Stifel Reports Record Fourth Quarter and Full-Year Results

• 25^th consecutive year of record net revenues of $3.8 billion, an increase of 12.4% compared with 2019.
• Quarterly record net revenues of $1.1 billion, an increase of 20.0% over the third quarter of 2020.
• Record quarterly net income available to common shareholders of $180.8 million, or $1.55 per diluted common share.⁽¹⁾
• Record non-GAAP net income available to common shareholders of $195.1 million, or $1.67 per diluted common share.⁽¹⁾
• Record client assets of $357.4 billion, increased 8.5% compared with the year-ago quarter.
• Annualized return on average tangible common shareholders’ equity⁽²⁾ was 30.8%.
• Non-GAAP annualized return on average tangible common shareholders’ equity⁽²⁾ was 33.3%.
• Increasing quarterly dividend by approximately 32% to $0.15 per common share starting in first quarter of 2021.

ST. LOUIS, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported record net income available to common shareholders of $180.8 million, or $1.55 per diluted common share⁽¹⁾ on record net revenues of $1.1 billion for the three months ended December 31, 2020, compared with net income available to common shareholders of $125.8 million, or $1.08 per diluted common share,⁽¹⁾ on net revenues of $944.3 million for the fourth quarter of 2019.

For the three months ended December 31, 2020, the Company reported record non-GAAP net income available to common shareholders of $195.1 million, or $1.67 per diluted common share.⁽¹⁾ The Company’s reported GAAP net income for the three months ended December 31, 2020 was primarily impacted by merger-related expenses. Details discussed below and in the “Non-GAAP Financial Matters” section.

Chairman’s Comments

“Stifel’s performance in 2020 was a testament to the strength of our business model as we were able to navigate market challenges and generated our 25^th consecutive year of record net revenue. We entered the year expecting two of our primary growth drivers to be continued strength in net interest income and advisory revenue. However, following the pandemic outbreak, Stifel and our associates were able to successfully pivot to the subsequent changes in the market environment and we finished the year with record results from our brokerage and capital raising businesses. Our record revenue also generated record non-GAAP earnings per share of $4.56 and non-GAAP return on tangible equity of nearly 25%,” stated Ronald J. Kruszewski, Chairman and Chief Executive Officer of Stifel.

Mr. Kruszewski continued, “We entered 2021 with record recruiting and investment banking pipelines, record client assets, and more than $500 million of excess capital. These factors, combined with our long history of profitable growth, drive my optimism for 2021 and beyond.”

Fourth Quarter Review

Quarterly Highlights

• Record net revenues of $1.1 billion, increased 12.2% with the year-ago quarter, and increased 20.0% sequentially.
• Record net revenues in Global Wealth Management and Institutional Group segments.
• Record net income available to common shareholders of $180.8 million, or $1.55 per diluted common share.⁽¹⁾
• Record non-GAAP net income available to common shareholders of $195.1 million, or $1.67 per diluted common share.⁽¹⁾

Financial Highlights (Unaudited)		Three Months Ended
($ in 000s, except per share data)		GAAP 12/31/20				GAAP 12/31/19				% Change				GAAP 9/30/20				% Change					Non- GAAP (3) 12/31/20				Non- GAAP (3) 12/31/19				% Change
Net revenues		$	1,059,910			$	944,251				12.2			$	883,300				20.0				$	1,059,883			$	944,425				12.2
Net income applicable to Stifel Financial Corp.		$	188,469			$	130,690				44.2			$	120,527				56.4				$	202,731			$	151,442				33.9
Preferred dividends			7,677				4,843				58.5				9,897				(22.4	)				7,677				4,843				58.5
Net income available to common shareholders		$	180,792			$	125,847				43.7			$	110,630				63.4				$	195,054			$	146,599				33.1
Earnings per diluted common share (1)		$	1.61			$	1.12				43.8			$	1.06				51.9				$	1.74			$	1.30				33.8
Earnings per diluted common share available to common shareholders (1)		$	1.55			$	1.08				43.5			$	0.97				59.8				$	1.67			$	1.26				32.5
Compensation ratio			58.6	%			60.0	%							60.4	%								57.9	%			58.3	%
Non-compensation ratio			19.3	%			22.8	%							21.7	%								18.3	%			21.2	%
Pre-tax operating margin (4)			22.1	%			17.2	%							17.9	%								23.8	%			20.5	%

Net Revenues

Net revenues were a record $1.1 billion for the fourth quarter of 2020, a 12.2% increase from the fourth quarter of 2019 and a 20.0% increase from the third quarter of 2020. Net revenues, compared with the fourth quarter of 2019, reflected higher brokerage revenues, an increase in capital raising and advisory fee revenues and asset management and service fees, partially offset by a decline in net interest income. Net revenues, compared with the third quarter of 2020, reflected increased capital raising and advisory fee revenues, growth in brokerage revenues and asset management and services fees, as well as higher net interest income.

Brokerage Revenues

Brokerage revenues, defined as commissions and principal transactions, were $342.6 million, an 18.3% increase compared with the fourth quarter of 2019 and a 9.3% increase compared with the third quarter of 2020.

		Three Months Ended
($ in 000s)		12/31/20				12/31/19				% Change				9/30/20				% Change
Global Wealth Management		$	185,719			$	174,000				6.7			$	162,627				14.2
Institutional brokerage:
Equity capital markets			69,201				45,989				50.5				54,204				27.7
Fixed income capital markets			87,664				69,563				26.0				96,706				(9.3	)
Total institutional brokerage			156,865				115,552				35.8				150,910				3.9
Total brokerage revenues		$	342,584			$	289,552				18.3			$	313,537				9.3

• Global Wealth Management brokerage revenues were $185.7 million, a 6.7% increase compared with the fourth quarter of 2019 and a 14.2% increase compared with the third quarter of 2020.
• Institutional equity brokerage revenues were $69.2 million, a 50.5% increase compared with the fourth quarter of 2019 and a 27.7% increase compared with the third quarter of 2020.
• Institutional fixed income brokerage revenues were $87.7 million, a 26.0% increase compared with the fourth quarter of 2019 and a 9.3% decrease compared with the third quarter of 2020.
  
  

Investment Banking Revenues

Investment banking revenues were a record $337.7 million, a 21.8% increase compared with the fourth quarter of 2019 and a 54.8% increase compared with the third quarter of 2020.

		Three Months Ended
($ in 000s)		12/31/20				12/31/19				% Change				9/30/20				% Change
Capital raising:
Global Wealth Management		$	9,562			$	9,278				3.1			$	8,113				17.9
Equity capital markets			104,097				64,384				61.7				78,462				32.7
Fixed income capital markets			50,613				48,181				5.0				50,717				(0.2	)
Institutional Group			154,710				112,565				37.4				129,179				19.8
Total capital raising (6)			164,272				121,843				34.8				137,292				19.7
Advisory fees			173,395				155,331				11.6				80,842				114.5
Total investment banking (6)		$	337,667			$	277,174				21.8			$	218,134				54.8

• Global Wealth Management capital raising revenues were $9.6 million, a 3.1% increase compared with the fourth quarter of 2019 and a 17.9% increase compared with the third quarter of 2020.
• Institutional equity capital raising revenues were $104.1 million, a 61.7% increase compared with the fourth quarter of 2019 and a 32.7% increase compared with the third quarter of 2020.
• Institutional fixed income capital raising revenues were $50.6 million, a 5.0% increase compared with the fourth quarter of 2019 and a 0.2% decrease compared with the third quarter of 2020.
• Advisory fee revenues were $173.4 million, an 11.6% increase compared with the fourth quarter of 2019 and a 114.5% increase compared with the third quarter of 2020.

Asset Management and Service Fee Revenues

Asset management and service fee revenues were a record $249.9 million, an 11.6% increase compared with the fourth quarter of 2019 and an 8.3% increase compared with the third quarter of 2020. The increase from the comparative period in 2019 is primarily attributable to higher asset values and strong fee-based asset flows. Please refer to the Asset Management and Service Fee Break-down table for additional details.

Net Interest Income

Net interest income of $105.4 million, a 22.3% decrease compared with the fourth quarter of 2019 and a 4.7% increase compared with the third quarter of 2020. The decrease from the fourth quarter of 2019 was primarily driven by the impact of lower interest rates. Please refer to the Net Interest Income Analysis table for additional details.

• Interest income was $119.9 million, a 28.3% decrease compared with the fourth quarter of 2019 and a 4.8% increase compared with the third quarter of 2020.
• Interest expense was $14.5 million, a 53.8% decrease compared with the fourth quarter of 2019 and a 5.0% increase compared with the third quarter of 2020.

Annual Review

Annual Highlights

• Record net revenues of $3.8 billion, increased 12.4% compared with 2019.
• Record net revenues in Global Wealth Management.
• Record net revenues and pre-tax operating income in Institutional Group.
• Record net income available to common shareholders of $476.2 million, or $4.16 per diluted common share.⁽¹⁾
• Record non-GAAP net income available to common shareholders of $522.8 million, or $4.56 per diluted common share.⁽¹⁾
  
  

For year ended December 31, 2020, the Company reported record net income available to common shareholders of $476.2 million, or $4.16 per diluted common share⁽¹⁾ on record net revenues of $3.8 billion, compared with net income available to common shareholders of $431.1 million, or $3.66 per diluted common share,⁽¹⁾ on net revenues of $3.3 billion for the comparable in 2019.

For the year ended December 31, 2020, the Company reported non-GAAP net income available to common shareholders of $522.8 million, or $4.56 per diluted common share.⁽¹⁾ The Company’s reported GAAP net income for the year ended December 31, 2020 was primarily impacted by merger-related expenses. Details are discussed below and in the “Non-GAAP Financial Matters” section.

Financial Highlights (Unaudited)		Year Ended
($ in 000s, except per share data)		GAAP 12/31/20				GAAP 12/31/19				% Change					Non- GAAP (3) 12/31/20				Non- GAAP (3) 12/31/19				% Change
Net revenues		$	3,752,061			$	3,337,030				12.4				$	3,752,213			$	3,337,204				12.4
Net income applicable to Stifel Financial Corp.		$	503,472			$	448,396				12.3				$	550,108			$	496,955				10.7
Preferred dividends			27,261				17,319				57.4					27,261				17,319				57.4
Net income available to common shareholders		$	476,211			$	431,077				10.5				$	522,847			$	479,636				9.0
Earnings per diluted common share (1)		$	4.39			$	3.80				15.5				$	4.80			$	4.22				13.7
Earnings per diluted common share available to common shareholders (1)		$	4.16			$	3.66				13.7				$	4.56			$	4.07				12.0
Compensation ratio			60.7	%			59.3	%								59.9	%			58.3	%
Non-compensation ratio			21.9	%			22.7	%								21.1	%			21.8	%
Pre-tax operating margin (5)			17.4	%			18.0	%								19.0	%			19.9	%

Net Revenues

Net revenues were a record $3.8 billion for the year ended December 31, 2020, a 12.4% increase compared with 2019. Net revenues, compared with 2019, reflected significantly higher brokerage revenues, increased capital raising revenues, and asset management and service fees, partially offset by lower net interest income and advisory fee revenues.

Brokerage Revenues

Brokerage revenues were $1.3 billion, a 25.8% increase compared with 2019.

		Year Ended
($ in 000s)		12/31/20				12/31/19				% Change
Global Wealth Management		$	687,348			$	649,699				5.8
Institutional brokerage:
Equity capital markets			256,793				166,577				54.2
Fixed income capital markets			404,789				255,969				58.1
Total institutional brokerage			661,582				422,546				56.6
Total brokerage revenues		$	1,348,930			$	1,072,245				25.8

• Global Wealth Management brokerage revenues were $687.3 million, a 5.8% increase compared with 2019.
• Institutional equity brokerage revenues were $256.8 million, a 54.2% increase compared with 2019.
• Institutional fixed income brokerage revenues were $404.8 million, a 58.1% increase compared with 2019.
  
  

Investment Banking Revenues

Investment banking revenues were $952.3 million, a 16.5% increase compared with 2019.

		Year Ended
($ in 000s)		12/31/20				12/31/19				% Change
Capital raising:
Global Wealth Management			36,005				37,915				(5.0	)
Equity capital markets			306,031				204,405				49.7
Fixed income capital markets			182,121				127,122				43.3
Institutional Group			488,152				331,527				47.2
Total capital raising (6)			524,157				369,442				41.9
Advisory fees			428,147				447,979				(4.4	)
Total investment banking (6)		$	952,304			$	817,421				16.5

• Global Wealth Management capital raising revenues were $36.0 million, a 5.0% decrease compared with 2019.
• Institutional equity capital raising revenues were $306.0 million, a 49.7% increase compared with 2019.
• Institutional fixed income capital raising revenues were $182.1 million, a 43.3% increase compared with 2019.
• Advisory fee revenues were $428.1 million, a 4.4% decrease compared with 2019.

Asset Management and Service Fee Revenues

Asset management and service fee revenues were $917.4 million, an 8.2% increase compared with 2019. The increase is primarily attributable to higher asset values and strong fee-based asset flows.

Net Interest Income

Net interest income of $458.1 million, a 16.3% decrease compared with 2019. The decrease is primarily driven by the impact of lower interest rates.

• Interest income was $523.8 million, a 27.7% decrease compared with 2019.
• Interest expense was $65.8 million, a 63.0% decrease compared with 2019.

Fourth Quarter & Full Year 2020

Compensation and Benefits Expenses

For the quarter ended December 31, 2020, compensation and benefits expenses were $621.3 million, which included $7.4 million of merger-related and severance expenses (non-GAAP adjustments). This compares with $567.0 million in the fourth quarter of 2019 and $533.6 million in the third quarter of 2020. Excluding the non-GAAP adjustments, compensation and benefits as a percentage of net revenues were 57.9% in the fourth quarter of 2020 (non-GAAP measure).

For the year ended December 31, 2020, compensation and benefits expenses were $2.3 billion, which included $30.3 million of merger-related and severance expenses (non-GAAP adjustments), compared to $2.0 billion in 2019. Excluding the non-GAAP adjustments, compensation and benefits as a percentage of net revenues were 59.9% in the year ended December 31, 2020 (non-GAAP measure).

The increase in compensation and benefits expenses was primarily attributable to the change in the composition of revenues as compared to 2019.

		Three Months Ended								Year Ended
($ in 000s)		12/31/20				12/31/19				12/31/20				12/31/19
GAAP compensation and benefits		$	621,344			$	566,981			$	2,279,335			$	1,978,116
As a percentage of net revenues			58.6	%			60.0	%			60.7	%			59.3	%
Non-GAAP adjustments: (7)
Merger-related and severance			(7,352	)			(16,304	)			(30,259	)			(32,367	)
Non-GAAP compensation and benefits		$	613,992			$	550,677			$	2,249,076			$	1,945,749
As a percentage of non-GAAP net revenues			57.9	%			58.3	%			59.9	%			58.3	%

Non-Compensation Operating Expenses

For the quarter ended December 31, 2020, non-compensation operating expenses were $203.9 million, which included $10.4 million of merger-related expenses (non-GAAP adjustments). This compares with $214.7 million in the fourth quarter of 2019 and $191.3 million in the third quarter of 2020. Excluding the non-GAAP adjustments, non-compensation operating expenses as a percentage of net revenues for the quarter ended December 31, 2020 were 18.3% (non-GAAP measure).

The decrease in non-compensation operating expenses compared with the fourth quarter of 2019 was primarily due to significantly lower travel, entertainment, and conference-related expenses. In addition, the provision for credit losses and net provisions for litigation matters were lower. These decreases were partially offset by higher volume-related expenses, including investment banking transaction expenses, reflecting an increase in activity levels. In addition, occupancy expense and professional fees were higher.

For the year ended December 31, 2020, non-compensation operating expenses were $821.6 million, which included $30.1 million of merger-related expenses (non-GAAP adjustments), compared with $759.8 million in 2019. Excluding the non-GAAP adjustments, non-compensation operating expenses as a percentage of net revenues for the year ended December 31, 2020 were 21.1% (non-GAAP measure).

The increase in non-compensation operating expenses compared with 2019 was primarily attributable to an increase in the provision for credit losses as a result of the impact of COVID-19 on the broader economic environment (incorporating the impact of accounting for credit losses under the CECL standard)⁽⁸⁾ and higher volume-related expenses, including investment banking transaction expenses, reflecting an increase in activity levels. In addition, occupancy expense and professional fees were higher. These increases were partially offset by significant decreases in travel, entertainment, and conference-related expenses as a result of the global pandemic.

		Three Months Ended								Year Ended
($ in 000s)		12/31/20				12/31/19				12/31/20				12/31/19
GAAP non-compensation expenses		$	203,865			$	214,677			$	821,566			$	759,776
As a percentage of net revenues			19.3	%			22.8	%			21.9	%			22.7	%
Non-GAAP adjustments: (7)
Merger-related			(10,381	)			(14,964	)			(30,053	)			(28,663	)
Litigation-related			—				—				—				(3,507	)
			(10,381	)			(14,964	)			(30,053	)			(32,170	)
Non-GAAP non-compensation expenses		$	193,484			$	199,713			$	791,513			$	727,606
As a percentage of non-GAAP net revenues			18.3	%			21.2	%			21.1	%			21.8	%

Provision for Income Taxes

The GAAP effective income tax rate for the quarter ended December 31, 2020 was 19.7%. This compares with an effective income tax rate of 19.6% for the fourth quarter of 2019 and 23.9% for the third quarter of 2020. The adjusted non-GAAP effective income tax rate for the quarter ended December 31, 2020 was 19.7%.

The GAAP effective income tax rate for the year ended December 31, 2020 was 22.7%, compared with 25.0% in 2019. The adjusted non-GAAP effective income tax rate for the year ended December 31, 2020 was 22.7%.

		Three Months Ended								Year Ended
($ in 000s)		12/31/20				12/31/19				12/31/20				12/31/19
GAAP provision for income taxes		$	46,232			$	31,925			$	147,688			$	149,152
GAAP effective tax rate			19.7	%			19.6	%			22.7	%			25.0	%
Non-GAAP adjustments: (7)
Merger-related, litigation-related, and severance			3,319				7,203				13,689				16,152
Other			125				3,487				139				—
			3,444				10,690				13,828				16,152
Non-GAAP provision for income taxes		$	49,676			$	42,615			$	161,516			$	165,304
Non-GAAP effective tax rate			19.7	%			22.0	%			22.7	%			25.0	%

Conference Call Information

Stifel Financial Corp. will host its fourth quarter 2020 financial results conference call on Friday, January 29, 2021, at 9:30 a.m. Eastern time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing [phone] and referencing conference ID 1145988. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company's web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. Forward-looking statements speak only as to the date they are made. Stifel Financial Corp. disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position and liquidity may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected.

Summary Results of Operations (Unaudited)
		Three Months Ended																														Year Ended
($ in 000s, except per share amounts)		12/31/20						12/31/19						% Change						9/30/20						% Change						12/31/20						12/31/19						% Change
Revenues:
Commissions		$	199,847					$	183,144						9.1					$	172,654						15.7					$	760,627					$	667,494						14.0
Principal transactions			142,737						106,408						34.1						140,883						1.3						588,303						404,751						45.3
Brokerage revenues			342,584						289,552						18.3						313,537						9.3						1,348,930						1,072,245						25.8
Advisory fees			173,395						155,331						11.6						80,842						114.5						428,147						447,979						(4.4	)
Capital raising			164,276						121,843						34.8						137,292						19.7						524,161						369,442						41.9
Investment banking			337,671						277,174						21.8						218,134						54.8						952,308						817,421						16.5
Asset management and service fees			249,928						223,969						11.6						230,782						8.3						917,424						848,035						8.2
Other income			24,366						17,917						36.0						20,258						20.3						75,345						52,378						43.8
Operating revenues			954,549						808,612						18.0						782,711						22.0						3,294,007						2,790,079						18.1
Interest revenue			119,876						167,087						(28.3	)					114,411						4.8						523,832						724,882						(27.7	)
Total revenues			1,074,425						975,699						10.1						897,122						19.8						3,817,839						3,514,961						8.6
Interest expense			14,515						31,448						(53.8	)					13,822						5.0						65,778						177,931						(63.0	)
Net revenues			1,059,910						944,251						12.2						883,300						20.0						3,752,061						3,337,030						12.4
Non-interest expenses:
Compensation and benefits			621,344						566,981						9.6						533,638						16.4						2,279,335						1,978,116						15.2
Occupancy and equipment rental			73,729						64,327						14.6						68,598						7.5						274,664						242,893						13.1
Communication and office supplies			40,443						39,845						1.5						40,123						0.8						164,736						147,428						11.7
Commissions and floor brokerage			12,687						11,505						10.3						13,254						(4.3	)					55,960						44,011						27.2
Provision for credit losses			—						4,412					n/m							(1,353	)				n/m							33,925						9,977						240.0
Other operating expenses			77,006						94,588						(18.6	)					70,647						9.0						292,281						315,467						(7.3	)
Total non-interest expenses			825,209						781,658						5.6						724,907						13.8						3,100,901						2,737,892						13.3
Income before income taxes			234,701						162,593						44.3						158,393						48.2						651,160						599,138						8.7
Provision for income taxes			46,232						31,925						44.8						37,866						22.1						147,688						149,152						(1.0	)
Net income			188,469						130,668						44.2						120,527						56.4						503,472						449,986						11.9
Net income/(loss) applicable to non-controlling interests			—						(22	)				n/m							—						—						—						1,590					n/m
Net income applicable to Stifel Financial Corp.			188,469						130,690						44.2						120,527						56.4						503,472						448,396						12.3
Preferred dividends			7,677						4,843						58.5						9,897						(22.4	)					27,261						17,319						57.4
Net income available to common shareholders		$	180,792					$	125,847						43.7					$	110,630						63.4					$	476,211					$	431,077						10.5
Earnings per common share: (1)
Basic		$	1.70					$	1.19						42.9					$	1.04						63.4					$	4.49					$	3.99						12.5
Diluted		$	1.55					$	1.08						43.5					$	0.97						59.8					$	4.16					$	3.66						13.7
Cash dividends declared per common share (1)		$	0.11					$	0.10						10.0					$	0.11						—					$	0.45					$	0.40						12.5
Weighted average number of common shares outstanding: (1)
Basic			106,041						105,705						0.3						105,941						0.1						106,174						107,997						(1.7	)
Diluted			116,828						116,720						0.1						113,775						2.7						114,573						117,878						(2.8	)

Summary Business Segment Results (Unaudited)
		Three Months Ended																						Year Ended
($ in 000s)		12/31/20				12/31/19						% Change				9/30/20				% Change				12/31/20				12/31/19				% Change
Net revenues:
Global Wealth Management		$	575,252			$	552,945						4.0			$	526,836				9.2			$	2,190,826			$	2,130,559				2.8
Institutional Group			489,448				391,907						24.9				363,365				34.7				1,583,147				1,214,017				30.4
Other			(4,790	)			(601	)				n/m					(6,901	)		n/m					(21,912	)			(7,546	)		n/m
Total net revenues		$	1,059,910			$	944,251						12.2			$	883,300				20.0			$	3,752,061			$	3,337,030				12.4
Operating expenses:
Global Wealth Management		$	378,790			$	356,650						6.2			$	347,906				8.9			$	1,464,942			$	1,344,599				9.0
Institutional Group			365,793				336,366						8.7				286,524				27.7				1,257,862				1,038,347				21.1
Other			80,626				88,642						(9.0	)			90,477				(10.9	)			378,097				354,946				6.5
Total operating expenses		$	825,209			$	781,658						5.6			$	724,907				13.8			$	3,100,901			$	2,737,892				13.3
Operating contribution:
Global Wealth Management		$	196,462			$	196,295						0.1			$	178,930				9.8			$	725,884			$	785,960				(7.6	)
Institutional Group			123,655				55,541						122.6				76,841				60.9				325,285				175,670				85.2
Other			(85,416	)			(89,243	)					(4.3	)			(97,378	)			(12.3	)			(400,009	)			(362,492	)			10.3
Income before income taxes		$	234,701			$	162,593						44.3			$	158,393				48.2			$	651,160			$	599,138				8.7
As a percentage of net revenues:
Compensation and benefits
Global Wealth Management			52.8				49.7										52.7								52.0				49.1
Institutional Group			58.1				63.7										58.0								59.6				60.6
Non-compensation operating expenses
Global Wealth Management			13.0				14.8										13.3								14.9				14.0
Institutional Group			16.6				22.1										20.9								19.9				24.9
Income before income taxes
Global Wealth Management			34.2				35.5										34.0								33.1				36.9
Institutional Group			25.3				14.2										21.1								20.5				14.5
Consolidated pre-tax margin			22.1				17.2										17.9								17.4				18.0

Financial metrics (unaudited):	As of and For the Three Months Ended
($ in 000s, except percentages and per share amounts)	12/31/20			12/31/19			9/30/20
Total assets	$	26,604,254		$	24,610,225		$	25,549,182
Total Stifel Financial shareholders' equity		4,238,766			3,614,791			4,030,687
Book value per common share (1) (9)	$	35.91		$	32.24		$	33.97
Return on common equity (10)		20.0	%		15.6	%		12.8	%
Non-GAAP return on common equity (3) (10)		21.6	%		18.2	%		14.0	%
Return on tangible common equity (2)		30.8	%		25.7	%		20.4	%
Non-GAAP return on tangible common equity (2) (3)		33.3	%		29.9	%		22.2	%
Tier 1 common capital ratio (11)	16.5		%		15.2	%		15.4	%
Tier 1 risk based capital ratio (11)	20.2		%		17.6	%		19.2	%
Tier 1 leverage capital ratio (11)	11.9		%		10.0	%		11.3	%
Pre-tax margin on net revenues		22.1	%		17.2	%		17.9	%
Non-GAAP pre-tax margin on net revenues (3) (4)		23.8	%		20.5	%		19.4	%
Effective tax rate		19.7	%		19.6	%		23.9	%
Non-GAAP effective tax rate (3)		19.7	%		22.0	%		23.9	%

Statistical Information (unaudited):		As of and For the Three Months Ended
($ in 000s, except financial advisors and locations)		12/31/20				12/31/19				% Change				9/30/20				% Change
Financial advisors			2,187				2,127				2.8				2,177				0.5
Independent contractors			93				95				(2.1	)			94				(1.1	)
Total financial advisors			2,280				2,222				2.6				2,271				0.4
Locations			450				446				0.9				451				(0.2	)
Total client assets (12)		$	357,429,000			$	329,495,000				8.5			$	325,159,000				9.9
Fee-based client assets (12)		$	129,372,000			$	117,189,000				10.4			$	115,162,000				12.3
Client money market and insured product		$	22,837,000			$	14,841,000				53.9			$	20,367,000				12.1
Secured client lending (13)		$	2,816,973			$	3,363,450				(16.2	)		$	2,783,138				1.2

  

		Asset Management and Service Fee Break-down (unaudited)
Asset Management and Service Fee Revenues:		Three Months Ended
($ in 000s)		12/31/20				12/31/19				% Change				9/30/20				% Change
Private Client Group (14)		$	208,238			$	177,987				17.0			$	190,799				9.1
Asset Management			28,298				31,653				(10.6	)			27,539				2.8
Third-party Bank Sweep Program			2,782				3,821				(27.2	)			1,623				71.4
Other (15)			10,610				10,508				1.0				10,821				(1.9	)
Total asset management and service fee revenues		$	249,928			$	223,969				11.6			$	230,782				8.3
Fee-based Assets:		Three Months Ended
($ in millions)		12/31/20				12/31/19				% Change				9/30/20				% Change
Private Client Group (14)		$	111,995			$	92,110				21.6			$	99,374				12.7
Asset Management			29,864				36,525				(18.2	)			27,196				9.8
Elimination (16)			(12,487	)			(11,446	)			9.1				(11,408	)			9.5
Total fee-based assets		$	129,372			$	117,189				10.4			$	115,162				12.3
Third-party Bank Sweep Program		$	6,555			$	1,185				453.2			$	4,691				39.7
ROA (bps) (17)
Private Client Group (14)			83.8				83.6								83.5
Asset Management			37.9				34.7								40.5
Third-party Bank Sweep Program			18.9				123.7								15.2

Consolidated Net Interest Income Analysis (Unaudited):
		Three Months Ended
		December 31, 2020												December 31, 2019												September 30, 2020
($ 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		$	1,545.2			$	1.1				0.28	%		$	805.7			$	3.6				1.80	%		$	1,789.8			$	1.1				0.25	%
Financial instruments owned			670.9				2.2				1.33				1,074.2				5.1				1.91				801.3				2.9				1.46
Margin balances			869.0				5.9				2.70				1,291.7				11.6				3.58				872.5				5.8				2.66
Investments:
Asset-backed securities			4,826.6				21.5				1.78				4,511.8				38.8				3.44				4,838.7				25.3				2.09
Mortgage-backed securities			758.8				2.6				1.38				987.9				5.1				2.06				824.0				3.2				1.55
Corporate fixed income securities			602.8				4.1				2.74				663.7				4.8				2.89				551.8				3.5				2.50
State and municipal securities			2.4				—				1.98				27.7				0.2				2.22				2.4				—				1.97
Other			4.4				0.1				2.10				4.5				—				2.02				4.9				—				2.07
Total Investments			6,195.0				28.3				1.83				6,195.6				48.9				3.16				6,221.8				32.0				2.06
Loans:
Commercial and industrial			4,206.7				32.7				3.11				3,380.0				36.9				4.37				4,036.3				30.1				2.98
Residential real estate			3,820.8				27.7				2.90				3,144.9				24.0				3.06				3,711.2				26.1				2.81
Securities-based loans			1,899.7				9.6				2.03				2,064.7				18.5				3.59				1,787.1				9.2				2.05
Commercial real estate			379.1				3.3				3.52				386.2				5.8				6.03				400.0				3.8				3.76
Loans held for sale			489.1				3.0				2.45				335.3				4.0				4.80				460.1				2.6				2.25
Other			649.3				4.9				3.02				503.4				6.1				4.75				602.9				4.5				3.02
Total Loans			11,444.7				81.2				2.84				9,814.5				95.3				3.88				10,997.6				76.3				2.77
Other interest-bearing assets			469.6				1.2				1.00				642.4				2.6				1.59				547.7				(3.7	)			(2.69	)
Total interest-earning assets/interest income			21,194.4				119.9				2.26				19,824.1				167.1				3.37				21,230.7				114.4				2.16
Interest-bearing liabilities:
Short-term borrowings			—				—				—				31.5				0.1				1.66				—				—				—
Senior notes			1,311.0				14.4				4.39				1,016.8				11.1				4.38				1,411.8				15.4				4.37
Deposits			16,429.1				1.2				0.03				14,672.8				13.6				0.37				16,379.2				1.5				0.04
FHLB			137.0				0.1				0.34				513.0				2.1				1.67				157.1				0.5				1.31
Other interest-bearing liabilities			513.9				(1.2	)			(0.94	)			1,595.6				4.5				1.12				1,071.6				(3.6	)			(1.34	)
Total interest-bearing liabilities/interest expense		$	18,391.0			$	14.5				0.32	%		$	17,829.7			$	31.4				0.71	%		$	19,019.7			$	13.8				0.29	%
Net interest income/margin						$	105.4				1.99	%						$	135.7				2.74	%						$	100.6				1.90	%

Stifel Bancorp, Inc. (18) Net Interest Income Analysis (Unaudited):
		Three Months Ended
		December 31, 2020												December 31, 2019												September 30, 2020
($ 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		$	546.7			$	0.2				0.15	%		$	255.7			$	1.2				1.83	%		$	786.0			$	0.3				0.14	%
Investments			6,195.0				28.3				1.83				6,195.6				48.9				3.16				6,221.8				32.0				2.06
Loans			11,444.6				81.2				2.84				9,814.5				95.3				3.88				10,997.6				76.3				2.77
Other interest-bearing assets			42.9				0.4				3.20				57.4				0.5				3.77				42.9				0.2				2.86
Total interest-earning assets/interest income		$	18,229.2			$	110.1				2.42			$	16,323.2			$	145.9				3.58			$	18,048.3			$	108.8				2.41
Interest-bearing liabilities:
Deposits			16,429.1				1.2				0.03				14,672.8				13.6				0.37				16,379.2				1.5				0.04
FHLB			137.0				0.1				0.34				513.0				2.1				1.67				157.1				0.5				1.31
Other interest-bearing liabilities			1.4				0.1				9.87				1.6				—				7.85				1.5				—				6.08
Total interest-bearing liabilities/interest expense		$	16,567.5				1.4				0.03	%		$	15,187.4				15.7				0.41	%		$	16,537.8				2.0				0.05	%
Net interest income/margin						$	108.7				2.39	%						$	130.2				3.19	%						$	106.8				2.37	%

Stifel Bancorp, Inc. (18) - a component of Global Wealth Management
Selected operating data (unaudited):	Three Months Ended																				Year Ended
($ in 000s, except percentages)	12/31/20				12/31/19				% Change				9/30/20				% Change				12/31/20				12/31/19				% Change
Net interest income	$	108,699			$	130,157				(16.5	)		$	106,812				1.8			$	466,940			$	520,377				(10.3	)
Credit loss provision/(release)		—				4,412			n/m					(4,731	)		n/m					30,547				9,977				206.2
Charge-offs		—				220			n/m					23			n/m					193				386				(50.0	)
Net interest margin		2.39	%			3.19	%		(80) bps					2.37	%		2 bps					2.60	%			3.15	%		(55) bps

Financial Metrics (unaudited):		As of
($ in 000s, except percentages)		12/31/20				12/31/19				9/30/20
Total assets		$	18,867,133			$	16,941,877			$	17,854,768
Total shareholders' equity			1,399,382				1,207,469				1,378,981
Total loans, net (includes loans held for sale)			11,558,008				10,013,735				10,932,235
Total deposits			17,396,497				15,332,581				16,400,001
Available-for-sale securities, at fair value			2,229,878				3,253,588				2,823,885
Held-to-maturity securities, at amortized cost			4,114,840				2,853,360				3,395,115
Commercial and industrial			4,296,089				3,438,953				4,080,939
Residential real estate			3,956,670				3,309,548				3,804,836
Securities-based loans			1,933,974				2,098,211				1,841,516
Commercial real estate			366,485				428,549				386,957
Loans held for sale			551,248				389,693				281,475
Stifel Bank & Trust:
Common equity tier 1 capital ratio (11)		11.4		%			12.1	%			11.7	%
Tier 1 capital ratio (11)		11.4		%			12.1	%			11.7	%
Total capital ratio (11)		12.7		%			13.3	%			13.0	%
Tier 1 leverage ratio (11)		7.1		%			7.1	%			7.2	%
Stifel Bank:
Common equity tier 1 capital ratio (11)		16.5		%			17.0	%			18.0	%
Tier 1 capital ratio (11)		16.5		%			17.0	%			18.0	%
Total capital ratio (11)		17.7		%			18.0	%			19.3	%
Tier 1 leverage ratio (11)		7.3		%			7.1	%			7.3	%
Credit Metrics:
Allowance for credit losses		$	135,295			$	95,579			$	135,275
Allowance as a percentage of retained loans			1.22	%			0.98	%			1.26	%
Net charge-offs as a percentage of average loans			0.00	%			0.00	%			0.00	%
Total nonperforming assets			13,925				14,748				14,615
Nonperforming assets as % of total assets			0.07	%			0.09	%			0.08	%

Global Wealth Management Summary Results of Operations (Unaudited)
		Three Months Ended																												Year Ended
($ in 000s)		12/31/20						12/31/19						% Change						9/30/20				% Change						12/31/20						12/31/19						% Change
Revenues:
Commissions		$	139,594					$	129,129						8.1					$	120,600				15.7					$	513,247					$	477,401						7.5
Principal transactions			46,125						44,871						2.8						42,027				9.8						174,101						172,298						1.0
Brokerage revenues			185,719						174,000						6.7						162,627				14.2						687,348						649,699						5.8
Asset management and service fees			249,907						223,952						11.6						230,765				8.3						917,353						847,977						8.2
Net interest			110,521						138,060						(19.9	)					108,181				2.2						478,948						558,891						(14.3	)
Investment banking (19)			9,562						9,278						3.1						8,113				17.9						36,024						37,915						(5.0	)
Other income			19,543						7,655						155.3						17,150				14.0						71,153						36,077						97.2
Net revenues			575,252						552,945						4.0						526,836				9.2						2,190,826						2,130,559						2.8
Non-interest expenses:
Compensation and benefits			303,961						274,954						10.5						277,903				9.4						1,138,525						1,046,429						8.8
Non-compensation operating expenses			74,829						81,696						(8.4	)					70,003				6.9						326,417						298,170						9.5
Total non-interest expenses			378,790						356,650						6.2						347,906				8.9						1,464,942						1,344,599						9.0
Income before income taxes		$	196,462					$	196,295						0.1					$	178,930				9.8					$	725,884					$	785,960						(7.6	)
As a percentage of net revenues:
Compensation and benefits			52.8						49.7												52.7										52.0						49.1
Non-compensation operating expenses			13.0						14.8												13.3										14.9						14.0
Income before income taxes			34.2						35.5												34.0										33.1						36.9

Institutional Group Summary Results of Operations (Unaudited)
		Three Months Ended																								Year Ended
($ in 000s)		12/31/20				12/31/19				% Change						9/30/20				% Change						12/31/20				12/31/19				% Change
Revenues:
Commissions		$	60,253			$	54,015				11.5					$	52,054				15.8					$	247,380			$	190,093				30.1
Principal transactions			96,612				61,537				57.0						98,856				(2.3	)					414,202				232,453				78.2
Brokerage revenues			156,865				115,552				35.8						150,910				3.9						661,582				422,546				56.6
Advisory fees			173,399				155,331				11.6						80,842				114.5						428,132				447,979				(4.4	)
Capital raising			154,710				112,565				37.4						129,179				19.8						488,152				331,527				47.2
Investment banking			328,109				267,896				22.5						210,021				56.2						916,284				779,506				17.5
Other (20)			4,474				8,459				(47.1	)					2,434				83.8						5,281				11,965				(55.9	)
Net revenues			489,448				391,907				24.9						363,365				34.7						1,583,147				1,214,017				30.4
Non-interest expenses:
Compensation and benefits			284,607				249,574				14.0						210,754				35.0						942,769				736,298				28.0
Non-compensation operating expenses			81,186				86,792				(6.5	)					75,770				7.1						315,093				302,049				4.3
Total non-interest expenses			365,793				336,366				8.7						286,524				27.7						1,257,862				1,038,347				21.1
Income before income taxes		$	123,655			$	55,541				122.6					$	76,841				60.9					$	325,285			$	175,670				85.2
As a percentage of net revenues:
Compensation and benefits			58.1				63.7										58.0										59.6				60.6
Non-compensation operating expenses			16.6				22.1										20.9										19.9				24.9
Income before income taxes			25.3				14.2										21.1										20.5				14.5

Non-GAAP Financial Measures

The Company utilized certain non-GAAP calculations as additional measures to aid in understanding and analyzing the Company’s financial results for the three months ended December 31, 2020, December 31, 2019, and September 30, 2020 and the years ended December 31, 2020 and 2019. Specifically, the Company believes that the non-GAAP measures provide useful information by excluding certain items that may not be indicative of the Company’s core operating results and business outlook. The Company believes that these non-GAAP measures will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company’s results in the current period to those in prior and future periods. Reference to these non-GAAP measures should not be considered as a substitute for results that are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance investors' overall understanding of the Company’s current financial performance. The non-GAAP financial information should be considered in addition to, not as a substitute for or as being superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. These non-GAAP measures primarily exclude expenses which management believes are, in some instances, non-recurring and not representative of on-going business.

A limitation of utilizing these non-GAAP measures is that the GAAP accounting effects of these charges do, in fact, reflect the underlying financial results of the Company’s business and these effects should not be ignored in evaluating and analyzing its financial results. Therefore, the Company believes that GAAP measures and the same respective non-GAAP measures of the Company’s financial performance should be considered together.

The following table provides details with respect to reconciling net income and earnings per diluted common share on a GAAP basis for the three months ended December 31, 2020, December 31, 2019, and September 30, 2020, and the years ended December 31, 2020 and 2019 to net income and earnings per diluted common share on a non-GAAP basis for the same period.

		Three Months Ended												Year Ended
($ in 000s)		12/31/20				12/31/19				9/30/20				12/31/20				12/31/19
GAAP net income applicable to Stifel Financial Corp.		$	188,469			$	130,690			$	120,527			$	503,472			$	448,396
Preferred dividends			7,677				4,843				9,897				27,261				17,319
Net income available to common shareholders			180,792				125,847				110,630				476,211				431,077
Non-GAAP adjustments:
Merger-related and severance (21)			17,706				31,442				12,989				60,464				61,204
Litigation-related (22)			—				—				—				—				3,507
Provision for income taxes (23)			(3,444	)			(10,690	)			(3,094	)			(13,828	)			(16,152	)
Total non-GAAP adjustments			14,262				20,752				9,895				46,636				48,559
Non-GAAP net income available to common shareholders		$	195,054			$	146,599			$	120,525			$	522,847			$	479,636
Weighted average diluted shares outstanding (1)			116,828				116,720				113,775				114,573				117,878
GAAP earnings per diluted common share (1)		$	1.61			$	1.12			$	1.06			$	4.39			$	3.80
Non-GAAP adjustments (1)			0.13				0.18				0.09				0.41				0.42
Non-GAAP earnings per diluted common share (1)		$	1.74			$	1.30			$	1.15			$	4.80			$	4.22
GAAP earnings per diluted common share available to common shareholders (1)		$	1.55			$	1.08			$	0.97			$	4.16			$	3.66
Non-GAAP adjustments (1)			0.12				0.18				0.09				0.40				0.41
Non-GAAP earnings per diluted common share available to common shareholders (1)		$	1.67			$	1.26			$	1.06			$	4.56			$	4.07

Footnotes

(1)	All share and per share information has been retroactively adjusted to reflect the December 2020 three-for-two stock split.
(2)	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 Stifel Financial 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 $50.7 million, $46.5 million, and $49.6 million, as of December 31, 2020 and 2019, and September 30, 2020, respectively. Historical periods have been restated to conform with the current period presentation.
(3)	Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures.”
(4)	Non-GAAP pre-tax margin for the three months ended December 31, 2020 of 23.8% is calculated by adding non-GAAP adjustments of $17.7 million to GAAP income before income taxes of $234.7 million and dividing it by non-GAAP net revenues for the quarter of $1.1 billion. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”
(5)	Non-GAAP pre-tax margin for the year ended December 31, 2020 of 19.0% is calculated by adding non-GAAP adjustments of $60.5 million to GAAP income before income taxes of $651.2 million and dividing it by non-GAAP net revenues of $3.8 billion. Reconciliations of the Company’s GAAP results to certain non-GAAP measures is discussed within and under “Non-GAAP Financial Measures.”
(6)	Excludes revenue included in the Other segment.
(7)	See further discussion of non-GAAP adjustments under “Non-GAAP Financial Measures.”
(8)	In the first quarter of 2020, the Company adopted ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments,” which amends several aspects of the measurement of credit losses on certain financial instruments, including replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses (CECL) model. For further information about ASU No. 2016-13, see Note 2 “Summary of Significant Accounting Policies” in Part II, Item 8 “Financial Statements and Supplementary Data” in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.
(9)	Book value per common share represents shareholders’ equity (excluding preferred stock and non-controlling interests) divided by period end common shares outstanding.
(10)	Annualized return on average common shareholders’ equity (“ROE”) is calculated by dividing annualized net income applicable to common shareholders by average Stifel Financial common shareholders’ equity or, in the case of non-GAAP ROE, calculated by dividing non-GAAP net income applicable to commons shareholders by average Stifel Financial common shareholders’ equity.
(11)	Capital ratios are estimates at time of the Company’s earnings release.
(12)	On March 27, 2020, the Company sold Ziegler Capital Management LLC, which had approximately $10.5 billion of fee-based client assets at December 31, 2019.
(13)	Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
(14)	Includes Private Client Group and Trust Business.
(15)	Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
(16)	Asset management assets managed in Private Client Group or Trust accounts.
(17)	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.
(18)	Includes Stifel Bank & Trust, Stifel Bank, Stifel Trust Company, N.A, and Stifel Trust Company Delaware, N.A.
(19)	Includes capital raising and advisory fees.
(20)	Includes net interest, asset management and service fees, and other income.
(21)	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.
(22)	Primarily related to costs associated with Company’s legal matters.
(23)	See details of non-GAAP adjustments under “Provision for Income Taxes.”

Media Contact: Neil Shapiro [phone]
Investor Contact: Joel Jeffrey [phone]
www.stifel.com/investor-relations