STIFEL FINANCIAL CORP
For the period ended Mar 31, 2025. Filed May 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
SF$71.35-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0000950170-24-121838
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0000950170-25-065599
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 233 previous paragraphs and 220 current paragraphs.
106 unchanged; 70 reworded; 41 added; 47 removed; 10 previous and 3 current paragraphs rearranged.
Tables are not compared: 18 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (41)
Current report
On January 6, 2025, the Company announced it signed a definitive agreement to acquire Bryan, Garnier & Co. (“Bryan Garnier”), an independent full-service investment bank focused on European technology and healthcare companies. Bryan Garnier’s product suite includes mergers & acquisitions advisory, private and public growth financing solutions, and institutional sales and execution. Bryan Garnier is headquartered in Europe with offices in Paris, London, Amsterdam, Munich, Oslo, Stockholm, and New York. The transaction is expected to close in the second quarter of 2025.
Current report
On April 7, 2025, the Company completed the acquisition of a portion of B. Riley Financial, Inc.’s traditional wealth management business, a deal that added 36 advisors with approximately $4 billion in assets under management.
Current report
For the three months ended March 31, 2025, commission revenues increased 4.4% to $193.7 million from $185.5 million in the comparable period in 2024.
Current report
For the three months ended March 31, 2025, principal transactions revenues increased 1.9% to $141.7 million from $139.0 million in the comparable period in 2024.
Current report
For the three months ended March 31, 2025, investment banking revenues increased 11.2% to $237.9 million from $213.9 million in the comparable period in 2024.
Current report
Capital-raising revenues increased 6.1% to $100.5 million for the three months ended March 31, 2025 from $94.7 million in the comparable period in 2024. For the three months ended March 31, 2025, equity capital-raising revenues increased 22.2% to $51.7 million from $42.3 million in the comparable period in 2024 driven by higher volumes. For the three months ended March 31, 2025, fixed income capital-raising revenues decreased 6.9% to $48.8 million from $52.4 million in the comparable period in 2024 driven by lower bond issuances during the first quarter of 2025.
Current report
For the three months ended March 31, 2025, interest expense decreased 16.1% to $213.6 million from $254.7 million during the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $28.7 billion during the three months ended March 31, 2025 compared to $27.7 billion during the comparable period in 2024 at average interest rates of 2.71% and 3.34%, respectively.
Current report
Commissions and floor brokerage – For the three months ended March 31, 2025, commissions and floor brokerage expense increased 6.6% to $16.8 million from $15.8 million during the comparable period in 2024. The increase is primarily attributable to higher processing expenses and trading and clearing costs.
Current report
For the three months ended March 31, 2025, other operating expenses increased 170.4% to $290.8 million from $107.5 million during the comparable period in 2024. The increase is primarily attributable to increases in legal-related expenses, advertising, subscriptions, licensing fees, conference-related expenses, and investment banking transaction expenses, partially offset by lower bank service charges and professional fees. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Current report
Commissions – For the three months ended March 31, 2025, commission revenues increased 3.8% to $125.8 million from $121.2 million in the comparable period in 2024.
Current report
Other income – For the three months ended March 31, 2025, other income increased 329.9% to $3.2 million from $0.7 million in the comparable period in 2024. The increase is primarily attributable to lower investment losses in the first quarter of 2025, partially offset by lower loan origination fees.
Current report
For the three months ended March 31, 2025, Global Wealth Management non-interest expenses increased 44.9% to $724.2 million from $499.8 million for the comparable period in 2024.
Current report
Communications and office supplies – For the three months ended March 31, 2025, communications and office supplies expense decreased 1.0% to $16.4 million from $16.5 million during the comparable period in 2024. The decrease is primarily attributable to lower telecommunication expenses, partially offset by higher postage and shipping expenses.
Current report
Commissions and floor brokerage – For the three months ended March 31, 2025, commissions and floor brokerage expense increased 12.1% to $7.2 million from $6.4 million during the comparable period in 2024. The increase is primarily attributable to higher processing fees and clearing expenses.
Current report
Provision for credit losses –For the three months ended March 31, 2025, provision for credit losses increased 141.9% to $12.0 million from $5.0 million during the comparable period in 2024. The increase is primarily attributable to an increase in reserves driven by loan growth and changes in the outlook for macroeconomic conditions.
Current report
Other operating expenses – For the three months ended March 31, 2025, other operating expenses increased 469.1% to $221.7 million from $39.0 million during the comparable period in 2024. The increase is primarily attributable to increases in legal-related expenses, subscription costs, and professional fees, partially offset by lower bank service charges, insurance expenses, and travel-related expenses. During the first quarter of 2025, we recorded $180.0 million related to provisions for legal-related matters.
Current report
For the three months ended March 31, 2025, income before income taxes decreased 56.5% to $126.4 million from $290.7 million during the comparable period in 2024.
Current report
Profit margins (income before income taxes as a percent of net revenues) have decreased to 14.9% for the three months ended March 31, 2025, from 36.8% during the comparable period in 2024, primarily due to elevated reserves for legal matters and higher provisions for credit losses recorded in the first quarter of 2025.
Current report
Commissions – For the three months ended March 31, 2025, commission revenues increased 5.6% to $67.8 million from $64.3 million in the comparable period in 2024.
Current report
Transactional revenues –For the three months ended March 31, 2025, institutional transactional revenues increased 4.3% to $148.9 million from $142.7 million in the comparable period in 2024.
Current report
For the three months ended March 31, 2025, fixed income institutional transactional revenues increased 0.8% to $89.3 million from $88.6 million in the comparable period in 2024. The increase in fixed income institutional transactional revenues is primarily attributable to increased activity in securitized products, partially offset by lower levels of activity in credit products.
Current report
For the three months ended March 31, 2025, equity institutional transactional revenues increased 10.2% to $59.6 million from $54.1 million during the comparable period in 2024. The increase in equity institutional transactional revenues is primarily attributable to higher volumes due to increased market volatility.
Current report
For the three months ended March 31, 2025, capital-raising revenues increased 4.6% to $94.6 million from $90.4 million in the comparable period in 2024.
Current report
For the three months ended March 31, 2025, equity capital-raising revenues increased 21.6% to $49.0 million from $40.3 million during the comparable period in 2024 driven by higher volumes.
Current report
For the three months ended March 31, 2025, fixed income capital-raising revenues decreased 9.1% to $45.6 million from $50.1 million during the comparable period in 2024. The decrease is primarily attributable to lower bond issuances.
Current report
Interest – For the three months ended March 31, 2025, interest increased 43.0% to $9.1 million from $6.3 million in the comparable period in 2024.
Current report
For the three months ended March 31, 2025, Institutional Group non-interest expenses increased 13.8% to $357.5 million from $314.3 million for the comparable period in 2024.
Current report
Compensation and benefits expense as a percentage of net revenues was 65.6% for the three months ended March 31, 2025, compared to 61.4% for the comparable period in 2024. The increase is primarily attributable to higher fixed compensation expenses in our international operations.
Current report
Commissions and floor brokerage – For the three months ended March 31, 2025, commissions and floor brokerage expense increased 2.8% to $9.6 million from $9.3 million during the comparable period in 2024. The increase is primarily attributable to higher transaction fees.
Current report
For the three months ended March 31, 2025, income before income taxes for the Institutional Group segment decreased 26.1% to $27.4 million from $37.1 million during the comparable period in 2024.
Current report
For the three months ended March 31, 2025, non-interest expenses decreased 15.2% to $110.5 million from $130.3 million in 2024. The decrease is primarily attributable to a decrease in variable compensation.
Current report
The Company’s Board of Directors authorized a 10% increase in common stock dividend starting in the first quarter of 2025. On January 25, 2025, the Company’s Board of Directors declared a cash dividend on shares of the Company’s common stock of $0.46 per share, payable March 17, 2025, to shareholders of record at the close of business on March 3, 2025.
Current report
On January 25, 2025, the Company’s Board of Directors declared a quarterly cash dividend on the outstanding shares of the Company’s preferred stock payable on March 17, 2025 to shareholders of record on March 3, 2025.
Current report
On April 7, 2025, the Company completed the acquisition of a portion of B. Riley Financial, Inc.’s traditional wealth management business, a deal that added 36 advisors with approximately $4 billion in assets under management. Consideration for this transaction consisted of cash from operations.
Current report
The following are our critical accounting policies and estimates:
Current report
Valuation of Financial Instruments
Current report
Contingencies
Current report
Allowance for Credit Losses
Current report
Income Taxes
Current report
Goodwill and Intangible Assets
Showing the first 40 of 41 passages. Open the source sections for the rest.
Removed paragraphs (47)
Previous report
On July 18, 2024, the Company’s 4.25% Senior Notes matured resulting in the retirement of the $500.0 million outstanding balance.
Previous report
On August 1, 2024, the Company acquired Finance 500, Inc. (“Finance 500”) and CB Resource, Inc. (“CBR”), which operate as strategic partners under common ownership. Finance 500 is a brokerage and investment services provider focused on underwriting FDIC-insured Certificates of Deposits and fixed income securities trading. CBR integrates ERM, strategic and capital plan solutions, and industry analytics through its fully integrated tech-enabled platform. Consideration for this acquisition consisted of cash from operations.
Previous report
For the nine months ended September 30, 2024, net revenues increased 12.6% to $3.6 billion compared to $3.2 billion during the comparable period in 2023. Net income available to common shareholders increased 38.3% to $459.4 million, or $4.16 per diluted common share for the nine months ended September 30, 2024, compared to $332.1 million, or $2.91 per diluted common share during the comparable period in 2023.
Previous report
After holding the target federal funds rate steady for nearly 14 months, the Federal Reserve voted to cut rates by one half percent at its September 2024 meeting as their attention turned to addressing employment data, given the progress made on reducing underlying inflation in recent months. Projections of the federal funds rate released by the Federal Reserve in September indicate that the Federal Reserve expects rate decreases through the end of 2024, with further reductions in the coming year.
Previous report
Potential decreases to the federal funds rate may impact our interest-based revenues. While decreases in interest rates will lower fees the Company earns from FDIC insured deposits of clients through a program offered by the Company, such decreases may be offset to a degree if the cash sweep balances increase as clients find fewer higher-yielding alternatives to deploy these balances. Future rate decreases will also reduce the rates the Company charges on customer margin loans, which will have a negative impact on our earnings.
Previous report
For the three months ended September 30, 2024, commission revenues increased 11.1% to $183.4 million from $165.1 million in the comparable period in 2023. For the nine months ended September 30, 2024, commission revenues increased 10.5% to $552.2 million from $500.0 million in the comparable period in 2023.
Previous report
For the three months ended September 30, 2024, principal transactions revenues increased 19.4% to $137.1 million from $114.8 million in the comparable period in 2023. For the nine months ended September 30, 2024, principal transactions revenues increased 27.9% to $429.7 million from $336.1 million in the comparable period in 2023.
Previous report
For the three months ended September 30, 2024, investment banking revenues increased 65.6% to $243.2 million from $146.9 million in the comparable period in 2023.
Previous report
Capital-raising revenues increased 114.3% to $106.3 million for the three months ended September 30, 2024 from $49.6 million in the comparable period in 2023. For the three months ended September 30, 2024, equity capital-raising revenues increased 141.7% to $54.6 million from $22.6 million in the comparable period in 2023 driven by higher volumes during the quarter. For the three months ended September 30, 2024, fixed income capital-raising revenues increased 91.4% to $51.7 million from $27.0 million in the comparable period in 2023 driven by higher bond issuances during the quarter.
Previous report
Advisory revenues increased 40.7% to $136.9 million for the three months ended September 30, 2024 from $97.3 million in the comparable period in 2023. The increase is primarily attributable to higher levels of completed advisory transactions during the quarter.
Previous report
For the nine months ended September 30, 2024, investment banking revenues increased 31.4% to $690.4 million from $525.6 million in the comparable period in 2023.
Previous report
Capital-raising revenues increased 59.9% to $302.9 million for the nine months ended September 30, 2024 from $189.4 million in the comparable period in 2023. For the nine months ended September 30, 2024, equity capital-raising revenues increased 82.7% to $148.2 million from $81.1 million in the comparable period in 2023 driven by higher volumes. For the nine months ended September 30, 2024, fixed income capital-raising revenues increased 42.9% to $154.7 million from $108.3 million in the comparable period in 2023 driven by higher bond issuances during 2024.
Previous report
For the nine months ended September 30, 2024, interest revenue increased 5.3% to $1.5 billion from $1.4 billion in the comparable period in 2023, principally as a result of higher interest rates and interest-earning assets.
Previous report
For the three months ended September 30, 2024, interest expense increased 13.9% to $251.2 million from $220.5 million during the comparable period in 2023. The increase is primarily attributable to higher interest rates. The average interest-bearing liabilities of Stifel Bancorp increased to $27.6 billion during the three months ended September 30, 2024 compared to $27.2 billion during the comparable period in 2023 at average interest rates of 3.35% and 2.91%, respectively.
Previous report
For the nine months ended September 30, 2024, interest expense increased 32.9% to $753.2 million from $566.6 million in the comparable period in 2023. The increase is primarily attributable to higher interest rates and interest-bearing liabilities. The average interest-bearing liabilities of Stifel Bancorp increased to $27.4 billion during the nine months ended September 30, 2024 compared to $27.2 billion during the comparable period in 2023 at average interest rates of 3.33% and 2.49%, respectively.
Previous report
Compensation and benefits expense as a percentage of net revenues was 58.6% and 58.8% for the three and nine months ended September 30, 2024, respectively, compared to 58.7% for the three and nine months ended September 30, 2023, respectively. The increase is primarily attributable to higher compensable revenues.
Previous report
Commissions and floor brokerage – For the three months ended September 30, 2024, commissions and floor brokerage expense increased 12.7% to $16.2 million from $14.4 million during the comparable period in 2023. The increase is primarily attributable to higher electronic communication network (“ECN”) trading costs, clearing expenses, and processing expenses. For the nine months ended September 30, 2024, commissions and floor brokerage expense increased 8.0% to $46.4 million from $43.0 million during the comparable period in 2023. The increase is primarily attributable to higher clearing expenses, ECN trading costs, and processing expenses.
Previous report
For the three months ended September 30, 2024, other operating expenses decreased 22.3% to $129.9 million from $167.3 million during the comparable period in 2023. For the nine months ended September 30, 2024, other operating expenses decreased 4.7% to $350.4 million from $367.6 million during the comparable period in 2023.
Previous report
The decreases are primarily attributable to lower litigation-related expenses and FDIC-insurance expense, partially offset by higher investment banking transaction expenses, professional fees, advertising, and travel and conference-related expenses. During the third quarter of 2023, we recorded $67.0 million related to provisions for legal and regulatory matters.
Previous report
Commissions – For the three months ended September 30, 2024, commission revenues increased 15.1% to $129.2 million from $112.3 million in the comparable period in 2023. For the nine months ended September 30, 2024, commission revenues increased 11.9% to $371.9 million from $332.3 million in the comparable period in 2023.
Previous report
Other income – For the three months ended September 30, 2024, other income increased 248.0% to $5.0 million from a loss of $3.4 million in the comparable period in 2023. For the nine months ended September 30, 2024, other income increased 164.8% to $6.8 million from a loss of $10.5 million during the comparable period in 2023. The increases are primarily attributable to lower investment losses and an increase in loan origination fees. The nine months ended September 30, 2023 was negatively impacted by losses on the sale of investments.
Previous report
For the nine months ended September 30, 2024, interest revenue of $1.4 billion was generated from average interest-earning assets of $29.8 billion at an average interest rate of 6.22%. Interest revenue of $1.3 billion million for the comparable period in 2023 was generated from average interest-earning assets of $29.8 billion at an average interest rate of 5.92%.
Previous report
For the nine months ended September 30, 2024, interest expense of $684.4 million was incurred from average interest-bearing liabilities of $27.4 billion at an average interest rate of 3.33%. Interest expense of $507.2 million for the comparable period in 2023 was incurred from average interest-bearing liabilities of $27.2 billion at an average interest rate of 2.49%.
Previous report
For the three months ended September 30, 2024, Global Wealth Management non-interest expenses increased 11.8% to $525.4 million from $470.1 million for the comparable period in 2023. For the nine months ended September 30, 2024, Global Wealth Management non-interest expenses increased 11.5% to $1.5 billion from $1.4 billion for the comparable period in 2023.
Previous report
Communications and office supplies – For the three months ended September 30, 2024, communications and office supplies expense increased 1.8% to $16.4 million from $16.1 million during the comparable period in 2023. For the nine months ended September 30, 2024, communications and office supplies expense increased 4.9% to $49.1 million from $46.8 million during the comparable period in 2023. The increase is primarily attributable to higher communication and quote equipment expenses associated with the continued growth of our business.
Previous report
Commissions and floor brokerage – For the three months ended September 30, 2024, commissions and floor brokerage expense increased 7.1% to $7.0 million from $6.5 million during the comparable period in 2023. The increase is primarily attributable to higher processing expenses. For the nine months ended September 30, 2024, commissions and floor brokerage expense increased 4.3% to $19.9 million from $19.1 million during the comparable period in 2023. The increase is primarily attributable to higher processing expenses, partially offset by lower clearing expenses.
Previous report
Provision for credit losses –For the three months ended September 30, 2024, provision for credit losses decreased 47.1% to $5.3 million from $10.0 million during the comparable period in 2023. For the nine months ended September 30, 2024, provision for credit losses decreased 41.9% to $13.2 million from $22.7 million during the comparable period in 2023. The decrease is primarily attributable to lower provisions in the real estate sector, partially offset by growth in the loan portfolio.
Previous report
Other operating expenses – For the three months ended September 30, 2024, other operating expenses increased 36.8% to $50.4 million from $36.9 million during the comparable period in 2023. The increase is primarily attributable to increases in litigation-related expenses associated with a recent arbitration matter, advertising, professional fees, and subscriptions, partially offset by lower FDIC-insurance expense, bank service charges, and travel and entertainment expense.
Previous report
For the nine months ended September 30, 2024, other operating expenses increased 25.8% to $128.6 million from $102.2 million during the comparable period in 2023. The increase is primarily attributable to the aforementioned increase in litigation-related expenses, professional fees, advertising, travel and entertainment expense, and subscriptions, partially offset by lower FDIC-insurance expense and bank service charges.
Previous report
For the three months ended September 30, 2024, income before income taxes increased 1.1% to $301.7 million from $298.4 million during the comparable period in 2023. For the nine months ended September 30, 2024, income before income taxes decreased 2.5% to $891.6 million from $914.5 million during the comparable period in 2023.
Previous report
Profit margins (income before income taxes as a percent of net revenues) have decreased to 36.5% and 36.9% for the three and nine months ended September 30, 2024, respectively, from 38.8% and 40.0% during the comparable periods in 2023. Profit margins were negatively impacted by an increase in operating expenses, partially offset by higher net revenues.
Previous report
For the nine months ended September 30, 2024, Institutional Group net revenues increased 28.5% to $1.1 billion from $867.0 million during the comparable period in 2023. The increase in net revenues is primarily attributable to higher capital-raising revenues, transactional revenues, and advisory revenues.
Previous report
Commissions – For the three months ended September 30, 2024, commission revenues increased 2.7% to $54.2 million from $52.8 million in the comparable period in 2023. For the nine months ended September 30, 2024, commission revenues increased 7.6% to $180.3 million from $167.7 million in the comparable period in 2023.
Previous report
Transactional revenues –For the three months ended September 30, 2024, transactional revenues increased 11.7% to $127.8 million from $114.4 million in the comparable period in 2023. For the nine months ended September 30, 2024, transactional revenues increased 22.4% to $430.1 million from $351.3 million in the comparable period in 2023.
Previous report
For the three months ended September 30, 2024, fixed income transactional revenues increased 17.1% to $79.0 million from $67.4 million in the comparable period in 2023. For the nine months ended September 30, 2024, fixed income transactional revenues increased 32.9% to $274.3 million from $206.4 million in the comparable period in 2023. The increase in fixed income transactional revenues is primarily attributable to improved client engagement and volatility over the comparable periods in 2023.
Previous report
For the three months ended September 30, 2024, equity transactional revenues increased 4.0% to $48.8 million from $46.9 million in the comparable period in 2023. For the nine months ended September 30, 2024, equity transactional revenues increased 7.5% to $155.8 million from $144.9 million during the comparable period in 2023. The increase in equity transactional revenues is primarily attributable to higher equities trading commissions over the comparable periods in 2023.
Previous report
For the three months ended September 30, 2024, capital-raising revenues increased 119.0% to $100.1 million from $45.7 million in the comparable period in 2023. For the nine months ended September 30, 2024, capital-raising revenues increased 61.7% to $286.6 million from $177.3 million in the comparable period in 2023.
Previous report
For the three months ended September 30, 2024, equity capital-raising revenues increased 141.1% to $50.7 million from $21.0 million during the comparable period in 2023. For the nine months ended September 30, 2024, equity capital-raising revenues increased 83.3% to $139.0 million from $75.8 million during the comparable period in 2023. The increase is primarily attributable to higher volumes over the comparable periods in 2023.
Previous report
For the three months ended September 30, 2024, fixed income capital-raising revenues increased 100.1% to $49.4 million from $24.7 million during the comparable period in 2023. For the nine months ended September 30, 2024, fixed income capital-raising revenues increased 45.5% to $147.6 million from $101.4 million during the comparable period in 2023. The increase is primarily attributable to higher bond issuances over the comparable periods in 2023.
Previous report
Interest – For the three months ended September 30, 2024, interest increased 70.5% to $10.0 million from $5.9 million in the comparable period in 2023. For the nine months ended September 30, 2024, interest increased 36.8% to $25.5 million from $18.6 million in the comparable period in 2023.
Showing the first 40 of 47 passages. Open the source sections for the rest.
Reworded paragraphs (70)
Previous wording
Stifel Financial Corp., through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, with a presence in the United Kingdom, Europe, and Canada. Our principal customers are individual investors, corporations, municipalities, and institutions.
Current wording
Stifel Financial Corp., through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, the United Kingdom, Europe, and Canada. Our principal customers are individual investors, corporations, municipalities, and institutions.
Previous wording
Results for the three and nine months ended September 30, 2024
Current wording
Results for the three months ended March 31, 2025
Previous wording
For the three months ended September 30, 2024, net revenues increased 17.2% to $1.2 billion from $1.0 billion during the comparable period in 2023. Net income available to common shareholders increased 153.5% to $149.2 million, or $1.34 per diluted common share for the three months ended September 30, 2024, compared to $58.8 million, or $0.52 per diluted common share during the comparable period in 2023.
Current wording
For the three months ended March 31, 2025, net revenues increased 7.9% to $1.3 billion from $1.2 billion during the comparable period in 2024. Net income available to common shareholders decreased 71.7% to $43.7 million, or $0.39 per diluted common share for the three months ended March 31, 2025, compared to $154.3 million, or $1.40 per diluted common share during the comparable period in 2024. Net income available to common shareholders for the three months ended March 31, 2025 was negatively impacted by elevated provisions for legal matters related to a recent FINRA Arbitration Panel.
Previous wording
Our revenue growth was primarily attributable to higher investment banking, asset management, and transactional revenues, partially offset by lower net interest income.
Current wording
Our revenue growth was primarily attributable to higher asset management revenues, investment banking revenues, transactional revenues, and net interest income during the quarter.
Previous wording
We currently operate in a challenging and uncertain economic environment. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed-income markets. Market volatility, overall market conditions, interest rates, economic, political, and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants who include investors and competitors, impacting their level of participation in the financial markets. In addition, in periods of reduced financial market activity, profitability is likely to be adversely affected because certain expenses remain relatively fixed, including salaries and related costs, as well as portions of communications costs and occupancy expenses. Accordingly, earnings for any period should not be considered representative of earnings to be expected for any other period. For more information on economic and market conditions, refer to “Risk Factors” in the 2023 Form 10-K.
Current wording
We currently operate in a challenging and uncertain economic environment. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets. Market volatility, overall market conditions, interest rates, economic, political, and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants who include investors and competitors, impacting their level of participation in the financial markets. In addition, in periods of reduced financial market activity, profitability is likely to be adversely affected because certain expenses remain relatively fixed, including salaries and related costs, as well as portions of communications costs and occupancy expenses. Accordingly, earnings for any period should not be considered representative of earnings to be expected for any other period.
Previous wording
Transactional revenues – For the three months ended September 30, 2024, transactional revenues increased 14.5% to $320.5 million from $279.9 million in the comparable period in 2023. For the nine months ended September 30, 2024, transactional revenues increased 17.4% to $981.9 million from $836.0 million in the comparable period in 2023 as a result of an increase in client activity.
Current wording
Transactional revenues – For the three months ended March 31, 2025, transactional revenues increased 3.3% to $335.3 million from $324.5 million in the comparable period in 2024 as a result of an increase in client activity.
Previous wording
Advisory revenues increased 15.3% to $387.5 million for the nine months ended September 30, 2024 from $336.2 million in the comparable period in 2023. The increase is primarily attributable to higher levels of completed advisory transactions.
Current wording
Advisory revenues increased 15.3% to $137.5 million for the three months ended March 31, 2025 from $119.3 million in the comparable period in 2024. The increase is primarily attributable to higher completed advisory transactions.
Previous wording
For the three months ended September 30, 2024, asset management revenues increased 14.9% to $382.6 million from $333.1 million in the comparable period in 2023. For the nine months ended September 30, 2024, asset management revenues increased 16.7% to $1.1 billion from $969.0 million in the comparable period in 2023. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.
Current wording
For the three months ended March 31, 2025, asset management revenues increased 11.4% to a record $409.5 million from $367.5 million in the comparable period in 2024. Please refer to “Asset management” in the Global Wealth Management segment discussion for information on the changes in asset management revenues.
Previous wording
Other income – Other income primarily includes investment gains and losses, rental income, and loan originations fees. For the three months ended September 30, 2024, other income increased to $18.7 million from $0.5 million during the comparable period in 2023. The increase is primarily attributable to rental income generated from our aircraft engine leasing business, higher investment gains during the quarter, and an increase in loan origination fees. For the nine months ended September 30, 2024, other income increased to $39.8 million from a loss of $0.9 million during the comparable period in 2023. The increase is primarily attributable to rental income generated from our aircraft engine leasing business, higher investment gains, and an increase in loan origination fees from the comparable period in 2023. The nine months ended September 30, 2023 was negatively impacted by losses on the sale of investments.
Current wording
Other income – Other income primarily includes investment gains and losses, rental income, and loan originations fees. For the three months ended March 31, 2025, other income increased 113.8% to $10.6 million from $5.0 million during the comparable period in 2024. The increase is primarily attributable to rental income generated from our aircraft engine leasing business, partially offset by lower loan origination fees.
Previous wording
The following tables present average balance data and operating interest revenue and expense data, as well as related interest yields for the periods indicated (in thousands, except rates):
Current wording
The following table presents average balance data and operating interest revenue and expense data, as well as related interest yields for the periods indicated (in thousands, except rates):
Previous wording
Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies. For the three months ended September 30, 2024, net interest income decreased 8.8% to $259.6 million from $284.7 million during the comparable period in 2023. For the nine months ended September 30, 2024, net interest income decreased 12.6% to $762.6 million from $872.9 million during the comparable period in 2023.
Current wording
Net interest income – Net interest income is the difference between interest earned on interest-earning assets and interest paid on funding sources. Net interest income is affected by changes in the volume and mix of these assets and liabilities, as well as by fluctuations in interest rates and portfolio management strategies. For the three months ended March 31, 2025, net interest income increased 3.9% to $262.1 million from $252.2 million during the comparable period in 2024.
Previous wording
For the three months ended September 30, 2024, interest revenue increased 1.1% to $510.8 million from $505.2 million in the comparable period in 2023, principally as a result of higher interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $30.0 billion during the three months ended September 30, 2024 compared to $29.9 billion during the comparable period in 2023 at average interest rates of 6.26% and 6.21%, respectively.
Current wording
For the three months ended March 31, 2025, interest revenue decreased 6.2% to $475.6 million from $506.8 million in the comparable period in 2024, principally as a result of a decrease in interest rates, partially offset by higher interest-earning assets. The average interest-earning assets of Stifel Bancorp increased to $31.3 billion during the three months ended March 31, 2025 compared to $30.2 billion during the comparable period in 2024 at average interest rates of 5.58% and 6.16%, respectively.
Previous wording
For the three months ended September 30, 2024, compensation and benefits expense increased 17.1% to $718.1 million from $613.3 million during the comparable period in 2023. For the nine months ended September 30, 2024, compensation and benefits expense increased 12.8% to $2.1 billion from $1.9 billion during the comparable period in 2023. The increase in compensation and benefits expenses is primarily attributable to increased variable compensation over the comparable periods in 2023.
Current wording
For the three months ended March 31, 2025, compensation and benefits expense increased 7.7% to $732.2 million from $679.7 million during the comparable period in 2024. The increase in compensation and benefits expenses is primarily attributable to higher compensable revenues.
Previous wording
Compensation and benefits expense as a percentage of net revenues was 60.3% and 61.0% for the three and nine months ended September 30, 2024, respectively, compared to 75.0% and 68.4% for the comparable periods in 2023. The decrease is primarily attributable to higher revenues over the comparable periods in 2023.
Current wording
Compensation and benefits expense as a percentage of net revenues was 58.3% for the three months ended March 31, 2025, compared to 58.4% for the three months ended March 31, 2024. The decrease is primarily attributable to higher revenues over the comparable period in 2024.
Previous wording
Occupancy and equipment rental – For the three months ended September 30, 2024, occupancy and equipment rental expense increased 4.4% to $43.1 million from $41.3 million during the comparable period in 2023. For the nine months ended September 30, 2024, occupancy and equipment rental expense increased 6.4% to $130.6 million from $122.7 million during the comparable period in 2023. The increase is primarily attributable to higher data processing expense and occupancy costs over the comparable periods in 2023 associated with an increase in business activity.
Current wording
Occupancy and equipment rental – For the three months ended March 31, 2025, occupancy and equipment rental expense increased 2.3% to $90.8 million from $88.7 million during the comparable period in 2024. The increase is primarily attributable to higher data processing expense and occupancy costs associated with an increase in business activity.
Previous wording
Communications and office supplies – Communications expense includes costs for telecommunication and data communication, primarily for obtaining third-party market data information. For the three months ended September 30, 2024, communications and office supplies expense increased 5.7% to $48.9 million from $46.2 million during the comparable period in 2023. For the nine months ended September 30, 2024, communications and office supplies expense increased 5.2% to $144.4 million from $137.3 million during the comparable period in 2023. The increase is primarily attributable to higher communication and quote expenses associated with the continued investments made in our business.
Current wording
Communications and office supplies – Communications expense includes costs for telecommunication and data communication, primarily for obtaining third-party market data information. For the three months ended March 31, 2025, communications and office supplies expense increased 4.5% to $49.5 million from $47.4 million during the comparable period in 2024. The increase is primarily attributable to higher communication and quote equipment expenses associated with the continued growth of our business.
Previous wording
Provision for credit losses –For the three months ended September 30, 2024, provision for credit losses decreased 47.1% to $5.3 million from $10.0 million during the comparable period in 2023. For the nine months ended September 30, 2024, provision for credit losses decreased 40.6% to $13.5 million from $22.7 million during the comparable period in 2023. The decrease is primarily attributable to lower provisions in the real estate sector, partially offset by growth in the loan portfolio.
Current wording
Provision for credit losses –For the three months ended March 31, 2025, provision for credit losses increased 128.2% to $12.0 million from $5.3 million during the comparable period in 2024. The increase is primarily attributable to an increase in reserves driven by loan growth and changes in the outlook for macroeconomic conditions.
Previous wording
Provision for income taxes – For the three and nine months ended September 30, 2024, our provision for income taxes was $58.2 million and $174.9 million, representing an effective tax rate of 26.8% and 26.4%, respectively, compared to $41.3 million and $140.6 million for the comparable periods in 2023, representing an effective tax rate of 37.7% and 28.1%, respectively. The effective tax rate for the three months ended September 30, 2023 was negatively impacted by the non-deductibility of the aforementioned provision for legal and regulatory matters recorded during the quarter.
Current wording
Provision for income taxes – For the three months ended March 31, 2025, our provision for income taxes was $10.4 million, representing an effective tax rate of 16.4%, compared to $55.1 million for the comparable period in 2024, representing an effective tax rate of 25.2%. The tax rate was primarily impacted by the excess tax benefit related to stock-based compensation.
Previous wording
For the three months ended September 30, 2024, Global Wealth Management net revenues increased 7.6% to a record $827.1 million from $768.6 million for the comparable period in 2023. For the nine months ended September 30, 2024, Global Wealth Management net revenues increased 5.9% to a record $2.4 billion from $2.3 billion for the comparable period in 2023. The increase in net revenues over the comparable periods in 2023 is primarily attributable to higher asset management revenues, transactional revenues, other income, and investment banking revenues, partially offset by lower net interest income.
Current wording
For the three months ended March 31, 2025, Global Wealth Management net revenues increased 7.6% to $850.6 million from $790.5 million for the comparable period in 2024. The increase in net revenues over the comparable period in 2024 is primarily attributable to higher asset management revenues, net interest income, and transactional revenues.
Previous wording
Principal transactions – For the three months ended September 30, 2024, principal transactions revenues increased 19.2% to $63.5 million from $53.2 million in the comparable period in 2023. For the nine months ended September 30, 2024, principal transactions revenues increased 18.0% to $179.9 million from $152.4 million in the comparable period in 2023.
Current wording
Principal transactions – For the three months ended March 31, 2025, principal transactions revenues increased 0.1% to $60.6 million from $60.5 million in the comparable period in 2024.
Previous wording
Transactional revenues – For the three months ended September 30, 2024, transactional revenues increased 16.4% to $192.7 million from $165.5 million in the comparable period in 2023. For the nine months ended September 30, 2024, transactional revenues increased 13.8% to $551.8 million from $484.8 million in the comparable period in 2023 as a result of an increase in client activity.
Current wording
Transactional revenues – For the three months ended March 31, 2025, transactional revenues increased 2.6% to $186.4 million from $181.8 million in the comparable period in 2024 as a result of an increase in client activity.
Previous wording
Asset management – For the three months ended September 30, 2024, asset management revenues increased 14.8% to $382.3 million from $333.1 million in the comparable period in 2023. For the nine months ended September 30, 2024, asset management revenues increased 16.7% to $1.1 billion from $968.9 million in the comparable period in 2023. The increase is primarily attributable to higher asset values and net new assets. Fee-based account revenues are primarily billed based on asset values at the end the prior quarter.
Current wording
Asset management – For the three months ended March 31, 2025, asset management revenues increased 11.4% to $409.5 million from $367.5 million in the comparable period in 2024. The increase is primarily attributable to higher asset values and net new asset growth. Fee-based account revenues are primarily billed based on asset values at the end of the prior quarter.
Previous wording
Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 59.6% to $6.2 million for the three months ended September 30, 2024 from $3.9 million during the comparable period in 2023. For the nine months ended September 30, 2024, investment banking revenues increased 34.3% to $16.3 million from $12.1 million during the comparable period in 2023. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in net revenues.
Current wording
Investment banking – Investment banking, which represents sales credits for investment banking underwritings, increased 38.0% to $5.9 million for the three months ended March 31, 2025 from $4.3 million during the comparable period in 2024. Please refer to “Investment banking” in the Institutional Group segment discussion for information on the changes in net revenues.
Previous wording
Interest revenue – For the three months ended September 30, 2024, interest revenue increased 0.8% to $484.2 million from $480.3 million in the comparable period in 2023. The increase is primarily attributable to higher interest rates. For the nine months ended September 30, 2024, interest revenue increased 4.6% to $1.43 billion from $1.37 billion during the comparable period in 2023. The increase is primarily attributable to higher interest rates, partially offset by lower interest-earning assets. Please refer to “Net Interest Income – Stifel Bancorp” below for a further discussion of the changes in net interest income.
Current wording
Interest revenue – For the three months ended March 31, 2025, interest revenue decreased 6.0% to $451.5 million from $480.4 million in the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-earning assets. Please refer to “Net Interest Income – Stifel Bancorp” below for a further discussion of the changes in net interest income.
Previous wording
Interest expense – For the three months ended September 30, 2024, interest expense increased 15.4% to $243.3 million from $210.9 in the comparable period in 2023. The increase is primarily attributable to higher interest rates and interest-bearing liabilities. For the nine months ended September 30, 2024, interest expense increased 32.8% to $721.5 million from $543.1 million during the comparable period in 2023. The increase is primarily attributable to higher interest rates and interest-bearing liabilities. Please refer to “Net Interest Income – Stifel Bancorp” below for a further discussion of the changes in net interest income.
Current wording
Interest expense – For the three months ended March 31, 2025, interest expense decreased 15.6% to $206.0 million from $244.1 million in the comparable period in 2024. The decrease is primarily attributable to lower interest rates, partially offset by higher interest-bearing liabilities. Please refer to “Net Interest Income – Stifel Bancorp” below for a further discussion of the changes in net interest income.
Previous wording
The following table sets forth an analysis of the effect on net interest income of volume and rate changes for the three and nine month periods ended September 30, 2024 compared to the three and nine month periods ended September 30, 2023(in thousands):
Current wording
The following table sets forth an analysis of the effect on net interest income of volume and rate changes for the three months ended March 31, 2025 compared to the three months ended March 31, 2024(in thousands):
Previous wording
For the three months ended September 30, 2024, interest revenue of $469.1 million was generated from average interest-earning assets of $30.0 billion at an average interest rate of 6.26%. Interest revenue of $463.9 million for the comparable period in 2023 was generated from average interest-earning assets of $29.9 billion at an average interest rate of 6.21%.
Current wording
For the three months ended March 31, 2025, interest revenue of $436.7 million was generated from average interest-earning assets of $31.3 billion at an average interest rate of 5.58%. Interest revenue of $465.0 million for the comparable period in 2024 was generated from average interest-earning assets of $30.2 billion at an average interest rate of 6.16%.
Previous wording
Interest expense represents interest on customer money market accounts, interest on time deposits, Federal Home Loan Bank advances, and other interest expense. For the three months ended September 30, 2024, interest expense of $231.4 million was incurred from average interest-bearing liabilities of $27.6 billion at an average interest rate of 3.35%. Interest expense of $198.4 million for the comparable period in 2023 was incurred from average interest-bearing liabilities of $27.2 billion at an average interest rate of 2.91%.
Current wording
Interest expense represents interest on customer money market accounts, interest on time deposits, Federal Home Loan Bank advances, and other interest expense. For the three months ended March 31, 2025, interest expense of $194.5 million was incurred from average interest-bearing liabilities of $28.7 billion at an average interest rate of 2.71%. Interest expense of $231.1 million for the comparable period in 2024 was incurred from average interest-bearing liabilities of $27.7 billion at an average interest rate of 3.34%.
Previous wording
Compensation and benefits – For the three months ended September 30, 2024, compensation and benefits expense increased 12.2% to $403.2 million from $359.3 million during the comparable period in 2023. For the nine months ended September 30, 2024, compensation and benefits expense increased 12.3% to $1.2 billion from $1.1 billion during the comparable period in 2023. The increase is primarily attributable to increased variable compensation over the comparable periods in 2023.
Current wording
Compensation and benefits – For the three months ended March 31, 2025, compensation and benefits expense increased 8.4% to $422.3 million from $389.5 million during the comparable period in 2024. The increase is primarily attributable to higher variable compensation expense.
Previous wording
Compensation and benefits expense as a percentage of net revenues was 48.7% and 49.0% for the three and nine months ended September 30, 2024, respectively, compared to 46.8% and 46.2% for the comparable periods in 2023. The increase is primarily attributable to higher compensable revenues over the comparable periods in 2023.
Current wording
Compensation and benefits expense as a percentage of net revenues was 49.6% for the three months ended March 31, 2025, compared to 49.3% for the comparable period in 2024. The increase is primarily attributable to higher compensable revenues over the comparable period in 2024.
Previous wording
Occupancy and equipment rental – For the three months ended September 30, 2024, occupancy and equipment rental expense increased 6.2% to $89.6 million from $84.4 million during the comparable period in 2023. For the nine months ended September 30, 2024, occupancy and equipment rental expense increased 6.8% to $268.2 million from $251.1 million during the comparable period in 2023. The increase is primarily attributable to higher data processing and occupancy costs associated with an increase in business activity over the comparable periods in 2023.
Current wording
Occupancy and equipment rental – For the three months ended March 31, 2025, occupancy and equipment rental expense increased 2.8% to $44.5 million from $43.3 million during the comparable period in 2024. The increase is primarily attributable to higher data processing expense, occupancy costs, and furniture and equipment expenses associated with an increase in business activity.
Previous wording
For the three months ended September 30, 2024, Institutional Group net revenues increased 45.0% to $372.4 million from $256.9 million for the comparable period in 2023. The increase in net revenues is primarily attributable to higher capital-raising revenues, advisory revenues, and transactional revenues.
Current wording
For the three months ended March 31, 2025, Institutional Group net revenues increased 9.5% to $384.9 million from $351.4 million for the comparable period in 2024. The increase in net revenues was primarily attributable to higher advisory, capital-raising, and transactional revenues.
Previous wording
Principal transactions – For the three months ended September 30, 2024, principal transactions revenues increased 19.5% to $73.6 million from $61.6 million in the comparable period in 2023. For the nine months ended September 30, 2024, principal transactions revenues increased 36.0% to $249.8 million from $183.6 million in the comparable period in 2023.
Current wording
Principal transactions – For the three months ended March 31, 2025, principal transactions revenues increased 3.3% to $81.1 million from $78.5 million in the comparable period in 2024.
Previous wording
Investment banking– For the three months ended September 30, 2024, investment banking revenues increased 65.7% to $237.0 million from $143.0 million during the comparable period in 2023. For the nine months ended September 30, 2024, investment banking revenues increased 31.3% to $674.1 million from $513.5 million during the comparable period in 2023.
Current wording
Investment banking– For the three months ended March 31, 2025, investment banking revenues increased 10.7% to $232.0 million from $209.7 million during the comparable period in 2024.
Previous wording
For the three months ended September 30, 2024, advisory revenues increased 40.7% to $136.9 million from $97.3 million in the comparable period in 2023. For the nine months ended September 30, 2024, advisory revenues increased 15.3% to $387.5 million from $336.2 million in the comparable period in 2023. The increase is primarily attributable to higher levels of completed advisory transactions over the comparable periods in 2023.
Current wording
For the three months ended March 31, 2025, advisory revenues increased 15.3% to $137.5 million from $119.3 million in the comparable period in 2024. The increase is primarily attributable to higher levels of completed advisory transactions over the comparable period in 2024.
Previous wording
Other income – For the three months ended September 30, 2024, other income increased 360.8% to $12.9 million from $2.8 million in the comparable period in 2023. For the nine months ended September 30, 2024, other income increased 244.4% to $26.7 million from $7.8 million during the comparable period in 2023. The increase is primarily attributable to rental income generated from our aircraft engine leasing business.
Current wording
Other income – For the three months ended March 31, 2025, other income increased 108.1% to $7.6 million from $3.6 million in the comparable period in 2024. The increase is primarily attributable to an increase in rental income generated from our aircraft engine leasing business.
Previous wording
Interest expense – For the three months ended September 30, 2024, interest expense increased 67.3% to $15.3 million from $9.1 million in the comparable period in 2023. For the nine months ended September 30, 2024, interest expense increased 74.0% to $42.0 million from $24.1 million in the comparable period in 2023. The increase is primarily attributable to higher interest rates and an increase in inventory levels.
Current wording
Interest expense – For the three months ended March 31, 2025, interest expense increased 15.1% to $12.7 million from $11.0 million in the comparable period in 2024. The increase is primarily attributable to an increase in inventory levels.
Previous wording
Compensation and benefits – For the three months ended September 30, 2024, compensation and benefits expense increased 16.6% to $224.6 million from $192.6 million during the comparable period in 2023. For the nine months ended September 30, 2024, compensation and benefits expense increased 14.6% to $679.3 million from $592.7 million during the comparable period in 2023. The increase is driven by higher variable compensation expense as a result of an improving operating environment.
Current wording
Compensation and benefits – For the three months ended March 31, 2025, compensation and benefits expense increased 17.1% to $252.6 million from $215.7 million during the comparable period in 2024. The increase is driven by higher variable compensation expense as a result of an improving operating environment and higher fixed compensation expenses in our international operations.
Previous wording
Occupancy and equipment rental – For the three months ended September 30, 2024, occupancy and equipment rental expense decreased 0.6% to $21.5 million from $21.7 million during the comparable period in 2023. The decrease is primarily attributable to lower data processing expenses. For the nine months ended September 30, 2024, occupancy and equipment rental expense increased 3.2% to $65.9 million from $63.9 million during the comparable period in 2023. The increase is attributable to higher furniture and equipment costs.
Current wording
Occupancy and equipment rental – For the three months ended March 31, 2025, occupancy and equipment rental expense decreased 5.8% to $20.8 million from $22.1 million during the comparable period in 2024. The decrease is attributable to lower furniture and equipment costs, occupancy expenses, and data processing costs.
Previous wording
Communications and office supplies – For the three months ended September 30, 2024, communications and office supplies expense increased 6.4% to $26.8 million from $25.2 million during the comparable period in 2023. For the nine months ended September 30, 2024, communications and office supplies expense increased 3.1% to $78.1 million from $75.8 million during the comparable period in 2023. The increase is primarily attributable to higher communication and quote expenses.
Current wording
Communications and office supplies – For the three months ended March 31, 2025, communications and office supplies expense increased 7.1% to $26.9 million from $25.2 million during the comparable period in 2024. The increase is primarily attributable to higher communication and quote expenses, partially offset by lower telecommunication expenses.
Showing the first 40 of 70 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
For more information on economic and market conditions, and the potential effects of geopolitical events on our future results, refer to “Risk Factors” in the 2024 Form 10-K.
Current report — wording carried from elsewhere
Note 16 of the Notes to Consolidated Financial Statements for more information on the capital restrictions placed on our broker-dealer subsidiaries.
Current report — wording carried from elsewhere
December 31, 2024. Our core deposits are primarily comprised of money market deposit accounts, non-interest-bearing deposits, and CDs.
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
Impact of Change in Short-term Interest Rates
Previous report — wording carried elsewhere
The following table presents consolidated financial information for the periods indicated(in thousands, except percentages):
Previous report — wording carried elsewhere
The following table presents consolidated financial information for the Global Wealth Management segment for the periods indicated(in thousands, except percentages):
Previous report — wording carried elsewhere
The following tables present average balance data and operating interest revenue and expense data for Stifel Bancorp, as well as related interest yields for the periods indicated(in thousands, except rates):
Previous report — wording carried elsewhere
Due to immaterial amount of income recognized on tax-exempt securities, yields were not calculated on a tax-equivalent basis.
Previous report — wording carried elsewhere
Loans on nonaccrual status are included in average balances.
Previous report — wording carried elsewhere
Please refer to the Net Interest Income table included in “Results of Operations” for additional information on our company’s average balances and operating interest and expenses.
Previous report — wording carried elsewhere
The following table presents consolidated financial information for the Institutional Group segment for the periods indicated(in thousands, except percentages):
Previous report — wording carried elsewhere
For the nine months ended September 30, 2024, non-interest expenses related to our acquisition strategy, included in the numbers presented in the table above, increased 17.5% to $54.5 million from $46.3 million in 2023.
Previous report — wording carried elsewhere
Public Offering of Senior Notes – On July 15, 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.25% senior notes due July 2024 (the “2014 Notes”). Interest on the 2014 Notes is payable semi-annually in arrears. We may redeem the 2014 Notes in whole or in part, at our option, at a redemption price equal to 100% of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption. In July 2016, we issued an additional $200.0 million in aggregate principal amount of 4.25% senior notes due 2024. The 2014 Notes matured in July 2024.