Siebert Reports Third Quarter 2023 Financial Results

Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a diversified provider of financial services, today reported financial results for the third quarter ended September 30, 2023.

Third Quarter 2023 Financial Highlights

• Revenue of $18.1 million compared to $14.3 million in the third quarter of 2022
• Net income available to common stockholders of $2.8 million compared to $1.1 million in the third quarter of 2022
• Earnings per share of $0.07 compared to $0.03 in the third quarter of 2022
• Total retail customer accounts of 128,727 compared to 122,394 in the third quarter of 2022
• Total retail customer net worth of $14.6 billion, an improvement compared to $13.5 billion at the end of 2022

Recent Business Highlights

• Moved headquarters to Miami Beach in October to solidify presence in this growing market and build relationships with strategic partners that have expanded their presence to South Florida
• Signed a five-year lease in the World Financial Center in New York City, expanding presence in New York and providing savings on occupancy costs
• Received approval for Fully Paid Securities Lending in October in order to expand Siebert’s growing securities finance business

Management Commentary

“Our results this quarter demonstrate the strength of our business model and the progress we’ve made in building the foundation for future growth,” said John J. Gebbia, CEO of Siebert. "Continuing to invest in our capabilities allows us to meet the evolving needs of investors as we chart the next phase of our evolution to empower our clients’ success. We enter the fourth quarter with great momentum and a tremendous opportunity for Siebert to capture opportunities in the current market environment while creating long-term shareholder value.”

Andrew Reich, CFO of Siebert, commented: “We delivered another quarter of strong results as our business continues to benefit from improved market conditions along with the rise in interest rates. Revenue grew 26% year-over-year and was driven by higher interest income and revenues related to an unrealized gain on our U.S. government securities portfolio, as well as higher commission and fee revenue. During the quarter we also delivered an improvement to both our pretax income and margins as we continue to improve profitability. We continue to benefit from the growth in capital along with the interest rate environment and expect those trends to continue in the fourth quarter. Looking ahead, we are well-positioned for sustained growth and have a flexible balance sheet to navigate the remainder of the year while expanding our capabilities and competitive position.”