EX-99.2

Exhibit 99.2

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Third Quarter 2025 Earnings Results

Quarterly Financial Supplement	Page
Consolidated Financial Highlights		2
GAAP Consolidated Results of Operations		3
Non-GAAP Condensed 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 \| Third Quarter 2025 Earnings Release				Page 1 of 19

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Consolidated Financial Highlights

	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2025		9/30/2024		% Change			6/30/2025		% Change			9/30/2025		9/30/2024		% Change
Net revenues	$	1,429,396	$	1,224,668		16.7	%	$	1,284,286		11.3	%	$	3,969,151	$	3,605,638		10.1	%
Net income	$	211,371	$	158,505		33.4	%	$	155,055		36.3	%	$	419,418	$	487,374		(13.9	%)
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		27,961		27,961		0.0	%

Net income available to common shareholders	$	202,051	$	149,185		35.4	%	$	145,734		38.6	%	$	391,457	$	459,413		(14.8	%)
Earnings per diluted common share	$	1.92	$	1.42		35.2	%	$	1.42		35.2	%	$	3.82	$	4.42		(13.6	%)
Earnings per diluted common share available to common shareholders	$	1.84	$	1.34		37.3	%	$	1.34		37.3	%	$	3.56	$	4.16		(14.4	%)
Non-GAAP financial summary (1):
Net revenues	$	1,429,398	$	1,225,351		16.7	%	$	1,284,378		11.3	%	$	3,969,231	$	3,606,330		10.1	%
Net income	$	223,739	$	175,590		27.4	%	$	194,947		14.8	%	$	482,242	$	534,147		(9.7	%)
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		27,961		27,961		0.0	%

Net income available to common shareholders	$	214,419		166,270		29.0	%		185,626		15.5	%		454,281		506,186		(10.3	%)
Earnings per diluted common share	$	2.03	$	1.58		28.5	%	$	1.79		13.4	%	$	4.39	$	4.84		(9.3	%)
Earnings per diluted common share available to common shareholders	$	1.95	$	1.50		30.0	%	$	1.71		14.0	%	$	4.13	$	4.58		(9.8	%)
Weighted average number of common shares outstanding:
Basic		103,119		103,966		(0.8	%)		103,349		(0.2	%)		103,735		104,135		(0.4	%)
Diluted		110,058		110,994		(0.8	%)		108,847		1.1	%		109,918		110,457		(0.5	%)
Period end common shares outstanding		101,948		102,313		(0.4	%)		102,190		(0.2	%)		101,948		102,313		(0.4	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.46		0.0	%	$	1.38	$	1.26		9.5	%


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

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GAAP Consolidated Results of Operations

	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2025		9/30/2024		% Change			6/30/2025		% Change			9/30/2025		9/30/2024		% Change
Revenues:
Commissions	$	206,075	$	183,445		12.3	%	$	200,669		2.7	%	$	600,414	$	552,238		8.7	%
Principal transactions		177,876		137,089		29.8	%		172,603		3.1	%		492,139		429,677		14.5	%

Transactional revenues		*383,951*		320,534		19.8	%		373,272		2.9	%		*1,092,553*		981,915		11.3	%
Capital raising		144,213		106,325		35.6	%		106,155		35.9	%		350,840		302,892		15.8	%
Advisory		179,270		136,857		31.0	%		127,305		40.8	%		444,045		387,520		14.6	%

Investment banking		*323,483*		243,182		33.0	%		233,460		38.6	%		*794,885*		690,412		15.1	%
Asset management		431,399		382,616		12.7	%		403,608		6.9	%		1,244,548		1,130,849		10.1	%
Other income		14,228		18,705		(23.9	%)		3,690		285.6	%		28,499		39,835		(28.5	%)

Operating revenues		1,153,061		965,037		19.5	%		1,014,030		13.7	%		3,160,485		2,843,011		11.2	%
Interest revenue		481,504		510,823		(5.7	%)		477,056		0.9	%		1,434,192		1,515,803		(5.4	%)

Total revenues		1,634,565		1,475,860		10.8	%		1,491,086		9.6	%		4,594,677		4,358,814		5.4	%
Interest expense		205,169		251,192		(18.3	%)		206,800		(0.8	%)		625,526		753,176		(16.9	%)

Net revenues		1,429,396		1,224,668		16.7	%		1,284,286		11.3	%		3,969,151		3,605,638		10.1	%

Non-interest expenses:
Compensation and benefits		839,820		718,065		17.0	%		774,936		8.4	%		2,346,976		2,120,479		10.7	%
Occupancy and equipment rental		95,601		89,625		6.7	%		95,678		(0.1	%)		282,045		268,189		5.2	%
Communication and office supplies		48,893		48,869		0.0	%		47,847		2.2	%		146,253		144,417		1.3	%
Commissions and floor brokerage		15,807		16,239		(2.7	%)		17,146		(7.8	%)		49,759		46,389		7.3	%
Provision for credit losses		8,316		5,287		57.3	%		8,328		(0.1	%)		28,664		13,509		112.2	%
Investment banking expenses		17,088		12,997		31.5	%		8,989		90.1	%		34,624		29,979		15.5	%
Other operating expenses		117,825		116,928		0.8	%		117,542		0.2	%		517,600		320,433		61.5	%

Total non-interest expenses		1,143,350		1,008,010		13.4	%		1,070,466		6.8	%		3,405,921		2,943,395		15.7	%
Income before income taxes		286,046		216,658		32.0	%		213,820		33.8	%		563,230		662,243		(15.0	%)
Provision for income taxes		74,675		58,153		28.4	%		58,765		27.1	%		143,812		174,869		(17.8	%)

Net income		211,371		158,505		33.4	%		155,055		36.3	%		419,418		487,374		(13.9	%)
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		27,961		27,961		0.0	%

Net income available to common shareholders	$	202,051	$	149,185		35.4	%	$	145,734		38.6	%	$	391,457	$	459,413		(14.8	%)

Earnings per common share:
Basic	$	1.96	$	1.43		37.1	%	$	1.41		39.0	%	$	3.77	$	4.41		(14.5	%)
Diluted	$	1.84	$	1.34		37.3	%	$	1.34		37.3	%	$	3.56	$	4.16		(14.4	%)
Weighted average number of common shares outstanding:
Basic		103,119		103,966		(0.8	%)		103,349		(0.2	%)		103,735		104,135		(0.4	%)
Diluted		110,058		110,994		(0.8	%)		108,847		1.1	%		109,918		110,457		(0.5	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.46		0.0	%	$	1.38	$	1.26		9.5	%


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

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Non-GAAP Condensed Consolidated Results of Operations ⁽¹⁾

	Three Months Ended												Nine Months Ended
(Unaudited, 000s, except per share information)	9/30/2025		9/30/2024		% Change			6/30/2025		% Change			9/30/2025		9/30/2024		% Change
Non-GAAP net revenues	$	1,429,398	$	1,225,351		16.7	%	$	1,284,378		11.3	%	$	3,969,231	$	3,606,330		10.1	%
Non-GAAP non-interest expenses:
Non-GAAP compensation and benefits		829,051		710,703		16.7	%		744,949		11.3	%		2,302,164		2,091,859		10.1	%
Non-GAAP non-compensation operating expenses		297,558		278,779		6.7	%		278,192		7.0	%		1,027,016		797,081		28.8	%

Total non-GAAP non-interest expenses		1,126,609		989,482		13.9	%		1,023,141		10.1	%		3,329,180		2,888,940		15.2	%
Non-GAAP income before income taxes		302,789		235,869		28.4	%		261,237		15.9	%		640,051		717,390		(10.8	%)
Non-GAAP provision for income taxes		79,050		60,279		31.1	%		66,290		19.2	%		157,809		183,243		(13.9	%)

Non-GAAP net income		223,739		175,590		27.4	%		194,947		14.8	%		482,242		534,147		(9.7	%)
Preferred dividends		9,320		9,320		0.0	%		9,321		(0.0	%)		27,961		27,961		0.0	%

Non-GAAP net income available to common shareholders	$	214,419	$	166,270		29.0	%	$	185,626		15.5	%	$	454,281	$	506,186		(10.3	%)

Non-GAAP earnings per common share:
Basic	$	2.08	$	1.60		30.0	%	$	1.80		15.6	%	$	4.38	$	4.86		(9.9	%)
Diluted	$	1.95	$	1.50		30.0	%	$	1.71		14.0	%	$	4.13	$	4.58		(9.8	%)
Weighted average number of common shares outstanding:
Basic		103,119		103,966		(0.8	%)		103,349		(0.2	%)		103,735		104,135		(0.4	%)
Diluted		110,058		110,994		(0.8	%)		108,847		1.1	%		109,918		110,457		(0.5	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.46		0.0	%	$	1.38	$	1.26		9.5	%


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

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Consolidated Financial Summary

	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2025			9/30/2024			% Change			6/30/2025			% Change			9/30/2025			9/30/2024			% Change
Net revenues:
Global Wealth Management	$	907,440		$	827,116			9.7	%	$	845,631			7.3	%	$	2,603,630		$	2,418,751			7.6	%
Institutional Group		500,435			372,401			34.4	%		419,779			19.2	%		1,305,143			1,114,498			17.1	%
Other		21,521			25,151			(14.4	%)		18,876			14.0	%		60,378			72,389			(16.6	%)

Total net revenues	$	1,429,396		$	1,224,668			16.7	%	$	1,284,286			11.3	%	$	3,969,151		$	3,605,638			10.1	%
Operating expenses:
Global Wealth Management	$	564,790		$	525,413			7.5	%	$	539,575			4.7	%	$	1,828,519		$	1,527,127			19.7	%
Institutional Group		411,144			330,604			24.4	%		358,739			14.6	%		1,127,381			986,779			14.2	%
Other		167,416			151,993			10.1	%		172,152			(2.8	%)		450,021			429,489			4.8	%

Total operating expenses	$	1,143,350		$	1,008,010			13.4	%	$	1,070,466			6.8	%	$	3,405,921		$	2,943,395			15.7	%
Operating contribution:
Global Wealth Management	$	342,650		$	301,703			13.6	%	$	306,056			12.0	%	$	775,111		$	891,624			(13.1	%)
Institutional Group		89,291			41,797			113.6	%		61,040			46.3	%		177,762			127,719			39.2	%
Other		(145,895	)		(126,842	)		15.0	%		(153,276	)		(4.8	%)		(389,643	)		(357,100	)		9.1	%

Income before income taxes	$	286,046		$	216,658			32.0	%	$	213,820			33.8	%	$	563,230		$	662,243			(15.0	%)
Financial ratios:
Compensation and benefits		58.8	%		58.6	%		20			60.3	%		(150	)		59.1	%		58.8	%		30
Non-compensation operating expenses		21.2	%		23.7	%		(250	)		23.1	%		(190	)		26.7	%		22.8	%		390
Income before income taxes		20.0	%		17.7	%		230			16.6	%		340			14.2	%		18.4	%		(420	)
Effective tax rate		26.1	%		26.8	%		(70	)		27.5	%		(140	)		25.5	%		26.4	%		(90	)


Stifel Financial Corp. Quarterly Financial Supplement \| Third 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)	9/30/2025			9/30/2024			% Change			6/30/2025			% Change
Financial Information:
Total assets	$	41,687,360		$	38,934,504			7.1	%	$	39,859,653			4.6	%
Total shareholders’ equity	$	5,756,135		$	5,557,080			3.6	%	$	5,596,985			2.8	%
Total common equity	$	5,071,135		$	4,872,080			4.1	%	$	4,911,985			3.2	%
Goodwill and intangible assets	$	(1,592,723	)	$	(1,511,258	)		5.4	%	$	(1,594,342	)		(0.1	%)
DTL on goodwill and intangible assets	$	89,186		$	79,071			12.8	%	$	85,241			4.6	%

Tangible common equity	$	3,567,598		$	3,439,893			3.7	%	$	3,402,884			4.8	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	49.74		$	47.62			4.5	%	$	48.07			3.5	%
Tangible book value per common share (2)	$	34.99		$	33.62			4.1	%	$	33.30			5.1	%
Return on common equity (3)		16.1	%		12.3	%					11.9	%
Non-GAAP return on common equity (1)(3)		17.0	%		13.7	%					15.2	%
Return on tangible common equity (4)		22.9	%		17.5	%					17.0	%
Non-GAAP return on tangible common equity (1)(4)		24.3	%		19.5	%					21.7	%
Pre-tax margin on net revenues		20.0	%		17.7	%					16.6	%
Non-GAAP pre-tax margin on net revenues (1)		21.2	%		19.2	%					20.3	%
Effective tax rate		26.1	%		26.8	%					27.5	%
Non-GAAP effective tax rate (1)		26.1	%		25.6	%					25.4	%


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

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Regulatory Capital ⁽⁵⁾

(Unaudited, 000s)	9/30/2025			9/30/2024			% Change			6/30/2025			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,582,042		$	3,474,276			3.1	%	$	3,431,336			4.4	%
Tier 1 capital	$	4,267,042		$	4,159,276			2.6	%	$	4,116,336			3.7	%
Risk-weighted assets	$	24,235,136		$	23,183,240			4.5	%	$	23,588,069			2.7	%
Common equity tier 1 capital ratio		14.8	%		15.0	%					14.5	%
Tier 1 risk based capital ratio		17.6	%		17.9	%					17.5	%
Tier 1 leverage capital ratio		11.1	%		11.3	%					10.8	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,323,323		$	1,306,476			1.3	%	$	1,337,013			(1.0	%)
Tier 1 capital	$	1,323,323		$	1,306,476			1.3	%	$	1,337,013			(1.0	%)
Risk-weighted assets	$	11,934,243		$	12,213,330			(2.3	%)	$	11,644,303			2.5	%
Common equity tier 1 capital ratio		11.1	%		10.7	%					11.5	%
Tier 1 risk based capital ratio		11.1	%		10.7	%					11.5	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.0	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	827,457		$	758,397			9.1	%	$	810,648			2.1	%
Tier 1 capital	$	827,457		$	758,397			9.1	%	$	810,648			2.1	%
Risk-weighted assets	$	6,761,299		$	5,591,442			20.9	%	$	6,643,960			1.8	%
Common equity tier 1 capital ratio		12.2	%		13.6	%					12.2	%
Tier 1 risk based capital ratio		12.2	%		13.6	%					12.2	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.1	%
Stifel Net Capital:
Net capital	$	515,800		$	486,200			6.1	%	$	381,900			35.1	%
Excess net capital	$	485,100		$	462,500			4.9	%	$	356,600			36.0	%


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

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Global Wealth Management - Summary Results of Operations

	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2025			9/30/2024			% Change			6/30/2025			% Change			9/30/2025			9/30/2024			% Change
Revenues:
Commissions	$	141,864		$	129,230			9.8	%	$	128,203			10.7	%	$	395,893		$	371,912			6.4	%
Principal transactions		61,214			63,497			(3.6	%)		54,463			12.4	%		176,246			179,876			(2.0	%)

Transactional revenues		203,078			192,727			5.4	%		182,666			11.2	%		572,139			551,788			3.7	%
Asset management		431,363			382,309			12.8	%		403,574			6.9	%		1,244,443			1,130,496			10.1	%
Net interest		257,327			240,825			6.9	%		254,148			1.3	%		757,009			713,375			6.1	%
Investment banking (6)		6,529			6,217			5.0	%		6,224			4.9	%		18,661			16,277			14.6	%
Other income		9,143			5,038			81.5	%		(981	)		nm			11,378			6,815			67.0	%

Net revenues		907,440			827,116			9.7	%		845,631			7.3	%		2,603,630			2,418,751			7.6	%
Non-interest expenses:
Compensation and benefits		441,626			403,205			9.5	%		420,240			5.1	%		1,284,159			1,185,682			8.3	%
Non-compensation operating expenses		123,164			122,208			0.8	%		119,335			3.2	%		544,360			341,445			59.4	%

Total non-interest expenses		564,790			525,413			7.5	%		539,575			4.7	%		1,828,519			1,527,127			19.7	%

Income before income taxes	$	342,650		$	301,703			13.6	%	$	306,056			12.0	%	$	775,111		$	891,624			(13.1	%)

As a percentage of net revenues:
Compensation and benefits		48.7	%		48.7	%		—			49.7	%		(100	)		49.3	%		49.0	%		30
Non-compensation operating expenses		13.5	%		14.8	%		(130	)		14.1	%		(60	)		20.9	%		14.1	%		680
Income before income taxes		37.8	%		36.5	%		130			36.2	%		160			29.8	%		36.9	%		(710	)


Stifel Financial Corp. Quarterly Financial Supplement \| Third 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)	9/30/2025			9/30/2024			% Change			6/30/2025			% Change
Total client assets	$	544,010,000		$	496,298,000			9.6	%	$	516,532,000			5.3	%
Fee-based client assets	$	219,178,000		$	190,771,000			14.9	%	$	206,319,000			6.2	%
Transactional assets	$	324,832,000		$	305,527,000			6.3	%	$	310,213,000			4.7	%
Secured client lending (7)	$	3,459,000		$	2,934,000			17.9	%	$	3,367,000			2.7	%
Asset Management Revenue:
Private Client Group (8)	$	371,414		$	322,758			15.1	%	$	344,899			7.7	%
Asset Management		40,762			38,314			6.4	%		39,206			4.0	%
Third-party Bank Sweep Program		4,608			8,417			(45.3	%)		5,721			(19.5	%)
Other (9)		14,615			13,127			11.3	%		13,782			6.0	%

Total asset management revenues	$	431,399		$	382,616			12.7	%	$	403,608			6.9	%
Fee-based Assets (millions):
Private Client Group (8)	$	191,688		$	166,768			14.9	%	$	180,066			6.5	%
Asset Management		46,413			42,049			10.4	%		44,822			3.5	%
Elimination (10)		(18,923	)		(18,046	)		4.9	%		(18,569	)		1.9	%

Total fee-based assets	$	219,178		$	190,771			14.9	%	$	206,319			6.2	%
Third-party Bank Sweep Program	$	526		$	698			(24.6	%)	$	568			(7.4	%)
ROA (bps) (11):
Private Client Group (8)		82.5			82.2						83.1
Asset Management		35.1			36.4						35.0
Third-party Bank Sweep Program		384.3			450.1						389.3


Stifel Financial Corp. Quarterly Financial Supplement \| Third 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)	9/30/2025		9/30/2024		% Change			6/30/2025		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	14,907	$	16,315		(8.6	%)	$	15,015		(0.7	%)
Sweep Deposits		10,529		9,637		9.3	%		9,847		6.9	%
Direct Wealth Management Deposits at Stifel Bancorp		428		369		16.0	%		102		319.6	%

Total Stifel Bancorp Wealth Management Deposits		25,864		26,321		(1.7	%)		24,964		3.6	%
Other Bank Deposits		4,274		1,800		137.4	%		3,709		15.2	%

Total Stifel Bancorp Deposits	$	30,138	$	28,121		7.2	%	$	28,673		5.1	%

Short-term Treasuries (12)	$	7,148	$	7,321		(2.4	%)	$	6,418		11.4	%
Third-party Commercial Treasury Deposits (13)	$	3,513	$	2,215		58.6	%	$	3,318		5.9	%
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	25,864	$	26,321		(1.7	%)	$	24,964		3.6	%
Third-party Bank Sweep Program (13)		526		698		(24.6	%)		568		(7.4	%)
Third-party Treasury (13)		—		149		nm			217		nm
Other Sweep Cash		415		320		29.7	%		551		(24.7	%)
Money Market Mutual Funds		15,538		11,301		37.5	%		15,297		1.6	%

Total Wealth Management Cash	$	42,343	$	38,789		9.2	%	$	41,597		1.8	%

Client money market and insured product (14)	$	26,377	$	26,970		(2.2	%)	$	25,981		1.5	%
Third-party Deposits Available to Stifel Bancorp (13)	$	4,039	$	3,062		31.9	%	$	4,103		(1.6	%)


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Institutional Group - Summary Results of Operations

	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2025			9/30/2024			% Change			6/30/2025			% Change			9/30/2025			9/30/2024			% Change
Revenues:
Commissions	$	64,211		$	54,215			18.4	%	$	72,466			(11.4	%)	$	204,521		$	180,326			13.4	%
Principal transactions		116,662			73,583			58.5	%		118,140			(1.3	%)		315,893			249,801			26.5	%

Transactional revenues		180,873			127,798			41.5	%		190,606			(5.1	%)		520,414			430,127			21.0	%
Capital raising		137,684			100,108			37.5	%		99,931			37.8	%		332,179			286,615			15.9	%
Advisory		179,270			136,857			31.0	%		127,305			40.8	%		444,045			387,520			14.6	%

Investment banking		316,954			236,965			33.8	%		227,236			39.5	%		776,224			674,135			15.1	%
Other income (15)		2,608			7,638			(65.9	%)		1,937			34.6	%		8,505			10,236			(16.9	%)

Net revenues		500,435			372,401			34.4	%		419,779			19.2	%		1,305,143			1,114,498			17.1	%
Non-interest expenses:
Compensation and benefits		297,106			224,556			32.3	%		257,697			15.3	%		807,388			679,341			18.8	%
Non-compensation operating expenses		114,038			106,048			7.5	%		101,042			12.9	%		319,993			307,438			4.1	%

Total non-interest expenses		411,144			330,604			24.4	%		358,739			14.6	%		1,127,381			986,779			14.2	%

Income before income taxes	$	89,291		$	41,797			113.6	%	$	61,040			46.3	%	$	177,762		$	127,719			39.2	%

As a percentage of net revenues:
Compensation and benefits		59.4	%		60.3	%		(90	)		61.4	%		(200	)		61.9	%		61.0	%		90
Non-compensation operating expenses		22.8	%		28.5	%		(570	)		24.1	%		(130	)		24.5	%		27.5	%		(300	)
Income before income taxes		17.8	%		11.2	%		660			14.5	%		330			13.6	%		11.5	%		210


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Stifel Bancorp - Financial Information and Credit Metrics

(Unaudited, 000s)	9/30/2025			9/30/2024			% Change			6/30/2025			% Change
Stifel Bancorp Financial Information:
Total assets	$	32,615,017		$	30,416,173			7.2	%	$	31,115,875			4.8	%
Total shareholder’s equity	$	2,210,850		$	2,091,052			5.7	%	$	2,191,619			0.9	%
Total loans, net (includes loans held for sale)	$	21,634,690		$	20,633,425			4.9	%	$	21,447,860			0.9	%
Residential real estate		9,085,945			8,406,932			8.1	%		8,906,739			2.0	%
Fund banking		3,881,895			3,762,960			3.2	%		3,910,070			(0.7	%)
Commercial and industrial		3,760,005			3,896,824			(3.5	%)		3,536,227			6.3	%
Securities-based loans		2,565,897			2,273,246			12.9	%		2,568,050			(0.1	%)
Construction and land		1,166,895			1,219,787			(4.3	%)		1,217,561			(4.2	%)
Commercial real estate		437,570			565,686			(22.6	%)		429,243			1.9	%
Other		278,934			224,146			24.4	%		254,395			9.6	%
Loans held for sale		595,517			465,739			27.9	%		800,766			(25.6	%)
Investment securities	$	8,146,439		$	8,231,240			(1.0	%)	$	8,130,970			0.2	%
Available-for-sale securities, at fair value		1,688,636			1,618,289			4.3	%		1,546,392			9.2	%
Held-to-maturity securities, at amortized cost		6,457,803			6,612,951			(2.3	%)		6,584,578			(1.9	%)
Unrealized losses on available-for-sale securities		(113,421	)		(134,116	)		(15.4	%)		(129,654	)		(12.5	%)
Total deposits	$	30,137,748		$	28,120,518			7.2	%	$	28,673,063			5.1	%
Demand deposits (interest-bearing)		29,277,379			27,539,904			6.3	%		28,171,862			3.9	%
Demand deposits (non-interest-bearing)		456,021			309,982			47.1	%		373,823			22.0	%
Certificates of deposit		404,348			270,632			49.4	%		127,378			217.4	%
Credit Metrics:
Allowance for credit losses	$	164,206		$	163,274			0.6	%	$	166,410			(1.3	%)
Allowance as a percentage of retained loans		0.78	%		0.80	%					0.80	%
Net charge-offs as a percentage of average loans		0.05	%		0.03	%					0.06	%
Total nonperforming assets	$	159,073		$	144,122			10.4	%	$	157,348			1.1	%
Nonperforming assets as a percentage of total assets		0.49	%		0.47	%					0.51	%


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Stifel Bancorp - Loan and Investment Portfolio

(Unaudited, millions)	9/30/2025		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	9,086		34	%	Financials	$	1,046	28	%
Securities-based loans		2,566		10	%	Industrials		833	22	%
Home equity lines of credit and other		279		1	%	Information technology		580	15	%

Total consumer		11,931		45	%	Consumer discretionary		316	8	%

Fund banking		3,882		15	%	REITs		218	6	%
Commercial and industrial		3,760		14	%	Materials		205	5	%
Construction and land		1,167		4	%	Communication services		175	5	%
Commercial real estate		437		1	%	Hotel, leisure, restaurants		155	4	%

Total commercial		9,246		34	%	Healthcare		148	4	%

Total loan portfolio		21,177		79	%	Consumer staples		80	2	%

Unfunded commitments		5,524		21	%

Total	$	26,701		100	%

						CLO by Major Sector
						High tech industries	$	661	10	%
Investment Portfolio						Banking, finance, insurance, & real estate		659	10	%
CLO	$	6,423		78	%	Services: business		597	9	%
Agency MBS		1,242		15	%	Healthcare & pharmaceuticals		579	9	%
Corporate bonds		433		5	%	Hotel, gaming, & leisure		322	5	%
SBA		81		1	%	Construction & building		285	4	%
Student loan ARS		67		1	%	Capital equipment		231	4	%
CMBS		11		0	%	Chemicals, plastics, & rubber		230	4	%
Other		3		0	%	Services: consumer		226	4	%

Total Portfolio	$	8,260		100	%	Beverage, food, & tobacco		223	3	%


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Loans and Lending Commitments - Allowance for Credit Losses

	September 30, 2025
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL%			Q3 Provision
Residential real estate	$	9,085,945	$	12,509		0.1	%	$	(1,258	)
Fund banking		3,881,895		10,816		0.3	%		(132	)
Commercial and industrial		3,760,005		85,830		2.3	%		11,378
Securities-based loans		2,565,897		3,180		0.1	%		52
Construction and land		1,166,895		12,225		1.0	%		(629	)
Commercial real estate		437,570		8,603		2.0	%		(192	)
Other		278,934		859		0.3	%		(411	)

Loans held for investment, gross		21,177,141		134,022		0.6	%		8,808
Loans held for sale		595,517

Total loans, gross		21,772,658
Lending commitments		5,523,784		30,184		0.5	%		(492	)

Loans and lending commitments	$	27,296,442	$	164,206				$	8,316


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Consolidated Net Interest Income

	Three Months Ended
	September 30, 2025							September 30, 2024							June 30, 2025
(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	$	2,236.3	$	24.1		4.31	%	$	2,733.0	$	36.7		5.37	%	$	1,924.5	$	20.8		4.32	%
Financial instruments owned		1,345.1		8.3		2.47	%		1,191.9		7.0		2.36	%		1,367.1		9.3		2.73	%
Margin balances		856.8		15.5		7.24	%		675.7		13.7		8.12	%		830.2		14.4		6.92	%
Investments:
Asset-backed securities		6,433.7		98.8		6.14	%		6,223.6		113.3		7.28	%		6,735.2		101.8		6.05	%
Mortgage-backed securities		1,089.4		8.9		3.26	%		1,047.0		7.6		2.89	%		1,133.3		9.0		3.16	%
Corporate fixed income securities		446.8		3.0		2.68	%		543.0		3.7		2.72	%		464.8		3.1		2.69	%
Other		4.7		—		2.55	%		4.7		—		2.55	%		4.8		—		2.55	%

Total investments		7,974.6		110.7		5.55	%		7,818.3		124.6		6.37	%		8,338.1		113.9		5.47	%
Loans:
Residential real estate		8,988.7		88.5		3.94	%		8,342.3		74.8		3.59	%		8,798.4		85.0		3.86	%
Commercial and industrial		3,786.8		71.4		7.55	%		3,785.0		81.9		8.65	%		4,005.4		73.2		7.31	%
Fund banking		3,967.0		70.0		7.06	%		3,506.1		71.2		8.12	%		3,773.9		67.0		7.10	%
Securities-based loans		2,538.5		39.5		6.23	%		2,258.9		40.8		7.23	%		2,503.3		38.7		6.19	%
Commercial real estate		436.4		8.8		8.10	%		603.4		11.3		7.48	%		449.3		9.6		8.58	%
Construction and land		1,195.2		23.1		7.74	%		1,164.4		24.8		8.51	%		1,214.4		21.8		7.19	%
Loans held for sale		488.8		10.5		8.56	%		493.4		10.5		8.51	%		496.9		10.8		8.71	%
Other		258.2		4.7		7.20	%		211.1		4.2		8.07	%		250.5		4.5		7.13	%

Total loans		21,659.6		316.5		5.85	%		20,364.6		319.5		6.28	%		21,492.1		310.6		5.78	%
Other interest-bearing assets		908.0		6.4		2.80	%		830.3		9.3		4.49	%		928.0		8.1		3.45	%

Total interest-bearing assets/ interest income		34,980.4		481.5		5.51	%		33,613.8		510.8		6.08	%		34,880.0		477.1		5.47	%
Interest-bearing liabilities:
Senior notes		617.1		7.1		4.62	%		779.3		8.2		4.20	%		616.9		7.1		4.62	%
Deposits		28,445.5		188.0		2.64	%		27,535.9		229.7		3.34	%		28,463.0		187.5		2.64	%
Other interest-bearing liabilities		1,620.2		10.1		2.48	%		1,340.6		13.3		3.96	%		1,563.3		12.2		3.11	%

Total interest-bearing liabilities/ interest expense	$	30,682.8		205.2		2.67	%	$	29,655.8		251.2		3.39	%	$	30,643.2		206.8		2.70	%

Net interest income/margin			$	276.3		3.16	%			$	259.6		3.09	%			$	270.3		3.10	%


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Stifel Bancorp Net Interest Income

	Three Months Ended
	September 30, 2025							September 30, 2024							June 30, 2025
(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	$	1,302.5	$	15.4		4.72	%	$	1,705.6	$	24.1		5.66	%	$	1,098.1	$	13.1		4.77	%
Investments		7,974.6		110.7		5.55	%		7,818.3		124.6		6.37	%		8,338.1		113.9		5.47	%
Loans		21,659.6		316.5		5.85	%		20,364.6		319.5		6.28	%		21,492.1		310.6		5.78	%
Other interest-bearing assets		66.3		0.9		5.20	%		66.3		0.9		5.51	%		66.0		1.0		5.59	%

Total interest-bearing assets/ interest income	$	31,003.0	$	443.5		5.72	%	$	29,954.8	$	469.1		6.26	%	$	30,994.3	$	438.6		5.66	%
Interest-bearing liabilities:
Deposits	$	28,445.5	$	188.0		2.64	%	$	27,535.9	$	229.7		3.34	%	$	28,463.0	$	187.5		2.64	%
Other interest-bearing liabilities		142.1		1.9		5.37	%		91.6		1.6		7.11	%		143.4		2.0		5.44	%

Total interest-bearing liabilities/ interest expense	$	28,587.6		189.9		2.66	%	$	27,627.5		231.3		3.35	%	$	28,606.4		189.5		2.65	%

Net interest income/margin			$	253.6		3.27	%			$	237.8		3.17	%			$	249.1		3.22	%


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GAAP to Core Reconciliation

	Three Months Ended															Nine Months Ended
(Unaudited, 000s)	9/30/2025			9/30/2024			Change			6/30/2025			Change			9/30/2025			9/30/2024			Change
GAAP net revenues	$	1,429,396		$	1,224,668					$	1,284,286					$	3,969,151		$	3,605,638
Non-GAAP adjustments		2			683						92						80			692

Non-GAAP net revenues		1,429,398			1,225,351						1,284,378						3,969,231			3,606,330
GAAP compensation and benefits expense		839,820			718,065						774,936						2,346,976			2,120,479
Merger-related and other (16)		(6,704	)		(6,101	)					(2,946	)					(13,706	)		(17,398	)
Restructuring and severance (17)		(4,065	)		(1,261	)					(27,041	)					(31,106	)		(11,222	)

Total non-GAAP adjustments		(10,769	)		(7,362	)					(29,987	)					(44,812	)		(28,620	)

Non-GAAP compensation and benefits expense		829,051			710,703						744,949						2,302,164			2,091,859
GAAP non-compensation operating expenses		303,530			289,945						295,530						1,058,945			822,916
Merger-related (16)		(5,972	)		(11,166	)					(17,338	)					(31,929	)		(25,835	)

Non-GAAP non-compensation operating expenses		297,558			278,779						278,192						1,027,016			797,081

Total adjustments		(16,743	)		(19,211	)					(47,417	)					(76,821	)		(55,147	)

GAAP provision for income taxes		74,675			58,153						58,765						143,812			174,869
Merger-related and other (18)		4,375			2,126						7,525						13,997			8,374

Non-GAAP provision for income taxes		79,050			60,279						66,290						157,809			183,243
Financial ratios:
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—			58.0	%		58.0	%		—
Non-compensation operating expenses		20.8	%		22.8	%		(200	)		21.7	%		(90	)		25.9	%		22.1	%		380
Income before income taxes		21.2	%		19.2	%		200			20.3	%		90			16.1	%		19.9	%		(380	)
Effective tax rate		26.1	%		25.6	%		50			25.4	%		70			24.7	%		25.5	%		(80	)


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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 $87.2 million, $77.9 million, and $84.3 million, as of September 30, 2025 and 2024, and June 30, 2025, respectively.
(5)		Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, October 22, 2025.
(6)		Includes capital raising and advisory revenues.
(7)		Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
(8)		Includes Private Client Group and Trust Business.
(9)		Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
(10)		Asset management assets managed in Private Client Group or Trust accounts.
(11)		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.
(12)		Represents client assets in Treasury Securities with maturities of 52 weeks or less.
(13)		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.
(14)		Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
(15)		Includes net interest, asset management, and other income.
(16)		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.
(17)		The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
(18)		Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.


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LOGO

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 third quarter earnings release issued October 22, 2025.


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