ANNUAL
REPORT’15
COMPANY
DESCR IP T ION
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 Stifel Trust Company Delaware, N.A. offer trust and related services.
STATEMENT of
COM M I T M E NT
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.
I N V ES T M E N T
OF CHOICE
A DV I S O R
OF CHOICE
F I R M
OF CHOICE
FINANCIAL
H I G H L I G H TS
Operating Results:1
in thousands, except per share amounts
Total Revenues
Net Income
Earnings Per Diluted Share
Non-GAAP Net Income2
Non-GAAP Earnings Per Diluted Share2
Financial Position:
in thousands, except per share amounts
2011
2012
2013
2014
2015
$1,418,372
$1,627,483
$2,019,814
$2,249,685
$2,376,993
$84,269
$1.34
$113,697
$1.80
$145,296
$2.31
$145,296
$2.31
$172,907
$2.35
$184,658
$2.51
$179,130
$2.35
$210,432
$2.76
$92,336
$1.18
$193,061
$2.46
2011
2012
2013
2014
2015
Total Assets
Shareholders’ Equity
Book Value Per Share
$4,951,900
$6,966,140
$9,008,870
$9,518,151
$13,335,915
$1,302,105
$1,494,661
$2,058,849
$2,322,038
$2,492,416
$25.10
$27.24
$32.30
$35.00
$37.19
1 The operating results are from continuing operations. The results for SN Canada are classified as discontinued operations for all periods presented.
2 Non-GAAP Net Income and Non-GAAP Earnings Per Diluted Share 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 Non-GAAP Net Income on the inside back cover.
Total Revenues: In millions
Non-GAAP Net Income2: In millions
Non-GAAP Earnings
Per Diluted Share2
2,400
1,800
1,200
600
0
13,500
10,125
6,750
3,375
0
220
165
110
55
0
2.80
2.10
1.40
.70
0
11
12
13
14
15
11
12
13
14
15
11
12
13
14
15
Total Assets: In millions
Shareholders’ Equity:
In millions
Book Value Per Share
2,500
1,875
1,250
600
0
38.00
28.50
19.00
9.50
0
11
12
13
14
15
11
12
13
14
15
11
12
13
14
15
1
SHAREHOLDER
L E T T E R
Dear Fellow Shareholders, Clients, and Associates
2015 was a year of duality for the financial services
industry and our firm. The first six months of the year,
while not necessarily the best of times, nevertheless
presented a relatively strong and stable operating
environment. The second half of the year felt more like
the worst of times and saw a slowdown in global growth,
increasing concerns about China, falling commodity
prices – in particular oil – and the
first rate hike from the U.S. Federal
Reserve in nearly 10 years.
(in thousands)
Net Revenues
Contribution
AUM
Total Revenues
Non-GAAP Net Income
Non-GAAP EPS
Stifel’s 2015 results mirrored
the macro forces that drove
the market and economy.
We started with a strong first
half, and despite a difficult final
two quarters, our company
posted solid results for the year.
We recorded annual revenues
of $2.4 billion, representing
our 20th consecutive year
of record net revenue. This
year, our company also made
significant investments in
our infrastructure, limited the
growth of our balance sheet
while maintaining excess
capital, and incurred merger-
related expenses. These
decisions reflect our continued
long-term vision for the firm,
but in the short term, they
intensified the challenging market environment’s impact
on our results. Accounting for all this, net income under
generally accepted accounting principles (“GAAP”) was
$92 million, or $1.18 per diluted share.
Equity
Fixed Income
Total
Capital Raising
Advisory
Equity
Fixed Income
Total
201 5 RESULTS
TOTAL FIRM
GLOBAL WEALTH MANAGEMENT
INSTITUTIONAL
Equity Net Revenues
Fixed Income Net Revenues
Institutional Group Net Revenues
Contribution
INSTITUTIONAL BROKERAGE
INVESTMENT BANKING
2015 %
$2,376,993 6
(8)
2.46 (11)
193,061
12
1,377,313
10
382,126
234,070,000 25
571,405 (15)
404,189
26
975,594 (2)
141,042 (15)
235,155
(6)
251,019 19
5
486,174
349,659 (24)
153,393
53
503,052 (11)
307,571 6
195,481 (29)
franchise, as merger-related. Excluding the impact of
these merger-related expenses, non-GAAP net income
was $193 million, or $2.46 per diluted share, for 2015.
I remain confident in our long-term strategy, which,
since 1997, has grown the firm from 700 associates
to over 7,000; from $110 million in revenue to over
$2.3 billion; from $40 million in
market capitalization to over $2
billion. Our firm is built to withstand
years like 2015, and while we must
respond to the current market
environment, we will also continue
to execute our long-term strategy
to create shareholder value. We
will integrate our recent mergers,
prudently leverage our excess
capital – primarily through growth
of bank-funded, interest-earning
assets – and streamline our
operating expenses. I am cognizant
that our stock price closed the year
at $42.36, down 17%, and has
experienced significant weakness
during the start of 2016, but I believe
our stock will rebound as the market
recognizes the continued earning
power of our franchise.
Global Wealth Management
posted record revenue of
$1.4 billion, an increase of
We also provide our results on a non-GAAP basis, which
exclude the impact of merger-related expenses. Our
long-term approach to strategic mergers is to structure
transactions in order to maximize both associate
retention and tax efficiency. We also view the cost of
duplicate expenses, which will not continue as part of
the normal ongoing expense to operate the combined
2
12% over 2014, and achieved record profitability.
Stifel Bank ended the year with over $7 billion in assets
while maintaining a conservative risk profile. Our asset
management business posted over $100 million in
revenue with assets under management of over $25
billion. Strategically, we are focused on the intersection
of technology and personal advice. We are committed
to investing in systems to assist our advisors in helping
their clients understand, organize, and plan their assets,
liabilities, and wealth. We also respect the importance of
our advisors’ relationships with their clients and the value
of personalized advice.
Our Institutional Business comprises Institutional Client
Services and Investment Banking. Our strategy is to
provide our institutional clients value-added services,
while understanding the structural changes occurring
in this business. This business is highly correlated to
the growth in the U.S. economy, and we believe we are
well positioned as economic conditions improve.
Our Institutional Client Services (sales, trading, and
research for debt and equity) recorded revenue of $486
million, an increase of 5%. Equity revenues totaled $235
million, down 6%, while fixed income revenues were
$251 million, up 19%. Our improvement in fixed income,
especially in credit markets, was buoyed by our acquisition
of Sterne Agee.
Stifel remains the No. 1 provider of U.S. research, with
more than 1,400 companies under coverage by our two
research franchises, Stifel and KBW. I am also pleased
to report that, based on our international investments
and growth, Stifel now stands as the 14th largest global
provider of research and the 2nd largest global provider
of small cap research. 2015 also marked the 12th year in
a row that Stifel Research ranked in the top 10 of all U.S.
firms in the Thomson Reuters StarMine Analyst Awards.
In fact, Stifel has earned the 5th most awards of all firms
in the U.S. since 2004.
Investment Banking revenues totaled $503 million, down
11% from the record achieved in 2014. Capital-raising
revenues were $308 million, and advisory revenues totaled
$195 million. The scale and growth of our investment bank
are best illustrated by the following table (in millions):
2013 - 2015
AVERAGE
2010 - 2012
AVERAGE
% CHANGE
Capital Raising
$290
Advisory
Total Banking
$224
$514
$151
$84
$235
92%
165%
118%
We achieved record revenue for our public finance
business, driven by both geographic and sector
diversification. I could not be more pleased with the
melding of the legacy Stifel Public Finance associates with
the talented professionals from Stone & Youngberg, De La
Rosa, Merchant Capital, and our organic recruiting growth
from across the industry. How has this business grown?
Last year, we senior managed 799 negotiated transactions
RONALD J. KRUSZEWSKI
Chairman of the Board and Chief Executive Officer
201 5 RELE VANCE
• 2,875 Financial Advisors in 359 offices managing over
$230 billion in assets
• Stifel Bank with over $7 billion in assets
• 1,742 global stocks under coverage
– #1 U.S. domestic research department by coverage,
with over 1,400 companies
– #1 U.S. research provider in mid cap and small cap
– #5 in total Thomson Reuters StarMine Analyst
Awards since 20041
• Represented 61 U.S. companies in 2015 and ranked
as the #1 middle-market M&A advisor in transactions
under $1 billion2
• Stifel was named 2015 Mid-Market Equity House of
the Year by Thomson Reuters’ International Financing
Review (IFR)
• In 2015, book ran 50% of our equity deals, up from
23% in 2011
• #1 in U.S. equity managed offerings in transactions
for issuers under $1 billion market cap3
• #1 underwriter of municipal negotiated issues by
number of issues (#7 by par value)4
– Earned a #1 ranking by par value in several categories:
– K-12 Financing
– Assessment District and Tax Increment Financing
1 Includes companies acquired by Stifel. See www.stifel.com/research
for more information on the awards.
2 Source: Dealogic M&A Analytics
3 Source: Dealogic
4 Source: Thomson Reuters
3
SHAREHOLDER
L E T TE R
and raised $16.6 billion, nationally ranking No. 1 in
number of transactions and No. 7 in proceeds raised.
In 2008, we senior managed 72 negotiated transactions
and raised $1 billion in par value, which ranked Stifel 36th
nationwide. In 2015, we were once again the nation’s
leading underwriter for K-12 and Assessment District
and Tax Increment Financing issuers, both in number
of transactions and par value raised.
With respect to equity, we managed or co-managed 179
offerings, of which 50% were book run deals. Some key
equity financing transactions include: joint book runner
on two follow-on offerings for Q2 Holdings, lead book
runner for a follow-on offering for Egalet Corporation
after leading their IPO in 2014, joint book runner on three
follow-on offerings for Dave & Buster’s Entertainment,
Inc., and joint book runner and co-lead on $3.6 billion of
aggregate capital raises for three Greek banks: National
Bank of Greece, Eurobank, and Alpha Bank. In debt
capital markets, we had a number of notable transactions,
including: sole placement agent of a $230 million private
placement for Recovery Centers of America and joint
book runner of a $250 million senior notes offering for
DuPont Fabros Technology. On the advisory front, we
were involved in several marquee transactions, including:
representing Susquehanna Bancshares, Inc. in its $2.5
billion sale to BB&T Corp., advising ViaSystems in its
$950 million sale to TTM Technologies, and representing
Microsemi Corp. in its $2.5 billion acquisition of PMC
Sierra, Inc.
The success of our institutional equity businesses
throughout 2015 did not go unnoticed, as Stifel was
honored to be named U.S. Mid-Market Equity House
of the Year by International Financing Review for the
second time in three years. This award is not only a
recognition of the business’s 2015 achievements, but
also the culmination of all our recent investments in our
Institutional Group, reinforcing Stifel’s leadership among
middle-market firms.
2015 represented a year of investment in our company’s
infrastructure, primarily risk management and our
internal control environment. We made a strategic
4
decision to strengthen our systems while keeping our
total assets below $10 billion. During the fourth quarter,
we determined that we had the infrastructure in place
to resume our asset growth, and we began 2016 with
over $13 billion in assets. At year-end, our Tier 1 leverage
ratio was 16.6% and risk-based capital ratio was 26.3%,
providing the capital to further grow our assets. In
addition, during 2015 and the first part of 2016, we
repurchased 4,482,000 million shares at an average
price of $40.65 per share.
Stifel has long approached mergers and acquisitions
opportunistically and with patience. We are not
motivated to achieve growth for growth’s sake, and our
philosophy is to wait for the right opportunities. 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.
In 2015, these criteria were met with the acquisitions
of Merchant Capital, Sterne Agee, Barclays Wealth and
Investment Management, Americas, and the announced
acquisition of Eaton Partners. Through these strategic
investments, we augmented our fixed income, public
finance, and wealth management capabilities while
also enhancing our advisory platform. I am pleased
to welcome the talented associates from these firms
to Stifel.
A priority of ours has been to recruit exceptionally
talented leaders to Stifel’s Board of Directors to add
to the leadership of our firm. I am pleased to welcome
Kathleen Brown and Maura Markus to the board, and
I look forward to their future contributions. These two
outstanding individuals possess a deep understanding
of our industry and have achieved great success in their
respective careers. I would also like to thank our retiring
directors, Alton Irby III and Charles Dill, for their valuable
contributions to Stifel. Their extensive industry and
corporate experience were instrumental in the growth
and performance of the company during their time on
the Board.
In 2015, Stifel marked its 125th anniversary. I have taken
this opportunity to look back over the firm’s history, and
that perspective has strengthened and renewed my faith
in our long-term prospects. Over a century and a quarter,
Stifel has grown by taking educated risks and reinventing
itself to become bigger, more efficient, and more relevant.
Consider our acquisition of Legg Mason Capital Markets
in 2005, which was a substantial risk at the time – we
doubled the size of the firm – but became the foundation
for the thriving institutional business we have today.
We have taken many such risks in the last 17 years alone,
and I believe the payoff is reflected in the nearly 1,700%
growth of our stock, as compared to 176% in the S&P 500
over the same period.
The past shows what it takes to build a firm that thrives
for 125 years, but that perspective alone does not provide
a formula for a 250-year firm. The future is risky and
uncertain – our industry is built on that very premise.
However, by living up to the values, ethics, and traditions
at the core of our firm, we can reduce that risk. I can
think of no better expression of Stifel’s values than our
namesake’s motto: “safeguard the money of others as
if it were your own.” Further, I believe the manner in
which we conduct business is more important than the
revenues generated. We always have and always will put
client interests first. We do the right thing, and we serve
the communities in which we live.
Yet, even guided by tradition, our perspective on the
past cannot carry us into the future. The firm must meet
uncertainty head on, by being willing to continuously take
risks, reinvent itself, and invest in growing its relevance.
That is what our long-term strategy is all about – that
is why we are always poised, with the right people on
the right platform, to take advantage of unique and
unplanned opportunities, whenever they arise. That is
how we will create long-term value for our clients, our
associates, and most importantly, our shareholders for
the next 125 years.
As always, we sincerely thank our shareholders and
clients for their support, as well as our more than
7,000 associates for their commitment to excellence.
RONALD J. KRUSZEWSKI
Chairman of the Board and Chief Executive Officer
“As the three members of the Office of the President,
we are charged with running our core businesses on
a day-to-day basis. We strive to do this profitably and
in a manner consistent with the firm’s core values.
We each firmly believe that the manner in which we
conduct business is more important than the profits
derived. Putting our clients’ interests first, acting
with integrity, encouraging teamwork in a meritocracy,
and protecting our reputation are cornerstones to
our business philosophy. We do so as a team, each
responsible for a different area, but at the same time
in a collaborative manner, being ever mindful of
the risk of creating sub-cultures that can arise from
running our businesses in too insular a manner.
This team approach fosters a consistent culture
across many different business lines, leading to
a better overall experience for both our clients
and our associates. This, in turn, is a benefit to
our shareholders. A consistent, compliant, and
collaborative organization is the ultimate goal of
the Office of the President. We strive to achieve
that goal every day.”
LEFT-TO-RIGHT
THOMAS P. MULROY
Co-President and Co-Director, Institutional Group
VICTOR NESI
Co-President and Co-Director, Institutional Group
JAMES M. ZEMYLAK
Co-President, Director of Global Wealth Management,
and Chief Financial Officer
5
BOARD of
B O A R D of
D I R E C T O R S
D I R ECTO 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, Investment 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
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
David D. Sliney
Senior Vice President
Director, Strategic Planning,
Technology, and Operations
Hugo J. Warns III, CFA
Senior Vice President
Director, Equity Research
BRANCH
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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 – (225) 769-0715*
Baton Rouge – (334) 213-1600•
New Orleans – (504) 299-1011*•
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) 488-4480*
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
Columbus – (662) 327-1891*
Gulfport – (228) 863-0881*
Jackson – (601) 898-3656*
Meridian – (601) 693-2755*
Tupelo – (662) 690-3191*
BRANCH
LO C AT 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*
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*
Melville – (631) 492-1100*
New York – (212) 847-6500*•
New York – (212) 328-1000*•
New York – (212) 742-8923•
New York – (212) 887-7777•
New York – (212) 554-7100•
New York – (212) 763-8200•
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*
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*
West Conshohocken – (610) 260-9530•
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*
Charleston – (843) 883-7450•
Columbia – (803) 678-4320*
Columbia – (803) 738-8100*
Florence – (843) 665-7599*
Hartsville – (843) 383-8401*
Sumter – (803) 469-7070*
South Dakota
Mitchell – (605) 996-8440*
Sioux Falls – (605) 221-6900*
Tennessee
Chattanooga – (423) 305-7471*
Cookeville – (931) 881-2100*
Jackson – (731) 664-4435*
Johnson City – (423) 794-3187*
Knoxville – (865) 670-2794*
Memphis – (901) 766-0822*•
Nashville – (615) 277-7000*•
Texas
Austin – (512) 813-7200*•
Austin – (512) 231-2286•
Corpus Christi – (361) 693-3060*
Dallas – (214) 706-9450*•
Dallas – (214) 939-7611*
Denton – (940) 382-8645*
Houston – (281) 655-4000*
Houston – (713) 237-4550*
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*
Fredericksburg – (540) 373-1821*
Lynchburg – (434) 845-1000*
Martinsville – (276) 632-7151*
Radford – (540) 633-5740*
Richmond – (804) 643-2400*•
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
Delaware Trust Company
Wilmington – (302) 351-8900
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
SHAREHOLDER
INFORMATION
Annual Meeting
The 2016 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 15, 2016, 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
2015
2014
High
Low
High
Low
$
57.75
$
45.96
$
51.59
$
43.11
59.93
58.71
47.17
51.98
41.53
40.52
50.66
49.74
52.15
43.57
44.43
41.47
Reconciliation of GAAP Net Income to Non-GAAP Net Income
A reconciliation of GAAP Net Income to Non-GAAP Net Income and GAAP Net Income Per Diluted Share, the most directly
comparable measure under GAAP, to Non-GAAP Earnings Per Diluted Share is included in the table below.
(in thousands, except per share amounts)
2011
2012
2013
2014
2015
GAAP net income from continuing operations $ 84,269
Acquisition revenues, net of tax
69
Acquisition charges, net of tax
Compensation
Other non-compensation
U.S. tax benefit 1
Non-GAAP Net Income
Earnings Per Share:
GAAP earnings per diluted share
Adjustments
1,064
28,295
—
1.34
0.46
$113,697
$
Non-GAAP Earnings Per Diluted Share
$
1.80
$145,296
—
$172,907 $179,130 $ 92,336
2,367
2,927
3,203
—
—
—
48,694
20,007
(60,153)
17,453
10,922
—
60,394
37,964
—
$145,296
$ 184,658 $210,432 $ 193,061
$
$
2.31
—
2.31
$
$
2.35 $
0.16
2.35 $
0.41
2.51 $
2.76 $
1.18
1.28
2.46
1 U.S. tax benefit in connection with discontinuing the operations of Stifel Nicolaus Canada, Inc. in 2013.
Stifel Financial Corp. | www.stifel.com
One Financial Plaza | 501 North Broadway | St. Louis, Missouri 63102