STIFEL FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
SF$73.12-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash Flows From Operating Activities: | |||
| Net income | $522,536 | $662,155 | $824,858 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 60,533 | 50,615 | 45,574 |
| Amortization of loans and advances to financial advisors and other employees | 145,227 | 132,012 | 114,690 |
| Amortization of premium on investment portfolio | 9,871 | 12,156 | 17,042 |
| Provision for credit losses and allowance for loans and advances to financial advisors and other employees | 24,999 | 33,506 | (11,502) |
| Amortization of intangible assets | 20,929 | 19,595 | 18,188 |
| Deferred income taxes | 15,968 | 12,693 | 32,104 |
| Stock-based compensation | 140,263 | 135,505 | 119,384 |
| Unrealized (gains)/losses on investments | (460) | 11,892 | 2,999 |
| Other, net | 2,572 | 8,852 | 26,222 |
| Decrease/(increase) in operating assets, net of assets acquired: | |||
| Receivables: | |||
| Brokerage clients, net | 82,878 | 228,492 | (214,033) |
| Brokers, dealers, and clearing organizations | 5,341 | 156,165 | (8,496) |
| Securities purchased under agreements to resell | (1,687) | 231,704 | (266,801) |
| Financial instruments owned, including those pledged | (131,576) | 425,252 | (271,475) |
| Loans originated as held for sale | (995,084) | (576,153) | (1,997,561) |
| Proceeds from loans held for sale | 864,996 | 593,086 | 2,313,934 |
| Loans and advances to financial advisors and other employees, net | (181,583) | (132,384) | (172,553) |
| Other assets | (107,859) | (66,020) | (96,700) |
| Increase/(decrease) in operating liabilities, net of liabilities assumed: | |||
| Payables: | |||
| Brokerage clients | (35,515) | (201,588) | (92,015) |
| Brokers, dealers, and clearing organizations | 43,060 | (81,661) | 6,535 |
| Drafts | 15,476 | (20,405) | 4,880 |
| Financial instruments sold, but not yet purchased | 12,582 | (301,333) | 229,708 |
| Other liabilities and accrued expenses | (14,139) | (176,721) | 247,112 |
| Net cash provided by operating activities | $499,328 | $1,157,415 | $872,094 |
Consolidated Statements of Cash Flows (continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash Flows From Investing Activities: | |||
| Proceeds from: | |||
| Principal paydowns, calls, maturities, and sales of available-for-sale securities | $138,216 | $330,049 | $562,352 |
| Calls and principal paydowns of held-to-maturity securities | 101,240 | 114,741 | 1,751,313 |
| Sale of fixed assets | — | — | 148,375 |
| Sale or maturity of investments | 15,694 | 20,753 | 19,606 |
| Decrease/(increase) in loans held for investment, net | 1,002,320 | (3,822,654) | (5,609,314) |
| Payments for: | |||
| Purchase of available-for-sale securities | (19,635) | (103,339) | (813,657) |
| Purchase of held-to-maturity securities | — | (754,306) | (2,668,221) |
| Purchase of investments | (29,257) | (15,551) | (23,309) |
| Purchase of fixed assets | (51,976) | (82,327) | (188,176) |
| Acquisitions, net of cash received | (111,958) | (11,903) | (144,471) |
| Net cash provided by/(used in) investing activities | 1,044,644 | (4,324,537) | (6,965,502) |
| Cash Flows From Financing Activities: | |||
| Increase/(decrease) in securities sold under agreements to repurchase | 205,633 | (173,517) | 135,588 |
| Increase in bank deposits, net | 217,468 | 3,836,763 | 5,883,851 |
| Increase/(decrease) in securities loaned | 67,588 | (81,114) | 4,095 |
| Tax payments related to shares withheld for stock-based compensation plans | (94,387) | (102,546) | (78,565) |
| Repurchase of common stock | (443,876) | (105,831) | (172,741) |
| Cash dividends on preferred stock | (37,281) | (37,281) | (35,587) |
| Cash dividends paid to common stock and equity-award holders | (162,984) | (133,747) | (66,336) |
| Payment of contingent consideration | (6,740) | (11,313) | (16,798) |
| Other financing, net | — | — | 140,888 |
| Net cash (used in)/provided by financing activities | (254,579) | 3,191,414 | 5,794,395 |
| Effect of exchange rate changes on cash | 5,454 | 55,053 | (3,536) |
| Increase/(decrease) in cash, cash equivalents, and cash segregated for regulatory purposes | 1,294,847 | 79,345 | (302,549) |
| Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of year | 2,229,002 | 2,149,657 | 2,452,206 |
| Cash, cash equivalents, and cash segregated for regulatory purposes at end of year | $3,523,849 | $2,229,002 | $2,149,657 |
| Cash and cash equivalents | $3,361,801 | $2,199,985 | $1,963,326 |
|---|---|---|---|
| Cash segregated for regulatory purposes | 162,048 | 29,017 | 186,331 |
| Total cash, cash equivalents, and cash segregated for regulatory purposes | $3,523,849 | $2,229,002 | $2,149,657 |
Consolidated Statements of Cash Flows (continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for income taxes, net of refunds | $183,815 | $217,133 | $288,950 |
| Cash paid for interest | $821,741 | $220,851 | $62,510 |
| Noncash investing and financing activities: | |||
| Unit grants, net of forfeitures | $188,641 | $194,741 | $156,535 |
| Issuance of common stock for acquisitions | $— | $— | $90,000 |
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