EX-99.2

Exhibit 99.2

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First Quarter 2025 Earnings Results


Quarterly Financial Supplement		Page



Consolidated Financial Highlights		2

GAAP Consolidated Results of Operations		3

Non-GAAP Consolidated Results of Operations		4

Consolidated Financial Summary		5

Consolidated Financial Information and Metrics		6

Regulatory Capital		7

Global Wealth Management - Summary Results of Operations		8

Global Wealth Management - Statistical Information		9

Institutional Group - Summary Results of Operations		11

Stifel Bancorp - Financial Information and Credit Metrics		12

Stifel Bancorp - Loan and Investment Portfolio		13

Loans and Lending Commitments - Allowance for Credit Losses		14

Consolidated Net Interest Income		15

Stifel Bancorp Net Interest Income		16

GAAP to Core Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 1 of 19

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Consolidated Financial Highlights


	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2025		3/31/2024		% Change			12/31/2024		% Change
Net revenues	$	1,255,469	$	1,163,038		7.9	%	$	1,364,682		(8.0	%)
Net income	$	52,992	$	163,575		(67.6	%)	$	244,005		(78.3	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	43,672	$	154,255		(71.7	%)	$	234,685		(81.4	%)
Earnings per diluted common share	$	0.47	$	1.48		(68.2	%)	$	2.18		(78.4	%)
Earnings per diluted common share available to common shareholders	$	0.39	$	1.40		(72.1	%)	$	2.09		(81.3	%)
Non-GAAP financial summary (1):
Net revenues	$	1,255,455	$	1,163,038		7.9	%	$	1,364,721		(8.0	%)
Net income	$	63,556	$	172,666		(63.2	%)	$	259,030		(75.5	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	54,236		163,346		(66.8	%)		249,710		(78.3	%)
Earnings per diluted common share	$	0.57	$	1.57		(63.7	%)	$	2.32		(75.4	%)
Earnings per diluted common share available to common shareholders	$	0.49	$	1.49		(67.1	%)	$	2.23		(78.0	%)

Weighted average number of common shares outstanding:
Basic		104,764		104,275		0.5	%		103,856		0.9	%
Diluted		110,635		109,985		0.6	%		112,089		(1.3	%)
Period end common shares outstanding		103,078		102,649		0.4	%		102,171		0.9	%
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.42		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 2 of 19

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GAAP Consolidated Results of Operations



	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2025		3/31/2024		% Change			12/31/2024		% Change
Revenues:
Commissions	$	193,670	$	185,476		4.4	%	$	203,786		(5.0	%)
Principal transactions		141,660		139,014		1.9	%		174,887		(19.0	%)

Transactional revenues		335,330		324,490		3.3	%		378,673		(11.4	%)
Capital raising		100,472		94,697		6.1	%		114,507		(12.3	%)
Advisory		137,470		119,252		15.3	%		189,912		(27.6	%)

Investment banking		*237,942*		213,949		11.2	%		304,419		(21.8	%)
Asset management		409,541		367,476		11.4	%		405,825		0.9	%
Other income		10,581		4,950		113.8	%		3,294		221.2	%

Operating revenues		993,394		910,865		9.1	%		1,092,211		(9.0	%)
Interest revenue		475,632		506,828		(6.2	%)		500,661		(5.0	%)

Total revenues		1,469,026		1,417,693		3.6	%		1,592,872		(7.8	%)
Interest expense		213,557		254,655		(16.1	%)		228,190		(6.4	%)

Net revenues		1,255,469		1,163,038		7.9	%		1,364,682		(8.0	%)

Non-interest expenses:
Compensation and benefits		732,220		679,695		7.7	%		795,750		(8.0	%)
Occupancy and equipment rental		90,766		88,712		2.3	%		94,213		(3.7	%)
Communication and office supplies		49,513		47,367		4.5	%		49,965		(0.9	%)
Commissions and floor brokerage		16,806		15,767		6.6	%		16,434		2.3	%
Provision for credit losses		12,020		5,268		128.2	%		11,893		1.1	%
Investment banking expenses		8,547		7,729		10.6	%		8,822		(3.1	%)
Other operating expenses		282,233		99,809		182.8	%		121,404		132.5	%

Total non-interest expenses		1,192,105		944,347		26.2	%		1,098,481		8.5	%
Income before income taxes		63,364		218,691		(71.0	%)		266,201		(76.2	%)
Provision for income taxes		10,372		55,116		(81.2	%)		22,196		(53.3	%)

Net income		52,992		163,575		(67.6	%)		244,005		(78.3	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	43,672	$	154,255		(71.7	%)	$	234,685		(81.4	%)

Earnings per common share:
Basic	$	0.42	$	1.48		(71.6	%)	$	2.26		(81.4	%)
Diluted	$	0.39	$	1.40		(72.1	%)	$	2.09		(81.3	%)
Weighted average number of common shares outstanding:
Basic		104,764		104,275		0.5	%		103,856		0.9	%
Diluted		110,635		109,985		0.6	%		112,089		(1.3	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.42		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 3 of 19

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Non-GAAP Consolidated Results of Operations ⁽¹⁾



	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2025		3/31/2024		% Change			12/31/2024		% Change
Revenues:
Commissions	$	193,670	$	185,476		4.4	%	$	203,786		(5.0	%)
Principal transactions		141,660		139,014		1.9	%		174,887		(19.0	%)

Transactional revenues		*335,330*		324,490		3.3	%		378,673		(11.4	%)
Capital raising		100,472		94,697		6.1	%		114,507		(12.3	%)
Advisory		137,470		119,252		15.3	%		189,912		(27.6	%)

Investment banking		*237,942*		213,949		11.2	%		304,419		(21.8	%)
Asset management		409,541		367,476		11.4	%		405,825		0.9	%
Other income		10,567		4,950		113.5	%		3,333		217.0	%

Operating revenues		993,380		910,865		9.1	%		1,092,250		(9.1	%)
Interest revenue		475,632		506,828		(6.2	%)		500,661		(5.0	%)

Total revenues		1,469,012		1,417,693		3.6	%		1,592,911		(7.8	%)
Interest expense		213,557		254,655		(16.1	%)		228,190		(6.4	%)

Net revenues		1,255,455		1,163,038		7.9	%		1,364,721		(8.0	%)

Non-interest expenses:
Compensation and benefits		728,164		674,162		8.0	%		791,539		(8.0	%)
Occupancy and equipment rental		90,535		88,665		2.1	%		94,168		(3.9	%)
Communication and office supplies		49,336		47,364		4.2	%		49,880		(1.1	%)
Commissions and floor brokerage		16,806		15,767		6.6	%		16,434		2.3	%
Provision for credit losses		12,020		5,268		128.2	%		11,893		1.1	%
Investment banking expenses		8,547		7,729		10.6	%		8,822		(3.1	%)
Other operating expenses		274,022		93,238		193.9	%		109,394		150.5	%

Total non-interest expenses		1,179,430		932,193		26.5	%		1,082,130		9.0	%
Income before income taxes		76,025		230,845		(67.1	%)		282,591		(73.1	%)
Provision for income taxes		12,469		58,179		(78.6	%)		23,561		(47.1	%)

Net income		63,556		172,666		(63.2	%)		259,030		(75.5	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	54,236	$	163,346		(66.8	%)	$	249,710		(78.3	%)

Earnings per common share:
Basic	$	0.52	$	1.57		(66.9	%)	$	2.40		(78.3	%)
Diluted	$	0.49	$	1.49		(67.1	%)	$	2.23		(78.0	%)
Weighted average number of common shares outstanding:
Basic		104,764		104,275		0.5	%		103,856		0.9	%
Diluted		110,635		109,985		0.6	%		112,089		(1.3	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.42		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 4 of 19

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Consolidated Financial Summary


	Three Months Ended
(Unaudited, 000s)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Net revenues:
Global Wealth Management	$	850,559		$	790,500			7.6	%	$	865,209			(1.7	%)
Institutional Group		384,929			351,376			9.5	%		478,335			(19.5	%)
Other		19,981			21,162			(5.6	%)		21,138			(5.5	%)

Total net revenues	$	1,255,469		$	1,163,038			7.9	%	$	1,364,682			(8.0	%)
Operating expenses:
Global Wealth Management	$	724,154		$	499,752			44.9	%	$	548,891			31.9	%
Institutional Group		357,498			314,267			13.8	%		382,654			(6.6	%)
Other		110,453			130,328			(15.2	%)		166,936			(33.8	%)

Total operating expenses	$	1,192,105		$	944,347			26.2	%	$	1,098,481			8.5	%
Operating contribution:
Global Wealth Management	$	126,405		$	290,748			(56.5	%)	$	316,318			(60.0	%)
Institutional Group		27,431			37,109			(26.1	%)		95,681			(71.3	%)
Other		(90,472	)		(109,166	)		(17.1	%)		(145,798	)		(37.9	%)

Income before income taxes	$	63,364		$	218,691			(71.0	%)	$	266,201			(76.2	%)
Financial ratios (change in bps):
Compensation and benefits		58.3	%		58.4	%		(10	)		58.3	%		—
Non-compensation operating expenses		36.7	%		22.8	%		1,390			22.2	%		1,450
Income before income taxes		5.0	%		18.8	%		(1,380	)		19.5	%		(1,450	)
Effective tax rate		16.4	%		25.2	%		(880	)		8.3	%		810


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 5 of 19

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Consolidated Financial Information and Metrics




	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Financial Information:
Total assets	$	40,383,727		$	38,258,280			5.6	%	$	39,895,540			1.2	%
Total shareholders’ equity	$	5,538,186		$	5,273,941			5.0	%	$	5,686,770			(2.6	%)
Total common equity	$	4,853,186		$	4,588,941			5.8	%	$	5,001,770			(3.0	%)
Goodwill and intangible assets	$	(1,503,358	)	$	(1,515,588	)		(0.8	%)	$	(1,508,792	)		(0.4	%)
DTL on goodwill and intangible assets	$	83,367		$	74,841			11.4	%	$	81,569			2.2	%

Tangible common equity	$	3,433,195		$	3,148,194			9.1	%	$	3,574,547			(4.0	%)
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	47.08		$	44.71			5.3	%	$	48.95			(3.8	%)
Tangible book value per common share (2)	$	33.31		$	30.67			8.6	%	$	34.99			(4.8	%)
Return on common equity (3)		3.5	%		13.5	%					18.9	%
Non-GAAP return on common equity (1)(3)		4.4	%		14.3	%					20.1	%
Return on tangible common equity (4)		5.0	%		19.7	%					26.6	%
Non-GAAP return on tangible common equity (1)(4)		6.2	%		20.9	%					28.3	%
Pre-tax margin on net revenues		5.0	%		18.8	%					19.5	%
Non-GAAP pre-tax margin on net revenues (1)		6.1	%		19.8	%					20.7	%
Effective tax rate		16.4	%		25.2	%					8.3	%
Non-GAAP effective tax rate (1)		16.4	%		25.2	%					8.3	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 6 of 19

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Regulatory Capital ⁽⁵⁾



	As of and for the Three Months Ended
(Unaudited, 000s)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,478,477		$	3,225,964			7.8	%	$	3,645,786			(4.6	%)
Tier 1 capital	$	4,163,477		$	3,910,964			6.5	%	$	4,330,786			(3.9	%)
Risk-weighted assets	$	23,661,099		$	22,588,330			4.7	%	$	23,741,574			(0.3	%)
Common equity tier 1 capital ratio		14.7	%		14.3	%					15.4	%
Tier 1 risk based capital ratio		17.6	%		17.3	%					18.2	%
Tier 1 leverage capital ratio		10.8	%		10.6	%					11.4	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,373,088		$	1,242,565			10.5	%	$	1,366,711			0.5	%
Tier 1 capital	$	1,373,088		$	1,242,565			10.5	%	$	1,366,711			0.5	%
Risk-weighted assets	$	12,374,083		$	11,502,316			7.6	%	$	12,334,731			0.3	%
Common equity tier 1 capital ratio		11.1	%		10.8	%					11.1	%
Tier 1 risk based capital ratio		11.1	%		10.8	%					11.1	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	780,209		$	838,002			(6.9	%)	$	768,652			1.5	%
Tier 1 capital	$	780,209		$	838,002			(6.9	%)	$	768,652			1.5	%
Risk-weighted assets	$	5,962,444		$	5,663,726			5.3	%	$	5,920,599			0.7	%
Common equity tier 1 capital ratio		13.1	%		14.8	%					13.0	%
Tier 1 risk based capital ratio		13.1	%		14.8	%					13.0	%
Tier 1 leverage capital ratio		7.1	%		7.2	%					7.1	%
Stifel Net Capital:
Net capital	$	294,100		$	446,400			(34.1	%)	$	449,500			(34.6	%)
Excess net capital	$	271,400		$	421,100			(35.5	%)	$	425,500			(36.2	%)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 7 of 19

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Global Wealth Management - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Revenues:
Commissions	$	125,826		$	121,217			3.8	%	$	136,805			(8.0	%)
Principal transactions		60,569			60,536			0.1	%		63,759			(5.0	%)

Transactional revenues		*186,395*			181,753			2.6	%		200,564			(7.1	%)
Asset management		409,506			367,450			11.4	%		405,800			0.9	%
Net interest		245,534			236,269			3.9	%		254,337			(3.5	%)
Investment banking (6)		5,908			4,280			38.0	%		5,198			13.7	%
Other income		3,216			748			329.9	%		(690	)		566.1	%

Net revenues		850,559			790,500			7.6	%		865,209			(1.7	%)
Non-interest expenses:
Compensation and benefits		422,293			389,536			8.4	%		419,466			0.7	%
Non-compensation operating expenses		301,861			110,216			173.9	%		129,425			133.2	%

Total non-interest expenses		724,154			499,752			44.9	%		548,891			31.9	%

Income before income taxes	$	126,405		$	290,748			(56.5	%)	$	316,318			(60.0	%)


As a percentage of net revenues (change in bps):
Compensation and benefits		49.6	%		49.3	%		30			48.5	%		110
Non-compensation operating expenses		35.5	%		13.9	%		2,160			14.9	%		2,060
Income before income taxes		14.9	%		36.8	%		(2,190	)		36.6	%		(2,170	)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 8 of 19

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Global Wealth Management - Statistical Information



	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Financial advisors (including independent contractors) (7)		2,340			2,356			(0.7	%)		2,342			(0.1	%)
Total client assets	$	485,860,000		$	467,697,000			3.9	%	$	501,402,000			(3.1	%)
Fee-based client assets	$	189,693,000		$	177,108,000			7.1	%	$	192,705,000			(1.6	%)
Transactional assets	$	296,167,000		$	290,589,000			1.9	%	$	308,697,000			(4.1	%)
Secured client lending (8)	$	3,239,000		$	3,353,000			(3.4	%)	$	3,214,000			0.8	%
Asset Management Revenue (000s):
Private Client Group (9)	$	345,357		$	299,027			15.5	%	$	343,154			0.6	%
Asset Management		38,520			36,205			6.4	%		39,281			(1.9	%)
Third-party Bank Sweep Program		11,783			18,314			(35.7	%)		8,706			35.3	%
Other (10)		13,881			13,930			(0.4	%)		14,684			(5.5	%)

Total asset management revenues	$	409,541		$	367,476			11.4	%	$	405,825			0.9	%
Fee-based Assets (millions):
Private Client Group (9)	$	166,035		$	155,144			7.0	%	$	168,206			(1.3	%)
Asset Management		41,136			39,214			4.9	%		42,110			(2.3	%)
Elimination (11)		(17,478	)		(17,250	)		1.3	%		(17,611	)		(0.8	%)

Total fee-based assets	$	189,693		$	177,108			7.1	%	$	192,705			(1.6	%)
Third-party Bank Sweep Program	$	828		$	1,172			(29.4	%)	$	1,609			(48.5	%)
ROA (bps) (12):
Private Client Group (9)		82.1			82.2						82.3
Asset Management		37.4			36.9						37.3
Third-party Bank Sweep Program		400.0			478.5						398.4


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 9 of 19

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Global Wealth Management - Statistical Information (Cont.)



	As of and for the Three Months Ended
(Unaudited, millions)	3/31/2025		3/31/2024		% Change			12/31/2024		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	16,424	$	15,561		5.5	%	$	17,115		(4.0	%)
Sweep Deposits		10,043		9,771		2.8	%		9,950		0.9	%
Direct Wealth Management Deposits at Stifel Bancorp		387		176		119.9	%		328		18.0	%

Total Stifel Bancorp Wealth Management Deposits		26,854		25,508		5.3	%		27,393		(2.0	%)
Other Bank Deposits		2,785		2,046		36.1	%		1,709		63.0	%

Total Stifel Bancorp Deposits	$	29,639	$	27,554		7.6	%	$	29,102		1.8	%

Short-term Treasuries (13)	$	7,218	$	7,698		(6.2	%)	$	7,753		(6.9	%)
Third-party Commercial Treasury Deposits (14)	$	2,900	$	1,295		123.9	%	$	3,199		(9.3	%)
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	26,854	$	25,508		5.3	%	$	27,393		(2.0	%)
Third-party Bank Sweep Program (14)		828		1,172		(29.4	%)		1,609		(48.5	%)
Third-party Treasury (14)		—		222		(100.0	%)		198		(100.0	%)
Other Sweep Cash		149		398		(62.6	%)		355		(58.0	%)
Money Market Mutual Funds		13,698		9,879		38.7	%		12,606		8.7	%

Total Wealth Management Cash	$	41,529	$	37,179		11.7	%	$	42,161		(1.5	%)

Client money market and insured product (15)	$	27,444	$	26,902		2.0	%	$	29,029		(5.5	%)
Third-party Deposits Available to Stifel Bancorp (14)	$	3,728	$	2,689		38.6	%	$	5,006		(25.5	%)


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Institutional Group - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Revenues:
Commissions	$	67,844		$	64,259			5.6	%	$	66,981			1.3	%
Principal transactions		81,091			78,478			3.3	%		111,128			(27.0	%)

Transactional revenues		*148,935*			142,737			4.3	%		178,109			(16.4	%)
Capital raising		94,564			90,417			4.6	%		109,309			(13.5	%)
Advisory		137,470			119,252			15.3	%		189,912			(27.6	%)

Investment banking		*232,034*			209,669			10.7	%		299,221			(22.5	%)
Other income (16)		3,960			(1,030	)		484.5	%		1,005			294.0	%

Net revenues		384,929			351,376			9.5	%		478,335			(19.5	%)
Non-interest expenses:
Compensation and benefits		252,585			215,749			17.1	%		280,261			(9.9	%)
Non-compensation operating expenses		104,913			98,518			6.5	%		102,393			2.5	%

Total non-interest expenses		357,498			314,267			13.8	%		382,654			(6.6	%)

Income before income taxes	$	27,431		$	37,109			(26.1	%)	$	95,681			(71.3	%)


As a percentage of net revenues (change in bps):
Compensation and benefits		65.6	%		61.4	%		420			58.6	%		700
Non-compensation operating expenses		27.3	%		28.0	%		(70	)		21.4	%		590
Income before income taxes		7.1	%		10.6	%		(350	)		20.0	%		(1,290	)


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Stifel Bancorp - Financial Information and Credit Metrics




(Unaudited, 000s)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Stifel Bancorp Financial Information:
Total assets	$	32,100,614		$	29,800,815			7.7	%	$	31,378,704			2.3	%
Total shareholder’s equity	$	2,183,596		$	2,062,271			5.9	%	$	2,134,900			2.3	%
Total loans, net (includes loans held for sale)	$	21,241,400		$	19,484,389			9.0	%	$	21,310,776			(0.3	%)
Residential real estate		8,699,229			8,096,975			7.4	%		8,565,193			1.6	%
Commercial and industrial		3,678,411			3,541,770			3.9	%		4,062,029			(9.4	%)
Fund banking		3,659,294			3,129,642			16.9	%		3,854,222			(5.1	%)
Securities-based loans		2,404,960			2,302,250			4.5	%		2,389,593			0.6	%
Construction and land		1,206,876			1,167,300			3.4	%		1,242,002			(2.8	%)
Commercial real estate		472,550			655,355			(27.9%	)		518,923			(8.9	%)
Other		250,948			198,568			26.4	%		247,783			1.3	%
Loans held for sale		1,016,127			534,593			90.1	%		578,980			75.5	%
Investment securities	$	8,329,552		$	7,292,490			14.2	%	$	8,108,877			2.7	%
Available-for-sale securities, at fair value		1,613,304			1,499,982			7.6	%		1,584,598			1.8	%
Held-to-maturity securities, at amortized cost		6,716,248			5,792,508			15.9	%		6,524,279			2.9	%
Unrealized losses on available-for-sale securities		(141,910	)		(187,163	)		(24.2	%)		(170,111	)		(16.6	%)
Total deposits	$	29,639,272		$	27,554,411			7.6	%	$	29,102,227			1.8	%
Demand deposits (interest-bearing)		29,180,478			27,357,692			6.7	%		28,580,415			2.1	%
Demand deposits (non-interest-bearing)		432,368			196,717			119.8	%		318,229			35.9	%
Certificates of deposit		26,426			2			nm			203,583			(87.0	%)

Credit Metrics:
Allowance for credit losses	$	170,266		$	163,936			3.9	%	$	170,044			0.1	%
Allowance as a percentage of retained loans		0.83	%		0.86	%					0.81	%
Net charge-offs as a percentage of average loans		0.05	%		0.01	%					0.02	%
Total nonperforming assets	$	160,891		$	59,429			170.7	%	$	160,901			(0.0	%)
Nonperforming assets as a percentage of total assets		0.50	%		0.20	%					0.51	%


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Stifel Bancorp - Loan and Investment Portfolio




(Unaudited, millions)	3/31/2025		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	8,699		33	%	Financials	$	935	25	%
Securities-based loans		2,405		9	%	Industrials		777	21	%
Home equity lines of credit and other		251		1	%	Information technology		656	18	%

Total consumer		11,355		43	%	Consumer discretionary		359	10	%

Commercial and industrial		3,678		14	%	REITs		244	7	%
Fund banking		3,659		14	%	Materials		210	6	%
Construction and land		1,207		5	%	Communication services		144	4	%
Commercial real estate		473		2	%	Healthcare		131	4	%

Total commercial		9,017		35	%	Hotel, leisure, restaurants		112	3	%

Total loan portfolio		20,372		78	%	Consumer staples		76	2	%

Unfunded commitments		5,677		22	%

Total	$	26,049		100	%

						CLO by Major Sector
						High tech industries	$	682	10	%
Investment Portfolio						Banking, finance, insurance, & real estate		666	10	%
CLO	$	6,678		79	%	Services: business		630	9	%
Agency MBS		1,098		13	%	Healthcare & pharmaceuticals		592	9	%
Corporate bonds		465		5	%	Construction & building		318	5	%
SBA		91		1	%	Hotel, gaming, & leisure		313	5	%
Student loan ARS		70		1	%	Chemicals, plastics, & rubber		256	4	%
CMBS		67		1	%	Capital equipment		243	4	%
Other		3		0	%	Services: consumer		240	4	%

Total Portfolio	$	8,472		100	%	Telecommunications		228	3	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 13 of 19

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Loans and Lending Commitments - Allowance for Credit Losses



	March 31, 2025
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %	Q1 Provision
Residential real estate	$	8,699,229	$	11,173	0.13%	$	111
Commercial and industrial		3,678,411		92,292	2.51%		11,402
Fund banking		3,659,294		10,246	0.28%		(546	)
Securities-based loans		2,404,960		2,928	0.12%		11
Construction and land		1,206,876		13,250	1.10%		385
Commercial real estate		472,550		9,367	1.98%		1,309
Other		250,948		805	0.32%		(121	)

Loans held for investment, gross		20,372,268		140,061	0.69%		12,551
Loans held for sale		1,016,127

Total loans, gross		21,388,395
Lending-related commitments (unfunded)		5,676,513		30,205	0.53%		(531	)

Loans and lending-related commitments	$	27,064,908	$	170,266		$	12,020


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Consolidated Net Interest Income



	Three Months Ended
	March 31, 2025							March 31, 2024							December 31, 2024
(Unaudited, millions)	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	$	2,467.1	$	26.3		4.27	%	$	4,060.3	$	54.3		5.35	%	$	2,892.8	$	35.3		4.88	%
Financial instruments owned		1,242.5		6.5		2.11	%		911.7		4.9		2.13	%		1,238.5		6.8		2.19	%
Margin balances		835.8		13.9		6.64	%		699.8		14.2		8.12	%		724.1		13.3		7.34	%
Investments:
Asset-backed securities		6,617.4		101.4		6.13	%		6,011.1		109.1		7.26	%		6,620.1		111.7		6.75	%
Mortgage-backed securities		1,117.2		8.7		3.09	%		916.5		5.2		2.29	%		1,079.7		7.9		2.94	%
Corporate fixed income securities		496.3		3.4		2.75	%		606.5		4.2		2.76	%		517.9		3.6		2.70	%
Other		4.8		—		2.62	%		4.7		—		2.55	%		4.7		—		2.55	%

Total investments		8,235.7		113.5		5.51	%		7,538.8		118.5		6.29	%		8,222.4		123.2		5.99	%
Loans:
Residential real estate		8,633.5		81.0		3.75	%		8,060.6		67.8		3.37	%		8,483.8		77.7		3.67	%
Commercial and industrial		4,113.5		75.5		7.34	%		3,527.5		81.3		9.21	%		3,977.0		80.4		8.09	%
Fund banking		3,798.2		66.4		7.00	%		3,418.8		67.8		7.94	%		3,606.1		67.9		7.53	%
Securities-based loans		2,387.8		36.5		6.12	%		2,297.1		41.6		7.25	%		2,320.4		38.1		6.57	%
Commercial real estate		498.4		8.2		6.54	%		658.3		11.9		7.20	%		551.1		10.1		7.30	%
Construction and land		1,216.6		21.8		7.16	%		1,099.9		22.9		8.34	%		1,260.1		24.3		7.73	%
Loans held for sale		589.0		11.2		7.62	%		489.3		9.0		7.36	%		499.4		10.4		8.30	%
Other		248.8		4.4		6.97	%		191.7		3.8		7.92	%		237.6		4.4		7.33	%

Total loans		21,485.8		305.0		5.68	%		19,743.2		306.1		6.20	%		20,935.5		313.3		5.99	%
Other interest-bearing assets		996.8		10.4		4.17	%		755.0		8.8		4.63	%		909.7		8.8		3.89	%

Total interest-bearing assets/interest income		35,263.7		475.6		5.40	%		33,708.8		506.8		6.01	%		34,923.0		500.7		5.73	%
Interest-bearing liabilities:
Senior notes		616.7		7.1		4.63	%		1,115.7		12.5		4.48	%		616.5		7.1		4.64	%
Deposits		28,622.8		193.1		2.70	%		27,607.8		230.1		3.33	%		28,535.1		208.4		2.92	%
Other interest-bearing liabilities		1,453.6		13.4		3.66	%		1,385.8		12.1		3.49	%		1,328.9		12.7		3.81	%

Total interest-bearing liabilities/interest expense	$	30,693.1		213.6		2.78	%	$	30,109.3		254.7		3.38	%	$	30,480.5		228.2		2.99	%

Net interest income/margin			$	262.0		2.97	%			$	252.1		2.99	%			$	272.5		3.12	%


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Stifel Bancorp Net Interest Income



	Three Months Ended
	March 31, 2025							March 31, 2024							December 31, 2024
(Unaudited, millions)	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	$	1,512.8	$	17.4		4.60	%	$	2,845.9	$	39.6		5.56	%	$	1,870.0	$	24.1		5.16	%
Investments		8,235.7		113.5		5.51	%		7,538.8		118.5		6.29	%		8,222.4		123.2		5.99	%
Loans		21,485.8		305.0		5.68	%		19,743.2		306.1		6.20	%		20,935.5		313.3		5.99	%
Other interest-bearing assets		66.7		0.8		5.15	%		62.7		0.8		4.71	%		66.5		0.9		5.11	%

Total interest-bearing assets/interest income	$	31,301.0	$	436.7		5.58	%	$	30,190.6	$	465.0		6.16	%	$	31,094.4	$	461.5		5.94	%
Interest-bearing liabilities:
Deposits	$	28,622.8	$	193.1		2.70	%	$	27,607.8	$	230.1		3.33	%	$	28,535.1	$	208.4		2.92	%
Other interest-bearing liabilities		92.6		1.4		5.83	%		55.1		1.0		7.61	%		92.3		1.5		6.67	%

Total interest-bearing liabilities/interest expense	$	28,715.4		194.5		2.71	%	$	27,662.9		231.1		3.34	%	$	28,627.4		209.9		2.93	%

Net interest income/margin			$	242.2		3.10	%			$	233.9		3.10	%			$	251.6		3.24	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 16 of 19

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GAAP to Core Reconciliation


	Three Months Ended
(Unaudited, 000s)	3/31/2025			3/31/2024			Change			12/31/2024			Change
GAAP net revenues	$	1,255,469		$	1,163,038					$	1,364,682
Non-GAAP adjustments		(14	)		—						39

Non-GAAP net revenues		1,255,455			1,163,038						1,364,721

GAAP compensation and benefits expense		732,220			679,695						795,750
Merger-related and other (17)		(4,056	)		(5,533	)					(4,211	)

Non-GAAP compensation and benefits expense		728,164			674,162						791,539

GAAP non-compensation operating expenses		459,885			264,652						302,731
Merger-related and other (17)		(8,619	)		(6,621	)					(12,140	)

Non-GAAP non-compensation operating expenses		451,266			258,031						290,591

Total adjustments		(12,661	)		(12,154	)					(16,390	)


GAAP provision for income taxes		10,372			55,116						22,196
Merger-related and other (18)		2,097			3,063						1,365

Non-GAAP provision for income taxes		12,469			58,179						23,561

Financial ratios (change in bps):
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—
Non-compensation operating expenses		35.9	%		22.2	%		1,370			21.3	%		1,460
Income before income taxes		6.1	%		19.8	%		(1,370	)		20.7	%		(1,460	)
Effective tax rate		16.4	%		25.2	%		(880	)		8.3	%		810


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Footnotes


	(1)			Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.
	(2)			Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per share represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.
	(3)			Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
	(4)			Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible common equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total 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 $82.5 million, $73.9 million, and $80.3 million, as of March 31, 2025 and 2024, and December 31, 2024, respectively.
	(5)			Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, April 23, 2025.
	(6)			Includes capital raising and advisory revenues.
	(7)			Includes independent contractors of 119, 114, and 113 as of March 31, 2025 and 2024, and December 31, 2024, respectively.
	(8)			Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
	(9)			Includes Private Client Group and Trust Business.
	(10)			Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
	(11)			Asset management assets managed in Private Client Group or Trust accounts.
	(12)			Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average daily balances for Individual Program Banks.
	(13)			Represents client assets in Treasury Securities with maturities of 52 weeks or less.
	(14)			During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks. The balances at third-party banks can be brought back on balance sheet to support liquidity needs.
	(15)			Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
	(16)			Includes net interest, asset management, and other income.
	(17)			Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, 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.
	(18)			Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 18 of 19

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Disclaimer and Legal Notice

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company 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.

Use of Non-GAAP Financial Measures

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s first quarter earnings release issued April 23, 2025.


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 19 of 19