STIFEL FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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) | 2024 | 2023 | 2022 |
| Cash Flows From Operating Activities: | |||
| Net income | $731,379 | $522,536 | $662,155 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 62,398 | 60,533 | 50,615 |
| Amortization of loans and advances to financial advisors and other employees | 154,182 | 145,227 | 132,012 |
| Amortization of premium on investment portfolio | 8,732 | 9,871 | 12,156 |
| Provision for credit losses and allowance for loans and advances to financial advisors and other employees | 25,402 | 24,999 | 33,506 |
| Amortization of intangible assets | 23,568 | 20,929 | 19,595 |
| Deferred income taxes | (30,638) | 15,968 | 12,693 |
| Stock-based compensation | 153,762 | 140,263 | 135,505 |
| Unrealized (gains)/losses on investments | (88) | (460) | 11,892 |
| Gain on sale of leased aircraft engines | (46,484) | (4,146) | — |
| Other, net | (12,238) | 6,718 | 8,852 |
| Decrease/(increase) in operating assets, net of assets acquired: | |||
| Receivables: | |||
| Brokerage clients, net | (55,856) | 82,878 | 228,492 |
| Brokers, dealers, and clearing organizations | (71,336) | 5,341 | 156,165 |
| Securities purchased under agreements to resell | (179,127) | (1,687) | 231,704 |
| Financial instruments owned, including those pledged | (216,060) | (131,576) | 425,252 |
| Loans originated as held for sale | (2,083,024) | (995,084) | (576,153) |
| Proceeds from loans held for sale | 2,114,640 | 864,996 | 593,086 |
| Loans and advances to financial advisors and other employees, net | (158,082) | (181,583) | (132,384) |
| Other assets | 3,431 | (107,859) | (66,020) |
| Increase/(decrease) in operating liabilities, net of liabilities assumed: | |||
| Payables: | |||
| Brokerage clients | (266,048) | (35,515) | (201,588) |
| Brokers, dealers, and clearing organizations | (59,721) | 43,060 | (81,661) |
| Drafts | 9,082 | 15,476 | (20,405) |
| Financial instruments sold, but not yet purchased | 114,323 | 12,582 | (301,333) |
| Other liabilities and accrued expenses | 268,240 | (14,139) | (176,721) |
| Net cash provided by operating activities | $490,437 | $499,328 | $1,157,415 |
Consolidated Statements of Cash Flows (continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Cash Flows From Investing Activities: | |||
| Proceeds from: | |||
| Principal paydowns, calls, maturities, and sales of available-for-sale securities | $273,800 | $138,216 | $330,049 |
| Calls and principal paydowns of held-to-maturity securities | 2,190,885 | 101,240 | 114,741 |
| Sale or maturity of investments | 4,438 | 15,694 | 20,753 |
| Sale of leased aircraft engines | 69,916 | — | — |
| Decrease/(increase) in loans held for investment, net | (1,617,763) | 1,002,320 | (3,822,654) |
| Payments for: | |||
| Purchase of available-for-sale securities | (309,329) | (19,635) | (103,339) |
| Purchase of held-to-maturity securities | (2,827,324) | — | (754,306) |
| Purchase of investments | (12,532) | (29,257) | (15,551) |
| Purchase of fixed assets | (73,788) | (51,976) | (82,327) |
| Acquisitions, net of cash received | (8,465) | (111,958) | (11,903) |
| Net cash provided by/(used in) investing activities | (2,310,162) | 1,044,644 | (4,324,537) |
| Cash Flows From Financing Activities: | |||
| Increase/(decrease) in securities sold under agreements to repurchase | 162,526 | 205,633 | (173,517) |
| Increase in bank deposits, net | 1,767,648 | 217,468 | 3,836,763 |
| Increase/(decrease) in securities loaned | 43,234 | 67,588 | (81,114) |
| Tax payments related to shares withheld for stock-based compensation plans | (120,962) | (94,387) | (102,546) |
| Repayment of senior notes | (500,000) | — | — |
| Repurchase of common stock | (144,097) | (443,876) | (105,831) |
| Cash dividends on preferred stock | (37,281) | (37,281) | (37,281) |
| Cash dividends paid to common stock and equity-award holders | (190,002) | (162,984) | (133,747) |
| Payment of contingent consideration | (962) | (6,740) | (11,313) |
| Net cash provided by/(used in) financing activities | 980,104 | (254,579) | 3,191,414 |
| Effect of exchange rate changes on cash | (6,025) | 5,454 | 55,053 |
| Increase/(decrease) in cash, cash equivalents, and cash segregated for regulatory purposes | (845,646) | 1,294,847 | 79,345 |
| Cash, cash equivalents, and cash segregated for regulatory purposes at beginning of year | 3,523,849 | 2,229,002 | 2,149,657 |
| Cash, cash equivalents, and cash segregated for regulatory purposes at end of year | $2,678,203 | $3,523,849 | $2,229,002 |
| Cash and cash equivalents | $2,648,308 | $3,361,801 | $2,199,985 |
|---|---|---|---|
| Cash segregated for regulatory purposes | 29,895 | 162,048 | 29,017 |
| Total cash, cash equivalents, and cash segregated for regulatory purposes | $2,678,203 | $3,523,849 | $2,229,002 |
Consolidated Statements of Cash Flows (continued)
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $995,530 | $821,741 | $220,851 |
| Cash paid for income taxes, net of refunds | $232,948 | $183,815 | $217,133 |
| Noncash investing and financing activities: | |||
| Unit grants, net of forfeitures | $166,595 | $188,641 | $194,741 |
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