asset generate We're of to our would basis XXX return.

ability that, So NII cash than you generate meet return that an at just more I -- to think we see opportunity point deposits view at to about as rates more hurdles our our that would lower coming as in. grow

Steven Chubak

And color. the follow-up higher of in come than just little did on a bit anticipating. for They Couple we noncomps. my were

that note was the full the ratio year. quarter did in the guided had You running for you least at to what above

full that ratio just could frame hear be for Some could guidance was about was year cadence for the was to of the be we how should in the help you certainly noncomps. thinking It dollar hoping encouraging seasonal. unchanged, comp

cited half trajectory frame in of think the You Certainly, bizdev about noncomp should the we're the just But some trying normalization in seeing back how year? to elevated quarter. we the in T&E. the

Ronald J. Kruszewski

Well, we percent as of net in first provide revenue. it, into do get let of all, noncomp guidance I'll a Jim

of So is comes basis. the lot absolute versus being the get first to your lower. the an of high you that ratio in that thing a driven A end happens, revenue range on when basis

this time our increase. Now has T&E expenses comps Institutional some that But it that to of said, frame. in our and going fact been the is business we've that muted and were our those said

ratio lower So we're was NII. coming because ratio comp reason same driving higher The that's that driving higher. that

James Marischen

of That guidance. mentioned. be in of what If Yes. to I revenue the mean, original we Ron hit midpoint original guidance, noncomp we'd be maybe ratio. have would adjusted a middle would little color the a our our at right just XX.X%

we more absolute we're thought, right function be, revenue the just dollars, a where of of of terms we shortfall. would in So

Operator

from Sachs. line come The will Instructions] next [Operator question Blostein of Alex with the Goldman

Alexander Blostein

to I of the wanted funding dynamics some go the of to back bank.

with So you you meant fairly bank And about talked Jim, approaching guys be it industry could money fund think competitive to with fund north sweep I end closer will thinking third-party to market smart the X%, the the yields But year, third-party funds here, looks incremental of on money that's the money of I and from than guess probably of rates? we $X now billion deposit X% about the these in cost deposits sort I more by kind deposit market there's should exhaust of know be coming you sweep move beyond market like less money fund yield. program bank quickly left. what

James Marischen

Yes.

So X.XX%. beta. if We've deposit our at And to it's talked in be it's XX% going when smart about about XX%. movement, a but rate you this look thus about rate, to far been today, at it's deposit -- before XX% you think today's rate

that that So into in it's baked -- already map.

based the think capability thus go we're rate guides XX% we I meet what NII hikes on still composite we've But what above have and those saying to done future far. is upon still beta

think And hit some more our the to we still targets for and year. be NII flexibility so I have aggressive there

Ronald J. Kruszewski

that's this that And embedded your look think, cost I going our been all be, long that of we're funding. your is fund Yes. we're one would a -- ultimately We've comfortable mean in a bank source and at say question when right? of to talking size. good first this doing ability all, I the -- what And we time about. and its I question, I'm half Alex, was really of comfortable is is to we what with did

the the saw bank. which is the cash-seeking dynamic curve, able be yield to go will has the steepness before, high end. which I'll deposits we the of we back So that to fund at some

And the opinion, funds it's again an increase with we're and across begin in will Fed in to not in just industry, effective that taper today Stifel, that's September. -- my

growth year, certainly and what with the with we're the cost funds of our our in end So in confident effectively smart our of through rate. we're forecast, factors doing

Alexander Blostein

the the asset balance another it. Got then And of just follow-up. on side quick sheet,

further the kind economic expecting versus But bit As slower as point your that's half growth? back than the of be a Or pace cycle, obviously securities loan little of about as progress think through this we you at kind should year. likely of heard the for to similar loans credit a appetite of you growth? think comments in that, we the periods moderate for of

James Marischen

I think in we going billion we billion $X said what for loans. before our predominantly we is target confident still to which growth is to year, be feel the said $X

be I Now loan the mixture forward on will CLOs it's going channels of would and so different growth. we've of predominantly But verticals loan said, that I fourth, we that of a good with. various third if to somewhat said, that. be the opportunities there's still look generating to the being quarter say into balances loan and number -- That that pretty been at attractive see in

Ronald J. Kruszewski

short-term the to terms us opportunities curve are asset we that in balance where term. in class, more of a our there alluding sheet. some mortgages And And sold on nature some yield with move very there -- for lot the we've question, than are we for short previous keep always in --

So certainly have of we lot home a demand.

the that this Looking our But into a say grow year, recession shape we're overall, not going it's will sheet on forward that past things continue to the as in balance views going to the all whether our to or forward. go would really we looming, economic and future. I market depend conditions there's

Operator

this call are no questions time, the at like Kruszewski. there Ron so further back to I'd And turn Mr. over to

Ronald J. Kruszewski

is call. catching certainly on look forward our been I hot everyone here their earnings Everyone enjoying to -- summer, Midwest. operator. in with you, And Thank hope everyone the up third-quarter

great forward a Thank you. summer, to up of have rest and catching So again. the look

Operator

conclude conference. And everyone does thank today's participation. for their that We again

Stifel Financial (SF) 27 Jul 222022 Q2 Earnings call transcript