Annual Report 2010
Annual Report 2010
Company Description
Stifel Financial Corp. is the holding company for Stifel, Nicolaus & Company, Incorporated, a full-service brokerage and investment banking
firm established in 1890 and headquartered in St. Louis, Missouri, as well as other financial services subsidiaries. Stifel clients are primarily
served in the U.S. through Stifel, Nicolaus & Company, Incorporated and Thomas Weisel Partners LLC, and in Canada through Stifel
Nicolaus Canada Inc. Clients in the United Kingdom and Europe are served through offices of Stifel Nicolaus Limited and Thomas Weisel
Partners International Limited. Each of the 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 &
Trust offers a full range of consumer and commercial lending solutions.
Statement of Commitment
To Our Associates — current and future, our commitment is to provide an entrepreneurial environment that encourages unconfined,
long-term thinking. We seek to reward hard-working team players that devote their energy and attention to client needs. At work, at home,
and in their communities, we seek to be their Firm of Choice.
To Our Clients — individual, institutional, corporate, and municipal, our commitment is to listen and consistently deliver innovative
financial solutions. Putting the welfare of clients and community first, we strive to be the Advisor of Choice in the industry. Pursuit of
excellence and a desire to exceed clients’ expectations are the values that empower our Company to achieve this status.
To Our Shareholders — small and large, our commitment is to create value and maximize your return on investment through all market
cycles. By achieving the status of Firm of Choice for our professionals and Advisor of Choice for our clients, we are able to deliver value to
our shareholders as their Investment of Choice.
Investment
of Choice
Advisor
of Choice
Firm
of Choice
120 years 120 years 120 years 120 years 120 years 120 years
Financial Highlights
Operating Results
Total Revenues
Net Income
Earnings Per Diluted Share1
Core Earnings2
Core Earnings Per Diluted Share1,2
Financial Position
Total Assets
Stockholders’ Equity
Book Value Per Share1
(in thousands, except per share amounts)
2006
2007
2008
2009
2010
$471,388
$15,431
$0.74
$39,590
$1.90
$793,090
$32,170
$1.25
$66,788
$2.60
$888,847
$55,502
$1.98
$71,380
$2.54
$1,102,870
$75,798
$2.35
$75,798
$2.35
$1,395,237
$1,907
$0.05
$124,760
$3.24
2006
2007
2008
2009
2010
$1,084,774
$220,265
$12.36
$1,499,440
$424,637
$18.36
$1,558,145
$593,185
$22.68
$3,167,356
$873,446
$28.86
$4,213,115
$1,253,883
$36.62
1 All stock price amounts reflect the three-for-two stock split in June 2008.
2 Core Earnings and Core Earnings Per Diluted Share, non-GAAP measures, represent GAAP net income and GAAP diluted earnings per share adjusted for
acquisition-related charges, principally compensation related to the acquisition of Legg Mason Capital Markets for 2006, 2007, and 2008, compensation charges
related to the acceleration of vesting for the Ryan Beck deferred compensation plans for 2007, and the modification of the company’s deferred compensation plan
and merger-related expenses related to the acquisition of Thomas Weisel Partners Group, Inc. for 2010. See Reconciliation of GAAP Net Income to Core Earnings
on the inside back cover.
Total Revenues
(in millions)
1,395
1,103
Core Earnings2
(in millions)
125
889
793
71
76
67
Core Earnings
Per Diluted Share1,2
2.60
2.54
3.24
2.35
1.90
471
40
06
07
08
09
10
06
07
08
09
10
06
07
08
09
10
Total Assets
(in millions)
4,213
3,167
1,499
1,558
1,085
Stockholders’ Equity
(in millions)
1,254
Book Value
Per Share1
873
593
425
220
22.68
18.36
12.36
36.62
28.86
06
07
08
09
10
06
07
08
09
10
06
07
08
09
10
1
120 years 120 years 120 years 120 years 120 years 120 years Shareholder Letter
Dear Fellow Shareholders, Clients, and Associates:
The twin cornerstones of our business philosophy lie in seizing opportunities to grow our Company and putting clients’ interests first.
This strategy has served our Company well, as we have enhanced our capabilities and market position through the integration of eight
acquisitions since 2005. This past year proved to be no different, presenting yet another opportunity in Thomas Weisel Partners Group.
What began as a discussion of shared values over dinner culminated in a merger agreement which was completed in July 2010. In terms
of market position, this combination enhances our Institutional Group’s product offerings, industry coverage, and geographic reach.
More importantly, our shared culture of meritocracy and entrepreneurship provided a foundation which fostered a seamless integration
of talented professionals with the vision to grow our institutional business. With this latest merger fully integrated, we remain poised to
take advantage of opportunities as they occur.
Our Company’s 2010 Performance
We are pleased to report strong results for Stifel Financial Corp. Our net revenue increased 27%, marking our 15th consecutive year
of record net revenue. Beginning in 2006, Stifel’s net revenues have grown from $264 million to nearly $1.4 billion, representing a
compound annual growth rate of 39%. As such, our Company was named to Fortune magazine’s 100 Fastest-Growing Companies list
for a second consecutive year. Core net income, which excludes expenses associated with the modification of the Company’s deferred
compensation plan and merger-related expenses, increased 65% to a record $124.8 million, or $3.24 per diluted share. We remain very
well capitalized, with equity of $1.3 billion, resulting in book value per share of $36.62. For the year, our stock price increased 5%,
following a 29% increase in 2009. Over five years, our stock price has achieved a compound annual growth rate of 20%, as compared
to a compound annual increase of 2% for the S&P 500 Index and a compound annual decline of 9% for the AMEX Securities Broker-
Dealer Index.
Notable Accomplishments in 2010
• Our Global Wealth Management segment, which consists of our Private Client Group and Stifel Bank, had record net revenues of
$843 million, a 42% increase from 2009.
• We added 152 financial advisors and opened 13 new offices, along with approximately 28,000 new accounts and $17.5 billion in assets.
• Stifel Bank’s assets increased 55% from 2009 to $1.8 billion as of December 31, 2010.
• Our Institutional Group segment had record net revenues of $542 million, a 10% increase from 2009.
• Stifel successfully completed the merger with Thomas Weisel Partners Group, Inc.
• We served as lead or co-manager in 149 equity underwritings, which raised a total of $18 billion, compared to 72 offerings during 2009.
• We served as senior or co-manager on 564 tax-exempt issues with a total par value of $34 billion, compared to 369 issues with a total
par value of $22 billion in 2009.
• Stifel’s Equity Research Group ranked #1 in The Wall Street Journal’s 2010 Best on the Street Survey, with four analysts recognized as the
#1 stock-picker in their respective industries, and ranked #2 in FT/StarMine’s World’s Top Analyst Survey.
• Our market capitalization increased 29% to $2.5 billion at December 31, 2010.
• Stifel repurchased two million shares throughout the year at an average price of $46.53.
2
Looking Ahead
The global economy, financial markets, and our industry continue to deal with the effects and aftershocks of the financial crisis.
The Dodd-Frank Act, which mandates more than 50 studies and actions and nearly 300 new rules, adds to regulatory uncertainty.
At the same time, our national debt has doubled in the past six years, driving the debt-to-GDP ratio to over 95%. According to the
Congressional Budget Office, publicly held debt is projected to double again by 2021. Coupled with unemployment of over 9%, these
burdens impede investment, undermine confidence, and threaten the competitive standing of our economy. Increased government
spending is not the answer. Restoring growth and vitality to our economy requires a reduction in the overall size of government along
with a decrease in personal and corporate tax rates. This, in turn, would encourage private-sector investment and the creation of jobs.
Despite the large-scale issues facing both our country and our industry, Stifel Financial Corp. has the proven ability to adapt and excel.
Through the addition of talented entrepreneurial associates and adherence to our business philosophy, we will continue to build upon
our success as one of the nation’s premier middle-market investment banks and full-service investment firms.
As always, we sincerely thank our shareholders and clients for their support as well as our associates for their continued commitment
to excellence.
Ronald J. Kruszewski
Chairman, President, and Chief Executive Officer
Thomas W. Weisel
Chairman of the Board
Ronald J. Kruszewski
Chairman, President, and Chief Executive Officer
Thomas W. Weisel
Chairman of the Board
3
Board of Directors
Stifel Financial Corp. Board of Directors and Officers
Ronald J. Kruszewski*
Chairman of the Board, President,
and Chief Executive Officer
Robert E. Grady*
Partner and Managing Director
Cheyenne Capital Fund
Thomas W. Weisel*
Chairman of the Board
Bruce A. Beda*
Chief Executive Officer
Kilbourn Capital Management, LLC
Michael W. Brown*
Former Vice President and
Chief Financial Officer
Microsoft Corporation
Charles A. Dill*
Partner
Two Rivers Associates
John P. Dubinsky*
President and Chief Executive Officer
Westmoreland Associates, LLC
President and Chief Executive Officer
CORTEX
Richard F. Ford*
Retired Managing General Partner
Gateway Associates, LP
*Director
Frederick O. Hanser*
Board of Managers
Retired Vice Chairman
St. Louis Cardinals, LLC
Richard J. Himelfarb*
Vice Chairman of the Board
Chairman, Investing Banking, Stifel Nicolaus
Alton F. Irby III*
Founding Partner
London Bay Capital LLC
Robert E. Lefton*
President and Chief Executive Officer
Psychological Associates, Inc.
Scott B. McCuaig*†
Senior Vice President
President, Stifel Nicolaus
Thomas P. Mulroy*
Senior Vice President
Co-Head of Institutional Group
Victor Nesi*
Co-Head of Institutional Group
Director of Investment Banking
James M. Oates*
Chairman
Hudson Castle Group, Inc.
Ben A. Plotkin*
Vice Chairman of the Board
Kelvin R. Westbrook*
President and Chief Executive Officer
KRW Advisors, LLC
James M. Zemlyak*
Senior Vice President, Treasurer,
and Chief Financial Officer
David M. Minnick
Senior Vice President, General Counsel,
and Corporate Secretary
David D. Sliney
Senior Vice President
Stifel, Nicolaus & Company, Incorporated Board of Directors
Ronald J. Kruszewski
Chairman of the Board and
Chief Executive Officer
Scott B. McCuaig†
President
Co-Chief Operating Officer
James M. Zemlyak
Executive Vice President
Co-Chief Operating Officer
Michael F. Imhoff
Senior Vice President
Director, Denver Municipal Trading
Thomas R. Kendrick IV
Senior Vice President
Director, Syndicate
Thomas P. Mulroy
Executive Vice President
Director, Equity Capital Markets
Richard J. Himelfarb
Executive Vice President
Chairman, Investment Banking
J. Joseph Schlafly III
Senior Vice President
Director, Private Markets
†Scott B. McCuaig retired from the Board of Directors and the Company effective April 1, 2011.
David D. Sliney
Senior Vice President
Director, Strategic Planning,
Technology, and Operations
Hugo J. Warns III, CFA
Senior Vice President
Director, Equity Research
4
120 years 120 years 120 years 120 years 120 years 120 years 8
2
9
1
Arnold G. Stifel,
who joined the firm
in the early 1900s,
participates in first
commercial flight from
St. Louis to Chicago
9
7
9
1
George H. (Bert)
Walker III, who joined
the firm in 1976,
becomes president and
chief executive officer
Herman Stifel joins
firm as treasurer
7
9
8
1
Firm named Stifel
Investment Company
7
1
9
1
Stifel opens first
branch in Chicago
1
3
9
1
Stifel underwrites
$25 million in
O’Hare Airport
bonds
1
6
9
1
Acquisition of
Hendrick Urgo
3
8
9
1
Stifel goes public
under holding company
Stifel Financial Corp.
Aquires Hanifen,
Imhoff Inc.
0
0
0
2
Stifel acquires
Rowland, Simon & Co.
8
8
9
1
Ronald J. Kruszewski
becomes chairman of
Stifel Financial
1
0
0
2
Stifel acquires
St. Louis-based
Missouri Valley
Partners
0
1
0
2
Stifel merges with
San Francisco-
based Thomas
Weisel Partners
Group, Inc.
Ronald J. Kruszewski
and Thomas Weisel
serve as chairmen
of Stifel Financial
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
Present
0
9
8
1
Benjamin Altheimer
and Edward Rawlings
form partnership
0
1
9
1
Henry J. Nicolaus and
son, Louis J. Nicolaus,
join Company
Stifel arranges a
refunding loan for
Bolivia. Becomes
first North American
firm not based in
New York to provide
underwriting activities
for a South American
Country
9
2
9
1
1
4
9
1
Firm celebrates
50th anniversary
8
5
9
1
Stifel admitted to
membership on the
New York Stock
Exchange
7
5
9
1
Stifel underwrites
Mackinac Bridge
project
3
2
9
1
Firm becomes Stifel,
Nicolaus Investment
Company
Acquisition of Scherck,
Stein & Franc, Inc.
5
8
9
1
Elliot H. Stein
becomes chairman
of Stifel Financial
8
9
9
1
Firm recognized for
implementation of
industry-leading
technology
9
0
0
2
Stifel acquires 56
branches from UBS
Stifel acquires Butler
Wick & Co.
8
0
0
2
2
8
9
1
1
8
9
1
Acquisition of
Bacon Whipple
Acquisition of Altorfer,
Podesta and Woolard
Stifel acquires Ryan
Beck & Co.
Stifel acquires First
Service Bank; renames
it Stifel Bank & Trust
7
0
0
2
6
0
0
2
Stifel acquires private
client group of Miller
Johnson Steichen
Kinnard
Stifel completes largest
acquisition in the firm’s
history with addition
of Legg Mason Capital
Markets
5
0
0
2
Now in its second century of serving clients, Stifel continues
to grow and evolve, offering the latest resources, products, and services available in the industry. By developing state-of-the-art
technology, Stifel provides its associates with the tools necessary to help investors reach their goals. For example, the introduction
of a web-based platform in 2002 provided Stifel financial advisors access to specialized data regarding their client base, targeted
research querying, productivity tracking, account performance monitoring, and much more — all valuable tools in helping their
clients succeed. As the trend for consolidation in the investment industry continues, many of Stifel’s competitors are merging into
ever-larger multi-national financial services providers. This evolution and progression of the industry has left many investors
feeling neglected and disappointed. However, by focusing on each individual client, Stifel remains dedicated to preserving
Herman Stifel’s credo of “safeguarding the money of others as if it were your own” and continuing to provide investors with
personalized, committed service.
7
9
9
1
Ronald J. Kruszewski
joins firm as president
and chief executive
officer
6
9
9
1
Stifel establishes
presence on the World
Wide Web
e
n
i
l
e
m
i
T
y
r
o
t
s
i
H
r
o
f
t
u
O
l
l
u
P
Alabama
Mobile – (251) 344-3600*
Montgomery – (334) 213-1600*
Arizona
Green Valley – (520) 393-1500*
Phoenix – (602) 952-2500*
Tucson – (520) 209-7400*
Arkansas
Rogers – (479) 271-8350*
California
Auburn – (530) 889-8775*
Bonsall – (760) 643-1235*
Carlsbad – (760) 804-3400*
Chico – (530) 891-1133*
Del Mar – (858) 755-1614*
Fort Jones – (530) 468-2408*
Grass Valley – (530) 273-9877*
Lincoln – (916) 409-1300*
Los Angeles – (310) 208-1329*
Monterey – (831) 333-0963*
Murrieta – (951) 461-7220*
Newport Beach – (949) 252-1324*
Oroville – (530) 534-8021*
Oxnard – (805) 604-6700*
Palm Desert – (760) 834-6900*
Paradise – (530) 872-5110*
Pasadena – (626) 564-0311*
Redding – (530) 244-7199*
Redlands – (909) 307-8478*
Roseville – (916) 626-3322*
San Francisco – (415) 364-2500*•
San Jose – (408) 985-6811*
San Juan Capistrano – (949) 234-2340*
San Luis Obispo – (805) 738-2921*
Santa Rosa – (707) 542-3521*
Visalia – (559) 622-1040*
Walnut Creek – (925) 746-6560*
Westlake Village – (805) 496-8150*
Colorado
Colorado Springs – (719) 442-2646*
Denver – (303) 534-1180*
Denver – (303) 296-2300•
Fort Collins – (970) 267-9666*•
Glenwood Springs – (970) 945-5275*
Greenwood Village – (720) 963-7900*
Pueblo – (719) 546-0470*
Connecticut
Avon – (860) 677-2132*
Hamden – (203) 772-7200*
Hartford – (860) 249-2341*
New London – (860) 440-3373*
District of Columbia
Washington – (202) 756-7760•
Florida
Boca Raton – (561) 982-2600*•
Cape Coral – (239) 242-2358*
Daytona Beach – (386) 947-6000*
Gainesville – (352) 373-2500*
Melbourne – (321) 757-7209*
Naples – (239) 417-6740*
Ocala – (352) 237-2200*
Palm Beach Gardens – (561) 615-5300*
Pensacola – (850) 436-2000*
Ponte Vedra Beach – (904) 543-7120*
Sarasota – (941) 366-5443*
Vero Beach – (772) 299-4967*
Georgia
Atlanta – (404) 869-3576•
Augusta – (706) 737-0860*
Columbus – (706) 660-3940*
Gainesville – (770) 531-1103*
LaGrange – (706) 845-7888*
Macon – (478) 746-6262*
Savannah – (912) 598-3010*
Valdosta – (229) 293-1125*
Warner Robins – (478) 953-1313*
Hawaii
Honolulu – (808) 521-2601*
Maui – (808) 871-2040*
Idaho
Idaho Falls – (208) 524-6900*
Illinois
Belleville – (618) 233-5685*
Champaign – (217) 359-4686*
Chicago – (312) 726-5900*•
Decatur – (217) 429-4290*
Edwardsville – (618) 659-3780*
Geneva – (630) 845-7900*
Jacksonville – (217) 243-8060*
Lake Forest – (847) 615-0677*
Mattoon – (217) 235-0353*
Orland Park – (708) 364-0034*
Quincy – (217) 228-0053*
Rockford – (815) 654-5500*
Springfield – (217) 726-0875*
Waterloo – (618) 939-9400*
Indiana
Anderson – (765) 649-2339*
Crown Point – (219) 756-0100*
Fort Wayne – (260) 459-3989*
Indianapolis – (317) 706-1420*
Indianapolis – (317) 571-4600*
South Bend – (574) 288-3040*
Iowa
Ames – (515) 233-4064*
Atlantic – (712) 243-5500*
Des Moines – (515) 699-8510•
Mason City – (641) 423-2323*
Sioux City – (712) 252-6920*
Storm Lake – (712) 732-2663*
Waterloo – (319) 233-3400*
Kansas
Lawrence – (785) 842-7800*
Manhattan – (785) 776-1066*
Overland Park – (913) 345-4200*•
Topeka – (785) 271-1300*
Wichita – (316) 264-6321*
Kentucky
Danville – (859) 236-1588*
Louisville – (502) 425-1230*
Shelbyville – (502) 633-7170*
Locations
Louisiana
New Orleans – (504) 525-7711*•
Maryland
Baltimore – (410) 659-2300*
Baltimore – (443) 224-1400•
Bel Air – (410) 809-6700*
Bethesda – (301) 841-3776*
Bethesda – (301) 941-2400•
Cumberland – (240) 362-7175*
Hunt Valley – (410) 527-1138*
Massachusetts
Boston – (617) 235-7800*
Boston – (617) 488-4100•
Harwich – (508) 432-2079*
Hyannis – (508) 420-7000*
Longmeadow – (413) 565-8100*
Wellesley – (781) 239-2800*
Michigan
Ann Arbor – (734) 213-5103*
Birmingham – (248) 594-3879•
Fremont – (231) 924-0250*
Grand Haven – (616) 846-3620*
Grand Rapids – (616) 942-1717*
Grosse Pointe Farms – (313) 886-4493*
Okemos – (517) 333-3576*•
Portage – (269) 384-5024*
Port Huron – (810) 989-7950*
Shelby Township – (586) 566-4999*
Traverse City – (231) 946-4975*
Traverse City – (231) 995-7000*
Minnesota
Baxter – (218) 825-8523*
Golden Valley – (763) 542-3700*
Mankato – (507) 625-3127*
Minneapolis – (612) 455-5555*•
New Ulm – (507) 354-8589*
Rochester – (507) 292-9760*
Rochester – (507) 288-9622*
St. Cloud – (320) 253-1300*
Virginia – (218) 741-7744*
Walker – (218) 547-3526*
Wayzata – (952) 473-6010*
Mississippi
Gulfport – (228) 863-0881*
Meridian – (601) 693-2755*
Ridgeland – (601) 898-3656*
Missouri
Camdenton – (573) 346-4242*
Cape Girardeau – (573) 335-8454*
Chesterfield – (636) 530-6600*
Clayton – (314) 862-8800*
Columbia – (573) 874-2199*
Frontenac – (314) 872-8900*
Jefferson City – (573) 635-7997*
Joplin – (417) 781-6161*
Kansas City – (816) 531-7777*
Kirkwood – (314) 909-0238*
O’Fallon – (636) 695-2650*
Rolla – (573) 364-8930*
Springfield – (417) 886-2855*
St. Louis – (314) 342-2000*•
Montana
Billings – (406) 252-2447*
Bozeman – (406) 586-1385*
Great Falls – (406) 761-3500*
Kalispell – (406) 755-9400*
Nebraska
Lincoln – (402) 421-1019*
Omaha – (402) 955-1033*
Nevada
Reno – (775) 786-8500*
New Hampshire
New London – (603) 526-8130*
Portsmouth – (603) 433-1774*
New Jersey
Florham Park – (973) 549-4000*•
Fort Lee – (201) 585-6150*
Marlton – (856) 810-4800*
Princeton – (609) 799-1180*
Ramsey – (201) 669-3030*
Roseland – (973) 533-4000*•
Roxbury – (973) 598-8300*
Shrewsbury – (732) 450-9000*
New York
Binghamton – (607) 651-9540*
Garden City – (516) 663-5200*
Goshen – (845) 291-1131*
Goshen – (845) 615-2300*
Hauppauge – (631) 360-5700*
New York – (212) 847-6500*
New York – (212) 742-8923•
New York – (212) 271-3700•
Olean – (716) 372-2839*
Oyster Bay – (516) 624-2700*
Poughkeepsie – (845) 471-8080*
White Plains – (914) 694-8600*
North Carolina
Brevard – (828) 877-5856*
Chapel Hill – (919) 932-3220•
Charlotte – (704) 554-6039*
Fayetteville – (910) 438-0715*
Greenville – (252) 353-2052*
Pinehurst – (910) 246-5352*
Raleigh – (919) 645-5900*
Rocky Mount – (252) 443-2724*
North Dakota
Bismarck – (701) 255-4225*
Dickinson – (701) 225-9101*
Grand Forks – (701) 746-1365*
Jamestown – (701) 251-1152*
Williston – (701) 572-4527*
Ohio
Akron – (330) 665-2916*
Alliance – (330) 823-7666*
Boardman – (330) 599-5900*
Canfield – (330) 599-5940*
Canfield – (330) 533-7191*
Canton – (330) 454-5390*
Cincinnati – (513) 794-0030*
Cleveland – (216) 623-1170•
Columbus – (614) 463-9360*
Columbus – (614) 227-3792•
Dayton – (937) 312-0610*
Dublin – (614) 789-9354*
Fairlawn – (330) 668-6257*
Granville – (740) 344-2600*
Kent – (330) 678-2151*
Lancaster – (740) 654-5996*
Lima – (419) 227-3331*
Mansfield – (419) 524-4009*
Marion – (740) 386-6911*
Marysville – (937) 644-8686*
Pepper Pike – (216) 593-7400*
Salem – (330) 337-9911*
Sandusky – (419) 625-5432*
Steubenville – (740) 264-7254*
Warren – (330) 393-1567*
Westlake – (440) 835-4170*
Oklahoma
Muskogee – (918) 683-3700*
Oklahoma City – (405) 842-0402*
Tulsa – (918) 877-3361*
Oregon
Eugene – (541) 345-6003*
Medford – (541) 770-7350*
Portland – (503) 499-6260*
Portland – (503) 944-3240•
Salem – (503) 315-4993*
Pennsylvania
Allentown – (610) 782-5400*
Altoona – (814) 944-2065*
Beaver – (724) 728-0436*
Bethel Park – (412) 854-7500*
Bethlehem – (610) 317-4999*
Bloomsburg – (570) 380-6140*
Camp Hill – (717) 730-1100*
Conshohocken – (610) 567-1900*
Franklin – (814) 432-3169*
Greensburg – (724) 837-2300*
Johnstown – (814) 269-9211*
Lebanon – (717) 279-3510*
Oil City – (814) 678-6552*
Philadelphia – (267) 256-0777*
Philadelphia – (215) 861-7150•
Pittsburgh – (412) 456-0200*•
Sharon – (724) 346-4175*
Warren – (814) 726-7067*
Wilkes-Barre – (570) 200-3060*
Yardley – (215) 504-1600*
York – (717) 741-8900*
Rhode Island
Providence – (401) 421-1045*
South Carolina
Anderson – (864) 225-7177*
Bluffton – (843) 706-6150*
Florence – (843) 665-7599*
Hartsville – (843) 383-8401*
Hilton Head Island – (843) 842-0580*
Sumter – (803) 469-7070*
South Dakota
Mitchell – (605) 996-8440*
Tennessee
Jackson – (731) 664-4435*
Memphis – (901) 766-0822*
Nashville – (615) 277-7000*
Texas
Corpus Christi – (361) 693-3060*
Dallas – (214) 706-9450*•
Denton – (940) 382-8645*
Houston – (281) 655-4000*
Houston – (713) 655-1161•
Longview – (903) 753-1020*
San Antonio – (210) 558-3371•
Texarkana – (903) 792-3305*
Wichita Falls – (940) 720-7610*
Vermont
Manchester – (802) 362-4111*
St. Johnsbury – (802) 751-0500*
Virginia
Charlottesville – (434) 974-8300*
Charlottesville – (434) 984-7100*
Lynchburg – (434) 845-1000*
Martinsville – (276) 632-7151*
Radford – (540) 633-5740*
Richmond – (804) 727-6400•
Washington
Seattle – (206) 654-3900*
Wenatchee – (509) 663-8604*
Wisconsin
Appleton – (920) 991-1415*
Appleton – (920) 735-9511*
Brookfield – (262) 794-1000*•
Eau Claire – (715) 852-1990*
Green Bay – (920) 437-2555*
La Crosse – (608) 785-1727*
Madison – (608) 241-9516*
Mequon – (262) 243-3125*
Milwaukee-Glendale – (414) 276-5014*
Oconomowoc – (262) 560-3800*
Oshkosh – (920) 303-1686*
Racine – (262) 554-4660*
Rhinelander – (715) 362-1719*
Stevens Point – (715) 343-5688*
Wausau – (715) 848-2911*
West Bend – (262) 338-5889*
Wyoming
Casper – (307) 232-9450*
Sheridan – (307) 672-3434*
Stifel Bank & Trust
St. Louis – (314) 317-6900
Stifel Capital Advisors
New York – (212) 430-6200•
Stifel Nicolaus Canada
Calgary, Alberta – (403) 265-1939•
Toronto, Ontario – (416) 815-0888•
Stifel Nicolaus Limited
London, England – 011-44-20-7557-6030•
Madrid, Spain – 011-34-91-458-5500•
Geneva, Switzerland – 011-41-22-994-0606•
Thomas Weisel Partners International
Limited
London, England – 011-44-203-205-3601•
*Private Client Group Office
•Institutional Group Office
Shareholder Information
Annual Meeting
The 2010 annual meeting of stockholders will be held at Stifel’s headquarters, One Financial Plaza, 501 North Broadway, 2nd Floor,
St. Louis, Missouri, on Wednesday, June 1, 2011, at 11:00 a.m.
Transfer Agent
The transfer agent and registrar for Stifel Financial Corp. is Computershare Trust Company, n.a., Kansas City, Missouri.
Stock Listings
The common stock of Stifel Financial Corp. is traded on the New York Stock Exchange and Chicago Stock Exchange under the symbol
“SF.” The high/low sales prices for Stifel Financial Corp. common stock for each full quarterly period for the calendar years are as
follows:
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Sales Price
2010
2009
High
Low
High
Low
$ 59.63
$ 49.60
$ 48.41
$ 29.13
59.51
50.00
63.13
43.05
42.68
43.88
52.33
57.23
59.54
41.00
43.43
50.76
Reconciliation of GAAP Net Income to Core Earnings
A reconciliation of GAAP Net Income to Core Earnings and GAAP Net Income Per Diluted Share, the most directly comparable measure
under GAAP, to Core Earnings Per Diluted Share is included in the table below.
(in thousands, except per share amounts)
2006
GAAP Net Income
Acquisition-related revenues, net of tax
Acquisition-related charges, net of tax
Private placement compensation
Compensation
Other non-compensation charges
Core Earnings
Earnings Per Share:
$15,431
90
5,692
17,516
861
2007
$32,170
185
- -
29,947
4,486
2008
$55,502
3
- -
15,538
337
2009
$75,798
- -
- -
- -
- -
2010
$
1,907
1,261
- -
110,314
11,278
$39,590
$66,788
$71,380
$75,798
$ 124,760
GAAP Earnings Per Diluted Share
Acquisition-related charges
Core Earnings Per Diluted Share
$
$
0.74
1.16
1.90
$
$
1.25
1.35
2.60
$
$
1.98
0.56
2.54
$
$
2.35
- -
2.35
$
$
0.05
3.19
3.24
All stock price amounts presented above reflect the three-for-two stock split distributed in June 2008.
Stifel Financial Corp.
One Financial Plaza | 501 North Broadway | St. Louis, Missouri 63102
(314) 342-2000 | (800) 488-0970