STABILITY
GROWTH
EXPERIENCE
2011
ANNUAL REPORT
BOKF BPT CAH CSL CUK CRS CSV CASC CASY CSH CAT CATYBOKF BPT CAH CSL CUK CRS CSV CASC CASY CSH CAT CATYALJ ALTR ALTE APSA SF AWC ACH LNT ATK AMOT AWH BSI 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 through Stifel, Nicolaus & Company, Incorporated in the U.S., through Stifel
Nicolaus Canada Inc. in Canada, and through Stifel Nicolaus Europe Limited in the United Kingdom and Europe. 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. Stifel Trust Company, N.A. offers trust and related services.
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
320. 89.0 98.5 24 288.9 37.4 12.4 -00.28 19.2 32.7 76.4 44.2 90.56 3.28 44.20 76.4 19.2 4.28 5.57 8.94 -.04 32.5 3.28 44.20 76.4 19.2 4.28 5.57 8.94 -.04 32.5 3.2827.89 5.32 -.09 5.78 87.2 64 21.3 9.98 78.527.89 5.32 -.09 5.78 87.2 64 21.3 9.98 78.5
Financial Highlights
Operating Results:
in thousands, except per share amounts
Total Revenues
Net Income
Earnings Per Diluted Share1
Core Earnings2
Core Earnings Per Diluted Share1,2
Financial Position:
in thousands, except per share amounts
2007
2008
2009
2010
2011
$793,090
$32,170
$0.83
$66,788
$1.73
$888,847
$1,102,870
$1,395,237
$1,441,909
$55,502
$1.32
$71,380
$1.69
$75,798
$1.56
$75,798
$1.56
$1,907
$0.03
$84,134
$1.33
$124,760
$113,562
$2.16
$1.80
2007
2008
2009
2010
2011
Total Assets
Stockholders’ Equity
Book Value Per Share1
$1,499,440
$1,558,145
$3,167,356
$4,213,115
$4,951,900
$424,637
$593,185
$873,446
$1,253,883
$1,302,105
$12.24
$15.12
$19.24
$24.42
$25.10
1 All per share amounts reflect the three-for-two stock splits in June 2008 and April 2011.
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 charges related to the acquisitions of Legg Mason Capital Markets in 2005, Ryan Beck in 2007, and
Thomas Weisel Partners Group, Inc. in 2010, and litigation-related expenses associated with the civil lawsuit and related regulatory investigation in connection with
the ongoing matter with five Southeastern Wisconsin school districts in 2011. See Reconciliation of GAAP Net Income to Core Earnings on the inside back cover.
Total Revenues: In millions
Core Earnings2: In millions
Core Earnings Per Diluted Share1,2
1,400
1,200
1,000
800
600
400
200
0
5,000
4,000
3,000
2,000
1,000
0
120
100
80
60
40
20
0
07
08
09
10
11
2.25
2
1.75
1.5
1.25
1
.75
.5
.25
0
07
08
09
10
11
07
08
09
10
11
Total Assets: In millions
Stockholders’ Equity: In millions
Book Value Per Share1
1,400
1,200
1,000
800
600
400
200
0
25
20
15
10
5
0
07
08
09
10
11
07
08
09
10
11
07
08
09
10
11
1
21 34 78 5.27 0.05 -.032 17 4.26 27 92 1.65 53
Shareholder Letter
Dear Fellow Shareholders, Clients, and Associates:
2011 marked our 16th consecutive year of record net
revenues. This record is the result of three distinguishing
factors: experience, growth, and stability.
• Experience: 121 years of operating history with more
than 5,000 experienced professionals striving to exceed
our clients’ expectations.
• Growth: Achieved through both organic channels and
acquisitions, Stifel continues to build the premier middle-
market investment bank and full-service investment firm.
• Stability: Balanced business model coupled with a
very solid capital base to fund future growth.
Our record is an accomplishment, particularly in light of
the continued headwinds faced by the financial sector. In
2011, our industry was beset by uncertainty, the result of
the U.S. debt crisis and the first credit rating downgrade in
our country’s history. This was accompanied by heightened
regulation, political gridlock, and overall weakness in the
economy. Despite these factors, our Company continued
on its path of growth through the October 2011 acquisition
of Stone & Youngberg, a leading financial services firm
specializing in municipal finance and fixed income securities.
This combination represents our ninth acquisition since
the transformational Legg Mason Capital Markets business
in 2005. Each acquisition since 2005 has expanded and
strengthened our capabilities in a manner that targets our
strategic objectives. We continue to review all opportunities
in a thoughtful and disciplined manner, with the goal of
building the premier middle-market investment bank and
full-service investment firm.
Our Company’s 2011 Performance
Stifel Financial Corp. reported record net revenues of $1.4
billion, an increase of 3% over our 2010 results. Our record
revenues are the result of the stability and balance of our
business model. The consistency of our Global Wealth
Management segment’s revenue, which grew 8%, offset
the decline in revenue of our Institutional Group segment,
which was not immune to lower industry volumes and
cautious risk-taking by many of our clients. While 2011
was another record year, our growth is better represented
by our compound annual growth rate since 2005, which is
an impressive 32%. In 2011, core net income, excluding
litigation-related expenses and merger-related expenses,
decreased 9%, and non-GAAP diluted EPS decreased 17%,
reflecting the challenging conditions present during the year.
We remain in a solid capital position, with $1.3 billion in
stockholders’ equity and a book value per share of $25.10.
While our stock performance declined in 2011, its drop was
in line with the performance of the AMEX Securities Broker-
Dealer Index and has since rallied. Over the past five years,
Stifel has outperformed our nearest competitors by a wide
margin, increasing 84%, or 13% on a compound annual
growth rate, compared with a decline of 66% and 19%,
respectively, for the AMEX Securities Broker-Dealer Index.
2
Notable Accomplishments in 2011
• Our Global Wealth Management segment, which consists
of our Private Client Group and Stifel Bank, had record
net revenues of $908.2 million, an 8% increase from a
record year in 2010.
• We added 150 financial advisors and opened 17 new
offices, while total client assets increased 8% to $119.4
billion.
• Stifel Bank’s assets increased 28% to $2.3 billion from
$1.8 billion in 2010.
• The Institutional Group segment generated net revenues
of $507.4 million, which represents a 6% decline from 2010.
• We served as lead or co-manager on 190 equity and debt
offerings, which raised a total of $39.2 billion.
• Stifel’s Equity Research Group again ranked #2 in FT/
StarMine’s World’s Top Analysts Survey, with a total of
15 individual awards in 11 industries, including nine #1
rankings.
• Stifel formed a strategic alliance with Miller Buckfire, a
leading restructuring and advisory firm. This alliance will
broaden both firms’ capabilities by making Miller Buckfire’s
restructuring advisory capabilities available to Stifel’s clients
and Stifel’s capital markets expertise available to Miller
Buckfire’s clients.
• We successfully integrated Stone & Youngberg, a leading,
California-based firm specializing in municipal finance and
fixed income securities. On a combined basis, we served
as senior or co-manager on 600 tax-exempt issues with a
total par value of $42 billion in 2011, while ranking as the
#1 underwriter in the state of California and #2 nationwide
in K-12, both for negotiated transactions by par amount.
• Our market capitalization ended the year at $1.7 billion.
• Stifel purchased its downtown St. Louis headquarters
building in November 2011.
• Stifel repurchased 1.7 million shares in 2011, or $48.5
million, at an average price of $28.12. The Company
currently has an additional 4.3 million shares authorized
under its existing Board authorization.
• In January 2012, Stifel issued $175 million principal amount
of 6.70% Senior Notes due 2022.
Looking Ahead in an Election Year
Given that we are in an election year, we would be remiss if
we did not mention the need for leadership in Washington.
Tackling our country’s fiscal issues is a difficult challenge
that requires tough decisions. In our view, the expiration of
the Bush tax cuts coupled with the enactment of automatic
spending cuts required in the current deficit-reduction deal
could put this country into a recession in 2013. With a
growing deficit, ballooning entitlements, high unemployment,
burdensome regulations, and the highest statutory corporate tax
rate in the developed world, our country and businesses would
320. 89.0 98.5 24 288.9 37.4 12.4 -00.28 19.2 32.7 76.4 44.2 90.56 3.28.46 -.38 50.3 43 101 77.2 3.6 2.12 9.56 7.98.46 -.38 50.3 43 101 77.2 3.6 2.12 9.56 7.98
benefit from fiscal policy initiatives that would foster free-
market capitalism and encourage an entrepreneurial business
environment. We firmly believe that prudent fiscal policies,
with specific focus on the country’s deficit, along with a fair
tax system would provide a foundation for economic growth
and bolster private sector investment to further the recovery.
Specifically, we advocate lowering the statutory corporate tax
rate to a flat 25%. With respect to the deficit, we believe a
framework already exists. The Simpson-Bowles plan was a
bipartisan solution aimed at managing the national budget.
While neither we nor anyone agrees with every aspect of the
proposed plan, it is this very fact that makes it the plan that we
should implement.
On the positive side, the JOBS Act recently signed into law
to jumpstart small business growth is a very encouraging
development, which has some favorable implications for our
business. This Act effectively lowers the cost of capital and
focuses on job creation. We are encouraged by the quick
process and developments to streamline the initial public
offering process for small, entrepreneurial companies.
Looking forward for Stifel Financial, we believe the events over
the past few years provide us a tremendous opportunity to
build our capabilities while gaining market share. Simply, the
structural changes required by Dodd-Frank and Basel 3 will
require that the large global firms both shrink and restructure
their businesses in order to be capital compliant while also
achieving acceptable return on invested capital. The new
regulatory framework generally does not burden us, and our
unlevered balance sheet provides us ample dry powder to take
advantage of opportunities. We have built this business over
the past several years by prudently evaluating opportunities
and executing on those that provide acceptable risk-adjusted
return on investment, always measured on a long-term horizon.
We plan to continue to follow this simple yet effective plan.
In short, Stifel is well positioned to gain market share and
deliver shareholder value. We look forward to 2012 and the
opportunities it may present.
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
Ronald J. Kruszewski
Chairman, President, and Chief Executive Officer
Thomas W. Weisel
Chairman of the Board
Thomas W. Weisel
Chairman of the Board
3
91 3.8 6.11 4.73 0.05 81 14.45 4.26 27 93 1.65 53
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.
Thomas P. Mulroy*
Senior Vice President
Co-Head of Institutional Group
Victor Nesi*
Senior Vice President
Co-Head of Institutional Group
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
and Chief Financial Officer
Bernard N. Burkemper
Senior Vice President,
Treasurer, and Controller
S. Chad Estep
Senior Vice President
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
James M. Zemlyak
Executive Vice President
Chief Operating Officer
Richard J. Himelfarb
Executive Vice President
Chairman, Investment Banking
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
J. Joseph Schlafly III
Senior Vice President
Director, Private Markets
David D. Sliney
Senior Vice President
Director, Strategic Planning,
Technology, and Operations
Hugo J. Warns III, CFA
Senior Vice President
Director, Equity Research
4
320. 89.0 98.5 24 288.9 37.4 12.4 -00.28 19.2 32.7 76.4 44.2 90.56 3.2812.9 3.26 4.19 2.10 10 31 7.27 26 5.29 2.1112.9 3.26 4.19 2.10 10 31 7.27 26 5.29 2.11 Alabama
Mobile – (251) 344-3600*
Montgomery – (334) 213-1600*
Arizona
Green Valley – (520) 393-1500*
Phoenix – (602) 952-2500*
Phoenix – (602) 794-4000•
Scottsdale – (480) 991-3277*
Tucson – (520) 209-7400*
Arkansas
Little Rock – (501) 821-3680*
Rogers – (479) 271-8350*
California
Auburn – (530) 889-8775*
Bakersfield – (661) 321-7300*
Bonsall – (760) 643-1235*
Carlsbad – (760) 804-3400*
Chico – (530) 891-1133*
Del Mar – (858) 755-1614*
Fort Jones – (530) 468-2408*
Fresno – (559) 437-4060*
Grass Valley – (530) 273-9877*
Irvine – (949) 271-5100*
Lincoln – (916) 409-1300*
Los Angeles – (310) 208-1329*
Los Angeles – (213) 443-5230•
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*
Paso Robles – (805) 238-3080*
Redding – (530) 244-7199*
Redlands – (909) 307-8478*
Roseville – (916) 626-3322*
San Francisco – (415) 364-2500*•
San Francisco – (415) 445-2300*•
San Jose – (408) 985-6811*
San Juan Capistrano – (949) 234-2340*
San Luis Obispo – (805) 783-2921*
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*
Ketchum – (208) 622-8720*
Illinois
Alton – (618) 463-4697*
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*•
Branch Locations
Topeka – (785) 271-1300*
Wichita – (316) 264-6321*
Kentucky
Danville – (859) 236-1588*
Louisville – (502) 425-1230*
Shelbyville – (502) 633-7170*
Louisiana
New Orleans – (504) 525-7711*•
Maryland
Annapolis – (410) 280-9711•
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*
Frederick – (240) 415-7121*
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*
St. Joseph – (269) 985-4040*
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
Cape Girardeau – (573) 335-8454*
Chesterfield – (636) 530-6600*
Chillicothe – (660) 646-8565*
Clayton – (314) 862-8800*
Columbia – (573) 874-2199*
Frontenac – (314) 872-8900*
Jefferson City – (573) 635-7997*
Joplin – (417) 781-6161*
8.76 5.26 -.47 .65 2.12 14.45 7.82 5.23 42 1.65 53.11 5.78 9.5 Branch Locations
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*
Southport – (910) 454-1500*
Wilmington – (910) 679-2130*
North Dakota
Bismarck – (701) 255-4225*
Dickinson – (701) 225-9101*
Grand Forks – (701) 746-1365*
Jamestown – (701) 251-1152*
Williston – (701) 572-4527*
Ohio
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) 847-8214*
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*•
Pittsburgh – (412) 250-3400*
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*
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) 525-8048•
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•
Richmond – (804) 727-6767•
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*
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 Europe Limited
London, England – 011-44-207-557-6030•
London, England – 011-44-203-205-3601•
Madrid, Spain – 011-34-91-458-5500•
Geneva, Switzerland – 011-41-22-994-0606•
* Private Client Group Office
• Institutional Group Office
15.42 76 -.33 10.85 3.26 -.32 50.5 6.21 5.4715.42 76 -.33 10.85 3.26 -.32 50.5 6.21 5.47 Shareholder Information
Annual Meeting
The 2012 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 6, 2012, at 11:00 a.m.
Transfer Agent
The transfer agent and registrar for Stifel Financial Corp. is Computershare Trust Company, n.a., Canton, Massachusetts.
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
2011
2010
High
Low
High
Low
$ 49.94
$ 40.68
$ 39.75
$ 33.07
48.91
40.44
34.50
34.97
23.09
23.72
39.67
33.33
42.09
28.70
28.45
29.25
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)
2007
2008
2009
2010
2011
GAAP Net Income
Acquisition-related revenues, net of tax
Acquisition-related charges, net of tax
Compensation
Other non-compensation charges
Core Earnings
Earnings Per Share:
$32,170
185
$55,502
3
$75,798
- -
$
1,907
1,261
$ 84,134
69
29,947
4,486
15,538
337
- -
- -
110,314
11,278
1,064
28,295
$66,788
$71,380
$75,798
$124,760
$ 113,562
GAAP Earnings Per Diluted Share
Acquisition-related charges
Core Earnings Per Diluted Share
$
$
0.83
0.90
1.73
$
$
1.32
0.37
1.69
$
$
1.56
- -
1.56
$
$
0.03
2.13
2.16
$
$
1.33
0.47
1.80
All stock price and per share amounts presented above reflect the three-for-two stock splits distributed in June 2008 and April 2011.
89.32 8.66 14.12 21 5.20 11.14 7.42 288 24.19 5.23
Stifel Financial Corp.
One Financial Plaza | 501 North Broadway | St. Louis, Missouri 63102
(314) 342-2000 | (800) 488-0970
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