2014 | Annual Report
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. 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. and 1919 Investment Counsel & Trust Company offer 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
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
Total Revenues
Net Income
Earnings Per Diluted Share2
Core Earnings3
Core Earnings Per Diluted Share2,3
Financial Position:
in thousands, except per share amounts
Total Assets
Shareholders’ Equity
Book Value Per Share2
2010
2011
2012
2013
2014
$1,385,867
$1,418,372
$1,627,483
$2,019,814
$2,249,685
$1,050
$0.02
$84,269
$1.34
$145,296
$172,907
$179,130
$2.31
$2.35
$2.35
$123,903
$113,697
$145,296
$184,658
$210,432
$2.15
$1.80
$2.31
$2.51
$2.76
2010
2011
2012
2013
2014
$4,213,115
$4,951,900
$6,966,140
$9,008,870
$9,518,151
$1,253,883
$1,302,105
$1,494,661
$2,058,849
$2,322,038
$24.42
$25.10
$27.24
$32.30
$35.00
1 The operating results are from continuing operations. The results for SN Canada are classified as discontinued operations for all periods presented.
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; (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
2,400
1,800
1,200
600
0
10,000
7,500
5,000
2,500
0
220
165
110
55
0
2.80
2.10
1.40
.70
0
10
11
12
13
14
10
11
12
13
14
10
11
12
13
14
Total Assets: In millions
Shareholders’ Equity: In millions
Book Value Per Share2
2,400
1,800
1,200
600
0
36
27
18
9
0
10
11
12
13
14
10
11
12
13
14
10
11
12
13
14
1
S h a r e h o l d e r L e t t e r
Dear Fellow Shareholders, Clients, and Associates
125 years. This achievement is a significant milestone. As we
look back, we recognize that our founding partners’ defining
principle to “safeguard the money of others as if it were your
own” is as important today as it was in 1890. In 1997, we
built on that principle by adopting our “Of Choice” philosophy.
The route to being the “Advisor of Choice” for our clients is
to be the “Firm of Choice” for talented and entrepreneurial
individuals. The achievement of these goals provides the
foundation for Stifel to be the “Investment of Choice” among
financial services companies.
Our noted success in acquisitions stems from our adherence
to four core principles:
1) The business needs to be a strategic fit.
2) The merger needs to be accretive to our shareholders
within a reasonable period of time.
3) The combination needs to be of clear benefit to our
new partners.
4) The people need to be a cultural fit.
Our goal has remained the same
since 1997: to build a premier wealth
management and investment banking
company while upholding the values
of our heritage. Our strategy to
achieve this goal has also remained
consistent and simple:
• Position ourselves to take
advantage of opportunities
• Execute on opportunities that
increase shareholder value and
make Stifel more relevant to clients
and the markets we serve
• Emphasize quality over quantity
in all of our endeavors
2014 RESULTS
(in thousands)
2014 %
TOTAL FIRM
Total Revenues
Non-GAAP Net Income
Non-GAAP EPS
$2,249,685
210,432
11
14
2.76 10
GLOBAL WEALTH MANAGEMENT
Net Revenues
Contribution
AUM
1,232,651 10
346,978 16
186,558,000 13
INSTITUTIONAL
Equity Net Revenues
Fixed Income Net Revenues
Institutional Group Net Revenues
Contribution
668,828 16
324,753 14
993,581 15
7
152,905
INSTITUTIONAL BROKERAGE
INVESTMENT BANKING
249,845
196,191
446,036
9
5
7
477,477 32
101,212
5
578,689 26
305,198 19
273,491 36
Equity
Fixed Income
Total
Equity
Fixed Income
Total
Capital Raising
Advisory
By 2005, we had positioned
ourselves to take advantage of
the opportunities presented to us,
both organic, through the hiring of
talented professionals, and through
acquisitions. That year, we completed
the transformational Legg Mason
Capital Markets combination. Since
then, our Institutional Group has
become a respected force, thanks in
part to the addition of Thomas Weisel
Partners; Miller Buckfire; Keefe, Bruyette & Woods, Inc. (KBW);
and the Knight Fixed Income business. In addition, our public
finance reach has grown nationally through our acquisition of
Stone & Youngberg, De La Rosa & Co., and Merchant Capital.
Internationally, our Oriel Securities acquisition has enabled
us to better compete abroad. We have bolstered our Global
Wealth Management Group with Ryan Beck, Butler Wick, Stifel
Bank & Trust, and the acquisition of 56 branches from UBS,
along with significant organic growth along the way. We have
enhanced our asset management capabilities with Zeigler
Capital Management and our recent 1919 Investment Counsel
acquisition. And finally, our recently announced transaction
with Sterne Agee provides significant capabilities in fixed
income, along with a highly regarded private client business
and a sizeable presence in the independent advisor channel.
We are excited about the prospects for this combination.
2
The first two items above are
primarily driven by analysis and
negotiation. However, the art of a
successful merger is in balancing
a fair deal with the right people.
“Cultural fit” is often an overused,
catch-all phrase, yet its importance
cannot be overlooked. Our success
in cultural integration is best
illustrated by this fact: since 2005,
Stifel has acquired 17 businesses,
14 of which had existing CEOs at
the time of the deal. Today, all
14 of those CEOs are productive
members of Stifel. Enough said.
Our merger with KBW also illustrates
our focus on culture. While many
market pundits criticized our decision
to maintain a separate brand as well
as a separate sales, trading, and
banking platform, we recognized
the importance and the value of
the KBW franchise. The results are
in. The KBW integration has been a
resounding success, underscored by
the fact that in 2014, on a combined
basis, Stifel/KBW ranked first in bank
M&A based on deal value and first in bank book-run common
equity offerings.
While acquisitions have played a significant role in our
growth strategy, we’ve grown organically as well. Since
2005, our revenues have increased from approximately
$250 million to over $2.5 billion, including the projected
revenue contribution from Sterne Agee. Acquisitions have
accounted for approximately 55% of this increase, while the
remaining growth has come from within. I am grateful for
my leadership team, particularly the Office of Presidents,
consisting of Jim Zemlyak, Victor Nesi, and Tom Mulroy,
for their commitment to our success.
As we’ve grown as a company, we have recognized the need
to become more relevant to our clients and the markets we
serve. Size alone does not add value. However, adding quality
people and capabilities does increase Stifel’s relevance. A case
in point is our growth in California, where at the beginning of
2007, we had a nominal number of employees. That year, we
began our investment in the state by opening a stand-alone
wealth management office. Today, we have approximately
600 associates in California, with 34 offices and 228 financial
advisors. In addition, Stifel ranked #1 in total California
negotiated public finance transactions in 2014, primarily as a
result of our acquisitions of Stone & Youngberg and De La Rosa.
Our success in California has, in turn,
provided the foundation for national
recognition in public finance. In
2014, Stifel ranked #1 in the nation
in number of negotiated transactions
and #1 in four categories: K-12
Financing, Assessment District
Financing, Multifamily Housing
Financing, and Tax Increment
Financing.
Quality equity research is a
cornerstone of our business, and we
have increased our relevance in the
field through strategic acquisitions
and organic growth. At the beginning
of 2005, Stifel had 31 research
analysts covering 306 companies.
Now covering more than 1,750 global
companies, Stifel is the #1 provider
of domestic research and the top
provider of small- and mid-cap
research. While we have added to
the quantity of research, we have not
lost focus on quality. Over the last 15
years, Stifel ranked #3 in combined
awards issued by Financial Times/StarMine and The Wall Street
Journal’s Best on the Street analysts survey.
2014 RELEVANCE
• 2,800 Financial Advisors in 353 offices managing
over $200 billion in assets1
• Stifel Bank with over $5 billion in assets
• 1,788 global stocks under coverage
– #1 U.S. domestic research department by
coverage, with over 1,600 companies
– #1 research provider in mid-cap and small-cap
– #3 in combined awards issued by the Financial
Times/StarMine and The Wall Street Journal’s
Best on the Street analysts survey since 20002
• #1 M&A advisory firm for mid-market3
• Advised the largest municipal bankruptcy in history
• #1 in U.S. equity managed offerings in transactions
for issuers under $1 billion market cap4
• #1 underwriter of municipal negotiated issues
by volume (#8 by par value)3
– Earned #1 ranking in four categories:
– K-12 Financing
– Assessment District Financing
– Multifamily Housing Financing
– Tax Increment Financing
1 Includes the additional Financial Advisors, offices, and
assets from the Sterne Agee acquisition
2 Includes companies acquired by Stifel
3 Source: Thomson Reuters
4 Source: Dealogic
totaled $39 million. Today, revenues are estimated at $2.5
billion, our market capitalization is approaching $4 billion, and
we provide world-class advice across several markets. As an
“Investment of Choice,” Stifel’s stock increased 2,246% from
1997 through March 31, 2015, far outpacing the 179% increase
in the S&P 500.
2014 continued the trend of excellence. Against the backdrop of
generally favorable market conditions, supported by continued
accommodative interest rate policies, Stifel recorded its 19th
consecutive year of record net revenues while also achieving
record net income.
With respect to our business strategy,
past is prologue. We will continue
to seize opportunities that increase
shareholder value while building the
premier wealth management and
investment banking company. With
respect to the business environment,
the U.S. economy is slowly improving,
yet we face the uncertainty of the
Federal Reserve increasing interest
rates sometime in 2015. Personally,
considering the deflationary pressures
evident around the globe and the
strength of the dollar, I believe that
interest rates should remain at current
levels until the objective of 2%
inflation is clearly in sight.
As we celebrate our 125th anniversary,
we look forward to the years ahead.
We sincerely thank our shareholders
and clients for their support, as well as
our more than six thousand associates
for their commitment to excellence.
Our investment in research has provided the foundation for
our growth in equity origination and advisory services. In
2014, Stifel ranked #1 in number of managed equity offerings
for companies with market capitalization less than $1 billion.
We were also the #1 merger advisor to mid-cap companies,
based on number of deals. Our acquisition of Miller Buckfire
increased our relevance in the restructuring business, and last
year we advised on the largest municipal bankruptcy in history.
To reflect back on the last 19 years, our growth as a firm, both
qualitatively and quantitatively, has been remarkable. At the
start of 1997, Stifel’s revenue was approximately $110 million,
achieved primarily in wealth management, which consisted of
361 advisors in 40 offices. The company’s market capitalization
RONALD J. KRUSZEWSKI
Chairman of the Board and Chief Executive Officer
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
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*
Co-President
Co-Director, Institutional Group
Victor Nesi*
Co-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*
Co-President
and Chief Financial Officer
Michael J. Zimmerman*
Vice Chairman
Continental Grain Company
S. Chad Estep
Senior Vice President
Mark P. Fisher
Senior Vice President,
General Counsel,
and Co-Corporate Secretary
David M. Minnick
Senior Vice President,
General Counsel,
and Co-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
B r a n c h L o c a t i o n s
Alabama
Auburn – (334) 539-3508*
Birmingham – (205) 440-4550*
Mobile – (251) 344-3600*
Montgomery – (334) 213-1600*
Montgomery – (334) 834-5100•
Arizona
Green Valley – (520) 393-1500*
Phoenix – (602) 952-2500*
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 Jose – (408) 985-6811*
San Juan Capistrano – (949) 234-2340*
San Luis Obispo – (805) 783-2921*
Santa Barbara – (805) 957-1840*
Santa Barbara – (805) 883-4960*
Santa Rosa – (707) 542-3521*
Visalia – (559) 622-1040*
Walnut Creek – (925) 746-6560*
Westlake Village – (805) 496-8150*
Colorado
Cherry Creek – (720) 409-5337*
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
Greenwich – (203) 717-6500•
Hamden – (203) 772-7200*
Hartford – (860) 249-2341*
Hartford – (860) 722-5900•
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) 956-6800.
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) 426-8621*
Tampa – (813) 424-2658.
Titusville – (321) 222-2303*
Vero Beach – (772) 299-4967*
Georgia
Atlanta – (404) 504-2760•
Atlanta – (404) 231-6500*•
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
Boise – (208) 401-2020*
Coeur d’Alene – (208) 765-7005*
Idaho Falls – (208) 524-6900*
Ketchum – (208) 622-8720*
Lewiston – (208) 750-3080*
Illinois
Alton – (618) 463-4697*
Belleville – (618) 233-5685*
Bloomington – (309) 661-0004•
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*
Elkhart – (574) 293-2202*
Evansville – (812) 475-9353*
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) 661-6271•
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*
Wichita – (316) 925-4456*
Kentucky
Louisville – (502) 425-1230*
Shelbyville – (502) 633-7170*
Louisiana
Baton Rouge – (334) 213-1600•
New Orleans – (504) 525-7711*•
Maryland
Annapolis – (410) 280-9711•
Baltimore – (410) 659-2300*
Baltimore – (443) 224-1400•
Baltimore – (410) 454-2171•
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) 983-7300*
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*
Jackson – (601) 898-3656
Meridian – (601) 693-2755*
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*
B r a n c h L o c a t i o n s
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*
Woodsville – (603) 747-9741*
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) 407-0540•
New York – (212) 497-7114•
New York – (212) 895-1800•
New York – (212) 554-7131•
Olean – (716) 372-2839*
Oyster Bay – (516) 624-2700*
Poughkeepsie – (845) 471-8080*
Rochester – (585) 454-3985*
White Plains – (914) 694-8600*
North Carolina
Brevard – (828) 877-5856*
Chapel Hill – (919) 932-3220•
Charlotte – (704) 554-6039*
Fayetteville – (910) 438-0715*
Greensboro – (336) 478-3700*
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*
Cincinnati – (513) 562-8538•
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*
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*
Philadelphia – (215) 861-7150•
Philadelphia – (215) 854-7248•
Pittsburgh – (412) 456-0200*•
Pittsburgh – (412) 250-3400*
Sharon – (724) 346-4175*
St. Marys – (814) 788-5260*
Warren – (814) 726-7067*
West Chester – (484) 653-3733*
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*
Waco – (254) 399-7450*
Wichita Falls – (940) 720-7610*
Vermont
Manchester – (802) 362-4111*
St. Johnsbury – (802) 751-0500*
Virginia
Charlottesville – (434) 974-8300*
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*
Seattle – (425) 455-8122•
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*
Milwaukee – (414) 326-3200•
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 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 – 011-44-207-710-7600•
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 2015 annual meeting of shareholders will be held at Stifel’s headquarters, One Financial Plaza, 501 North Broadway,
2nd Floor, St. Louis, Missouri, on Wednesday, June 10, 2015, 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
2014
2013
High
Low
High
Low
$ 51.59
$ 43.11
$ 39.72
$ 32.43
50.66
49.74
52.15
43.57
44.43
41.47
36.90
43.13
48.13
30.85
34.96
37.97
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)
2010
2011
2012
2013
2014
GAAP net income from continuing operations
Acquisition revenues, net of tax
Acquisition charges, net of tax
Compensation
Other non-compensation
U.S. tax benefit 1
Core Earnings
Earnings Per Share:
GAAP earnings per diluted share
Non-core items
Core Earnings Per Diluted Share
$
1,050
1,261
$ 84,269
69
$145,296
—
$ 172,907
3,203
$ 179,130
2,927
110,314
11,278
—
1,064
28,295
—
—
—
—
48,694
20,007
(60,153 )
17,453
10,922
—
$ 123,903
$ 113,697
$145,296
$ 184,658
$ 210,432
$
$
0.02
2.13
2.15
$
$
1.34
0.46
1.80
$
$
2.31
—
2.31
$
$
2.35
0.16
2.51
$
$
2.35
0.41
2.76
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 split in April 2011.
Stifel Financial Corp. | www.stifel.com
One Financial Plaza | 501 North Broadway | St. Louis, Missouri 63102