Rya n Beck & Co. • Legg Mason Ca pi ta l Ma r ke t s
Butl er Wick • Fi rst Ser vice F inan cial Com pany
Hanifen, Imhoff Inc. • M JSK Private Cli e nt Group
Hanifen, Imhoff Inc.
Thomas Weisel Par tners • Ston e & Young be rg
Miller Bu ckfi re • Keefe, Bruyet te & Woods
Keefe, Bruyette & Woods
Ryan Beck & Co.
Rya n Beck & Co. • Legg Mason Ca pi ta l Ma r ke t s
Bu tl er Wick • Fi rst S er vice Fina n cia l Com pany
Hanifen, Imhoff Inc. • M JSK Private Cli e nt Group
Thomas Weisel Par tners • Ston e & Young be rg
Stone & Youngberg
Miller Bu ckfi re • Keefe, Bruyet te & Woods
Rya n Beck & Co. • Legg Mason Ca pi ta l Ma r ke t s
Butl er Wick • Fi rst Ser vice F inan cial Com pany
Hanifen, Imhoff Inc. • M JSK Private Cli e nt Group
One Company | One Culture
Thomas Weisel Par tners • Ston e & Young be rg
Miller Bu ckfi re • Keefe, Bruyet te & Woods
“We think you’ll like it here.”
Rya n Beck & Co. • Legg Mason Ca pi ta l Ma r ke t s
Butl er Wick • Fi rst Ser vice F inan cial Com pany
Hanifen, Imhoff Inc. • M JSK Private Cli e nt Group
MJSK P rivate Cli ent G roup
Thomas Weisel Par tners • Ston e & Young be rg
Miller Bu ckfi re • Keefe, Bruyet te & Woods
Miller Bu ckfi re
Rya n Beck & Co. • Legg Mason Ca pi ta l Ma r ke t s
Fi rst Ser vice Fi nancial Company
Butl er Wick • Fi rst Ser vice F inan cial Com pany
Hanifen, Imhoff Inc. • M JSK Private Cli e nt Group
Thomas Weisel Par tners
Thomas Weisel Par tners • Ston e & Young be rg
Miller Bu ckfi re • Keefe, Bruyet te & Woods
Legg Mason Capital Market s
Rya n Beck & Co. • Legg Mason Ca pi ta l Ma r ke t s
Butl er Wick • Fi rst Ser vice F inan cial Com pany
Butle r Wick
Hanifen, Imhoff Inc. • M JSK Private Cli e nt Group
Thomas Weisel Par tners • Ston e & Young be rg
2012 Annual Report
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, through Stifel Nicolaus Europe Limited in the United Kingdom and Europe, and through
Keefe, Bruyette & Woods, Inc. in the U.S. and Europe. The Company’s 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
Operating Results:
in thousands, except per share amounts
2008
2009
2010
2011
2012
Financial Highlights
Total Revenues
$888,847
$1,102,870
$1,395,237
$1,441,909
Net Income
Earnings Per Diluted Share1
Core Earnings2
Core Earnings Per Diluted Share1,2
Financial Position:
in thousands, except per share amounts
$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
$1,646,033
$138,573
$2.20
$138,573
$2.20
2008
2009
2010
2011
2012
Total Assets
Stockholders’ Equity
Book Value Per Share1
$1,558,145
$3,167,356
$4,213,115
$4,951,900
$593,185
$873,446
$1,253,883
$1,302,105
$6,966,140
$1,494,661
$15.12
$19.24
$24.42
$25.10
$27.24
1 All per share amounts reflect the three-for-two stock splits in 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 acquisition of 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
1,600
1,400
1,200
1,000
800
600
400
200
0
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
140
120
100
80
60
40
20
0
08
09
10
11
12
2.25
2
1.75
1.5
1.25
1
.75
.5
.25
0
08
09
10
11
12
08
09
10
11
12
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
08
09
10
11
12
08
09
10
11
12
08
09
10
11
12
1
Shareholder Letter
Dear Fellow Shareholders, Clients, and Associates:
Ten years ago, the theme of our 2002 Annual Report was “We See
Opportunity.” We recognized the opportunity existed to be the
investment firm of the future, to thrive in each of our business segments,
and to grow our firm by capitalizing on market opportunities. The theme
we established then remains true today.
Stifel’s growth, both organically and through acquisitions, furthers our goal
of building the premier investment bank and full-service investment firm.
This is evident in our 11 acquisitions since 2005: Legg Mason Capital
Markets; MJSK Private Client Group; Ryan Beck & Co.; First Service
Financial Company (renamed Stifel Bank & Trust); Butler Wick; 56 UBS
Branches; Thomas Weisel Partners; Stone & Youngberg; Miller Buckfire;
and Keefe, Bruyette & Woods. Each merger has been accretive to Stifel
and retention remains high. Most recently, we announced the intended
acquisition of Knight Capital Group’s U.S. institutional fixed income sales
and trading business and the hiring of their European team. The deal is
expected to close in the second quarter of 2013.
Our opportunity in the Global Wealth Management segment is to recruit
established financial advisors. In 2012, we hired 152 advisors, bringing
our ranks to more than 2,000. In February 2013, we launched our first
national television ads on CNBC and Bloomberg TV. Four ads – geared
primarily toward financial advisors – are designed to bolster our recruiting
efforts while building and reinforcing the Stifel brand among advisors and
investors alike. The ads, which can also be viewed at stifel.com, invite
advisors to “Join a firm that values YOUR relationships with your clients.
Choose Stifel: We think you’ll like it here.” The overarching branding
goal, initiated to coincide with these ads, is to promote Stifel, as opposed
to Stifel Financial or Stifel Nicolaus – One Company and One Culture
– a powerful combination of the diverse companies and individuals that
encompass our brand.
2012 Environment and Milestones
2012 represented Stifel’s 17th consecutive year of record net revenues. This is
a significant accomplishment, particularly given past market cycles.
The business environment, marked by continued uncertainty in 2012, was
further impacted by global growth worries, high unemployment, financial
issues in Europe, and the fiscal cliff at the end of the year. Washington
gridlock kept investors on the sidelines. Despite these headwinds, the
major indices recorded positive gains in 2012, with the Dow Jones up
7%, while the S&P 500 rose 13%, and the NASDAQ increased 16%.
The 10-year Treasury closed the year at 1.76%.
While these times are challenging, we maintain a contrarian view toward
investing in down cycles. By capitalizing on headwinds in the industry,
we are able to take advantage of opportunities for long-term growth.
Two such opportunities were presented to us in 2012: Keefe, Bruyette &
Woods (KBW) and Miller Buckfire.
On November 5, 2012, we announced our intent to merge with KBW, a
premier brand in specialized financial services. This combination creates
a dominant financial institutions force in equity research, equity and
fixed income sales and trading, and investment banking. We believe
that the financial institutions sector is poised to benefit from improving
fundamentals and catalysts, which we will be able to leverage across
our Global Wealth Management and Capital Markets platforms. We
closed the merger with KBW on February 15, 2013, and are very excited
about our combined potential and the ability to gain market share in the
financial services sector. In connection with the merger, we welcomed
Tom Michaud and Michael Zimmerman to our Board of Directors.
Tom Michaud spent the last 25 years at KBW, most recently as CEO,
and Michael Zimmerman is currently Vice Chairman of the Continental
Grain Company after serving in a variety of senior positions in Salomon
Brothers’ investment banking practice.
2
After announcing an initial investment in Miller Buckfire in June of
2011, we acquired 100% of the firm on December 20, 2012. Miller
Buckfire is a preeminent franchise in restructuring advisory. As we
continue to build our investment banking capabilities, bringing our
two firms together enables us to efficiently provide capital markets and
investment banking services to clients with special financing needs.
2012 Financial Performance
Stifel reported record net revenues of $1.61 billion, a 14% increase from
2011, and record net income of $138.6 million or $2.20 per diluted
share. Our record revenues are a reflection of our stable, balanced business
model. Our pre-tax income margin of 14% was just shy of our stated goal
of 15% across market cycles. The Global Wealth Management segment
reported pre-tax operating income of $268.2 million on net revenues
of $995.2 million. Within Global Wealth Management, Stifel Bank
reported net revenues of $79.9 million, a 38% increase from 2011. The
Institutional Group segment generated pre-tax operating income of $96.2
million on net revenues of $618.5 million, a 22% increase from 2011.
2012 was a year of investment at Stifel. During the year, we recruited
152 financial advisors and hired 77 fixed income sales and trading
professionals. While our new investments generated revenues of $45.5
million, associated total non-interest expenses of $64.0 million reduced
earnings per share by $0.18. This impact was more significant in the
first half of the year than the second half. As our investments mature,
we expect a resulting contribution to our growth and bottom line.
Our stock performance was flat for the year. This compares to the
AMEX Securities Broker-Dealer Index, which gained 13% in 2012.
On a longer horizon, Stifel remains the top-performing stock among
our peers over the past ten years ending December 31, 2012, up an
impressive 760%, while our nearest competitor is up 193% and the
S&P is up 62%.
Our capital position is strong, with $7.0 billion in total assets, $1.5
billion in shareholders’ equity, and book value per share of $27.24 as
of December 31, 2012.
2012 Notable Accomplishments
Global Wealth Management
• Hired 152 financial advisors.
• Total client assets increased 13% to $137.9 billion, and fee-based
assets increased 13% to $20.8 billion.
• Opened 18 new branch offices in California, Connecticut, Delaware,
Florida, Idaho, Maryland, Massachusetts, Michigan, Missouri, North
Carolina, Ohio, Pennsylvania, Tennessee, and Washington.
• Stifel Bank assets increased 60% to $3.65 billion from $2.28 billion
in 2011.
• Stifel Bank non-performing assets as a percentage of total assets ended
the year at 0.06%.
Institutional Group
• Over 1,300 U.S. companies under coverage, making Stifel the largest
provider of U.S. equity research.
• Four equity research analysts won awards in The Wall Street
Journal’s Best on the Street Survey for 2012, with two Stifel analysts
recognized as the #1 stock-pickers in their respective industries.
• Stifel’s Equity Research Group ranked #3 in FT/StarMine’s
World’s Top Analysts Survey, with a total of 14 individual awards.
Additionally, Stifel captured three of the top ten overall spots in the
earnings estimate accuracy category out of 4,000 analysts.
• Extensive distribution network with a global equity and fixed income
sales and trading team.
• Served as a lead or co-manager in 170 equity underwritings in 2012
compared with 123 during 2011.
• Served as a senior or co-manager on 1,068 tax-exempt issues in 2012
compared to 588 in 2011.
• Successfully integrated Stone & Youngberg, capitalizing on their municipal
finance and fixed income businesses.
• Ranked #2 by par value in national K-12 education senior managed
negotiated bond underwritings, with a #1 ranking in Arizona, California,
and Michigan K-12 Education.
Corporate
• Leverage ratio of 3.6x.
• Stifel’s market capitalization was $1.76 billion as of December 31, 2012.
• We repurchased 0.4 million shares in 2012, or $11.4 million, at an average
price of $30.35. The maximum number of shares authorized under our
share repurchase program is 4.0 million.
• We believe we entered 2012 overcapitalized in terms of equity; therefore,
we issued $325 million in senior notes comprised of $175 million principal
amount 6.70% due 2022 and $150 million principal amount 5.375% also
due 2022.
Market Position and Conclusion
Stifel is a growth company unburdened by capital constraints. We have adhered
to utilizing a low-leverage business model with conservative risk management.
We continually seek out ways to drive revenue growth and generate synergies
between our Global Wealth Management and Institutional Group segments.
Our unique market position, situated between the bulge bracket and boutique
firms, gives us the scale and stability to offer a full-service platform without
being forced to deleverage, raise common equity, or alter our business model.
With the expansion of our financial institutions business, the build-out of our
fixed income division, and financial advisor growth, we believe we are well
positioned to gain market share and increase shareholder value.
With respect to the economic growth, we would simply describe it as tepid.
The U.S. economy is in the fourth year of a recovery that has yet to produce
a four-quarter growth rate of 3%. Couple this meager economic growth with
events such as the Flash Crash and LIBOR manipulation, and the result is
shaken investor confidence and risk aversion. This is illustrated by the fact
that domestic equity funds experienced net outflows totaling over $500 billion
from the beginning of 2008 through 2012.
As of the writing of this letter, the 2013 earnings estimate for the S&P 500 is
$110.58, resulting in an earnings yield of 7.11%, while the 10-year Treasury is
1.71%. At the same time, all equity mutual funds have seen year-to-date inflows
of $67.5 billion. Looking forward, we expect economic growth to gradually
improve and equity inflows to remain positive, which supports our view that
equities are undervalued relative to the 10-year Treasury. As such, we are
optimistic that the industry environment will also improve and that our
investments over the last few years will add to shareholder value.
Once again, we look forward to 2013 and the opportunities it may present.
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
Board of Directors
Stifel Financial Corp. Board of Directors and Officers
Ronald J. Kruszewski*
Chairman of the Board, President,
and Chief Executive Officer
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
Robert E. Grady*
Partner and Managing Director
Cheyenne Capital Fund
*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
Alton F. Irby III*
Founding Partner
London Bay Capital LLC
Robert E. Lefton*
President and Chief Executive Officer
Psychological Associates, Inc.
Thomas B. Michaud*
President and Chief Executive Officer
Keefe, Bruyette & Woods
Thomas P. Mulroy*
Senior Vice President
Co-Director, Institutional Group
Victor Nesi*
Senior Vice President
Co-Director, 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
Michael J. Zimmerman*
Vice Chairman
Continental Grain Company
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
Co-Director, Institutional Group
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
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 Barbara – (805) 957-1840*
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*
Greeley – (970) 350-7200*
Greenwood Village – (720) 963-7900*
Pueblo – (719) 546-0470*
Connecticut
Avon – (860) 677-2132*
Hamden – (203) 772-7200*
Hartford – (860) 249-2341*
Madison – (203) 245-5908*
New London – (860) 440-3373*
Delaware
Greenville – (302) 351-1450
District of Columbia
Washington – (202) 756-7760•
Florida
Boca Raton – (561) 982-2600*•
Clearwater – (727) 614-4930*
Daytona Beach – (386) 947-6000*
Fort Myers – (239) 985-6540*
Fort Pierce – (772) 672-5125*
Gainesville – (352) 373-2500*
Melbourne – (321) 757-7209*
Naples – (239) 417-6740*
Ocala – (352) 237-2200*
Orlando – (407) 897-7063.
Palm Beach Gardens – (561) 615-5300*
Pensacola – (850) 436-2000*
Ponte Vedra Beach – (904) 543-7120*
Rosemary Beach – (850) 231-0972.
Sarasota – (941) 366-5443*
Stuart – (772) 403-8300*
Tampa – (813) 639-7500.
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*
Deer Creek – (847) 438-2740.
Edwardsville – (618) 659-3780*
Geneva – (630) 845-7900*
Jacksonville – (217) 243-8060*
Lake Forest – (847) 615-0677*
Mattoon – (217) 235-0353*
Orland Park – (708) 390-5900*
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*
Branch Locations
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*
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*
Plymouth – (508) 927-7030*
Wellesley – (781) 239-2800*
Michigan
Ann Arbor – (734) 213-5103*
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*
Branch Locations
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. Joseph – (816) 364-3334*
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*•
Hackensack – (201) 881-7950*
Marlton – (856) 810-4800*
Princeton – (609) 799-1180*
Ramsey – (201) 669-3030*
Roseland – (973) 533-4000*•
Roxbury – (973) 598-8300*
Shrewsbury – (732) 720-2030*
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*
Medina – (330) 721-2101*
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) 467-2300*
Portland – (503) 944-3240•
Salem – (503) 315-4993*
Pennsylvania
Altoona – (814) 944-2065*
Beaver – (724) 728-0436*
Bethel Park – (412) 854-7500*
Bloomsburg – (570) 380-6140*
Camp Hill – (717) 730-1100*
Center Valley – (610) 782-5400*
Conshohocken – (610) 567-1900*
Easton – (610) 317-4420*
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*
St. Marys – (814) 788-5260*
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*
Johnson City – (423) 794-3187*
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
Bellevue – (425) 637-3600*
Olympia – (360) 918-7900*
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
Shareholder Information
Annual Meeting
The 2013 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 12, 2013, 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
2012
2011
High
Low
High
Low
$ 39.84
$ 32.02
$ 49.94
$ 40.68
38.65
36.44
35.18
29.33
28.10
28.80
48.91
40.44
34.50
34.97
23.09
23.72
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)
2008
2009
2010
2011
2012
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:
$55,502
3
$75,798
—
$
1,907
1,261
$ 84,134
69
$ 138,573
—
15,538
337
—
—
110,314
11,278
1,064
28,295
—
—
$71,380
$75,798
$ 124,760
$113,562
$ 138,573
GAAP Earnings Per Diluted Share
Acquisition-related charges
Core Earnings Per Diluted Share
$
$
1.32
0.37
1.69
$
$
1.56
—
1.56
$
$
0.03
2.13
2.16
$
$
1.33
0.47
1.80
$
$
2.20
—
2.20
All stock price and per share amounts presented above reflect the three-for-two stock splits distributed in April 2011.
Investment Services Since 1890
Stifel Financial Corp. | www.stifel.com
One Financial Plaza | 501 North Broadway | St. Louis, Missouri 63102