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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2021

OR

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                     to                    

Commission File Number: 001-09305

 

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

43-1273600

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

501 N. Broadway, St. Louis, Missouri  63102-2188

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class/ Trading Symbol

 

Name of Each Exchange on Which Registered

 

Shares or principal amount outstanding - May 3, 2021

 

Common Stock, $0.15 par value per share (SF)

 

New York Stock Exchange

 

105,090,273

 

Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series A (SF-PA)

 

New York Stock Exchange

 

 

6,000

 

Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B (SF-PB)

 

New York Stock Exchange

 

 

6,400

 

Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C (SF-PC)

 

New York Stock Exchange

 

 

9,000

 

5.20% Senior Notes due 2047 (SFB)

 

New York Stock Exchange

 

$

225,000,000

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (“the Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company (as defined in Rule 12b-2 of the Exchange Act).

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

 

 

 

1


 

 

STIFEL FINANCIAL CORP.

Form 10-Q

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

 

Item 1. Financial Statements

 

3

Consolidated Statements of Financial Condition as of March 31, 2021 (unaudited) and December 31, 2020

 

3

Consolidated Statements of Operations for the three months ended March 31, 2021 and March 31, 2020 (unaudited)

 

5

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and March 31, 2020  (unaudited)

Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31, 2021 and March 31, 2020 (unaudited)

 

6

 

7

Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and March 31, 2020 (unaudited)

 

8

Notes to Consolidated Financial Statements (unaudited)

 

10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

43

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

63

Item 4. Controls and Procedures

 

66

 

 

 

PART II – OTHER INFORMATION

 

 

Item 1. Legal Proceedings

 

66

Item 1A. Risk Factors

 

66

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

67

Item 6. Exhibits

 

68

Signatures

 

69

2


 

PART I – FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

STIFEL FINANCIAL CORP.

Consolidated Statements of Financial Condition

 

 

 

March 31, 2021

 

 

December 31,

2020

 

($ in thousands)

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,425,511

 

 

$

2,279,274

 

Cash segregated for regulatory purposes

 

 

95,074

 

 

 

172,932

 

Receivables:

 

 

 

 

 

 

 

 

Brokerage clients, net

 

 

1,202,601

 

 

 

936,500

 

Brokers, dealers, and clearing organizations

 

 

562,432

 

 

 

549,492

 

Securities purchased under agreements to resell

 

 

470,025

 

 

 

217,930

 

Financial instruments owned, at fair value

 

 

981,282

 

 

 

694,028

 

Available-for-sale securities, at fair value

 

 

2,190,128

 

 

 

2,230,297

 

Held-to-maturity securities, at amortized cost

 

 

4,761,401

 

 

 

4,117,384

 

Loans:

 

 

 

 

 

 

 

 

Held for investment, net

 

 

12,091,713

 

 

 

11,006,760

 

Held for sale, at lower of cost or market

 

 

330,521

 

 

 

551,248

 

Investments, at fair value

 

 

119,545

 

 

 

113,862

 

Fixed assets, net

 

 

165,707

 

 

 

167,915

 

Operating lease right-of-use assets, net

 

 

774,837

 

 

 

793,181

 

Goodwill

 

 

1,182,313

 

 

 

1,181,998

 

Intangible assets, net

 

 

136,776

 

 

 

140,984

 

Loans and advances to financial advisors and other employees, net

 

 

600,622

 

 

 

596,993

 

Deferred tax assets, net

 

 

95,015

 

 

 

136,477

 

Other assets

 

 

956,078

 

 

 

716,999

 

Total assets

 

$

28,141,581

 

 

$

26,604,254

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

3


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Financial Condition (continued)

 

 

 

March 31, 2021

 

 

December 31,

2020

 

($ in thousands, except share and per share amounts)

 

(Unaudited)

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Payables:

 

 

 

 

 

 

 

 

Brokerage clients

 

$

885,659

 

 

$

1,063,937

 

Brokers, dealers, and clearing organizations

 

 

308,937

 

 

 

177,937

 

Drafts

 

 

78,146

 

 

 

117,737

 

Securities sold under agreements to repurchase

 

 

208,228

 

 

 

190,955

 

Bank deposits

 

 

18,715,133

 

 

 

17,396,497

 

Financial instruments sold, but not yet purchased, at fair value

 

 

644,762

 

 

 

437,978

 

Accrued compensation

 

 

399,049

 

 

 

638,298

 

Accounts payable and accrued expenses

 

 

1,410,123

 

 

 

1,169,740

 

Senior notes

 

 

1,112,672

 

 

 

1,112,409

 

Debentures to Stifel Financial Capital Trusts

 

 

60,000

 

 

 

60,000

 

Total liabilities

 

 

23,822,709

 

 

 

22,365,488

 

Equity

 

 

 

 

 

 

 

 

Stifel Financial Corp. shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock - $1 par value; authorized 3,000,000 shares; issued 21,400 shares

 

 

535,000

 

 

 

535,000

 

Common stock - $0.15 par value; authorized 194,000,000 shares; issued 111,661,660

   and 111,661,621 shares, respectively

 

 

16,749

 

 

 

16,749

 

Additional paid-in-capital

 

 

1,814,616

 

 

 

1,888,982

 

Retained earnings

 

 

2,202,701

 

 

 

2,078,135

 

Accumulated other comprehensive income

 

 

7,305

 

 

 

27,639

 

Treasury stock, at cost, 6,446,242 and 8,512,584 shares, respectively

 

 

(257,499

)

 

 

(307,739

)

Total equity

 

 

4,318,872

 

 

 

4,238,766

 

Total liabilities and equity

 

$

28,141,581

 

 

$

26,604,254

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

4


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Operations

(Unaudited)

 

 

 

Three Months Ended March 31,

 

($ in thousands, except per share amounts)

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

Commissions

 

$

213,614

 

 

$

211,098

 

Principal transactions

 

 

165,006

 

 

 

138,666

 

Investment banking

 

 

339,288

 

 

 

179,468

 

Asset management and service fees

 

 

278,147

 

 

 

237,775

 

Interest

 

 

127,540

 

 

 

161,177

 

Other income

 

 

25,634

 

 

 

9,207

 

Total revenues

 

 

1,149,229

 

 

 

937,391

 

Interest expense

 

 

14,440

 

 

 

24,357

 

Net revenues

 

 

1,134,789

 

 

 

913,034

 

Non-interest expenses:

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

697,914

 

 

 

577,179

 

Occupancy and equipment rental

 

 

72,032

 

 

 

66,073

 

Communications and office supplies

 

 

41,825

 

 

 

41,124

 

Commissions and floor brokerage

 

 

15,703

 

 

 

14,842

 

Provision for credit losses

 

 

(5,252

)

 

 

16,068

 

Other operating expenses

 

 

84,675

 

 

 

82,642

 

Total non-interest expenses

 

 

906,897

 

 

 

797,928

 

Income from operations before income tax expense

 

 

227,892

 

 

 

115,106

 

Provision for income taxes

 

 

54,877

 

 

 

28,517

 

Net income

 

 

173,015

 

 

 

86,589

 

Preferred dividends

 

 

8,289

 

 

 

4,844

 

Net income available to common shareholders

 

$

164,726

 

 

$

81,745

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

1.53

 

 

$

0.76

 

Diluted

 

$

1.40

 

 

$

0.71

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.15

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

107,746

 

 

 

106,929

 

Diluted

 

 

117,875

 

 

 

114,929

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

5


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

Three Months Ended March 31,

 

($ in thousands)

 

2021

 

 

2020

 

Net income

 

$

173,015

 

 

$

86,589

 

Other comprehensive income/(loss), net of tax: (1)

 

 

 

 

 

 

 

 

Changes in unrealized losses on available-for-sale securities (2)

 

 

(22,670

)

 

 

(73,227

)

Changes in unrealized losses on cash flow hedging instruments (3)

 

 

 

 

 

(1,706

)

Foreign currency translation adjustment

 

 

2,336

 

 

 

(9,822

)

Total other comprehensive loss, net of tax

 

 

(20,334

)

 

 

(84,755

)

Comprehensive income

 

$

152,681

 

 

$

1,834

 

 

(1)

Net of tax benefit of $6.4 million and $27.9 million for the three months ended March 31, 2021 and 2020, respectively.

(2)

There were no reclassifications to earnings for the three months ended March 31, 2021. Net of reclassifications to earnings of realized losses of $0.5 million during the three months ended March 31, 2020.

(3)

Reclassifications to earnings were immaterial for the three months ended March 31, 2021. Net of reclassifications to earnings of losses of $0.3 million for the three months ended March 31, 2020.

See accompanying Notes to Consolidated Financial Statements.

 

6


 

STIFEL FINANCIAL CORP.

Consolidated Statements of Shareholders’ Equity

(Unaudited)

 

 

 

Three Months Ended March 31,

 

($ in thousands, except per share amounts)

 

2021

 

 

2020

 

Preferred stock, par value $1.00 per share:

 

 

 

 

 

 

 

 

Balance, beginning of period

 

$

535,000

 

 

$

310,000

 

Issuance of preferred stock

 

 

 

 

 

 

Balance, end of period

 

 

535,000

 

 

 

310,000

 

Common stock, par value $0.15 per share:

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

16,749

 

 

 

16,749

 

Issuance of common stock

 

 

 

 

 

 

Balance, end of period

 

 

16,749

 

 

 

16,749

 

Additional paid-in-capital:

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

1,888,982

 

 

 

1,903,703

 

Unit amortization, net of forfeitures

 

 

34,811

 

 

 

33,799

 

Distributions under employee plans

 

 

(109,224

)

 

 

(105,570

)

Dividends declared to equity-award holders

 

 

 

 

 

350

 

Other

 

 

47

 

 

 

85

 

Balance, end of period

 

 

1,814,616

 

 

 

1,832,367

 

Retained earnings:

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

2,078,135

 

 

 

1,715,704

 

Net income

 

 

173,015

 

 

 

86,589

 

Dividends declared:

 

 

 

 

 

 

 

 

Common

 

 

(18,470

)

 

 

(14,916

)

Preferred

 

 

(8,289

)

 

 

(4,844

)

Distributions under employee plans

 

 

(21,587

)

 

 

(46,717

)

Cumulative adjustments for accounting changes

 

 

 

 

 

(7,772

)

Other

 

 

(103

)

 

 

867

 

Balance, end of period

 

 

2,202,701

 

 

 

1,728,911

 

Accumulated other comprehensive income/(loss):

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

27,639

 

 

 

(11,705

)

Unrealized losses on securities, net of tax

 

 

(22,670

)

 

 

(73,227

)

Unrealized losses on cash flow hedging activities, net of tax

 

 

 

 

 

(1,706

)

Foreign currency translation adjustment, net of tax

 

 

2,336

 

 

 

(9,822

)

Balance, end of period

 

 

7,305

 

 

 

(96,460

)

Treasury stock, at cost:

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

(307,739

)

 

 

(319,660

)

Distributions under employee plans

 

 

62,278

 

 

 

54,579

 

Common stock repurchased

 

 

(12,038

)

 

 

(56,160

)

Balance, end of period

 

 

(257,499

)

 

 

(321,241

)

Total Stifel Financial Corp. Shareholders' Equity

 

 

4,318,872

 

 

 

3,470,326

 

Non-controlling interests:

 

 

 

 

 

 

 

 

Balance, beginning of period

 

 

 

 

 

54,999

 

Deconsolidation of non-controlling interest

 

 

 

 

 

(54,999

)

Balance, end of period

 

 

 

 

 

 

Total Shareholders' Equity

 

$

4,318,872

 

 

$

3,470,326

 

See accompanying Notes to Consolidated Financial Statements.

7


STIFEL FINANCIAL CORP.

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Three Months Ended March 31,

 

($ in thousands)

 

2021

 

 

2020

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

173,015

 

 

$

86,589

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

10,907

 

 

 

9,378

 

Amortization of loans and advances to financial advisors and other employees

 

 

26,961

 

 

 

27,729

 

Amortization of premium on investment portfolio

 

 

4,498

 

 

 

6,210

 

Provision for credit losses and allowance for loans and advances to financial

   advisors and other employees

 

 

(5,252

)

 

 

19,253

 

Amortization of intangible assets

 

 

4,268

 

 

 

5,032

 

Deferred income taxes

 

 

47,253

 

 

 

17,098

 

Stock-based compensation

 

 

32,029

 

 

 

30,762

 

(Gains)/losses on sale of investments

 

 

(4,284

)

 

 

31,043

 

Other, net

 

 

26,582

 

 

 

(5,464

)

Decrease/(increase) in operating assets, net of assets acquired:

 

 

 

 

 

 

 

 

Receivables:

 

 

 

 

 

 

 

 

Brokerage clients

 

 

(266,101

)

 

 

(117,920

)

Brokers, dealers, and clearing organizations