STIFEL FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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Consolidated Statements of Comprehensive Income
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Net income | $522,536 | $662,155 | $824,858 |
| Other comprehensive income/(loss), net of tax: (1) | |||
| Changes in unrealized gains/(losses) on available-for-sale securities, net of tax (2) | 38,180 | (177,731) | (19,385) |
| Foreign currency translation adjustment, net of tax (3) | 5,454 | 55,053 | (3,536) |
| Total other comprehensive income/(loss), net of tax | 43,634 | (122,678) | (22,921) |
| Comprehensive income | $566,170 | $539,477 | $801,937 |
(1)
Net of a tax expense of $15.4 million, tax benefit of $41.3 million, and tax benefit of $6.7 million for the years ended December 31, 2023, 2022, and 2021, respectively.
(2)
Net of reclassifications to earnings of realized losses of $5.6 million for the year ended December 31, 2023. There wereno reclassifications to earnings for the years ended December 31, 2022 and 2021.
(3)
During the year ended December 31, 2022, we closed our derivative instruments used to hedge the foreign exchange risk related to our equity investment in non-U.S. Dollar functional currency foreign subsidiaries, primarily the British Pound and Euro. The net gain recorded on these hedges was $75.0 million, which included $23.3 million in tax expense.
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