2013
A n n u a l R e p o r t
C O M P A N Y D E S C R I P T I O N
Stifel Financial Corp. is a financial services holding company headquartered in St. Louis,
Missouri that conducts its banking, securities, and financial services business through
several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United
States through Stifel, Nicolaus & Company, Incorporated; Keefe, Bruyette & Woods,
Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc. and in the United
Kingdom and Europe through Stifel Nicolaus Europe Limited and Keefe, Bruyette &
Woods Limited. 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.
S T A T E M E N T O F C O M M I T M E N T
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
C O M P A N Y D E S C R I P T I O N
Stifel Financial Corp. is a financial services holding company headquartered in St. Louis,
Missouri that conducts its banking, securities, and financial services business through
several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United
States through Stifel, Nicolaus & Company, Incorporated; Keefe, Bruyette & Woods,
Inc.; Miller Buckfire & Co., LLC; and Century Securities Associates, Inc. and in the United
Kingdom and Europe through Stifel Nicolaus Europe Limited and Keefe, Bruyette &
Woods Limited. 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.
S T A T E M E N T O F C O M M I T M E N T
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
“Forces”
A creation by St. Louis artist Harry Weber
On October 24, 2013, Stifel unveiled a statue by renowned
sculptor Harry Weber at its headquarters in downtown
St. Louis. The dedication ceremony featured comments
from Stifel Chairman, President, and CEO Ron Kruszewski,
St. Louis Mayor Francis Slay, and Mr. Weber.
The statue, titled
“Forces,” depicts a
bull and bear – the two
traditional symbols of
opposing stock market
forces – in conflict. It is
prominently displayed in
a newly constructed plaza
at the corner of Broadway
and Washington.
“This statue will help reinforce not only the presence of Stifel’s headquarters,
but St. Louis as a national hub for financial services as well,” said Mr. Kruszewski.
“Harry Weber is an acclaimed, highly sought-after artist whose sculptures can be
found exhibited throughout the country, and we’re excited to display his work in
front of our building.”
The statue plaza is just one of many
improvements Stifel has made to
One Financial Plaza since purchasing
the building in 2011. The firm is in the
process of making extensive renovations
to the building’s lobby, common areas,
and office space, and has made exterior
modifications, including new entrances,
lighting, and signage. Despite several
moves over the course of Stifel’s nearly
125-year history, the company’s headquarters
has always been located on Broadway
in the heart of downtown St. Louis.
View a video on the making of “Forces” at www.stifel.com/statue
Left to right: Harry Weber, Ron Kruszewski, and Mayor Francis Slay
F I N A N C I A L H I G H L I G H T S
Operating Results:1
in thousands, except per share amounts
2009
2010
2011
2012
2013
Total Revenues
$1,102,870
$1,385,867
$1,418,372
$1,627,483
Net Income
Earnings Per Diluted Share2
Core Earnings3
Core Earnings Per Diluted Share2,3
Financial Position:
in thousands, except per share amounts
$75,798
$1.56
$75,798
$1.56
$1,050
$0.02
$84,269
$1.34
$145,296
$2.31
$123,903
$113,697
$145,296
$2.15
$1.80
$2.31
$2,019,814
$172,907
$2.35
$184,658
$2.51
2009
2010
2011
2012
2013
Total Assets
Stockholders’ Equity
Book Value Per Share2
$3,167,356
$4,213,115
$4,951,900
$6,966,140
$9,008,870
$873,446
$1,253,883
$1,302,105
$1,494,661
$2,058,849
$19.24
$24.42
$25.10
$27.24
$32.30
1 Our Canadian subsidiary, Stifel Nicolaus Canada, Inc. (SN Canada) has ceased business operations as of December 31, 2013. The results for SN
Canada are classified as discontinued operations for all periods presented. The operating results are from continuing operations.
2 All per-share amounts reflect the three-for-two stock split in April 2011.
3 Core Earnings and Core Earnings Per Diluted Share, non-GAAP measures, represent GAAP net income and GAAP diluted earnings per share adjusted
for: (1) acquisition-related charges associated with the following acquisitions: KBW, Inc. and the Knight Capital Fixed Income business in 2013, Miller
Buckfire & Co., LLC in 2012, and Thomas Weisel Partners Group, Inc. in 2010; (2) 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; and (3) the U.S. tax benefit in
2013 arising out of the Company’s investment in SN Canada. See Reconciliation of GAAP Net Income to Core Earnings on the inside back cover.
Total Revenues: In millions
Core Earnings3: In millions
Core Earnings Per Diluted Share2,3
2,200
1,650
1,100
550
0
10,000
7,500
5,000
2,500
0
200
150
100
50
0
2.80
2.10
1.40
.70
0
09
10
11
12
13
09
10
11
12
13
09
10
11
12
13
Total Assets: In millions
Stockholders’ Equity: In millions
Book Value Per Share2
2,200
1,650
1,100
550
0
36
27
18
9
0
09
10
11
12
13
09
10
11
12
13
09
10
11
12
13
1
S H A R E H O L D E R L E T T E R
Dear Fellow Shareholders, Clients, and Associates:
INSTITUTIONAL GROUP GENERATES RECORD REVENUES
Last fall, at the entrance to our headquarters in St. Louis, Stifel
unveiled a four-ton bronze sculpture depicting a bull and a bear
locked in conflict. The sculpture portrays the two traditional stock
market symbols as evenly matched in a fair fight, reflecting Stifel’s
enduring understanding of the dynamics of these opposing forces
in serving investors for the past 124 years. The statue stands
not only as a representation of the lasting strength, stability, and
resilience of Stifel, but also that of St. Louis, which is home to more
financial services firms than any other city outside of New York.
I am pleased to report that 2013 represented our 18th consecutive
year of record net revenues, an impressive achievement in any
industry, but especially so considering that our industry endured
the bursting of the tech bubble and the financial crisis during that
period. We once again delivered significant shareholder value
as we continued our growth trajectory
by successfully integrating mergers
and recruiting and retaining talented,
entrepreneurial associates.
(in thousands)
2013 %
TOTAL FIRM
In addition to record revenues of over
$2 billion, we also achieved record net
income. As a result, our stock price
rose 50% during the year and 637%
over the ten years ending in 2013. For
perspective, this compares to the one-
and ten-year returns of 30% and 66%
for the S&P 500.
GLOBAL WEALTH MANAGEMENT
REACHES NEW HEIGHTS
Total Revenues
Core Earnings (Non-GAAP)
$2,019,814
184,658
GLOBAL WEALTH MANAGEMENT
Net Revenues
Contribution
INSTITUTIONAL
Equity Net Revenues
Fixed Income Net Revenues
Institutional Group Net Revenues
Contribution
1,117,179
299,572
576,386
284,772
861,158
142,889
INSTITUTIONAL BROKERAGE
INVESTMENT BANKING
Equity
Fixed Income
Total
Equity
Fixed Income
Total
Capital Raising
Advisory
The Global Wealth Management
segment, which consists of our
Private Client Group, Stifel Bank &
Trust, and our Asset Management
Group, posted record revenue and
profit last year. The foundation of this
business lies in our 2,077 advisors, in
316 offices in 45 states, managing $165
billion for clients. The core principle of
this business is to make these client-
facing associates paramount and
respect the client-advisor relationship. As such, our success
in this segment is the result of the everyday entrepreneurship
of the men and women of the Private Client Group – pillars
of their communities who foster deep, long-standing client
relationships, and who anchor every recommendation and
solution to their clients’ individual needs and interests. At
Stifel, we place those relationships first and give freedom to the
entrepreneurs who create them. This entrepreneurial culture
is our competitive advantage, allowing us to operate free from
corporate bureaucracy. It also drives our growth: Last year, our
ongoing recruiting efforts attracted 138 new financial advisors
and resulted in 11 new offices.
Stifel Bank had a record year as well, achieving a 40% increase in
net revenues and increasing its asset base by 38% to $5 billion.
With a percentage of non-performing assets of just 0.03%, Stifel
Bank maintains a conservative risk profile that will enable us to
capitalize on future opportunities for growth.
2
The Institutional Group includes institutional sales, trading, research,
and investment banking for both equities and fixed income. During
the past few years, we have made significant investments in our
institutional businesses, and these investments have begun to bear
fruit, as evidenced by the record revenue and profit this segment
posted in 2013. Overall, our institutional business produced $861
million of revenue, up 42%. This consisted of $576 million of equities
and $285 million of fixed income revenue.
Starting with our institutional equity business, we generated record
revenues, which were up 61% from 2012. This increase was due in
large part to our successful integration of Keefe, Bruyette & Woods
(“KBW”) and our strategy of maintaining the KBW brand for the
financial services sector of the economy. The success of this strategy
is well beyond our expectations. In almost every metric, the combined
2013 Stifel/KBW business outperformed that of the two firms in 2012.
Our equity brokerage revenues also
reflect the effectiveness of our strategy,
increasing 54% despite a 4% decrease in
daily equity volumes.
Equity investment banking revenues
increased 83% to $367 million. On the
capital-raising front, we managed or
co-managed 79 IPOs and 153 follow-on
offerings. We also served as bookrunner
on 31% of our managed offerings for the
year. Our advisory business ended the
year on a very strong note, as we served
as primary financial advisor to Consol
Energy in the approximately $4 billion
sale of its Consolidation Coal unit to
Murray Energy Corporation. In addition,
we advised Santarus, Inc. on its $2.6
billion merger with Salix Pharmaceuticals,
Ltd., which was announced in late 2013
and closed in early 2014. Lastly, through
our Miller Buckfire subsidiary, we are
currently advising the City of Detroit in its
ongoing bankruptcy, the largest municipal
bankruptcy in history. All told, we ended
the year with a record $201 million in
advisory revenue.
24
27
13
12
61
15
42
41
54
10
30
232,392
189,200
421,592
83
367,371
7
85,310
61
452,681
251,252
35
201,429 111
In research, we remain the No. 1 provider of U.S. research, with
more than 1,500 stocks under coverage. The addition of KBW gives
us unparalleled coverage of the U.S. financial services sector. Our
research analysts were once again recognized for their exemplary
skill in stock picking and earnings estimating, ranking No. 2 overall in
the FT/StarMine World’s Top Analysts Survey while taking home five
awards in The Wall Street Journal’s Best on the Street Survey.
The success of our institutional equity businesses throughout 2013 did
not go unnoticed, as Stifel was honored to be named U.S. Mid-Market
Equity House of the Year by International Financing Review. This award
is not only a recognition of the business’s 2013 achievements, but also
the culmination of all our recent investments in our Institutional Group,
reinforcing Stifel’s leadership among middle-market firms.
Turning to institutional fixed income, we generated record revenues
of $285 million, an increase of 15% over 2012. This increase was
the result of our acquisition of the Knight Capital Group’s fixed
income business, which offset otherwise difficult market conditions,
particularly in the second quarter of 2013. Against this backdrop,
our fixed income brokerage business increased 10% to $189 million.
We have been pleased with the integration of our new colleagues
from Knight and look forward to building on our combined
capabilities.
Our fixed income investment banking business, consisting
primarily of public finance, totaled $85 million in revenue, an
increase of 7% from 2012. This is particularly impressive given
that difficult market conditions led to a 15% decline in public
finance industry volume. Nationally, Stifel public finance was
the tenth leading underwriter of negotiated new issues in 2013,
underwriting $8.3 billion in par value, and we were second in the
total number of new issues, with 478. We were once again the
leading underwriter of K-12 negotiated issues, with 289 issues
totaling $4.5 billion. This exceeded our nearest competitor’s total
by 60 issues and more than $500 million in proceeds.
TAKING ADVANTAGE OF OPPORTUNITIES
Since 2005, Stifel has grown considerably, both organically and
through strategic mergers. In that time, revenues have increased
from $270 million to just over $2 billion, and our stock price has more
than doubled, from $20.95 to $47.92. Our merger strategy has
been to acquire firms that contribute to our goal of becoming
the preeminent brokerage and investment banking firm. Each
opportunity that we consider must satisfy the following criteria:
(1) the business needs to be a strategic fit, (2) the people need
to be a cultural fit, and (3) the merger needs to be shareholder
accretive in a reasonable period of time. From the start of 2013
through the date of this letter, we have announced and completed
five transactions that fit these criteria.
In February, we completed our merger with KBW, the No. 1 provider
of financial services equity research coverage, a highly regarded
and trusted advisor to financial institutions, and a leader in sales
and trading in the financial sector. In addition to being accretive
to Stifel, the addition of KBW enables us to build scale and leverage
synergies while creating a dominant force in the financial institutions
sector, which we believe is poised to benefit from improving
fundamentals.
In March, we acquired Knight Capital Group’s institutional fixed
income sales and trading business and hired Knight’s European
institutional fixed income and sales team. The Knight business
comprises approximately 90 sales and trading professionals covering
high-yield and investment-grade corporate bonds, asset-backed and
mortgage-backed securities, loan trading, and emerging markets,
as well as fixed income research in selected sectors and companies.
This highly complementary team strengthens our business,
augmenting our domestic platform’s products and services and
establishing a fixed income presence in Europe.
In October, we acquired Acacia Federal Savings Bank, a one-
branch community bank based in Falls Church, Virginia, with
approximately $585 million in total assets. This financially
accretive transaction added more than $450 million in high-quality
loans to Stifel Bank’s portfolio holdings.
Also in October, we seized an opportunity to bolster our asset
management capabilities by acquiring Ziegler Lotsoff Capital
Management. Ziegler’s investment strategies enhance the
investment advisory services available to our clients and
complement our existing asset management platform, which
also includes Washington Crossing Advisors, EquityCompass
Strategies, Missouri Valley Partners, Montibus Capital Management,
and Thomas Weisel Global Growth Partners.
More recently, we announced the acquisition of investment banking
boutique De La Rosa & Co., a public finance leader in the state
of California. This addition increases our market share in, and
commitment to, the growing California public finance market, which
began with our acquisition of Stone & Youngberg in 2011. Based
upon volume and number of issues for 2013, the combined firm
ranks as the No. 1 underwriter of municipal bonds in California in
several categories and is a top-ten underwriter overall.
WELL POSITIONED FOR THE FUTURE
Looking forward to the market environment in 2014, we believe that
equities are now valued fairly in terms of the equity risk premium.
As a result, future equity gains will be driven more by earnings
growth than by multiple expansion. We also expect interest rates
to rise in 2014 due to the Fed’s reduction of the level of monetary
stimulus. In the realm of fiscal policy, we remain hopeful that
policymakers in Washington will deal with our overly complex tax
code and reach consensus on a long-term budget deal. While
there are many challenges to come, we remain optimistic about our
economic and political prospects. As such, we continue to position
Stifel for growth, maintaining a strong capital base while evaluating
and taking advantage of opportunities as they arise.
We also continue to invest in our firm’s technology to benefit
our clients and associates. This year, we embraced mobile
capabilities with two attractive apps that deliver timely, accurate,
and convenient information to our clients. Less visibly, we
enhanced the infrastructure delivering critical information to our
professionals around the world. We will continue to develop
and evaluate new technologies and integrate them into the Stifel
platform, supporting the innovation and productivity of the firm’s
entrepreneurs at all levels. The opportunities are endless.
As we approach our 125th anniversary, we look forward to the years
ahead. As always, we will continue to seek out and take advantage
of opportunities that will add to shareholder value. We sincerely
thank our shareholders and clients for their support, as well as our
more than 5,800 associates for their commitment to excellence.
3
B O A R D O F D I R E C T O R S
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
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
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Kansas
Lawrence – (785) 842-7800*
Manhattan – (785) 776-1066*
Overland Park – (913) 345-4200*•
Topeka – (785) 271-1300*
Wichita – (316) 264-6321*
Kentucky
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•
Boston – (617) 848-2777•
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) 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*
B R A N C H L O C A T I O N S
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*
Kansas City – (816) 531-7777*
O’Fallon – (636) 695-2650*
Rolla – (573) 364-8930*
Springfield – (417) 886-2855*
St. Joseph – (816) 364-3334*
St. Louis – (314) 342-2000*•
Sunset Hills – (314) 909-0238*
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) 615-2300*
Hauppauge – (631) 360-5700*
New York – (212) 847-6500*
New York – (212) 742-8923•
New York – (212) 271-3700•
New York – (212) 497-7114•
New York – (212) 895-1800•
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*
Zanesville – (740) 588-4600*
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
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*
Charleston – (843) 414-6760*
Columbia – (803) 678-4320*
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
Austin – (512) 813-7200*•
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•
Richmond – (804) 643-4250•
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) 825-5466*
West Bend – (262) 338-5889*
Wyoming
Casper – (307) 232-9450*
Sheridan – (307) 672-3434*
Stifel Bank & Trust
St. Louis – (314) 317-6900
Stifel Trust Company
St. Louis – (314) 342-4450
Stifel Nicolaus Canada
Toronto, Ontario – (416) 815-0888•
Stifel Nicolaus Europe Limited
London, England – 011-44-207-557-6030•
London, England – 011-44-203-205-3601•
London, England – 011-44-207-663-5400•
Madrid, Spain – 011-34-91-458-5500•
Geneva, Switzerland – 011-41-22-994-0606•
*Private Client Group Office
• Institutional Group Office
S H A R E H O L D E R I N F O R M A T I O N
Annual Meeting
The 2014 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 11, 2014, 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
2013
2012
High
Low
High
Low
$ 39.72
$ 32.43
$ 39.84
$32.02
36.90
43.13
48.13
30.85
34.96
37.97
38.65
36.44
35.18
29.33
28.10
28.80
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)
2009
2010
2011
2012
2013
GAAP Net Income
Acquisition-related revenues, net of tax
Acquisition-related charges, net of tax
Compensation
Other non-compensation charges
U.S. tax benefit 1
Core Earnings
Earnings Per Share:
$ 75,798
—
$
1,050
1,261
$ 84,269
69
$ 145,296
—
$ 172,907
3,203
—
—
—
110,314
11,278
—
1,064
28,295
—
—
—
—
48,694
20,007
60,153 )
(
$ 75,798
$ 123,903
$ 113,697
$ 145,296
$ 184,658
GAAP Earnings Per Diluted Share
Non-Core Items
Core Earnings Per Diluted Share
$
1.56
—
$
1.56
$
$
0.02
2.13
2.15
$
$
1.34
0.46
1.80
$
$
2.31
—
2.31
$
$
2.35
0.16
2.51
1U.S. tax benefit in connection with discontinuing the operations of Stifel Nicolaus Canada, Inc. in 2013.
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